Advanced system #4-a (London GBPJPY breakout)

Stuart, the three GMT's on your windows time zone represent the same thing. You can choose any one and get the same time. To make things easier, what I have done on my computer is having multiple clocks(this is available with VISTA, im not sure of XP) one clock reads my local time and the other read GMT, and another reads GMT+2. I hope this helps.

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.

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

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

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

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

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

Regards;

Manus168

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

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

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,

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

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
[email protected]

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.

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.

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.

Cheers,
Stuart (BE)

Very Nice ... Thanks for your share Buddy.

Regards;

Manus168