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False Breakout, Facebook etc etc
Hi All
I think most of us got caught out by that false breakout
I do usually wait a little bit after the 9.00 am GMT i.e 9.15 , 9.30 just to see if if falls , but this time it got me (the trigger was pulled dead on 9.30 ,damn it, and then fell).
Apparently, many traders close short positions which they had on over the night and hence the upsurge and then settling down to normal movement, especially if there is a huge trend in action , which there is at the moment
Coupled with the fact of S/R as you quite rightly say oh and also dont forget fundamental news, it all becomes a huge puzzle
Which is why we love it isnt it
Yeh ok , lets do the facebook , whoever wants to start it,
Hi All
I think most of us got caught out by that false breakout
I do usually wait a little bit after the 9.00 am GMT i.e 9.15 , 9.30 just to see if if falls , but this time it got me (the trigger was pulled dead on 9.30 ,damn it, and then fell).
Apparently, many traders close short positions which they had on over the night and hence the upsurge and then settling down to normal movement, especially if there is a huge trend in action , which there is at the moment
Coupled with the fact of S/R as you quite rightly say oh and also dont forget fundamental news, it all becomes a huge puzzle
Which is why we love it isnt it
Yeh ok , lets do the facebook , whoever wants to start it,
Last edited:
So today I would have gotten into another false breakout, a sell position which got filled only to hit the SL.The my pending buy order got hit and again in the red.
I noticed the past few days around 10 to 1030am it will go up but then it usually drops, and today was the same. I put in a short sale for two 8 lots at 1.4380 and 1.4377 and made alot within 10 mins.
I will try to stay with the system and see how it pans out.
Oh I think its a good idea to have a facebook group
I noticed the past few days around 10 to 1030am it will go up but then it usually drops, and today was the same. I put in a short sale for two 8 lots at 1.4380 and 1.4377 and made alot within 10 mins.
I will try to stay with the system and see how it pans out.
Oh I think its a good idea to have a facebook group
1 Minute Daily with S/R
Hey,
From my short experience using the 1 Minute Daily along with price action/support+resistance produces massive gains. Before I started the 1 Minute Daily I was trading naked using price action, which works and produces an 80%+ winning percentage which is very good. However, I didn't use proper money management when I was trading solely on price action.
Now that I have reverted back to using price action I have been making at least 40 pips a day solely on S/R. I read John Templeton's "Trading in the Buff", which is an AWESOME ebook that I highly recommend, earlier this year and started trading and only had a few losses, but those losses almost blew my account because I wasn't practicing disciplined money management, if I was I would've probably doubled my money every week trading solely on price action.
So basically, I have an account used strictly for 1 minute daily and another for price action based off of John Templeton's "Trading in the Buff".
Even if you research the "London Breakout Strategy" which is what the 1 minute dialy is based off of you will read that the winning percentage is 90% if you use it ALONG with S/R. Take profit at a certain number of pips or near S/R, which is what the "London Breakout Strategy" suggests.
Today there is a strong resistance line right at the upper band, so my guess is that there will be a false breakout on the buy and possibly a true breakout on the sell being that there is a current downtrend on GBP/USD.
You should try it, you won't regret it
Oh and by the way, I don't work on anything less than a 1HR chart... 4Hr and Daily for direction and Strong S/R and 1Hr for entry points. Doing it this way I have found to be EXTREMELY profitable and accurate against false breakouts. Hey, why not make money between those bands
I could get 100 pips a day, well at least 80 pips using price action and then make money on true breakouts if I don't see strong S/R near the upper and lower bands.
Happy Trading!
Hi All
I think most of us got caught out by that false breakout
I do usually wait a little bit after the 9.00 am GMT i.e 9.15 , 9.30 just to see if if falls , but this time it got me (the trigger was pulled dead on 9.30 ,damn it, and then fell).
Apparently, many traders close short positions which they had on over the night and hence the upsurge and then settling down to normal movement, especially if there is a huge trend in action , which there is at the moment
Coupled with the fact of S/R as you quite rightly say oh and also dont forget fundamental news, it all becomes a huge puzzle
Which is why we love it isnt it
Yeh ok , lets do the facebook , whoever wants to start it,
Hey,
From my short experience using the 1 Minute Daily along with price action/support+resistance produces massive gains. Before I started the 1 Minute Daily I was trading naked using price action, which works and produces an 80%+ winning percentage which is very good. However, I didn't use proper money management when I was trading solely on price action.
Now that I have reverted back to using price action I have been making at least 40 pips a day solely on S/R. I read John Templeton's "Trading in the Buff", which is an AWESOME ebook that I highly recommend, earlier this year and started trading and only had a few losses, but those losses almost blew my account because I wasn't practicing disciplined money management, if I was I would've probably doubled my money every week trading solely on price action.
So basically, I have an account used strictly for 1 minute daily and another for price action based off of John Templeton's "Trading in the Buff".
Even if you research the "London Breakout Strategy" which is what the 1 minute dialy is based off of you will read that the winning percentage is 90% if you use it ALONG with S/R. Take profit at a certain number of pips or near S/R, which is what the "London Breakout Strategy" suggests.
Today there is a strong resistance line right at the upper band, so my guess is that there will be a false breakout on the buy and possibly a true breakout on the sell being that there is a current downtrend on GBP/USD.
You should try it, you won't regret it
Oh and by the way, I don't work on anything less than a 1HR chart... 4Hr and Daily for direction and Strong S/R and 1Hr for entry points. Doing it this way I have found to be EXTREMELY profitable and accurate against false breakouts. Hey, why not make money between those bands
I could get 100 pips a day, well at least 80 pips using price action and then make money on true breakouts if I don't see strong S/R near the upper and lower bands.
Happy Trading!
1MinuteDaily Support Team
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We are happy to inform you that an improved version of DailyEA has been released. Members will get a notification within a few hours.
-A detailed status in the screen.
-Several technical updates, including the requote issue, recovering from a lost connection, etc.
-Double-breakout option.
-More currency pairs.
-Recommended settings.
Also, you will find useful tips in the 1MinuteDaily manual!
For more information about DailyEA, visit Trade Forex 1 Minute Daily
-A detailed status in the screen.
-Several technical updates, including the requote issue, recovering from a lost connection, etc.
-Double-breakout option.
-More currency pairs.
-Recommended settings.
Also, you will find useful tips in the 1MinuteDaily manual!
For more information about DailyEA, visit Trade Forex 1 Minute Daily
S/R is all you need in this world!
Hey,
Picking back where I left off... If you look at yesterday's (Teusday) false breakout on the buy, there was a strong resistance line created from Monday's Asian hours and Teusday's false breakout hit the line and ran the other way. Now what if you seen that resistance line and put in a sell order at the upper band by the previous day's resistance... Cha Ching!!!
Hey,
Picking back where I left off... If you look at yesterday's (Teusday) false breakout on the buy, there was a strong resistance line created from Monday's Asian hours and Teusday's false breakout hit the line and ran the other way. Now what if you seen that resistance line and put in a sell order at the upper band by the previous day's resistance... Cha Ching!!!
facebook community
Ok guys - if you type forex and click on the forex-group in facebook search box and look for the one with red nad green "buttons" in the picture you are more than welcome to join. I've set up few "discussion topics", so feel free to participate, share your thoughts, post your results etc. Looks poor atm, but hey Rome wasn't built in a day!
Ok guys - if you type forex and click on the forex-group in facebook search box and look for the one with red nad green "buttons" in the picture you are more than welcome to join. I've set up few "discussion topics", so feel free to participate, share your thoughts, post your results etc. Looks poor atm, but hey Rome wasn't built in a day!
Thank you very much for the new ea. All the rules of the manual strategy can be manage by this ea.
I made a back test and compare with the excel update,the ea lost many breakout. I think the problem is that when start the new box the ea doesn't consider the potencial orders of the old box; in the manual strategy before put new pending orders we cancel the old pending order but sometimes during the creation of the new box, the old pending orders can enter.
I don't know if it's possible to solve this problem,but I'm sure that this little different is very important for the results.
Sorry for the bad english, I hope it's clear.
Enrico
I made a back test and compare with the excel update,the ea lost many breakout. I think the problem is that when start the new box the ea doesn't consider the potencial orders of the old box; in the manual strategy before put new pending orders we cancel the old pending order but sometimes during the creation of the new box, the old pending orders can enter.
I don't know if it's possible to solve this problem,but I'm sure that this little different is very important for the results.
Sorry for the bad english, I hope it's clear.
Enrico
I have a question
on my GBP / JPY the broker spread is quite big compared to say GBP / USD
I have not done any testing on this one yet
Does this large spread cause bad results over the long run or is it best just to stick with the smaller spreads of GBP USD and USD JPY - I use Alpari
on my GBP / JPY the broker spread is quite big compared to say GBP / USD
I have not done any testing on this one yet
Does this large spread cause bad results over the long run or is it best just to stick with the smaller spreads of GBP USD and USD JPY - I use Alpari
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