When placing the Limit orders, do you put a time-to-elapse period along with the order? Hopefully we will get 2 or 3 various answers. Thanks to all for the inputs, p.
BB break + trendline break 24 replies
Break Out + Pull Back & Pure Break Outs 58 replies
Looking for L > Break High Break Low Indicator 1 reply
Break out and fake out 0 replies
DislikedWhen placing the Limit orders, do you put a time-to-elapse period along with the order? Hopefully we will get 2 or 3 various answers. Thanks to all for the inputs, p.Ignored
DislikedTrading NY session, which is the intention of this thread.
In my opinion, holding a limit order after 2:00PM EST is not worth trying.
On Fridays, anything after 12M is not wotrh it either.Ignored
Dislikednomoretoxic,
Thank you for your input!
Your pullback method seems like it would prevent a lot of stop outs.
Could you tell us which pairs you trade?
AlexandraIgnored
DislikedWell, finally managed to load the charts
see..... no wiggly lines, just price and common sense.
It's been said so many times that systems, strategies, etc. should be simple.
The market will tell you without any confused and twisted lines it's intentions.
Just follow the lead and you'll find consistency.
You're not looking to win every trade, just to be consistent....
Remember to use limit orders, always.Ignored
DislikedNomoretoxic,
Thanks for your input. It's refreshing to be reminded that many of us make trading so much more complicated than it should be.Ignored
DislikedConfused here on your pullback entry method. Why wouldn't you have entered on the first blue candle when the price exceeded the box. Wasn't there a pullback, and then price went past the box. Looks like you waited for TWO pullbacks?Ignored
DislikedConfused here on your pullback entry method. Why wouldn't you have entered on the first blue candle when the price exceeded the box. Wasn't there a pullback, and then price went past the box. Looks like you waited for TWO pullbacks?Ignored
DislikedThanks guess123 for re-starting this thread on a system which really seems to deserve it, and thanks Rialto for the fantastic indicator: BreakOut_PANCA_EAGLE_indicator, Posts #53 and #67.
This system reminds me of the "Daily Wealth Building Trading System" by tkimble whose threads had a large following. Unfortunately, was always siezed with fear and second-guessing when it came to trading tkimble's system, especially the weekly version, though - as a professional trader with something like thirty years' experience - tkimble alway made it a point in his posts that there was no predicting of price involved... Just set the stops and ignore it, somethin I was never able to do.
Having gaind 2 years experience in the meantime, and with the advantages of the BreakOut_PANCA_EAGLE_indicator - where it's possible to visually backtest your placement of the entrance stops - think i may be in for some profitable demo-ing.
Not wanting to be accused of doing anything half-assed, have selected for my first experiment with the Big Dog/NY Breakout System the GBP/JPY pair, which has been called the easiest and - because of it's uneaqualed-in-forex tendencey to "trend" - most profitable pair. (Though with experience trading this pair you will find that it is anythig but easy, and the trend is not necessarily your friend, esp. with those sudden fearful moves of 3- or 400 pips. It can go a long ways wrong, and fast.)
Have taken the liberty of adjusting the box in the PANCA indicator (2 hours, 14 minutes, and 60 **cking seconds ((A minute has 60 seconds, by the way, lest anyone become militaristically testy.)) to a location one hour later than prescribed above, i.e. 8:00-10:00 Eastern Time... since the NYSE actually opens at 9:30, although off-hours trading begins around 8:00 or 8:30 for the general public. (Usually forex starts any NY-session-impelled movement about 30 min. before the 9:30 opening.)
This is not to say that this positioning is best for the stops, but with the GBP/JPY pair it really seems to work well, though I havn't checked every single one of the @ 35 examples my MT4 is capable of producing at one time with the cross-hairs tool. Have not checked the EUR/USD or GBP/USD, though it looked like they might work better that way too.
The short sampling period (2-hours, 15-minutes) used in the Big Dog/NY Breakout system really seems to have major advantages over systems using a longer period. And provides major advantages for people like me whose psychical strength is pressed to the limit when holding trades more than a couple of hours, never mind over night.
Will see if am able to "set it and forget it" and hope to report back.Ignored
DislikedOk here's another thing
Pullback is just an activity of the market in which it retraces or should I say, doesn't come back for a period of time to a particular price. Pullbacks could result in reversals. Well, we don't know so we need to play along . If the market comes back to that particular price and exceeds, there's a huge possibility that the market will keep going that way.
Pullbacks are all about price not about how many bars/candles. You could have a short one (1-2 bars/candles) or a long one .Ignored
DislikedNomoretoxic,
Am looking at GBP/JPY on 15M chart and don't see much in the way of pull-backs. It looks like - though hear it can be different in reality - you would loose a couple of trades in this situation if you waited for pullbacks. Do you use 5M always for GBPJPY?Ignored
DislikedHi Nomoretoxic,
I totally agree with you on the simplicity aspect. This strategy did not originally include MA's (and people were making pips) and the like but then as time goes on people add all kinds off stuff only because they see it work once or twice and think it will work all the time until it flops and then the thread gets exhausted etc, etc..
The point is you must lose sometimes,but some want to avoid a loss by whatever means but it is impossible to not lose.
ANyhow, I have questions. Suppose there is no pullback, do you still enter a trade?
How is your win/loss ratio on this strategy?
Visually backtesting (to January) the AUD/USD, USD/CAD and EUR/USD seems consistent. If you want each person to take on maybe 2 months back testing then combine the results for a year or so we should be able to do that if everyone chips in.
Just a suggestion let me know what you think.Ignored
DislikedHere are two 2-hour-&-15-minute (9 candles) Box indicators on two GBPJPY charts, starting 1-1/2 hours before the official opening of each exchange: London & NY (Complete - admittedly - with little squiglies! The long ones show the trend; short are relic from another system.) London is first.
The London open works a lot worse, especially where trend is starting to reverse. For opening of an exchange where GBP is important, signal is a lot less clear than US open.Ignored
DislikedOn sonic's chart (post 113) what is the name of the indicator to place the red and blue dots on chart? Where can you download it? ThanksIgnored