Simple Breakout System (GOLD) | Metals Mine

Options

Permalinks
Print Thread

Related Instruments

Gold/USD

Similar Threads

Pure & simple Abonacci system 416 replies

Simple 5 Min Gold (XAUUSD) Strategy 79 replies

Simple Correlation Indicator System 653 replies

Spot gold EA from OG gold system 8 replies

Simple Scalp Machine 182 replies

Attachments: Simple Breakout System (GOLD)
Exit Attachments

Simple Breakout System (GOLD)

  • Poll

  • PROFITABLE TRADING SYSTEM?
  •  
  •  
  •  
  • #1
  • First Post: Edited Jan 21, 2019 11:45am Aug 28, 2017 11:20pm | Edited Jan 21, 2019 11:45am
Traders..

I would like to share 1 simple trading system for XAU/USD(GOLD)

SOP:

1.Monday-NO TRADE
2. Timeframe H1 ONLY
3.Count 7 CANDLES and mark SUPPORT&RESISTANCE
4.Any BEARISH CANDLE that break SUPPORT is 'SHORT SETUP'
5.Any BULLISH CANDLE that break RESISTANT is 'LONG SETUP'
6. TP at FIBO 261.8 & SL at FIBO 50/38.2

Cheers!!!
  • #2
  • Aug 29, 2017 2:27am Aug 29, 2017 2:27am
Can you elaborate more on your strategy? Like what GMT candle should we start counting? Thanks
  • #3
  • Aug 29, 2017 4:29am Aug 29, 2017 4:29am
It seems an excellent system. Really simple. How or what times do you choose the 7 candles? This is the key of the system. Thank you for sharing your knowledge and your experiences.
  • #4
  • Aug 29, 2017 10:14am Aug 29, 2017 10:14am
Why the numbers in your example are not sequential? How do you assing the numbers? Is it important?

From what I understand. You are seeking for the breakout of a 7-hour candle (with MT5 you can create this type of candles). Or, are you looking for special candle pattern? Could you post more examples?
  • #5
  • Aug 29, 2017 4:58pm Aug 29, 2017 4:58pm
Just had a quick look and simply running a flex-box over pretty much any seven random candles and taking the first break will give you plenty of action. You could bin any that included an LRC or whatever.
  • #6
  • Oct 10, 2017 9:31pm Oct 10, 2017 9:31pm
Quoting Nuttyhappy
Can you elaborate more on your strategy? Like what GMT candle should we start counting? Thanks
just use 'period separator' for the first candle
  • #7
  • Oct 10, 2017 9:33pm Oct 10, 2017 9:33pm
Quoting zerjo
It seems an excellent system. Really simple. How or what times do you choose the 7 candles? This is the key of the system. Thank you for sharing your knowledge and your experiences.

just use 'period separator' for your 1st candle.u can start to monitor the setup 4 hours after the first candle
  • #8
  • Oct 10, 2017 9:35pm Oct 10, 2017 9:35pm
Quoting Aimak
Why the numbers in your example are not sequential? How do you assing the numbers? Is it important? From what I understand. You are seeking for the breakout of a 7-hour candle (with MT5 you can create this type of candles). Or, are you looking for special candle pattern? Could you post more examples?
because u need to see the high and low for the support and resistance. how ever its up to u to put the sequential number. just s&r no candle pattern or etc
  • #9
  • Oct 10, 2017 9:36pm Oct 10, 2017 9:36pm
Quoting Nuttyhappy
Can you elaborate more on your strategy? Like what GMT candle should we start counting? Thanks
may i know u used which broker?i will explain with your broker chart
  • #10
  • Oct 10, 2017 10:28pm Oct 10, 2017 10:28pm
Setup for today

XAU/USD
TF H1
SETUP SHORT
ENTRY PENDING ORDER SELL STOP @1287.24
TAKE PROFIT FIBO 261.8 @1280.32
SL FIBO 0.00 @1291.49
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.png Size: 80 KB
Click to Enlarge Name: 2.png Size: 67 KB
  • #11
  • Oct 23, 2017 7:25am Oct 23, 2017 7:25am
Quoting ErollZach
Setup for today XAU/USD TF H1 SETUP SHORT ENTRY PENDING ORDER SELL STOP @1287.24 TAKE PROFIT FIBO 261.8 @1280.32 SL FIBO 0.00 @1291.49 {image} {image}
SL hit..

have you back test this strategy ?

In my opinion, brakeout is when candle close, if only the tail which brakeout the line, that is still not sure the price will brake or not.. so i think this strategy is better if we can wait the candle close..
  • #12
  • Dec 21, 2017 5:41am Dec 21, 2017 5:41am
Quoting agazzi86
{quote} SL hit.. have you back test this strategy ? In my opinion, brakeout is when candle close, if only the tail which brakeout the line, that is still not sure the price will brake or not.. so i think this strategy is better if we can wait the candle close..

you are correct bro.better wait for the candle break the snr
  • #13
  • Dec 21, 2017 5:45am Dec 21, 2017 5:45am
ErollZach, do you still trade this wonderful strategy?
Maadik Hugiis. IQ 69.
  • #14
  • Dec 21, 2017 11:38am Dec 21, 2017 11:38am
Quoting MoneyZilla
ErollZach, do you still trade this wonderful strategy?

yes.i have few breakout technique. this one is one of my favorite strategy
  • #15
  • Dec 21, 2017 12:03pm Dec 21, 2017 12:03pm
Quoting ErollZach
{quote} yes.i have few breakout technique. this one is one of my favorite strategy
That is fantastic! I am using similar and they all are next to nothing.
Maadik Hugiis. IQ 69.
  • #16
  • Dec 26, 2017 12:23am Dec 26, 2017 12:23am
Signal&education telegram link


https://t.me/joinchat/AAAAAE7QZqWsAUjEBhqIuA
  • #17
  • Jan 20, 2018 5:07am Jan 20, 2018 5:07am
Yes,its useful for us,tanx for sharing among us
1.Monday-NO TRADE
2. Timeframe H1 ONLY
3.Count 7 CANDLES and mark SUPPORT&RESISTANCE
4.Any BEARISH CANDLE that break SUPPORT is 'SHORT SETUP'
5.Any BULLISH CANDLE that break RESISTANT is 'LONG SETUP'
6. TP at FIBO 261.8 & SL at FIBO 50/38.2
  • #18
  • Feb 1, 2018 4:23am Feb 1, 2018 4:23am
Hi Errol Zach
I'm in United Kingdom, at around what time shall i start counting the candle?
Is it before the London open? Is it before The US open? or anytime?
  • #19
  • Last Post: Feb 1, 2018 8:41am Feb 1, 2018 8:41am
Quoting festeradam86
Hi Errol Zach I'm in United Kingdom, at around what time shall i start counting the candle? Is it before the London open? Is it before The US open? or anytime?
As I noted elsewhere above, you can drop a seven-candle box on anywhere and it will work. Hell, drop it onto the m15 chart and it'll work!
0 traders viewing now