Breakout - 15 Minutes a day - 10-20 pips - Every day - 95% profitable trades

This is a discussion on Breakout - 15 Minutes a day - 10-20 pips - Every day - 95% profitable trades within the Forex forums, part of the Markets category; This is an extremely simple breakout system and it works as follows: If previous day high is exceeded by 3 ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jul 23, 2009, 3:32am   #1
Joined Jul 2009
Breakout - 15 Minutes a day - 10-20 pips - Every day - 95% profitable trades

This is an extremely simple breakout system and it works as follows:

If previous day high is exceeded by 3 pips + spread = buy TP = 5 pips SL = 10 pips
If previous day low is exceeded by 3 pips + spread = sell TP= 5pips SL = 10 pips

Works on the principle that once a breakout occurs,its most likely to travel quite a bit in the direction of the breakout due to the sudden surge of market orders and other entry orders pilled up at these levels.
5 pips is conservative,the price may and does travel much further but this is a very easy way to make consistent profits - almost every day.
Due to the tight stops I use extreme amounts of leverage,I risk as much as 5% of my account per trade.

Stick to the pairs with the lowest spreads for obvious reasons.

Happy piping!
Garbanzo is offline   Reply With Quote
Old Jul 23, 2009, 7:32am   #2
 
Vaco's Avatar
Joined Apr 2004
welcome garb,

surely you can do better then 70 pips a month
Vaco is offline   Reply With Quote
Old Jul 23, 2009, 10:27am   #3
 
shadowninja's Avatar
Joined Jul 2007
5 pips??? Thought you said "travel quite a bit in the direction".
__________________
The markets can stay solvent longer than you can stay irrational.
shadowninja is offline   Reply With Quote
Old Jul 23, 2009, 5:20pm   #4
Joined Jul 2009
Garbanzo started this thread
Quote:
Originally Posted by shadowninja View Post
5 pips??? Thought you said "travel quite a bit in the direction".
As I said,extreme amounts of leverage,I often buy 50 lots with this strategy,that is like making 250 pips on a single lot,you get my point,due to its high success ratio you can afford extreme amounts of leverage and the stops are always tight,if you cant appreciate 5 pips then that's your problem.
Garbanzo is offline   Reply With Quote
Old Jul 23, 2009, 5:23pm   #5
Joined Jul 2009
Garbanzo started this thread
Quote:
Originally Posted by Elefteros View Post
welcome garb,

surely you can do better then 70 pips a month
Yes ofc you can if you wanna babysit the position,but I make a nice income just from this strategy,as I said,odds stacked in your favor,leverage to the hilt.
And I also do 4 currency pairs,not just 1 - diversification of sorts in case one just doesn't work out.
Garbanzo is offline   Reply With Quote
Old Jul 23, 2009, 7:09pm   #6
Joined May 2008
This strategy seems really really simple! How did you come up with it?

Do you set pending orders when you wake up in the morning or do you wait until the middle of the night when the daily bars change over?
pvisser is offline   Reply With Quote
Old Jul 23, 2009, 7:54pm   #7
 
shadowninja's Avatar
Joined Jul 2007
What about slippage?
__________________
The markets can stay solvent longer than you can stay irrational.
shadowninja is offline   Reply With Quote
Old Jul 23, 2009, 8:00pm   #8
 
Vaco's Avatar
Joined Apr 2004
Quote:
Originally Posted by Garbanzo View Post
As I said,extreme amounts of leverage,I often buy 50 lots with this strategy,that is like making 250 pips on a single lot.
I'ts also like losing 500 pips on a single lot. do you get my point

if it works for you though that's great. I wasn't flaming you i started with welcome but you seem to have taken offence to mine and shadows comments and I fear that if your that easily offended you wont like it here.
Vaco is offline   Reply With Quote
Thanks! The following members like this post: shadowninja
Old Jul 23, 2009, 8:48pm   #9
 
shadowninja's Avatar
Joined Jul 2007
The ****'s right.
__________________
The markets can stay solvent longer than you can stay irrational.
shadowninja is offline   Reply With Quote
Old Jul 24, 2009, 12:41am   #10
Joined Jul 2009
Garbanzo started this thread
Quote:
Originally Posted by Elefteros View Post
I'ts also like losing 500 pips on a single lot. do you get my point

if it works for you though that's great. I wasn't flaming you i started with welcome but you seem to have taken offence to mine and shadows comments and I fear that if your that easily offended you wont like it here.

Yes,but when probability is on your side and when you are "diversified" on 4 pairs its not really such a great issue.
Sure,you could get a day where all 4 pairs go against you and you lose 40 pips and you get a margin call or you get wiped out.
I rarely trade to the hilt with 50 lots but I am just saying,since the odds are stacked so much in your favor you can afford to take allot of risk to.
I rarely trade with such large positions but I was just giving it to you for illustration purposes,trying to make you realize that when 5 pips is "certain" its not that bad at all,you can make a real living out of it - that's what I do.
I am sorry If I offended you.

*Hugs elefteros*

Btw,eisai ellinas? :P
Garbanzo is offline   Reply With Quote
Old Jul 24, 2009, 12:44am   #11
Joined Jul 2009
Garbanzo started this thread
Quote:
Originally Posted by pvisser View Post
This strategy seems really really simple! How did you come up with it?

Do you set pending orders when you wake up in the morning or do you wait until the middle of the night when the daily bars change over?
I am based in Eastern Europe and my broker (FXCM) uses 5 P.M EST as the start and end of the day so that's 12pm for me.

Oh and yes,I do use entry orders
Garbanzo is offline   Reply With Quote
Old Jul 24, 2009, 12:45am   #12
Joined Jul 2009
Garbanzo started this thread Try and avoid setting orders in the opposite direction when theres an obvious trendline just above or bellow the candle because the price might be penetrated and then just jump back right away before touching your 5 pip take profit.
Garbanzo is offline   Reply With Quote
Old Jul 24, 2009, 12:56am   #13
 
9 Posts
Joined Nov 2004
here is a way to trade breakouts. can you see it?

Imagebin - A place to slap up your images.
















/
abello is offline   Reply With Quote
Old Jul 24, 2009, 3:52am   #14
Joined Jul 2009
Garbanzo started this thread
Quote:
Originally Posted by abello View Post
here is a way to trade breakouts. can you see it?

Imagebin - A place to slap up your images.




/
Pattern based trading?
I've found out myself through blowing my first account up that spending allot of time in front of a screen blurs your judgement.
For me,I prefer the 15 minutes of work once a day.
Garbanzo is offline   Reply With Quote
Old Jul 24, 2009, 5:37am   #15
 
Vaco's Avatar
Joined Apr 2004
Quote:
Originally Posted by Garbanzo View Post
Yes,but when probability is on your side and when you are "diversified" on 4 pairs its not really such a great issue.
Sure,you could get a day where all 4 pairs go against you and you lose 40 pips and you get a margin call or you get wiped out.
I rarely trade to the hilt with 50 lots but I am just saying,since the odds are stacked so much in your favor you can afford to take allot of risk to.
I rarely trade with such large positions but I was just giving it to you for illustration purposes,trying to make you realize that when 5 pips is "certain" its not that bad at all,you can make a real living out of it - that's what I do.
I am sorry If I offended you.

*Hugs elefteros*

Btw,eisai ellinas? :P
I wasn't offended mate, but i thought you was by your aggressive response knowing now that you are Greek, katalava you are just been Greek (i shouldn't assume just cause you speak the lingo but i will)

What gave me away, user name maybe

ok serious advice now re, if your doing this for your bread move away from fxcm and go with someone like Interactive brokers much lower spreads, You could add the diff to your target and make 6,7 pips a day.

p.s where in eastern europe gives you an est -5hours time?
Vaco is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Proof that Day Trading is profitable? Neoripley General Trading Chat 20 Jul 28, 2009 12:30am
Billionaire trader through 15 minutes work / day ! BSD General Trading Chat 6 Jul 23, 2009 1:23pm
Article: How to Develop a Profitable Day Trading Strategy T2W Bot Educational Resources 0 Jan 2, 2008 11:40am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)