4H Box Breakout

Hi Guys, here we go for another exciting week of Japanese 4 hour breakouts.....

Last week we finished in profit 112...!!!

A risk of 338 keeps us grounded though...!

Hello Everyone
I found this thread last night, then went to bed. Obviously, I have not read the entire 353 pages. Will be a few days
Steve d - what is meant by a risk of 338. Where does this figure come from?

Does anyone pay attention to trendlines, S/R, Zero lines? Or, do you just put your entires on?

Steve d - Are these three pairs the only pairs you trade each week. I am more of a CHFJPY guy myself

Does anyone pay attention to the high impact news events? For example would you leave your entries as is on the EURJPY even with Mr. Drahgi speaking in less than 4 hours from now.

My apology if the answers to these questions lie somewhere in the thread.

Thanks Steve, yes I have

I've been away from this thread for several months, so please forgive me if this has already been asked several times
Are you guys finding a lot of overlap on the movement of the JPY pairs? From my past experience, I would not expect much difference so I would be inclined to just place order on 1 or 2 of these.

thanks

Hello guyz,

I am new to this page and technique. I have read already most of your threads and i found the 4H BOX Breakout method really interesting , although other things should be taken into consideration before jumping into a a long or short pos ( when box breakout happens ). Like S/R and some of the news and most importantly always comparing the 4 pairs (U/J, G/J, C/J & E/J) to make sure that no particular event is driving one of these pair.

Looking forward to share my knowledge ( 2 years in forex) with you and of course learning from you guyz.

Cheers

((((QUOTES))))"""""""Steve d - what is meant by a risk of 338. Where does this figure come from?

Does anyone pay attention to trendlines, S/R, Zero lines? Or, do you just put your entires on?

Steve d - Are these three pairs the only pairs you trade each week. I am more of a CHFJPY guy myself

Does anyone pay attention to the high impact news events? For example would you leave your entries as is on the EURJPY even with Mr. Drahgi speaking in less than 4 hours from now.""""""""(((QUOTES)))

Hi Tibo, it,s great to see so much interest, thanks everyone,

RISK ---I am referring to stop/loss, worst case scenario is that the stops get hit, if you total ALL the stops you will find the "exposure" is a large sum as above............This weeks total stops total 450...!!!

The system is explained on Page 1, you don't really need to read any more,

In my opinion, this is as good a system as any, trying to catch what comes our way.....!!!

News, Support/resistance,Zero lines,etc etc......these have no impact on placing entries...!!!!

KISS---Keep it sweet and simple---if News means the jap yen rallies, then great, if it means it falls, great too,

The 3 Jap pairs, as above, are all I use, Page 1 tells us that any Jap pairs can be used,

There is a doubling up of Pairings though.

Thanks v.v.v much for your input Guys, keep it coming,

Cheers, Steve

Thanks Steve d
I'm having a hard time getting my head around the logic of this system. I've read from many traders in this thread that you are using price action. True, however, not paying attention to S/R (supply and demand) is a mistake in my opinion. S/R is the cornerstone of price action. Price action does not exist without S/R. One must know where it is. This may very well be a profitable system in the long run, but your gonna have some major setbacks depending on the week.

All JPY pairs are highly correlated. Looking at the ATR over the last 2 months on the daily chart, the least correlated pair is the CHFJPY at 93.1 percent. If one is to go long on 3 or 4 or even 7 pairs, the risk is substantial. Why put all that risk on the table. Why not concentrate on 1 or 2 pairs, know where S/R is located and take the best scenario. They are all basically going to move together.

The other thing that I don't understand is the logic based on using the first 4 hours of the OZ session. Is it because this is the way the starter of the thread stated you should do. Where is he? Ace284 last post was nearly 2.5 years ago (Sept 4, 2010). Basically, your using JPY pairs on the first 4 hours of the Australian open. Why not use the first 4 hours of the Tokyo open. That would equate to the first 6 hours of the Oz open. That makes more sense to me if your only using JPY pairs. Why not incorporate some AUD pairs. The EURAUD is the cornerstone of my trading. Look at a daily chart for this pair over the last 13 or 14 months. You will see it trends the best of all the majors and cross currency pairs. At least that is my opinion. The EURAUD ATR is also larger than all but 4 of the JPY cross pairs. Only the GBPJPY, EURJPY and CHFJPY is larger. On a global scale, the volume of this pair is higher than all the JPY pairs with the exception of the USDJPY and the EURJPY. I'm just throwing this pair out as an example.

In my opinion, this is a nice and easy strategy that will likely make pips over the long run. It is refreshing to see something so simple. I believe, however, it is too simple. You need at least a filter or two to keep you out of the bad weeks.

Hi Tibo,,thanks for your post, I wouldn't worry about it all too much though,

The system is a speculative punt on the Jap pairs moving up or down or both up and down,

take a price...add/subtract 100 and create entry orders to match with a s/l...you could do it all day...!!

This is a blind, breakout system, all a bit of fun really,

the system was first posted by Ace....he may have had a few losing weeks and moved on, who knows???

I shall pursue this a bit longer as it gets us all talking, thanks for your input though,

I am in Coff's Harbour, Australia. Where in the world are you..???

Answer:

TheMaxx - Thanks for the info on ACE. Was very interesting reading his thoughts
Steve-d. I'm in Nashville, Tennessee USA

Hi Tibokano, Nashville, Tennessee...!!!

Sounds like a cool place full of Country and Western music, horses and stuff..!! I wonder if that is true.

The name is included in many pop/rock songs over the years, like a lot of American places, it sounds so cool, Route 66, New York, New York, Chicago,Memphis, Tennessee etc,etc

We have a few Ozzie places named in certain musical genres too here, have you heard of any...???

Cheers, Steve.....p.s any others care to tell us where they are in the World...???

hey steve....i'm in africa.. i found some editing on the system though still trying to wrap my head round the edited part...when i'm done with the editing, i will shoot it out....

I'm in nigeria precisely..hope to visit australia and the united states....all on forex lollllz..

steve-d
check your PM

Thanks for the post,Primefx.....Good luck to SUPER EAGLES...!!!!

(((hope you know what I mean..)))

Thanks for your pm Tibokano.....I am not into trying to start a new/modified system, thanks anyway sir,

There are some great minds that we can interact with, give and receive info,

There are a couple of great threads on trade 2 win re CORRELATION by NVP and 3 DUCKS by CAPTAIN CURRENCY, have a look for some tried and tested methods, best regards

Cheers, Steve

Hi all........

REPORT ON THE 4 HOUR JAP BREAKOUT...

GB/JAP -19

EUR/JAP -45
-59

US/JAP -46

Other trades not hit, Total LOSS=169....yikes.

please re-read my previous post, we should seek sound methods, this seems to be a flash in the pan system,

Cheers, Steve

Hi Guys, I will post the OZ session on Monday 1 pm Oz time,
I will probably leave it at that,
I will turn my efforts to the 3 ducks a lot more as it is a definite winner...can be found here...
http://www.trade2win.com/boards/fore...ystem-294.html

heers, Steve

Hi all........

REPORT ON THE 4 HOUR JAP BREAKOUT...

GB/JAP -19

EUR/JAP -45
-59

US/JAP -46

Other trades not hit, Total LOSS=169....yikes.

please re-read my previous post, we should seek sound methods, this seems to be a flash in the pan system,

Cheers, Steve


As I thought it would happen.
You can't just draw a line and not pay attention to anything else
169 pips in one day is a huge loss

HI TIB, thanks for the post, we have had a rubbish week, so losses all around,

please remember that the loss is not for one day but for one week, a trader needs to be set for a loss as well as a profit...!!!

This is a speculative method that has worked in the past but...............

please refer to recent posts that refer to more genuine methods of trading,

this is a bit of fun, trying to gain on the volatility of the yen, keep it on demo accounts,

I shall post later and see how it goes,

Cheers, Steve

Hi Guys, after a losing week we are pressing on with another Jap breakout ....

This week's highs and lows from 9 am to 12 midday candles are:

GB/JAP BUY 142.84
GB/JAP SELL 141.69 TRAIL S/L 75

EUR/JAP BUY 125.23
EUR/JAP SELL 123.71 TRAIL S/L 112

US/JAP BUY 94.8
US/JAP SELL 93.76 TRAIL S/L 64

See how this goes....good luck, keep posting.

Cheers, Steve

latest news...

.GB/JAP SELL + 113

EUR/JAP BUY - 114

EUR/JAP SELL +439....!!

US/JAP BUY +80

HOWZAT....!!!!!