Best Thread GBP/USD Breakout

[neil]

Cable so far

Cable so far. Nice clean break from overnight range

 

[HawkTrader]

Hi Neil, could you tell me what 'IB' on your chart stands for?

 

[neil]

Hi Neil, could you tell me what 'IB' on your chart stands for?

Inside Bar

 

[HawkTrader]

Ah of course! Cheers. It was a pretty nice move this morning, did you catch it?

 

[gamma]

Did anyone notice how it turned very close to a fib point.
I know I keep on about fibs, but this morning illustrates how well they work specially on this pair.

 

[neil]

Did anyone notice how it turned very close to a fib point.
I know I keep on about fibs, but this morning illustrates how well they work specially on this pair.

Gamma could you post a chart of the Fib entry please?

 

[gamma]

Hi Neil ,
As the last low was destroyed we move on to the next swing high /low
(17031 to 14397 on 22 april)
showing us activity around the 50% fib.

If anyonehas any difficulty understaning that please let me know and will try to expalin further.

On the day trade here is a good price to close as it has not broken upwards of the pivot support.

On the bigger picture let it pull back towards the 50% fib then go long if it has support on the 4houly and daily.

I am done for the day
Good luck all.

Apologies for Duke being part of the screen print I don't know how to take him off.

 

[TheRumpledOne]

Hi Claudia.

Noticed you stopped by my thread today. Thought I would return the favor. The above chart is how I trade the session breakouts.

 

[Claudia123]

Hi Rumply - this thread died now but thanks. All I do is trade cable from 7 am GMT on a breakout and what a week its been !!! Stung them banks for sure.

 

[junglist00]

TRO, what indicator you use to get trading time boxes

 

[foredog]

Claudia, do you take the high/lows of the asian session (eg 1200-0600 UK) or just the high/low of the 6am bar?

As that was quite a large range 0f 84 point sbetween the high low of the asain session.

Thanks

 

[Claudia123]

Hi Foredog - i take the high/low of the 1200-0600 GMT but tend to ignore any spikes like on the 5 am bar today. My entry today got filled at 656.4 and hit target in 2 minutes !!

 

[Claudia123]

One day I will learn to run profits. Every day this week would have been 70 + gain in first hour. Oh well more learning to do. Hit my target for the week and still not happy.

 

[foredog]

One day I will learn to run profits. Every day this week would have been 70 + gain in first hour. Oh well more learning to do. Hit my target for the week and still not happy.

It could be a lot worse.........

 

[Claudia123]

lol yes it could. Think the answer is take profit and walk away from the chart. Don't normally bother me but this week it has. Everyday has been a potential BIG winner. Maybe Rumples is right just take what you can. I 100 points up for week which is target. Need shopping therapy followed by wine bar therapy I thinks !!!

 

[gamma]

lol yes it could. Think the answer is take profit and walk away from the chart. Don't normally bother me but this week it has. Everyday has been a potential BIG winner. Maybe Rumples is right just take what you can. I 100 points up for week which is target. Need shopping therapy followed by wine bar therapy I thinks !!!

I agree there claudia,

Its best to stick to a daily gain of 20/30 points(on the breakout strategy) and walk away from it, many a time, I have decided to be greedy and seen a nice 30 point, gain turn into a 30 poit loss.

 

[Claudia123]

Gamma - yep have a target and stick to it which I do quite well. Maybe trailing stops could be the answer? i dunno i sat here trying to fix a strategy that works lol !!

 

[gamma]

Claudia,
I think break-outs limit you to being specific, on the amount of points, you can possibly achieve,the overiding condition being that it is a day trade.

I use the 12am 7am high low, its also, well worth noting if the price is trading above or below the daily pivot, this is a good indicator of daily trend.

 

[Claudia123]

Agree. My strategy is very similar to yours and the win rate is very high keeping at 20 point target 20 point stop getting around 82% . Playing with a similar thing for the opening of the US but don't work so well.

 

[gamma]

Yes, I have found that too, So I do not apply it to that market.
I try to make sure I am at the gym by that time so that i am not tempted