The simple breakout strategy

[harold4x]

what i am about to show you in words as well as charts is really astounding. during these dog day summer trading sessions there has been a lot of up down and all around moves that destroy all the indicators known to man which by the way in the long run make it very difficult to have a consistent record but aside from that here are the facts we all know that the currency market trends more than any other but it still goes side ways 70 to 80 % of the time so i was thinking if that be true look for a sideways setup and trade the breakout with a small risk just in case its a false breakout you can reenter the other way this strategy is not new there will be no indicators just price. what i am looking for is at least 4 bars that have a range of no more than 10-20 pips the less the better they must be going sideways not trending anywhere there charts i put up are for this last week as well as a trade that happened a little while ago the risk is the range the profit is the same but than can be negotiated later on just looking at a high win loss record i put 5 charts with this thread and 3 more on next page i would like some input into this maybe a way to get more than 1 to 1

[harold4x]

more charts

here are more charts

[banzai]

Thanks. That's a good plan.

[increase]

Doesn't profit get eaten in the spread?

[sovo1970]

thanks, I think this will be a nice little bonus for scalping in a sea saw market....

[kiwigold]

increase:
Doesn't profit get eaten in the spread?

Depends on your broker --

Some offer 3 pip spread on Cable and 2 on Euro (example FXDD)

[harold4x]

If Range Is Say 15 Pips And You Give A 2 Or 3 Pip Spread Its Not So Bad I Was Also Thinking If You Put On 2 Lots, First Lot Gets You The Range Spread Second Lot Doubles The Range Spread We Are Talking About A High Percentage Trade

[banzai]

Thanks to this strategy, I can see things clearer now. Before I was wondering why does the price kept on going to that area. Now I know. I'm trading Cable today and I can see. I'm not blind anymore.

[harold4x]

use a 15 minute chart and just wait for price to settle down and move sideways this can be done anytime of the day and if you wanted you can put trade on put in limit and stop and you actually can walk away from the computer what a novelty

[harold4x]

here is a chart of gbp this morning a nice setup

[harold4x]

what i also have noticed in manually backtest and this is a true backtest since there are no indicators and price doesnt repaint (lol) that usually there is a setup just before asian session begins going into asian session when market gets quiet does it matter when setup accures they just accure