Breakout in Gbp/Usd
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Thread: Breakout in Gbp/Usd

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    Breakout in Gbp/Usd

    This is very common strategy but very effective.

    Rules:

    open 1-hour chart of gbpusd .
    we will trade on daily basis.

    mark the high and low from the 2nd candle of today till the 10th candle of today in this pair.

    open buy order when the high of these candle +1 pips goes up.
    open sell order when the high of these candles -1 pips goes down.

    stop loss will be :
    1) if buy order triggers then the stop loss will be the low -5 pips.
    2) if sell order triggers then the stop loss will be the high +5pips.

    take profits will be of 1:1 risk reward. for e.g. if the stop loss is 20 pips then take profit will also be 20 pips.

    remember to add spreads in your buy sell pending orders and in your take profits and stop loss.

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    Last edited by pak forex; 12-06-2013 at 10:08 AM. Reason: making the strategy more effective

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    You could have put a chart represent in this so that we can see what you are saying better than this. And i do not like the strategy because it will count 10 candlestick before making the decision. It is very riksy to wait till the, what if the first c10 candlestick was lower in pips,and the 11th candlestick now move 70 pips because of the trend on 4 hours or higher time, this is not good to trade for me.

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    Quote Originally Posted by silverlady View Post
    You could have put a chart represent in this so that we can see what you are saying better than this. And i do not like the strategy because it will count 10 candlestick before making the decision. It is very riksy to wait till the, what if the first c10 candlestick was lower in pips,and the 11th candlestick now move 70 pips because of the trend on 4 hours or higher time, this is not good to trade for me.
    yes i will be sharing my charts here of today for giving an example. and from tomorrow onwards, i will be sharing my chart and live trades. so stay tuned. sooner i will update rules of this strategy here so that many people can test my strategy and use it with full confidence.

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    This 10th candle after the us close is opening bell of european session begins and these strategy is very well used worldwide because at the opening bell pound use to trade 30 pips up or down whatever happens as their are last day orders coming through and some traders just trade for that hour in whole day and take what comes in

    regards

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    This is a very volatile trading market, you can trade successfully with it, but not with this strategy that is purely based on the price and the candlestick. If it is 1 pip that is determining your entry point with stop loss of 5 pips, then that is a risky way to trade, and you will be getting more losses than winning, this is not a good trading idea.

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    this is a nice thread but i see that the writter was banned, then i guess there is no discussion anymore about it or maybe someone will continue this thread ? because i really interest to know with deeply about this strategies and have some questions to ask him,

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    As per this strategy we need to count the high's and low;s of 2nd candle of the day to 10th candle of the day that means we can not trade in this pair till the formation of 11th candle and in H1 chart every candle takes an hour to form means no trade for almost 11 hours, which is not convincing because during the time the trading session of individual trader will get over.

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    Quote Originally Posted by cozard007 View Post
    This is a very volatile trading market, you can trade successfully with it, but not with this strategy that is purely based on the price and the candlestick. If it is 1 pip that is determining your entry point with stop loss of 5 pips, then that is a risky way to trade, and you will be getting more losses than winning, this is not a good trading idea.
    I think you misunderstood the risk: reward that is used by TS, Or maybe you did not read completely from the topic,
    take profits will be of 1:1 risk reward. for e.g. if the stop loss is 20 pips then take profit will also be 20 pips.

    So I think there is nothing strange of money management which are used by TS.

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    Quote Originally Posted by nidhi View Post
    As per this strategy we need to count the high's and low;s of 2nd candle of the day to 10th candle of the day that means we can not trade in this pair till the formation of 11th candle and in H1 chart every candle takes an hour to form means no trade for almost 11 hours, which is not convincing because during the time the trading session of individual trader will get over.
    well it all depends on how you calculate the start of your trading day, if you take the first candle from 12.00 am in the morning then the 10th candle will be at 11am and that is still during the london session but it will not work if you wait till the london session to take your first candle

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    Hello Dear
    This is a really volatile commerce market, you'll trade with success with it, however not with this strategy that's strictly supported the worth and therefore the candle holder. If it's one pip that's deciding your entry purpose with stop loss of five pips, then that's a risky thanks to trade, and you may be obtaining a lot of losses than winning, this is often not a decent commerce plan...Thank you

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