FREE FOREX STRATEGIES

Forex trading strategy #11 (GBP/USD breakouts)


Credits to James Ayetemimowa - our valued contributor!

GBP/USD

when it is 1 hour to london open, draw lines on the highest high since midnite and lowest low since midnite, just trade the breakout and let ur stop loss be at the high of the candle that broke the low line for short trade and the low of the candle that broke the upper line for long trade

if u experience a breakout before New York Open, please target the first 30pips

if beyond New York Open before a break please target between 10 to 20 pips

Find other strategies by James at:
http://forex-strategies-revealed.com/4-candles-strategy

Happy Trading!!!


James Ayetemimowa
[email protected]

Edward Revy,
http://forex-strategies-revealed.com/

Copyright © Forex Strategies Revealed


I have been trying this simple system in the past weeks, and also done some backtests, still positive overall but initial reaction is do not use this method in periods of consolidation due way too much whipsaw, it seems to work in clean uptrend or downtrend days.... when you are near significant support or res lines, step side and wait until trend resumes

anyone using this system?

Hi Roberto,

For entries, yes, that would be +-5 pips above/below high/low.

Usually breakout systems use no indicators for the simplicity of the execution.
It is either a breakout or not, there is no confirmation or filters needed.
Although, you may have a sneak peak at daily pivot points to see if they support your trading ideas.

Regards,
Edward

Hi all,

Did you all set the pending order +5 pips on high/low? Any indicators used to filter the bad trades? Please advise.
Thanks a lot
Roberto

Hi all,

Just wonder is there any indicators to improve the trades? Anyone?

Thanks
Roberto

Hi,

could you please quote the lines that caught your attention, but "denied" to reveal their meaning :). We'll cover it together. Thank you!

Regards,
Edward

Hi all, i have tried to understand your tips by reading it more than 10 times!
i dont know why i cant get your point , can you explain more ? :)

Thank you, EH!

rich

I would like to improve this by taking the range from the 1st hourly candle of the new day and the last candle at 6am GMT (which is 2 hours before the 8am open - i am aware MT has GMT+1hr at the moment in DST). So basically two hours before the 8am GMT open.
Then also, I have noticed that on the high/low 1hr candle in the channel that the market broke, if you place your stop above/below that candle it results in fairly small risk & not being stopped out too early.
Looking forward to trading this strategy, best strategies are always the simple ones.
Thanks, EH

great strategy,but i think it needs to be refreshed!
i will check it and come back

caspianous
IRI

Great job, Robby!
Thanks a lot, I highly appreciate your help.

Regards,
Edward

Thought I would help Edward by offering my screeshot:

breakout after london Forex system

Reference:

I understood that we take midnight GMT to 7am GMT candlesticks for this method. At 8am GMT London market opens, so we are good 1 hour before it at 7am.

I have EST running platform, so midnight GMT corresponds for me to 8pm EST, and 7am GMT to 2am EST, which you can see I've tried to highlight.
8am GMT is 3am EST - time when London market opens.
Simple math, nothing more.

So, the range is marked with solid yellow lines. This is the range we'll use for a breakout. Dashed yellow lines, are just an extension to help you see where the actual breakout occur today.

Hope it helps. Robby

a picture would be fine

please use chart to explain this GBPUSD strategy. Thanks

"RSI-TREND LINE" system

I have a system in h1 time frame. this system usually use in silent market. I am optimizing that and post it for you in future.
thanks


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