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London Breakout Strategy

 
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kelyles

London Breakout Strategy

After taking the last couple of months off, for health reasons, I decided to revisit the London Breakout Strategy. 

In my simulated account, I placed .01 lot size positions, in the GBPAUD, GBPCHF and GBPJPY, on 2/21 and 2/22. All took quiite a bit of time to fill, but it was worth the wait. I netted just over 176 pips total!!

GBPAUD - 89.8 pips

GBPCHF - 42.4 pips

GBPJPY - 44.4 pips

I'm going to try tweaking this strategy a bit. Ordinarily, I would close out an unfilled order and just wait for a new setup, the next day. I didn't this time; but, my stops were set in such a way to allow the trade to develop. It helped with my patience and the reward was worth it. Have also heard that the 7am GMT candle might be the better one to key off of, as the European banks have their orders ready to go by the time the 8am candle appears. It will be interesting to see how future trades go for me.

Kim

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London Daybreak - GBPAUD 02212019-02222019.pdf84.34 KB
London Daybreak - GBPCHF 02212019-02222019.pdf66.81 KB
London Daybreak - GBPJPY 02212019-02222019.pdf85.46 KB
London Daybreak trades breakdown 022119-022219.PNG153.07 KB
Fri, 02/22/2019 - 7:01pm
 
Ninja

Thank you Kim. I would like to try out this strategy.

 
kelyles

You're welcome, Ninja.

I should also note here, that the strategy I used is from MTI. I will be tweaking it based on what I've learned here at Apiary, as well as with the information from this YouTube video:

https://www.youtube.com/watch?v=t93jGloPTSg

Hope this helps!

Kim

 
FXGold54

Josh Martinez's London Daybreak system is very powerful but can be deceiving as well. The prime example is, it doesn't not take into account GBP news, and the spread, which is released at 4:30am est.

Attached is a checklist and a slew of screenshots, I took during a Webinar on it. I did record the Webinar using Flashback if anybody is interested

Hope this helps,

Allen

GoToWebinar 000.png GoToWebinar 001.png GoToWebinar 002.png GoToWebinar 003.png GoToWebinar 004.png GoToWebinar 005.png GoToWebinar 006.png GoToWebinar 007.png GoToWebinar 008.png GoToWebinar 009.png GoToWebinar 010.png GoToWebinar 011.png
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London_Daybreak_Bonus.pdf 939.99 KB
 
kelyles

Thanks for posting, Allen. I attended a Jason Martinez webinar Feb 21st. My thoughts echo yours about it; it can be deceiving. Knowing that, the best thing for me will be to continue studying/testing this system and tweaking it, as necessary

 
FXGold54

Hey Kim;

It is a profitable methodology :) let me know if there is anything I can help with.

Allen

 
kelyles

Will do! :-D

 
Ninja

Thank you Allen.

 
FXGold54

ur Welcome Ninja

 
samuraidog1

Does anyone here use any of the other MTI systems?

 
dwhitcher

Looks like a great strategy. Going to give it a go. Happy Trading. :-)

 
FXGold54

Samuari;

I am well acquainted with MTI's education and methodology. Hit me with your questions?

Allen

 
kelyles

Allen, what are your thoughts about using this on the EUR pairs? It seems to me that the strategy should work equally well.

 
FXGold54

Key;

Not as much as you would think. The reason being is that the GBP pairs, 71% of the time make their daily low or high between 2-5 am est. The concept behind Josh Martinez's London Breakout (Daybreak) strategy is to capitalize upon those statistics. it simply doesn't apply to other pairs.

Allen

 
kelyles

Okay. So if the high/low occurs between 2-5am EST, couldn't you key an entry off of the 2am candle versus the 3am?

 
FXGold54

Key,

First, so there is no confusion you are using the close of the 3 am candle, so you start looking at 4 am est.

second, you could use the 2am am candle, but you would get a lot of false entry's.

Allen

 
kelyles

Thanks, Allen. You've already cleared up a couple of gaps in my knowledge base!

Kim

 
FXGold54

Ur Welcome Kim, let me know if there is anything else I can help with :)

Allen

 
340v8dart

Sounds like a plan Ill have to try this one out Thanks Kim

 
kelyles

You're welcome, Dart.

Scored another 99pips, this morning. 49.8 in the GBPUSD and 49.2 in the GBPJPY.

I'm really liking this strategy!

London Daybreak trades breakdown 022619.PNG
 
Rookie

@kelyles good on you,

 
kelyles

Thanks, Rookie!

 
Mike Heff

7am GMT is when the Algo trading machines in London start for the day; so it can be very helpful for the immediate trend.

 
Forex Sniper

Thanks for all the infor, from all the that share.

 
FXGold54

I found this Youtube video, I believe there are several others...

https://www.youtube.com/watch?v=EcSbAS4JY4I

Hope it helps;

Allen

Tradeview id = AGold54

 
kelyles

Allen,

The YouTube video has been very helpful! What I am also starting to see, is that it is also helpful to pay attention to the trend.

The 50EMA/SMA has kept me honest and on the right side, when placing an order. Also, instead of just strictly using the MTI 'buy low or sell high' signal, I consider both buy and short orders 10 pips above the high or below the low. It may all seem like overkill, but it helps me sleep better at night.

In other words, it pays to be somewhat flexible with order placement.

Kim

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London Daybreak GBPJPY 03052019.pdf 87.99 KB