Phil Mibbutz
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So who's brave enough to go long from around 410?!
a_gnome
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Morning all,
Vebo Variant is still holding short from 19514 from yesterday. VeboVariant ii (the more discretionary one) took 43 pips out yesterday and is short from 19475 with half taken off at +35.
It's going to be interesting trading the two methods. I feel safer with the discretionary overlay so that I can lock in profits and choose my own breakout levels but I suspect that this might be illusionary and that the blind mechanical system will end up making more dosh.
Vebo Variant is still holding short from 19514 from yesterday. VeboVariant ii (the more discretionary one) took 43 pips out yesterday and is short from 19475 with half taken off at +35.
It's going to be interesting trading the two methods. I feel safer with the discretionary overlay so that I can lock in profits and choose my own breakout levels but I suspect that this might be illusionary and that the blind mechanical system will end up making more dosh.
Phil Mibbutz
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a_gnome said:
I know it's been described/discussed before, a-g, but can you point me to an outline of Vebo, please?
a_gnome
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Phil Mibbutz said:
Vebo is really Chow Clown's strategy so he's probably the best one to describe it (though he's not been posting recently). You can search through old postings of his to find it if you wish. My variant is only loosely based on his anyway; Big Ben and Big Baruch were two other variations on this theme and I understand that many of these were based on the Hans 123 system (or something like that).
The basic premise for all these systems involves a break-out from some range or levels in the morning, usually at around 7 or 8 am. CC's version has b/e stops and profit targets whereas my version is much simpler and holds positions for longer. Offshore Trader also trades a breakout method of some sort.
I'm deliberately being a bit vague as if too many people are trading on the exact same entry levels then slippage may become an issue and I deliberately didn't use CC's levels for just this reason. Nevertheless, the basic morning breakout premise is worth researching and the exact entry levels that are used are not too important - the important bit is how you manage the trade once you are in it.
Hope this helps.
eek
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Phil Mibbutz said:
Chow's Vebo breakdown is:-
take the maximum and minimum value for the period 5am to 8am (the difference). Then using the 8am start price:-
create a sell order at 8am price - (70% of difference) with a stop loss at 8am price + (50% of difference).
create a buy order at 8am price + (70% of difference) with a stop loss at 8am price - (50% of difference)
Move stop loss to breakeven at a point you are happy that rebounds are rare (I think Chow uses a trailing 30 points manually).
Take profit at 150 pips (or wherever you are happy).
Close and cancel orders at initially 4pm (changed to 3:55 due to slippage I discovered).
Hi PM,Phil Mibbutz said:
In outline Vebo (Volatility Expansion BreakOut) uses the 5-8am range for entries and attempts to hop onto early UK session breakouts. In recent weeks the volatility has shifted more towards the Frankfurt open, but as a-g points out, exits are what makes/breaks the p&l. The original method uses volatility based initial stoplosses, with a move to breakeven after 30 pips and a take profit at 120 pips (or a 4pm timed exit).
I have been live trading the method since July '06 and i'm still refining the exit strat. Again, like a-g, i'm favouring more discretionary momentum/volatility based exits atm....
Good trading.
...too quick for me, eek. It appears to be a solid base method from testing, as many have found and lends itself well to modification and improvement. It won't suit everyone in it's raw form, particularly if you can't stomach profitable trades evapourating to b/eeek said:
Offshore Trader
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Hans 123 is outlined on myfxreport.com/hans123. Most other breakout systems are derived from or similar to this
also, there is the phil newton asian range breakout strategy (look for user newtron bomb). completely discretionary, price action based entries on breakout pullbacks to avoid false breakouts and whips, and with different techniques to target exits.
j
j
a_gnome
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ChowClown said:Hi a_g, thanks for stepping in - i'm reading posts most days, but made a decision not to post so frequently - t'was usually twaddle anyway
All the best with the swinger!
Hi CC,
Far from being twaddle it was always good to hear your views, especially since you are trading a similar method. Hearing the developing ideas of people with similar strategies is always useful.
So far the V.V.ii swinger (I like that name) is +80 pips on the week closed out whereas V.V. i (original) is +65 (marked to market) and still open.
Crap Buddist
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The same reason that gone me long yesterday 459 ,has got me short 455 , i held for the trend but that news plunge dented my mini uptrend and flagged it down 1 pm. exit of long and entry short 455.
see if we get continued weakness or another flip over for me to deal with.
see if we get continued weakness or another flip over for me to deal with.
Phil Mibbutz
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Thanks to all for info. Been spending far too much time staring at charts trying to bag a few pips here and there. Following some sort of longer-term strategy along these lines would definitely be better for my blood pressure.
xx_joray_xx
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hi dc2000
what is do you use a stop loss???? on your longdc2000 said:
Offshore Trader
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A good call from you guys who bought in the low 94s. My breakout this morning has left me long at 04, stop now at breakeven.
...long here too, don't like the look of the 8am 30min candle though, so will take off half at b/e if touched. I'm thinking it will take quite a large shift to flip the long bias i have currently on the 30min, so happy to leave the other half to let price flap around for a while...i'll be out completely on momentum/volatility fade though.
I have 9:30/10:30/13:30/15:00 data releases today - hoping to be able to celebrate with Mrs Chow in style tonight
Good trading everyone.
I have 9:30/10:30/13:30/15:00 data releases today - hoping to be able to celebrate with Mrs Chow in style tonight
Good trading everyone.
Im long from 415 from yesterday and added at 475 and 505. I will close out 1/3 of my size at 495.
Unless the news is disastrous today, I am only looking to the long side for now. That doji on the Daily candle yesterday has put me off any significant shorts at the mo.
Unless the news is disastrous today, I am only looking to the long side for now. That doji on the Daily candle yesterday has put me off any significant shorts at the mo.
