Dislikedon that eurusd I did have my stop in the wrong place.
got it now....
alexIgnored
Another simple breakout system 32 replies
(False) Breakout & Trend Reversal Strategies?? 12 replies
My Asian Breakout trading Journal 54 replies
Nomoretoxic's Money Management 34 replies
Playing the Breakout Trade 4 replies
Dislikedon that eurusd I did have my stop in the wrong place.
got it now....
alexIgnored
DislikedHey nomoretoxic
just curious what you do for mm management.....
traditional 2% - 5% of account balance per trade?Ignored
DislikedNomoretoxic,
Thanks again for re-energizing the breakout thread and making things simply again.
I'm using a modified version of the newyork.mq4 indicator from the old thread but wanted to try your posted but I'm having trouble. The file is an exe and to load/ compile the indicator in Metaeditor it has to end with mq4. Can you re-post it or send it to me please?
Thank you.Ignored
DislikedHello guys
Here some simple rules - nothing fancy
Here we go
1)Pull up 5 minutes charts in your favorite -flavored pair.
2) observe the market INSIDE THE BOX - screw the trend. You need to pay attention on where the market is heading inside the box. Stay tight to your system.
3) Once the box period is over, check 'n see if there's a breakout
By breakout, do you mean where it goes for more than a certain amount of pips past the box? Such as three or more? Or, as long as the low or high went past the box?
4) if breakout occurs, wait for a pullback. Meanwhile, take a note(or draw an horizontal line as I show on the charts) of the PRICE at the last higher/high - lower low before the breakout - let's say the last high/low happened @ 1.3950 and then the market began to retrace form there, take a note of that and place a limit around 1.3953(if long) or 1.3947(if short)
The same question here. As long as the pullback went past the box, is that enough? Or, would you recommend the pullback having gone a few pips past the box, such as something like 3-5 pips?
5). Place a stop-loss at the other side of the breakout candle or at a reasonable distance to let the trade works its way - 20 pips is reasonable in my opinion.
6)Place a Take Profit at least 1:1 risk /reward (assuming 20 pips stop loss/20 pips profit target)
Ever do two lots and let one ride after you've taken profit on the first one at the 1:1 risk level?
7)sit back and let the market do it's thing
8) wash, rinse and repeat everyday
If you get stopped out, look for the other side of the box and play the market. If nothing happens...I have a secret...come closer...shhhh don't tell anyone but
tomorrow is another day~~~~
here's a chart pretty much self-explanatory
CheersIgnored
DislikedThanks for your responses to the many questions asked of you on your system.Ignored
Dislikedyeah...pretty much
I use the box with some other stuff ...all price based. Help me keep money management on check among other things.
In my opinion just with the box alone you'll be fine.
cheersIgnored
DislikedThanks.... i pretty much do the same..... i use 2-5% as a do not exceed number and then I follow the box....Ignored
Dislikedhi nomoretoxic......as you can see from my post count i dont usually post a lot.....but like lurking about........but when i read your thread i was well.....shocked and stunned ......... i ALSO use more or less the same breakout method to gather up some pips on a daily basis.
I think the only difference is that you trade the U.S open and i trade the U.K open........therefore i use the asia high and low as my breakout......and use fibo levels as my targets.
have posted a pict of my charts belowIgnored
DislikedNomo, does the 5 minute bar have to close out of the box or is it good enough
if the bar just breaks the high/low of the box?Ignored
DislikedNomo..
I like the simplicity of your system and the way you thoroughly explain it.Ignored
DislikedNo fibs? No moving averages? No pivot points? No CCIs? No indicators? No Ouiji board? YIKES!! What am I gonna do with my rainbow charts?Ignored
DislikedGreat system Nomoretoxic !!!
What if there is no retracement at all? No pullback? I understand after the first breakout,instead entering you wait for a pullback..How long do u wait for this? What determines your entry point in such a case??Ignored
Disliked2) observe the market INSIDE THE BOX - screw the trend. You need to pay attention on where the market is heading inside the box. Stay tight to your system.
What am I observing if it's not to get a gage on the trend?
3) Once the box period is over, check 'n see if there's a breakout
How longs the box period? 2 hours judging by your attached graphs? I assume you set the box up at the start of a new session depending on which pairs you are trading?Ignored