Advanced system #4-a (London GBPJPY breakout)

Well i want to make a Templates & Indicators to share with us; btw the Templates i made base Alpari-US(GMT +1)Broker Metatrader.4 so please tweak by yourself if you used any other Broker Metatrader.4 here's the screenshoot & the Download Link :

The Original System (Plain):

Here's with Wellxama Indicators :

Your Indicators & Templates Download Link :

London Breakout GBPJPY H1.rar

Kind Regards;

Manus168

Btw when we start for the firs time, which where the Stop Loss must we are put ?

Regards;

Manus168

Hello edward, great work on this site but i want more explanation GBP/JPY i am going to enter both long and short order together? again can i put stop loss to any of the order

You'd need to set 2 pending orders (limit orders): Buy stop and Sell stop. One of them will be triggered on the breakout.

The first initial stop for Buy and Sell orders, as we set up our pending orders, I believe should be same distance as the opposite order - 10 pips away from the breakout range (for the simplicity of it).

So, for example, if we have:
High at 1.0250 and low at 1.0210

Our Buy order will be at 1.0260, Sell order at 1.0200.
First Stop loss for Buy order will be at 1.0200, for Sell order at 1.0260.

As soon as the Entry order is triggered and we are around the charts, we tighten the stop loss - the stop is immediately moved at the previous hour High, and trailed every hour.

Regards,
Edward

Dear all,
I looked back some 50 days on an offline chart, and this system looks great. I added my 2 (euro)cents of wisdom, some indicators that make me feel more comfortable: Daily Pivots and Stochastics(12,5,5). Some observations as illustrated on the attached chart: when the breakout happens (either direction), observe stochastics and Pivot. In the example, the upward breakout occurs on a long green candle, indicating strong price driven movement. Secondly, Stoch is above 50 and rising, confirming the uptrend.And last but not least, the next candle breaches almost instantly the R1-level of the Daily Pivot. The strong upward trend is confirmed by the breach of the R2-Pivot level. That same candle forms a bearish Doji, a strong reversal indicator,confirmed by Stoch in the overbought zone. Time to quit and for the though guys to reverse the position: you could ride it all the way down, it retraces sharply towards the R1-Pivot level, falls through it on the way down to the Daily pivot. I also noticed (and illustrated on this chart) that if the buy/sell order is triggered close to the DailyPivot line, it mostly bounches back. So in that situation, I would take profit then and stan by the sideline and see wat would happen next. One question: do you trade the mondaymorning session, based on the sunday night candles or is that to risky? Final remark: for my own comfort, i trade the M30 charts.

Success and best regards, Ludo Willems

Bravo! Beautiful strategy! I have back tested this a couple of months and they seem very profitable, i have also been trading this strategy along with Early bird strategy as described in advanced strategy. I have never worked with this pair but I must say that the results are impressive. I have been using this strategy for the past three days and each day I have profited 70+ pips. I have noticed that 70 or 80 pips is more easily achieved then 100 pips, but 100 pip days are also in abudance. Anyway thanks again for this strategy and this wonderful site, you guys are really doing a good service and i wish God bless you for all of you for your contributions!
Umair

Stuart,
I am utterly confused about GMT. If i lookup GMT on the site http://wwp.greenwichmeantime.com/ I read the one and only GMT. So far, so good. If i look in my Windows clocks timezone list, there are 3 GMT's (see picture attached). To come to the point: my brokers timewatch in MT4 is 00:00 h.;my local time(Belgium summer time) is also 00:00 h.; the GMT-website shows 22:00H, and Windows let me choose between 3 GMT's from the dropdownlist . I refer to the first page in this tread where you say:" Londen opens at 08:00 GMT, mark the.....from 04:00 until 07:59" . Fine, i'd love to, but how do i convert that to my brokers time? Which of the GMT's do I use. Thanks for your help.

Best regards
Ludo
PS: I live in Antwerp, Belgium.