Breakout system by OILFXPRO
OILFXPRO oil breakout system
a SIMILIAR strategy produced 1891 cents profit from 1/1/2007 to 16/2/2007 ,for 50 trades ,with a drawdown of 200 cents,and average average profit per trade of 37.82 cents....................1750 cents net after spreads over 35 working days = 50 cents per working day
There are two daily trades plust two reversal trades based on two opening range periods
TWO OPENING RANGE PERIODS ARE
1)Determine the 12.00 CET â 13.00 CET High Low on QM mini crude.Place trade at 13.00 cet
2)Determine the 14.00 CET â 15.00 CET High Low on QM mini crude.Place trade at 15.00 cet
Set BuyStop at High + 15 cents and SellStop at Low - 15 cents
Set Target Price at entry + 160 cents (exit only on exit rules or if stops hit)
Set StopLoss at entry - 70 cents
. If the other side of the breakout is within 70 cents then the StopLoss will be that level (Longtrade: SL = Low range - 15 cents = SellStop; Shorttrade: SL = High range +15 cents = BuyStop)
Move the SL to breakeven after a gain of 50 cents
If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss ,first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. Three turns per day is maximum limit
If the morning channel is greater than 100 cents do not trade.
At 21.00 CET all orders expiring and close all trades at market. On Friday we do the same at 20.00 CET.
This link displays the time in every major city in the world: Qlock - World Clock
I use professional quality EXPERT ADVISORS for metatrader ,which are already written for this system ,so please do not copy my work that I distribute freely and do not use it for commercial exploitation
oilfxpro daily journal on day trading is posted here
Here are automated programs to auto trade.These are metatrader Expert Advisors TO BE USED ON DEMO ACCOUNTS.They can be used for four months whilst somebody is getting used to this system.
Insert them in start/my computer/pograms/ odl /experts.Close the program and re-open.Open a hourly crude chart and go to navigator on left of platform ,click experts,right click oilfxpro and attach to chart.Click enable live trading and close .Now you are on autotrade
This will help anybody who wants to learn this system.Just monitor the autotrader
These are set with times of ODL securities demo account