Daily GBP/JPY Breakout System - MT4/MT5 Resources
Due to the success of the nomask weekly GBP/JPY breakout system, this is a post that attempts to apply the same rules every day. I don't see any reason why it wouldn't work.
The Weekly method was introduced by nomask and modified by harold4X and bigricky.
Here is the thread:
http://www.forexfactory.com/showthread.php?t=66210
Since January 1, the weekly chart has accumulated 23 weeks of profits and 2 weeks of losses. A losing week consists of 2 losing trades.
That is 23W-4L. This is based on a 1:1 RR ratio.
If you risk 2% per trade, this equates to 38% account growth (excluding compound interest).
If this W/L rate continues, a risk of more than 2% would be reasonable.
I will start my daily method with the following rules:
I will use IBFX data.
Gets the range (HL) for the 8 hours before 5 PM ET (2100 GMT).
If the range is <100 points, then go back another 4 hours and get the last 12 hours of range.
If it's still <100, add an equal number of points to H and L to equal the 100 range.
Set the buy stop at H+1+spread of the range.
Set the sell stop at L in the range -1.
The buy stop will become the sell stop.
The sell stop will become the buy stop.
Each target price will be the stop loss amount.
If the trade is triggered and the target price is reached, cancel another order. You're done for the day.
If the trade is triggered and forced to close, the target price for the opposite trade is set to 2x the original target price.
At 2100 GMT everything is cleared - all open positions are closed and all pending orders are deleted.
Bobcat2 has been testing a similar version for the past week or two. I welcome his input.
NowAndLater expressed interest in trying other pairings. I welcome him too.
Anyone willing to contribute is welcome.
If it allows me to continue editing, I'll keep the results of the run in the first post.
================================================================
Live results - each trade represents 2% of my account. We started with $1,000.
Winning June 17, 2008 - +2% account
Account = $1,020
Account = $1,008
June 19th, win - +2% account
Account = $1,028
Account = $1,025
Account = $1,020
June 23, Partial Win - +0.47%
Account = $1,025
June 24, Break-even account = $1,025
Account = $1,000
The Weekly method was introduced by nomask and modified by harold4X and bigricky.
Here is the thread:
http://www.forexfactory.com/showthread.php?t=66210
Since January 1, the weekly chart has accumulated 23 weeks of profits and 2 weeks of losses. A losing week consists of 2 losing trades.
That is 23W-4L. This is based on a 1:1 RR ratio.
If you risk 2% per trade, this equates to 38% account growth (excluding compound interest).
If this W/L rate continues, a risk of more than 2% would be reasonable.
I will start my daily method with the following rules:
I will use IBFX data.
Gets the range (HL) for the 8 hours before 5 PM ET (2100 GMT).
If the range is <100 points, then go back another 4 hours and get the last 12 hours of range.
If it's still <100, add an equal number of points to H and L to equal the 100 range.
Set the buy stop at H+1+spread of the range.
Set the sell stop at L in the range -1.
The buy stop will become the sell stop.
The sell stop will become the buy stop.
Each target price will be the stop loss amount.
If the trade is triggered and the target price is reached, cancel another order. You're done for the day.
If the trade is triggered and forced to close, the target price for the opposite trade is set to 2x the original target price.
At 2100 GMT everything is cleared - all open positions are closed and all pending orders are deleted.
Bobcat2 has been testing a similar version for the past week or two. I welcome his input.
NowAndLater expressed interest in trying other pairings. I welcome him too.
Anyone willing to contribute is welcome.
If it allows me to continue editing, I'll keep the results of the run in the first post.
================================================================
Live results - each trade represents 2% of my account. We started with $1,000.
Winning June 17, 2008 - +2% account
Account = $1,020
Account = $1,008
June 19th, win - +2% account
Account = $1,028
Account = $1,025
Account = $1,020
June 23, Partial Win - +0.47%
Account = $1,025
June 24, Break-even account = $1,025
Account = $1,000
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