Successful Breakout strategy

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A while back on this very forum there was a great thread about the London Open and the great trading oppurtunities that arise from it. Apparently it is a classic strategy and one I have been trading all week. Here is picture from today's GBPUSD I believe I have optimised the beginning period to create the correct range to capture successful breakouts.

I am trying to trade 5 currencies at once, waiting for the breakouts, but with the new anti hedging laws with IBFX it now impossible to place buy stops and sell stops together

So i sit glued to my screen and per usual as soon as I leave the screen for a coffee all hell has broke loose and I have missed a trade.

Would it be possible for some one to add some order functions to the indicator? i.e. make it a simple ea. It only needs a lot size, SL and a TP. Oh yes and how many pips you want each side of the breakout lines before it triggers. I usually allow just one.

Thanks in advance and good luck with the trading

 

Hi,

Please be careful with break-out systems. Take some profit quickly when you've got some and trail or close out. You can see in the pic below (the London open is about half-way between the white dashed verticale lines) that there is almost always an opposite candle or a kind of whipsaw effect very quickly.

Good luck and happy trading,

 

I agree, be quick, be careful

Thanks for your concerns, I agree, you have to be cautious. Visual back testing shows if you take between 15-30 pips it is fine. Do this over 5 currencies and my 60 pip per day target is hit more times than not. An ea would help identify the patterns and establish a profit to loss ratio that will help with my risk management strategy. I don't really want the ea I have asked for here to trade for me but just assist in the back testing to optimise the tp's and sl's.

I still hope some one can do the coding for me with the indicator I have provided above.

Thx

 

GBP/USD Breakout Variation

Hello,

I've been keeping track on a strategy for the London Breakout, with a few variations on the basic strategy. It seems to do well, although I am only testing it on paper, and not with any kind of EA backtesting. The strategy is:

GBP/USD

Enter trade at 3am EST for the London open, and 9am EST for the American open.

Use previous hour high and low for range (2am and 8am).

Using a 50 EMA to determine trend, enter trade with a buffer of 8 pips with trend and 12 pips against trend.

If Slow Stochastic of previous hour (2am or 8am) is below 31.5 do not enter short, or above 69.4 do not enter long.

Stop Loss/Take Profit of around 22 pips.

I would appreciate any input or feedback on this strategy. Has anyone used a similar strategy or can develop an EA to test it?

Thanks in advance

 

hi

please discribe how can i enter the trade and how can put sl and tp

thanks

 

Anyone made any progress on London breakouts automated EA or Indicator guys?

Thanks!

 
rommark2:
Anyone made any progress on London breakouts automated EA or Indicator guys? Thanks!

Using pending orders. But can not be used without some additional trending indicator

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