Best Thread GBP/USD Breakout

Yeah I mainly use IG but also got CMC and Capital Spreads for spread betting. Ladbrokes for sports, 888 for poker etc.......... wouldn't say I a professional gambler but
 
What is nice about this setup is its very simple and straight forward.
But the defining fact is not to be greedy.
I am sure we are all looking at the price now thinking damn! there's another 20/25 points we missed out on .
But it could have easily turned at 85 and wiped us out.
 
Claudia123 said:
Yeah I mainly use IG but also got CMC and Capital Spreads for spread betting. Ladbrokes for sports, 888 for poker etc.......... wouldn't say I a professional gambler but
Click to expand...

lol. What's your opinion on CMC and Capital Spreads? Are they any good? Any reason why you prefer IG over them?
 
FormulaOneFan said:
lol. What's your opinion on CMC and Capital Spreads? Are they any good? Any reason why you prefer IG over them?
Click to expand...

I prefer IG. Hey Gamma you took the words out my mouth. But with 100% hit rate don't be greedy. :LOL: It has to stop of course .
 
Good morning folks

I don't post much on the threads, however, I thought I'd share my feelings on this breakout method.

I've been "playing" with forex for around a year now, looking at lots of different ways to trade etc, etc, etc. I was interested when I came accrosss this thread, as about two weeks ago I decided to simplify things completely, and not either confuse myself or overtrade. I do something very similar and trade cable only, on the break of the 6am candle, high or low. I don't worry about trends, or try to analyse where I think the trade may go in the future, I simply trade the break and look for 20 - 30 pips depending on the price action.

Moving to this method has changed my trading completely. There is no wasted time analysing, no stress and no hours and hours of sitting in front of the PC. My win - lose ratio has changed beyond belief, and Gamma hit the nail on the head above - DON'T BE GREEDY and don't worry about the ones which go and go once you have taken profit. Regular wins of 20 - 30 pips give a great monthly pip count.

My one question, Claudia is about how long you have been trading using your strategy? Over the last year or so, I have watched the markets change over and over, but this simple method looks like it may have worked for a long time.
 
wil68 said:
Good morning folks

I don't post much on the threads, however, I thought I'd share my feelings on this breakout method.

I've been "playing" with forex for around a year now, looking at lots of different ways to trade etc, etc, etc. I was interested when I came accrosss this thread, as about two weeks ago I decided to simplify things completely, and not either confuse myself or overtrade. I do something very similar and trade cable only, on the break of the 6am candle, high or low. I don't worry about trends, or try to analyse where I think the trade may go in the future, I simply trade the break and look for 20 - 30 pips depending on the price action.

Moving to this method has changed my trading completely. There is no wasted time analysing, no stress and no hours and hours of sitting in front of the PC. My win - lose ratio has changed beyond belief, and Gamma hit the nail on the head above - DON'T BE GREEDY and don't worry about the ones which go and go once you have taken profit. Regular wins of 20 - 30 pips give a great monthly pip count.

My one question, Claudia is about how long you have been trading using your strategy? Over the last year or so, I have watched the markets change over and over, but this simple method looks like it may have worked for a long time.
Click to expand...

Hi and welcome to the thread.

I been trading this strategy for over a year now. Through sideways markets/trending markets whatever - seems to work. If you have the time look at one of attachments to this thread the document 'Big Ben' - is around 5 years old and is basically what we are doing today. Well worth a read.
 
Spend that money wislely, guys. Most of it came from me!!
I was trading a pullback for a continued short, that wasnt.

Actually, blow it on champagne.
have a great weekend.

EDIT: Following on from wil68s post, there are a number of variations of the London breakout. I recall some time ago, a guy called hans123 developed such a amethod, except he also traded the US open.
I wonder if it would be helpful to collate all the variations, or whether that would just complicate matters.
Personally, wil68s trading of the 6am bar seems more logical, but then there are other variants where you trade InsideBars, but only in direction of price if its above or below the midnight open price.
But, overall, simple is best.
 
Last edited:
trendie said:
Spend that money wislely, guys. Most of it came from me!!
I was trading a pullback for a continued short, that wasnt.

Actually, blow it on champagne.
have a great weekend.

EDIT: Following on from wil68s post, there are a number of variations of the London breakout. I recall some time ago, a guy called hans123 developed such a amethod, except he also traded the US open.
I wonder if it would be helpful to collate all the variations, or whether that would just complicate matters.
Personally, wil68s trading of the 6am bar seems more logical, but then there are other variants where you trade InsideBars, but only in direction of price if its above or below the midnight open price.
But, overall, simple is best.
Click to expand...

Hi Trendie,
Just to broaden the subject a bit I am curious about why you went for a short ?
As looking at the bigger picture one would go for a short. lower lows and the 4 hr showing a downtren.
 
gamma said:
Hi Trendie,
Just to broaden the subject a bit I am curious about why you went for a short ?
As looking at the bigger picture one would go for a short. lower lows and the 4 hr showing a downtren.
Click to expand...

lol you leave Trendie alone he funding the champagne for the weekend :clap:
 
Ah! Shikamaroo,
Whenever I see that little flag next to your name I am so envious.
The breakout must work well for you.
Finish off early morning then go to the beach swim scuba
spent 2 weeks in that part of the world it was brilliant.
you lucky person.
 
Claudia123 said:
lol you leave Trendie alone he funding the champagne for the weekend :clap:
Click to expand...

my pleasure. :cheers:
it has been a pretty good and trendy week.
shame it closed with a loss, but was a controlled loss.

gamma: my broad picture was down, so I took the OB condition into a perceived continuation of the short. just so happened, as it eventually will, it was a reversal.

I really like the "20 pips and done" attitude.
 
Are any of you clever enough to write an EA for this - I know what Gamma will say lol but with predefined entry exits it might just work being so simple. I dunno. Any thoughts?
 
Claudia123 said:
Are any of you clever enough to write an EA for this - I know what Gamma will say lol but with predefined entry exits it might just work being so simple. I dunno. Any thoughts?
Click to expand...

How lazy do you want to get Claudia,:LOL:
You have finished work even before anyone has started they normal 9-5.

But on a more serious note I see no great problem with using a EA considering the factors are preset to set limits.
 
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