Simple Combined Breakout System for EUR/USD and GBP/USD with
Posted: Wed May 14, 2008 7:58 pm
Simple Combined Breakout System for EUR/USD and GBP/USD
Determine the 06.00 CET ? 10.00 CET High Low on EUR/USD and GBP/USD
Determine the 10.00 CET ? 14.00 CET High Low on EUR/USD and GBP/USD
Set BuyStop at High + 5 pips and SellStop at Low - 5 pips for both timeframes and both currencies
Set Target Price at entry + 80 pips for EUR/USD and entry + 120 pips for GBP/USD
Set StopLoss at entry - 50 pips for EUR/USD and entry - 70 pips for GBP/USD. If the other side of the breakout is within 50 pips for EUR/USD or within 70 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)
Move the SL to breakeven after a gain of 30 pips for EUR/USD and 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. There is only one turn per time frame possible. This rule is a result of all previous rules. You can skip this rule if you want.
At 24.00 CET all orders expiring and close all trades at market. On Friday we do the same at 23.00 CET.
This link displays the time in every major city in the world:
www.qlock.com. I am using CET time (Amsterdam, Frankfurt).
Results are posted here cause file is too big for kreslik
http://www.fxfisherman.com/forums/forex ... #post12601
OILFXPRO
http://www.oilfxpro.com
Determine the 06.00 CET ? 10.00 CET High Low on EUR/USD and GBP/USD
Determine the 10.00 CET ? 14.00 CET High Low on EUR/USD and GBP/USD
Set BuyStop at High + 5 pips and SellStop at Low - 5 pips for both timeframes and both currencies
Set Target Price at entry + 80 pips for EUR/USD and entry + 120 pips for GBP/USD
Set StopLoss at entry - 50 pips for EUR/USD and entry - 70 pips for GBP/USD. If the other side of the breakout is within 50 pips for EUR/USD or within 70 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)
Move the SL to breakeven after a gain of 30 pips for EUR/USD and 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. There is only one turn per time frame possible. This rule is a result of all previous rules. You can skip this rule if you want.
At 24.00 CET all orders expiring and close all trades at market. On Friday we do the same at 23.00 CET.
This link displays the time in every major city in the world:
www.qlock.com. I am using CET time (Amsterdam, Frankfurt).
Results are posted here cause file is too big for kreslik
http://www.fxfisherman.com/forums/forex ... #post12601
OILFXPRO
http://www.oilfxpro.com