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Advanced system #4-a (London GBPJPY breakout)

Submitted by Stuart Williamson

This strategy is based on the London Market.

Currency Pair: GBPJPY
Timeframe: 1 hour

Strategy:
Before London opens, at 08:00 GMT, mark the High and Low of the last 4 hours - from 04:00 until 07:59 GMT. Set your Buy and Sell orders 10 pips away from those highs and lows.

I set my TP to 100 pips, excluding spread, and have a trailing Stop Loss, and take which ever comes first? My trailing stop is set at the previous hours high, and follows every hour.

London breakout strategy GBPJPY

On the image:
The white lines are the highs and lows
The Yellow lines are the trailing Stop Loss
The green is my buy order
The red line is my sell order, which was triggered
The thick red line is my TP of 100 pips which was hit.

All depending on your money management, this can work due to the pairs large moves.
Any additional tips will be greatly appreciated.

Happy Trading,

Stuart Williamson,
Belgium

Thank you, Stuart
I value your contribution. I'll now quickly publish it and will come back to review it later. Thank you and have a great day!

Best regards,
Edward

Very Nice ... Thanks for your share Buddy.

Regards;

Manus168

Hi Edward,
In addition to the above method, to minimize your loss and maximize your gain, another trailing SL that I use is on the 15 min chart.
Once a buy or sell order has been triggered, switch to a 15 minute chart and trail your SL with the most recent swings high or low, depending which way you trading. Using Fractals is a good indicator for the most recent swings.

The image attached should be self explanatory.

GBPJPY 100 pips TP Forex

Cheers,
Stuart (BE)

Hi Stuart,

What if we try to get bias in advance as to which way we'll be trading depending on a trend each day?
E.g. if we set only 1 Buy stop order or only 1 Sell stop order for the day?

I've been looking at wellxAMA.ex4

Here is the way it may help:

red vertical lines refer to 07:59 GMT candle.

Forex breakout trading strategy

Regards,
Edward

P.S. I played with wellxAMA settings a bit, on the screen shot I have (9, 3, 50, 2.0, 2.0). I realised that when I began posting the image... didn't want to redraw it again :)
The default indicator settings are very good by themselves.

HELLO,

THIS IS A GOOD STRATEGY, IS ANY ONE USING THIS METHOD. WHAT HAS BEEN THE RESULT SO FAR ANY MODIFICATION ON THE TIMIING? AM USING ALPARI AND FXOPEN PLATFORM. AM FROM NIGERIA.

THANKS
STEVE- ABUJA
DIGITALWORKS2006@YAHOO.COM

hi Stuart,

Please have u made any modification on your post, LONDON GBPJPY BREAKOUT

i think i like it cos the other midnight breakout with spreadsheet made me lost some money recently.

Thanks
i

hi stuart, thx for sharing, may pips always be with you. Is it safe to put pending orders if there will be news just after london open? thx

Hi Stuart

I have been back testing this strategy and found that the (100 pips) target sometimes gets missed,therefor tried other targets and found that a (60 pip) target gets over 80% hits....

Thank you for sharing....great site you have here

Regards
Aubrey Makau
South Africa

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