Best Thread GBP/USD Breakout
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Claudia123
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Claudia123
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Ok Gamma and thank you.
This week has been good - next trade is the the GAP. (Gamma know what I mean).
I look at the closing bar tonight - if red I put order into buy - if green (well even Neil could work this out!). Usually goes +/-35 so stick a 10 point stop on and have some fun. 50/50 bet with good r/r.
This week has been good - next trade is the the GAP. (Gamma know what I mean).
I look at the closing bar tonight - if red I put order into buy - if green (well even Neil could work this out!). Usually goes +/-35 so stick a 10 point stop on and have some fun. 50/50 bet with good r/r.
Claudia123
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Yep I short at 71.9.
MajorDutch
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no still not in i was 2 pips away from getting filled short
FormulaOneFan
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Technically breakout triggered short. But as I have +2 pips limit my short didn't trigger. My long triggered and long is still going well. Hope to add more to this long.
FormulaOneFan
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my long got stopped out at +25 pips for the day. not bad but at one point it was +40 pips.
MajorDutch
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went long and got my 20 pips, in trade 11 minutes.
I see from the thread that some of you went short so no doubt people will ask why I didn't go short. This is due to my entry criteria but I must stress there is no right or wrong answer, as long as you have a genuine trading edge using your criteria and execute with good MM you will make money.
My entry criteria is using the open and close prices only on the 7 x 1H bars that Claudia uses. 12 midnight to 7am GMT. This gives me my highs and lows for entry. I then use the 1M bars to fine tune my entry points. I use the absolute low and high on the 1M charts in the last hour 6am - 7am to adjust my entry point, the price has to breech my high/low levels by 1 full pip to trigger an entry. So if the price on the 1M chart has moved beyond the high / low range as identified in the 7 hour range this overrides the entry point. Therefore I had sell entry point at 1.60678 from the 0633 1M candle, so price would have had to hit 1.606668 for me to go short.
As I said there is no right or wrong answer, on some days I will be triggered a different direction to others and I will lose and they will win.
I don't know about you guys but I am very interested in using this strategy in other markets at different times of the day, any market where I can identify a solid trading edge, other currency pairs, oil, gold, indices. Has anyone got any other suggestions for times / markets to apply this strategy to, I will be researching and posting back if I find any.
I see from the thread that some of you went short so no doubt people will ask why I didn't go short. This is due to my entry criteria but I must stress there is no right or wrong answer, as long as you have a genuine trading edge using your criteria and execute with good MM you will make money.
My entry criteria is using the open and close prices only on the 7 x 1H bars that Claudia uses. 12 midnight to 7am GMT. This gives me my highs and lows for entry. I then use the 1M bars to fine tune my entry points. I use the absolute low and high on the 1M charts in the last hour 6am - 7am to adjust my entry point, the price has to breech my high/low levels by 1 full pip to trigger an entry. So if the price on the 1M chart has moved beyond the high / low range as identified in the 7 hour range this overrides the entry point. Therefore I had sell entry point at 1.60678 from the 0633 1M candle, so price would have had to hit 1.606668 for me to go short.
As I said there is no right or wrong answer, on some days I will be triggered a different direction to others and I will lose and they will win.
I don't know about you guys but I am very interested in using this strategy in other markets at different times of the day, any market where I can identify a solid trading edge, other currency pairs, oil, gold, indices. Has anyone got any other suggestions for times / markets to apply this strategy to, I will be researching and posting back if I find any.
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foredog
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Narrowly missed the short because the close of the 6am bar was 16071 on my feed but the lows were 10609 so i had my order at 16066, just below the lows, i'd rather wait the extra few points to rather than enter that close to a recent turning point.
Just my way. Sometimes i'll so that on a 6 point difference and it'll just go and Claudia et all get to their 20 points and i don't.
Just my way. Sometimes i'll so that on a 6 point difference and it'll just go and Claudia et all get to their 20 points and i don't.
MajorDutch
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totally with you on your thinking foredog. there is no right or wrong just keep playing the edge and accept the risk.
do you trade any other breakouts?
do you trade any other breakouts?
neil
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Doggy - does your chart vary much from mine?
I got my twenty but if I am doing anything different I think I will stick to it
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foredog
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Doggy - does your chart vary much from mine?
I got my twenty but if I am doing anything different I think I will stick to it
The same Neil. didnt trade that though as took a bit this morning then went for a run.
HawkTrader
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Looks like it's setting up for a good one this morning.
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