I've been looking for a new leading indicator for my London Open Breakout System (LOBS). Surprisingly, the "forex killer" signals have been working well for this system. The main trading idea is for me to get involved only when the markets are in overbought or oversold territory, i.e. looking for some breakout actions which can lead to a quick bounce in price during the active London opening hours.
I should be able to follow the system quite easily - as I can readily auto-trade this new system with my 100-pip program using the generated forex killer signals. At present, I am suggesting trading only the Euro markets (e.g. EUR/USD and EUR/JPY).
Here is the results on day 1:
Long EUR/USD 1.2742 stop at 1.2682 - Profits: +40 & 18 pips
Long EUR/JPY 123.62 stop at 123.02 - Profits: for +40 & 100 pips
Cumulative Results +198 Pips
I'll be proving additional detailed info about this system to my existing daytrading service subscribers soon. First, let's me start tracking the LOBS performance from now on, following the footstep of the well-established 100-pip and newstrading programs.
2 comments:
Is your break out system an EA or are you monitoring and entering manually? Are you setting your EA up before the open or watching? Thanks.
Basically, I just setup my EA before the market opens. The EA will locate its entry automatically.
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