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oilfxpro cable breakout system

Posted: Sun Apr 20, 2008 9:23 am

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


Posted: Thu Apr 24, 2008 5:52 am

The OILFXPRO trial version is now extended to 31/10/2008 and trial expert advisor is attached

It looks like a good expert advisor and system , provided one can survive the losing periods, and finally (history has shown) end up profitable

Compliments of


Posted: Tue Apr 29, 2008 6:01 pm
by eudamonia
Most breakout systems can be profitable as long as one can survive the drawdowns.

Unfortunately most people quit trading the minute a system has 4 or 5 losers in a row. It's just a sad fact. One of the main reasons few beginners make it in this field.

Good luck with your EA Oil. Unfortunately I think that most people would struggle to trade a "black box" EA no matter how profitable it was simply because of psychology. Without knowing how something works it is difficult to accept the losing streaks. Even knowing how it works it can be difficult to survive these periods.

Just my 2 cents.


Posted: Thu May 01, 2008 8:53 pm

Any system either manual trading system or automated system should be tested for at least 6 months on demo accounts.

It is easier to test automated systems for 6 months.The tester is often surviving on other income whilst the robot is being tested.

It is impossible to test manual systems for 6 months and do another job to live off the same time



Posted: Fri May 02, 2008 7:31 pm

This system going well at present