Ok guys. Hi
I've had a look at this indi and really like it. The only thing though is that I see most are using 3hours to draw the box, and which 3 hours during the Euro opening session seems to differ as well.
So try my take on it. No matter what charting you use, use GMT time. I am only using 2 hours to calculate my box. And that will 5GMT till 7GMt.
Europe opens at 7GMT.
I use a 15min TF, but you can use anything from 1min to 30min, and here's why. On my 15min chart I have placed a 30min 30ema.
So from 5GMT to 7GMT my 'breakout zone' has been determined yeah. So now I wait, and wait, chat to mates on SKYPE, and wait some more, have breakfast and wait some more till the breakout occurs. The breakout occurs, I don't enter then. I go brush my teeth, make a cup of tea and then come back to my computer to trade.
The reason for explaining it this way is for those who are always wanting to 'pull' the trigger and chase the market. Yes there are those who are able to do that, I'd rather go make a cup of tea and relax.
Why relax? Because once the breakout has occured, I will place an order 3 pips away from my 30min 30ema, in the same direction of breakout. This way, I am waiting for the pullback to the 30ema. My stop can then be 15 pips other side the 30min 30ema.
If the breakoput was false and I entered the trade and the market came back and hit my stop, I lose. But most breakouts occur in that zone have a pullback to roughly the 30min 30ema. That way when my order no gets triggered, many time it's on par with what the breakout was, some times even a bit better, but at least my stop is now for of certain than just chasing after the market.
If the breakout was false, then many time you are able to enter a trade in the opposite direction, enter at the half way price of the high and low of your 'breakout zone'. Then also use 20 pip stop.
I will then all day long keep placing orders 2 pips from the 30min 30ema, but now my stop can be smaller.
We can only be wrong once during the day, the other way has to work.
Don't chase em, let them show you there hand, then let them come fetch your business.
Kind regards always
Susan
I've had a look at this indi and really like it. The only thing though is that I see most are using 3hours to draw the box, and which 3 hours during the Euro opening session seems to differ as well.
So try my take on it. No matter what charting you use, use GMT time. I am only using 2 hours to calculate my box. And that will 5GMT till 7GMt.
Europe opens at 7GMT.
I use a 15min TF, but you can use anything from 1min to 30min, and here's why. On my 15min chart I have placed a 30min 30ema.
So from 5GMT to 7GMT my 'breakout zone' has been determined yeah. So now I wait, and wait, chat to mates on SKYPE, and wait some more, have breakfast and wait some more till the breakout occurs. The breakout occurs, I don't enter then. I go brush my teeth, make a cup of tea and then come back to my computer to trade.
The reason for explaining it this way is for those who are always wanting to 'pull' the trigger and chase the market. Yes there are those who are able to do that, I'd rather go make a cup of tea and relax.
Why relax? Because once the breakout has occured, I will place an order 3 pips away from my 30min 30ema, in the same direction of breakout. This way, I am waiting for the pullback to the 30ema. My stop can then be 15 pips other side the 30min 30ema.
If the breakoput was false and I entered the trade and the market came back and hit my stop, I lose. But most breakouts occur in that zone have a pullback to roughly the 30min 30ema. That way when my order no gets triggered, many time it's on par with what the breakout was, some times even a bit better, but at least my stop is now for of certain than just chasing after the market.
If the breakout was false, then many time you are able to enter a trade in the opposite direction, enter at the half way price of the high and low of your 'breakout zone'. Then also use 20 pip stop.
I will then all day long keep placing orders 2 pips from the 30min 30ema, but now my stop can be smaller.
We can only be wrong once during the day, the other way has to work.
Don't chase em, let them show you there hand, then let them come fetch your business.
Kind regards always
Susan
Attached File(s)
30MIN 30EMA.ex4
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30MIN 30EMA.mq4
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