Introduction by ebook's author:
I have always traded gold one way or another and also hold part on my assets in gold bullion. Gold Breakout! is different from other systems because it has no fancy indicators, just price action and it adjusts according to prevailing conditions. We check the chart once a day, close to the end of day, click the mouse twice on the chart and most days get the breakout level (up or down) for the next day. Then we input a pending order for tomorrow, complete with a stop and take profit and simply leave it… The guide includes a chapter for complete beginners. Actual results are shown at the bottom.
This breakout level is tens of pips away from the current price so sometimes the trade is not triggered (not trading loses no money) but usually it is and then we make an easy 30 to 90 pips profit or a smaller possible loss.. The success rate is about 60% and so the profits are extremely good. Trading one contract gives us a living income with no chart watching and no stress – just forget it and enjoy yourself! You’ll need $5,000 trading one contract or just $500 to start trading the minimum 0.1 contracts (or $50 for micro contracts). Can be traded from any country in the world.
Here you can see the system in action. At the end of May 23rd, we made our two mouse clicks after the close of the normal US market – on the 23:00 candle in this particular chart. The breakout level for the next day was automatically calculated along with stop and take profit levels based on Fibonacci levels. So, we put in a pending buy order at 1520.6 with a stop at 1517.6 and a take profit at 1525.3. As you can see, the trade was triggered some 10 hours later and 47 pips profit made while we were doing something else.
As long as you can spend a couple of minutes after the US close (can even be a few hours after) you can trade this system. The beauty is that unless there is a move to the breakout level, no trade is made. With other systems we open a trade and hope that it will move in our direction – with Gold Breakout!, we only input a pending order that doesn’t take effect without a good move to the breakout level.
Some days, no trade is indicated but we average over two trades a week with around a 60% success rate (higher take profit than stop loss).
MetaTrader (free) is required to produce the trade open and stops but you can place the live trade with any broker that has pending orders.
In order to increase the number of trading opportunities for those with more time, we have introduced trading off the four hour charts using a similar method but which usually provides one or more extra trades every day. This is optional and not included in the results given below. However, it is proven to be profitable and generally doubles our profit every month. It was originally hoped to introduce other instruments using the Gold Breakout! method but nothing else works anything like so well as gold.
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