gbpusd b/o

First of all I would like to thank JT, the inspiration for this semi-scalping/swing intraday 'system'

It is based on the same premise as JT's B/O 7-10 with a few tweaks.

Timeranges: 12-5, 1-6, 7-8, 1-9, 7-10, 1-10.

The selection of the ranges are consequential or not, thats for you to decide.

I use a 5 pip filter before entering the b/o trade of the range.

Trading 3 lots, i exit 2 after 20pips ( SL 20pips ). I let 1 lot ride (SL at B/E). I trail my stops after i have locked in 50pips on the last lot.

I trade 3 ranges every day. I have not had losing week since i started (May).

These are the basic 'rules'

Any comments welcome.

Sounds very interesting fazalv - how many pips per day on average?

Steve

Approx 80-100 a week.

Thanks for the info - do you trade this system automatically, or manually?

Steve

fazalv

How do you decide which time range to trade each day ? Or do you just take the first 3 breakouts that come along ?

rog1111

Steve:
Manually at present, cannot decide on how to exit the runner, whether to trail after i have locked in 50 or 80 pips or whether to let it run till 9pm. I am favouring the former at present.

Roger:
The 1-6 is my preferred, i use daily s/r's to decide on the next 2.

faz, could you confirm the ranges, in terms of am/pm. Sounds a very useful system. How close do you trail the stop on the final lot?

Thanks for sharing your ideas.

fazalv said:

First of all I would like to thank JT, the inspiration for this semi-scalping/swing intraday 'system'

It is based on the same premise as JT's B/O 7-10 with a few tweaks.

Timeranges: 12-5, 1-6, 7-8, 1-9, 7-10, 1-10.

The selection of the ranges are consequential or not, thats for you to decide.

I use a 5 pip filter before entering the b/o trade of the range.

Trading 3 lots, i exit 2 after 20pips ( SL 20pips ). I let 1 lot ride (SL at B/E). I trail my stops after i have locked in 50pips on the last lot.

I trade 3 ranges every day. I have not had losing week since i started (May).

These are the basic 'rules'

Any comments welcome.

Click to expand...

All ranges are in AM (GMT/BST).
Also trying to incorporate a PM range eg 10.30-1.30 ( news spikes) but nothing concrete as yet.

fazalv - how did you decide on 5 pip trigger level? I've noticed that a b/o will often PB to the b/o level. Do you find that opening the position fast is more efficient than waiting for a confirmation PB?

Thanks
Steve

Steve: I have been stopped out of numerous trades by not implementing a filter, 5 pips is arbitrary.

I will answer the pb point with a chart or 2

this sounds interesting fazlav.

thanks for sharing mate.

fazalv sorry

Thanks for sharing it Fazalv (interesting - JT's sharing has generated generosity by other people). If you've seen any of my posts you'll know I've been successfully trading and trialling versions of his system too and FWIW I've found (over the summer months anyway) that there's more to be made on GBP$ than Euro$. If you've been profitable since May its a very good sign as summer is traditionally low volume and hard to trade.

I'd like to understand your system properly so that I can learn from it, so I have a few questions / clarifications to ask:

1. the time periods you specify are they GMT or BST?
2. when you initially enter a trade you use a 20 pip stop, is that correct?

Your 5 pip buffer is interesting, I use 10 on the Euro but then leave the trade running all day. Consequently I will have several nuetral or poor days with an occasional 100+ day, which is when I make the money. I will look at your strategy carefully though as it appears to have better consistency (see my strapline!)

One last thing, do you think the timeframes are really relevant, or are you spotting breakouts from s/r?. Just wondering.

Incidentally (for SB readers), I use spreadbetting, and I see no reason why your money-scaling strategy wouldn't translate into ££s per pip. I work off a 3 pip spread and get good fills thru d4f.

WR

1. GMT in winter and BST in summer.
2. That is correct ( however I use some discretion, +-5 on the 20SL)

‘’One last thing, do you think the timeframes are really relevant, or are you spotting breakouts from s/r?. Just wondering’’

I see where you’re coming from. I do use the ranges. Some days, trading the strategy rigidly seems nonsensical (from a TA S/R point of view). E.g. After a 200 point move, one would expect the next asian trading session to consolidate, ideally you would want to trade s/r’s rather than b/o’s. Having said this, I do stick to the ‘system’ .

Some trades i exit after 15 pips on the 1st 2lots.
One point I have not made; I cannot trade more than one range at a time.
You are right, end of the day the runners bring in the bucks.

Filter

Steve: One of many examples for the 5 pip filter.

Chow:

I let the last lot ride for about 50pips before i start getting fidgety, come 80 and i close on a 10 point pb.
Many instances of not banking the last lot till 9pm and watching my SL hit.
Todays example, my short entry @ 1.8025 was covered prematurely @ 1.7950, however i have seen more 80 pip b/o's than 150 ones...

Thanks fazalv, who do you use to trade this?

D4F and FXCM....going to move to either GFT or ACM.

Whats prompting the move from d4f and FXCM, Fazalv?

thanks mate - which broker do you use to place your trades?

P.S. have you taken a look at fxengines.com? Their customisable signals/exit strategies could trade a system like yours without intervention...