Advanced system #4-a (London GBPJPY breakout)
Submitted by Edward Revy on March 2, 2009 - 16:24.
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.
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As I cannot guarantee the EA for the backtest is full correct, I post the results here. If someone noticed that the orders don't match this strategy, please let me know so that I can correct my EA.
Also the initial stop loss in this EA is 100 pips. But as soon as the orders are filled, the stop loss are immediately changed to the previous hours highs or lows. So I don't think the initial 100 pips stop loss has any influences on the final results.
backtest from 2005.1.1 to 2009.9.20. Backtest quality 90%.
Untrigged orders are deleted at 12:00 pm, i.e. 4 hours after placing the pending orders at 8:00am in the morning.
Has anyone tested this strategy for a year or more ( backtest ). Also is there an EA for this.
Please advise. Thanks.
-Jack
Hi Aariff,
Sure, there is no impossible things for a good programmer. But I'm not the one of them, unfortunately.
Regards,
Edward
Hi Shawn,
Thank you for sharing your trading approach and results.
Eventually, one really needs to believe in the system he is trading. These are the roots of trading discipline.
Regards,
Edward
Hi Edward,
I cannot watch market during those mentioned timings. is it possible to get an automated sytem for the same setup. so that it does the work on its own.
Thanks
Aariff
i tried to test this strategy... using downloaded data 1jan-30june
Capital: 50usd
Lots: 1% from capital (=0.05) and increasing based on current equity
Findings:
the best way is to use 70pips TP
and WITHOUT trailing stop.. maintain the original SL
try to believe
-Shawn-
Hi, Here is what I have. You will have to Google to find proper settings.
Market_Hours.mq4
Clock_v1_3.ex4
Market_Hours.ex4
Clock_v1_3.mq4
Paul
Does anyone know where i can get time zone clock as indicator so it always shows me the different time and opening ours for othr markets. I have seen some screen shots on this site containg same info but cannot seem to find it any where on the net
R
Barry
Hi Xiao,
Where exactly, what comment or expression caused difficulties for you?
Thank you.
Edward
hello I just can't Understand What you mean and what you are Trying to do on this Pair..
Please leave a Mail to me , xiaozhang21[at]yahoo.com
So please
xiao
That would be the right thing to do, Umair.
If the trade goes your way, adding to it one hour later can increase gains. Just make sure to adjust profit goals.
Thank you for a good point, it is worth trying!
Best regards,
Edward
Hi Edward, I have come across something quite interesting by mistake. I have been trading this strategy for a past couple of weeks but instead of using close of 7:59GMT close of hourly candle I had been using 8:59 gmt close. Even though i had been using the incorrect four candles I was able to catch 60+ pips on most days. My question is can we in conjunction with your strategy also place an entry order on the close of 8:59gmt if the first order is going our way. I think this might be quite a good way to compound our gains if our first entry is in plus column. Your suggestions would be quite appreciated.
Thanks Umair
Thank you, Sunny!
To use the strategy for GBPUSD you'd need to lower the profit goal level to about 60-80 pips.
Like any breakout methods, this one only requires some statistics, which can be basically done by looking back at past performance.
I haven't had a chance to test this system over several months, the load of strategies on the website nowadays keep me very busy.
Regards,
Edward
Hi Stuart/Edward/All
Has anyone tested this strategy on other currency pairs?
Can this possibly be used with GBP/USD as this has a strong correlation with GBP/JPY?
Also has anyone actually tested this for a good period of time. I,e 2 or 3 months plus?
I am experimenting with 3 or 4 breakout strategies and all are very similare with slight variations. I am trying to be patient with testing as I dont believe you know if it works until you have run this over a long period of time certainly not a few days or weeks. Any help will be appreciated but I will start to test this as well as other similare strategies.
I think this is a good method but just think that my stops are too far out sometimes and I dont get the risk to reward setup when i enter, well at least for me and my personality!
Site is fantastic Edward, Thanks.
Sunny
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