3-10 bar breakout (3-10 bar breakout) | Foreign exchange EA download- MT4/MT5 resources
Hello everyone,
This is an idea I've been playing around with, to try and develop a fully automated no-discretionary strategy to complement other methods when time is a little tight.
These entries are simple and will put you in a high-probability position consistent with current momentum. Although I am using a simple method that currently gives positive expectations, withdrawal is more difficult to systematize.
Timeframe: 4 hours, simple bar chart and 3-10-16 MACD
To define current momentum, I look at the intersection of the 3-10 line with the zero line - the blue line on the chart. If it's positive I'll be looking to buy the next high, if it's negative I'll be looking to sell the next low. That's it.
The chart shows entries for July, with 9 entries. Using the TP parameters below, there are 8 winners and there are still live trades over the weekend. Looking back a few months, the worst period seemed to be early June with 4 consecutive declines, but it seemed to be averaging around 90 points each week. Clearly, July is a special month for this strategy.
To stay disciplined, I use a Take Profit of 80 pips (for GBP/USD - I'm not considering anything else) and a Stop Loss of 80 to give a simple R:R of 1:1, so it relies on more winners than losers. 80 seems like a good compromise number, although many runs will last hundreds of times, and I'm also considering using ATR to achieve this. However, for now, it's working and I've started using it to free up time when I can't spend longer looking at charts.
The trouble I have with modifying the export is that it starts to stray away from the maintenance-free system I'm after. I want to throw this idea out there because as long as there is volatility to drive some movement, the basic idea seems to be pretty solid, and it works on the basic premise of selling weakness and buying strength. have fun.
This is an idea I've been playing around with, to try and develop a fully automated no-discretionary strategy to complement other methods when time is a little tight.
These entries are simple and will put you in a high-probability position consistent with current momentum. Although I am using a simple method that currently gives positive expectations, withdrawal is more difficult to systematize.
Timeframe: 4 hours, simple bar chart and 3-10-16 MACD
To define current momentum, I look at the intersection of the 3-10 line with the zero line - the blue line on the chart. If it's positive I'll be looking to buy the next high, if it's negative I'll be looking to sell the next low. That's it.
The chart shows entries for July, with 9 entries. Using the TP parameters below, there are 8 winners and there are still live trades over the weekend. Looking back a few months, the worst period seemed to be early June with 4 consecutive declines, but it seemed to be averaging around 90 points each week. Clearly, July is a special month for this strategy.
To stay disciplined, I use a Take Profit of 80 pips (for GBP/USD - I'm not considering anything else) and a Stop Loss of 80 to give a simple R:R of 1:1, so it relies on more winners than losers. 80 seems like a good compromise number, although many runs will last hundreds of times, and I'm also considering using ATR to achieve this. However, for now, it's working and I've started using it to free up time when I can't spend longer looking at charts.
The trouble I have with modifying the export is that it starts to stray away from the maintenance-free system I'm after. I want to throw this idea out there because as long as there is volatility to drive some movement, the basic idea seems to be pretty solid, and it works on the basic premise of selling weakness and buying strength. have fun.
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