Oilfxpro Simple cable breakout daily system

[oildaytrader]

Determine the 08.00 CET – 9.00 CET High Low GBP/USD

Set BuyStop at High + 5 pips and SellStop at Low - 5 pips


Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)

Minimum channel and stop loss.: If the buy/sell entry zone line (which includes the 5 pips entry distance on both sides) is less than 25 pips, then both zones need to be offset to make this range a 25 pip range. .The stop loss on the minimum channel is 25 pips.

Move the SL to breakeven after a gain of 40 pips for GBP/USD

If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 18.00 C E T.

If one exits a position then the next position has to be in the opposite direction...........there is no rentry allowed until after a position is taken in the opposite direction.


At close of 19:00 CET 1/2 hour candle all orders expiring and close all trades at market. On Friday we do the same at 19.00 CET.Always wait for the close of a bar to exit major moves and end of day exits.Effective close is 19.30


This link displays the time in every major city in the world: www.qlock.com.

These are the best results that I got so far from 16 June 2004 - 9 march 2007: 8.9pips without spread, 4.9 with 4 pips spread. as quoted by 1.6.The maximum drawdown was 641 pips.The system produced 5018 pips over a period of 691 working days (estimated days)

 

[Connie Brown]

Always good to see others putting their systems up for review and you have explained it very specifically and clearly. Breakout systems on most instruments do well over time and I do use them as part of my trade analyses.

However, the drawdown of 641 pips you mention looks a little severe when contrasted with the average profit of a little over 7 pips per day.

This probably isn't going to be attractive to many intraday traders because of the potentially low frequency of execution (0-3 trips a day), to make +7. And for longer term players, any system where the drawdown potentially requires just over 88 consistently profitable days to cancel out that drawdown is going to be similarly unattractive.

If I can suggest you tweak your protective stops in line with the range you're planning on trading that alone will give you a better profile. As will of course, specifically tailoring your breakout by calculating a stop based on recent and not so recent Support and Resistance and estimating your potential profit target on market data rather than arbitrary time exits.

You'll also find if you limit your trades to only take those in line with the direction of the primary trend, you'll increase your bottom line considerably and reduce the overall number of trades. I am also going to suggest that once you've gotten rid of the counter-primary trend trades you'll notice you have eliminated the re-entries as well which tend to sap rather than add to profits - you'll simply have got it right and at the right time, the first time, more often. On a non-scalping system, this is a significant advantage to you.

I am sure you have given many food for thought in working with your initial structure in further developing it into their own FX breakout system.

 

[oildaytrader]

Always good to see others putting their systems up for review and you have explained it very specifically and clearly. Breakout systems on most instruments do well over time and I do use them as part of my trade analyses.

However, the drawdown of 641 pips you mention looks a little severe when contrasted with the average profit of a little over 7 pips per day.

This probably isn't going to be attractive to many intraday traders because of the potentially low frequency of execution (0-3 trips a day), to make +7. And for longer term players, any system where the drawdown potentially requires just over 88 consistently profitable days to cancel out that drawdown is going to be similarly unattractive.

If I can suggest you tweak your protective stops in line with the range you're planning on trading that alone will give you a better profile. As will of course, specifically tailoring your breakout by calculating a stop based on recent and not so recent Support and Resistance and estimating your potential profit target on market data rather than arbitrary time exits.

You'll also find if you limit your trades to only take those in line with the direction of the primary trend, you'll increase your bottom line considerably and reduce the overall number of trades. I am also going to suggest that once you've gotten rid of the counter-primary trend trades you'll notice you have eliminated the re-entries as well which tend to sap rather than add to profits - you'll simply have got it right and at the right time, the first time, more often. On a non-scalping system, this is a significant advantage to you.

I am sure you have given many food for thought in working with your initial structure in further developing it into their own FX breakout system.

Connie

This is a set and forget system appealing to people who have other full time occupations and to those running automated trading programs.We have done extensive anylysis on all sorts of filters and variations .

This is the best we came up with.


Oildaytrader

 

[TWI]

I trade something pretty similar and I think you will find that using a partial position profit target as well as finding a filter to govern which direction break you will take each day could push your % profitable to over 60% and so average net prof figs will go much higher also which will give you far more margin for slip and costs which seem pretty low in your posted TS analysis.

 

[RebateFX]

I'm using a breakout system myself to get good pips on g/j. Breakouts are good

 

[oildaytrader]

This system can be traded automated on metatrader

There is free software readily available for this system which trades automated.

The free software is called

oilfxpro doublequads b/o freeversion.

It is freely available on the net

 

[oilfxpro]

Hi folks

This is the updated version of this system for today's market conditions

Determine the 08.45 CET – 9.45 CET High Low GBP/USD

Set BuyStop at High + 10 pips and SellStop at Low - 10 pips


Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 10 pips = SellStop; Shorttrade: SL = High range + 10 pips = BuyStop)

Minimum channel and stop loss.: If the buy/sell entry zone line (which includes the 10 pips entry distance on both sides) is less than 25 pips, then both zones need to be offset to make this range a 25 pip range. .The stop loss on the minimum channel is 25 pips.

Move the SL to breakeven after a gain of 40 pips for GBP/USD

If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 18.00 C E T.

If one exits a position then the next position has to be in the opposite direction...........there is no rentry allowed until after a position is taken in the opposite direction.


At close of 19:00 CET 1/2 hour candle all orders expiring and close all trades at market. On Friday we do the same at 19.00 CET.Always wait for the close of a bar to exit major moves and end of day exits.Effective close is 19.30

OILFXPRO

 

[oilfxpro]

Today's profit 171 points

The system recovering from a drawdown period

OILFXPRO

 

[oilfxpro]

Double century on friday

 

[oilfxpro]

Hi

This strategy has held up very well over the last 12 to 15 months despite adverse market conditions

OILFXPRO

 

[oilfxpro]

Hi

This version is more suited to today's market conditions

Determine the 08.45 CET – 9.45 CET High Low GBP/USD

Set BuyStop at High + 10 pips and SellStop at Low - 10 pips


Set StopLoss at entry - 80 pips for GBP/USD. If the other side of the breakout is within 80 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 10 pips = SellStop; Shorttrade: SL = High range + 10 pips = BuyStop)

Minimum channel and stop loss.: If the buy/sell entry zone line (which includes the 10 pips entry distance on both sides) is less than 25 pips, then both zones need to be offset to make this range a 25 pip range. .The stop loss on the minimum channel is 25 pips.

Move the SL to breakeven after a gain of 40 pips for GBP/USD

If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 18.00 C E T.

If one exits a position then the next position has to be in the opposite direction...........there is no rentry allowed until after a position is taken in the opposite direction.

At close of 19:00 CET 1/2 hour candle all orders expiring and close all trades at market. On Friday we do the same at 19.00 CET.Always wait for the close of a bar to exit major moves and end of day exits.Effective close is 19.30

OILFXPRO

 

[oilfxpro]

Hi

finally in profit

OILFXPRO