Entry: The Channel is Broken

I sell GBP/JPY just now at 142.28. The pair broke the uptrend channel on 4 hour chart and had retraced to test the channel. The first target is 38.2% retracement of 118.80 to 151.52 at 139.02 and 50% retracement next at 135.16. Below are the daily and 4 hour chart. Stop loss set at 144.50 area. I tried to confirm my analysis and I found one that is similar by "GJ Trader". Check the post here to get second opinion :)

Daily Chart

H4 Chart

It's been a while since my last post. Trading result had not been good with false signals on 30 EMA system (hourly chart) and several gambling trades :P I am still ahead of my monthly target though. Well, that is all guys. Bye :)

Weekly Breakout

Hi guys, I found this system on Forex Factory. The system is for GBP/JPY. The system use the last 2 candles of the week on 4 Hour chart to determine the high and low. I was actually notice it myself so I was quite surprise when I saw the system on the Forex Factory. It is nice to know that someone else notice it too. :) Anyway the chart will look like this:

I use stop order above the high and low to trade this system, just 1 pip away. I also like to wait for the first candle on the next week to set the high and low, so the high and low will determine by 3 candles. Please check out the system on the Forex Factory here. The guy got details for target etc. :)

Oh, and the example above is from a good week, this week went ugly.. ;P See you guys next week..

About The Breakout Indicator

I put the link to download the breakout indicator on my previous post. The breakout system itself, as I said, use the high and low from the day open until 3 GMT. First of all, you must know which time your platform use, because some use GMT, GMT+1, or GMT+2. Second, the indicator cannot cross the period separator. For example, you cannot use it to find high and low between 22 GMT and 2GMT. Third, it actually start 1 candle after the begin time. See the picture below.

I set the begin time to 0 GMT (Day Open). But the indicator doesn't count the opening candle. It starts from the next candle at 1 GMT (See picture below). The blue shaded area is 57 pips away from the high and low.

Okay that is all. Just thought you should know:)

Breakout System Review

Hi guys, first of all lets call this one "end of day" breakout system because it use the high and low between 15.00 - 21.00 GMT. Go here for details about the system. Below is the picture from last week and the system was in a great performance. All breakout reach 50 pips except in Monday, but since I have a new notebook I can move my stop to BE ;)

Now lets take a look at the Panca-Eagle Breakout from daily-pips.blogspot.com. This breakout system use high and low from day open to 2.30 GMT, but I prefer to wait until 3.00 GMT. The picture below use until 5.00 GMT. This system also did well last week if we just open position based on the EMA.

For this week I want to trade those 2 breakout system. And for you information, there is EA for Panca Eagle breakout. For indicator you can download it here, or go to daily-pips.blogspot.com.

Daily Breakout

Hi guys. I'm sure you can find this system anywhere. Like any other breakout system, first we find the high and low. And this case the high and low would be from the previous day.

Looks very simple right? I add 5, 13, and 21 EMA on the chart above to see the trend. With 10 pips target and high probability I would trade with higher risk per trade and no fixed stop loss. I use the prev. day high and low indicator in the chart above. You can download it here.

No More Entry Stop For Breakout System

I got a new notebook and a wireless internet. So now I can check the market anytime I want :) Meaning that I don't have to set stop order for the breakout system. In addition, I can also manage my stop loss.

I used to set 50 pips target and opposite signal for the breakout system because I might be away from my PC for the rest of the day. It took a lot of manual testing until I decided with 50 pips target. But now, I prefer to open position only when the EMA agree and moving my stop loss to break even after 20 pips or so. Now I can say goodbye to 3:1 risk reward ratio :D




Breakout System

IndoMer System

Has anyone heard this system? I had this indicator once, around December last year. I never try it and I have forgot about this indicator. Until yesterday, I visited this blog, Indomer.blogspot.com. The blog gives daily signal for GBP/USD.

As I understand it, this is a breakout system based on Pivot level, with 20 pips target and 40 pips stop loss. The indicator gives pop up alert to entry (breakout). What I like about this kind of system is that I don't have to think too much :P
Of course, putting some efforts will bring maximum result. The indicator is free. Visit the blog above to download it.

It seems that the system is pretty good. Might be an extra 20 pips for you daily ;)

How to apply the Breakout System using Marketiva's chart/ Streamster

If you trade in Marketiva like me, this is how to set the High and Low for the breakout. It is just about the time but it can be confusing. So, for Marketiva you should find the High and Low between 11.00 pm until the last candle for the day which is 03.59 am. Only after the last candle then we can set the order.

You can see the picture below. Target profit and stop loss depends on you or the pair. I like to target 50 pips and my stop loss is the opposite signal, if long then my stop loss is the Low between 11.00 pm and 03.59 am.

The range between those time for each day is quite big for the GBP/JPY, so the risk-reward ratio is about 3:1. The picture above is the signal for today. 'Low' is at 197.39 and 'high' at 200.53, the range is about 300 pips! Meaning that if it was a false signal, I lose 300 pips!! In this case the signal was good. The pair reached 50 pips above and below. So it is up to you whether you want to use the signal in this range.

You can try it for any pair but I recommend GBP/JPY only, for 50 pips target. Oh I forgot, trade with your own risk okay. And happy trading..:)

Nice Breakout

See my "other" result on my side bar? That is my other plan starting with another $250. The plan is to trade whenever I see an opportunity such as when I see a breakout on trendlines or when I see a moving averages crossover or anything that can give me green pips. This is one of them:

GBP/JPY consolidate since Thursday and the pair break the support just a few hours ago. Looks like something that can give you green pips right? That's what I thought. Closed with +57 pips.

The pair actually moved about 300 pips!! I know.. be grateful..
Anyway, it was a nice breakout. Interbank has closed now and Marketiva will closed in 45 minutes so have a nice weekend guys.

A little correction..

This is the update on the system that I use. The high and low for the breakout is between 15:00 and 20:00 GMT.

This is because of the Daylight Saving Time. You can always try for different range of time to find the high and low to make a system I think, and then tell me about it :)

Breakout for GBP/JPY

Here is the plan: $250 to trade gbp/jpy. How will I trade it? I am using a breakout system, simply set my orders and leave it. Why? Because I have other things to do. You may find the following details to be similar with other breakout system. Well it is as I learn from other people too. One of them is daily-pips.blogspot.com. Some people likes daily breakout, pattern breakout, or any kind of breakout. Well I use this one.

The above is the screenshot of the breakout at 27 and 28 February. The red box is where I find the high and low. It is between 15:00 - 23:00 GMT. After that I set my buy stop and sell stop order 1 pip above the high and 1 pip below the low. My target is 50 pips and stop loss is the opposite breakout. The sample look nice don't you think.. Well below is one of the bad days..

I have the high and low at 21st February and I put my order. What happened was both order got hit and reverse, lose about 250 pips that day. But again, I don't think February was a good month for any system..

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Correction