Best Thread GBP/USD Breakout

[woolley]

If get 100 points on Monday I wont trade the rest of the week. Might sound mad but that's me. Have a target get it hit then relax.

sounds great but how can u get more than 20 points a day ?

 

[woolley]

with your system . any way it all seems to work 4 u which is good

 

[Claudia123]

That's the bit haven't figured out yet !! Seriously though, I have my target in points which then becomes money. Once the money target is hit then STOP. In other words it depends on size of stake. Had 5 wins this week - chances are Monday be a lose so reduce stakes accordingly. Sometimes don't explain very well but I try!! Can do better in German if anyone can understand.

 

[gamma]

Cable curently at the 50% daily retrac.

As it has spiked up from it not a good entry point
wait for the 61% and watch price action

 

[gamma]

With cable there is a lot of sitting around waiting for it to hit a price level, once there, one has to watch the price action closely, if the price action does not conform to entry criteria it could be no trade.
Although presently cable is dancing around the 50% daily pull back fib and it looks like its struggling, the simple fact that it spiked past the 50% pull back voids my entry.
With the houly showing a uptrend it confounds it more.

 

[FormulaOneFan]

Hello Everyone,

Please see my attached chart. Is my entries correct in the chart? Also what would you do when you see a bigger candles like the one in my chart? I have put '????' as I'm not sure where is the entry for it.

Please have a look and let me know.

Claudia, your breakout strategy is very good. Well done!

Like you guys say: "KEEP STINGING THEM BANKS !!" lol

thanks

 

[Claudia123]

lol rumpled one will laugh. Entry today short 585.

 

[Claudia123]

7.20 target hit

 

[FormulaOneFan]

lol rumpled one will laugh. Entry today short 585.

Indeed short entry. well done! Do you set orders and TP?

 

[Claudia123]

Indeed short entry. So your target 20 pips achieved already then?

Looks like we writing at same time. Yep very good day.

 

[FormulaOneFan]

Looks like we writing at same time. Yep very good day.

lol. Yes. That's why I edited my last post. Do you follow the same or similar strategy with any other pairs?

 

[Claudia123]

lol work done forthe day back to bed u right. Also trade this on GBP/JPY but spreads are big and it doesn't work so well. Works on Eurodollar but find that boring.

 

[Claudia123]

Have a read of this - its a few years old - i found it on Forex Factory. Worth a read.

 

[FormulaOneFan]

Have a read of this - its a few years old - i found it on Forex Factory. Worth a read.

Thanks I will check it out. How do you trade when there are big candles between 00:00-06:00 hrs? for example in the chart I posted earlier I saw high/low is about 80 pips long. Do you stay out days like that?

 

[HawkTrader]

7.20 target hit

You see, it's days like this that don't pay off for people like me who run their trades. Got out with 2 pips even though I had 36 pips at one point. Couldn't find a good place to trail my stop so left at breakeven +2 pips...

Same sh!t, different trade, different methods, different results.

 

[Claudia123]

You see, it's days like this that don't pay off for people like me who run their trades. Got out with 2 pips even though I had 36 pips at one point. Couldn't find a good place to trail my stop so left at breakeven +2 pips...

Same sh!t, different trade, different methods, different results.

lol Hawk - but if i'd run my trade yesterday I been 100 + better off instead of 25

 

[Claudia123]

Thanks I will check it out. How do you trade when there are big candles between 00:00-06:00 hrs? for example in the chart I posted earlier I saw high/low is about 80 pips long. Do you stay out days like that?

Na don't worry about things like that. I trade every day a signal is given apart from Fridays.

 

[FormulaOneFan]

You see, it's days like this that don't pay off for people like me who run their trades. Got out with 2 pips even though I had 36 pips at one point. Couldn't find a good place to trail my stop so left at breakeven +2 pips...

Same sh!t, different trade, different methods, different results.

Hawk,

why not enter the trade with TP set at 20 pips and another trade order set to enter when trade your first trade reaches 18 pips? would that work?

 

[HawkTrader]

Hawk,

why not enter the trade with TP set at 20 pips and another trade order set to enter when trade your first trade reaches 18 pips? would that work?

Err, perhaps but I don't see the reasoning behind it?

Basically you are saying 1 trade reaches +18 pips, then trade 2 triggers. If trade 1 moves another 2 pips to +20 pips trade one closes.

Where would you put the stop loss for T2?

Would you enter the same trade size for T2?

All these questions have to be answered!

 

[gamma]

Hi All,
Good To see there is still life in this thread from time to time,
I think the whole point of a beakout is, to be happy with a set number of points.Invariably breakouts will go back to test their previous support points,and this is where traders lose out.
Claudia seems to have got it just right. After all 20 points a day is 400 points a month, brilliant return for a little bit of stress.