Afternoon Breakout

I´d like to open this thread based on a breakout strategy.
The most of those strategies are for an opening breakout during the morning.
I´d like to share this AFTERNOON breakout strategy and know if somebody is using it and what experiences have been made.
Good ideas for tweak and inprove the strategy are welcome!

1. take the opening price (I trade currency futures, but it can be applied to Index futures).
2. multiply the opening price by 1.0033 to get your buy signal
multiply the opening price by 0.9967 to get your sell signal
3. wait till 02.00 pm EST, from there enter when your price signal is hit
3. exit at 04.00 pm EST

I trade this since 6 months with good results but it must be improved.
All ideas are welcome

Traderix

 

Shouldn't you take the breakout price from the open at 2pm? What if the market broke out in the morning?

 

Please can you try this out on both the NQ & ES

Seems a rather random strategy IMHO.

Good luck

 

See this thread:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=37520

 

I think 5pillar had have tread on bracket trade

 

This is a good strategy for people who like to sleep late

What do you do when the mkt is already outside of your range at 2 pm?

 

if the market is already outside of the range, enter a market order

 

Traderix,

What currency futures does the afternoon breakout work best with in your experience?

Richard

 

GBP/USD or any coss rate (most volatile)