Oilfxpro Simple Cable breakout GBP/USD

Discussion in 'Forex' started by oilfxpro, Dec 7, 2007.

  1. Hi folks

    All are welcome to submit Expert advisors and indicators.My thanks to F X Robot and 1.6 who conducted the testing and information on this strategy.This strategy has yet to be traded live

    Determine the 08.00 CET – 9.00 CET High Low GBP/USD

    Set BuyStop at High + 5 pips and SellStop at Low - 5 pips

    Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)

    Minimum channel and stop loss.: If the buy/sell entry zone line (which includes the 5 pips entry distance on both sides) is less than 25 pips, then both zones need to be offset to make this range a 25 pip range. .The stop loss on the minimum channel is 25 pips.

    Move the SL to breakeven after a gain of 40 pips for GBP/USD

    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. No new trades can be added after 18.00 C E T.

    If one exits a position then the next position has to be in the opposite direction...........there is no rentry allowed until after a position is taken in the opposite direction.

    At close of 19:00 CET 1/2 hour candle all orders expiring and close all trades at market. On Friday we do the same at 19.00 CET.Always wait for the close of a bar to exit major moves and end of day exits.Effective close is 19.30

    This link displays the time in every major city in the world: www.qlock.com.

    These are the best results that I got so far from 16 June 2004 - 9 march 2007: 8.9pips without spread, 4.9 with 4 pips spread. as quoted by 1.6.The maximum drawdown was 641 pips.The system produced 5018 pips over a period of 691 working days (estimated days)



    Presently I am using 8.45 to 9.45 range with trailing stop 80 and stop loss of 80
  2. Hi

    Here are some tests
  3. Here are upto date results using 8.45 to 9.45 time frame plus 80 stop loss
  4. Here are upto date results using 8.45 to 9.45 time frame plus 80 stop loss

    Results are for 3 years plus 3 months
  5. finally this system is going into profit
  6. This reminds me of an old strategy I used at one time called 1713 (or to give it's full title 1713-2218-2723), and just looking at a Gbp/Usd chart for the past few days it looks like it made some money, maybe I'll have to open another MT4 broker account!

    The EA basically took the closing price at 7am GMT (2am EST) on a 15 minute bar chart and then looked for an entry with the following criteria:

    If a subsequent bar closed above the 7am close +17 - Buy
    If a subsequent bar closed below the 7am close -13 - Sell
    21 pip trailing stop loss

    I've still got the EA somewhere if anyone's interested. It backtested like crap but actually didn't do too bad live if I remember rightly.

    The other numbers, 22/18 and 27/23, are for other pairs:
    Gbp/Usd 17/13
    Eur/Usd 17/13
    Usd/Chf 27/23
    Usd/Jpy 22/18

    It's a handy strategy to start someone off with and gets them to focus on important things like money and risk management, discipline, and patience, instead of watching half a dozen useless lagging indicators :)
  7. da-net


    I've been trying some different EAs (demo only) for small pip trades, incl one I purchased and requested a refund on...if you ever want to see a losing EA...FX Autopilot by Marcus Leary is the one...Great for the broker if you are live

    I tried it with reasonable SL, TS, TP points but it failed miserably. The author had the following default settings "that were optomized" according to his salesman...TP = 20, TS = 50, SL = none...yes you read that right...no stop loss!!

    post your EA...let's see how it works...heck it can't be as bad as the last one i tried! :D :D :D