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 ...

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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!
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Old Jul 23, 2009, 7:32am   #2
 
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welcome garb,

surely you can do better then 70 pips a month
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Old Jul 23, 2009, 10:27am   #3
 
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5 pips??? Thought you said "travel quite a bit in the direction".
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Old Jul 23, 2009, 5:20pm   #4
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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.
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Old Jul 23, 2009, 5:23pm   #5
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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.
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Old Jul 23, 2009, 7:09pm   #6
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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?
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Old Jul 23, 2009, 7:54pm   #7
 
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What about slippage?
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Old Jul 23, 2009, 8:00pm   #8
 
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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.
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