Speaking of Money Management... we're we? Ah, with those kind of S/L requirements (50-60 pips) seems like most traders would have to trade on a micro account... or am I missing something here? Thanks...
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DislikedSpeaking of Money Management... we're we? Ah, with those kind of S/L requirements (50-60 pips) seems like most traders would have to trade on a micro account... or am I missing something here? Thanks...Ignored
DislikedSpeaking of Money Management... we're we? Ah, with those kind of S/L requirements (50-60 pips) seems like most traders would have to trade on a micro account... or am I missing something here? Thanks...Ignored
DislikedHi Cain,
Thanks for sharing your strategy with us.
You stated that you place your Stop Loss at the opposite side of the box. Do you include the buffer in that SL? For example, say your box low is 1.6200... Is your pending long order SL set at 1.6200, or would it be at 1.6190 to include the 10 pip buffer?
Same question for your Take Profit target. Is the TP simply the size of the box? Or do you have to add the buffer to the box, as well?
Thanks!
BCIgnored
DislikedAlso, This box strategy begins with the hour preceding the London Open...the Frankfurt market open if you will? The box extends for 15 minutes?
I aligned my FXDD chart to match your Alpari chart...so I hope I have this correct.Ignored
DislikedYes, the box has 15 minutes.
I'm not sure I understood your last question Bobcat2, can you elaborate?
CainIgnored
DislikedI hope this helps...
When I aligned my FXDD chart with your Alpari chart, it appears that your box begins with the Frankfurt open at 0600 GMT which is 1 hour before the London open at 0700 GMT. Is this what you intended? Your box appears to end 45 minutes before the London open.
Good trading!
BCIgnored
DislikedI place my orders at 0715 GMT, London opens at 0800 GMT and Frankfurt opens at 0700 GMT.
more info: http://forex.timezoneconverter.com/i...=GMT&refresh=5
This technique takes advantage of the opening of the Frankfurt market.
Many pips to all...Ignored
DislikedThanks for the clarification, Cain. I'm glad I got that right!
BTW, I manually backtested a variation of the SL set to the opposite side of the box without the buffer. I tested back to August 1, 2009. The net results were virtually identical. The SL not including the buffer ended up only +20 pips compared to using the buffer. I really dislike the occasions where the truncated box version of the SL turned a winning trade into a loser. So...for me...no question... I am sticking with your original rules.
BCIgnored
Dislikedplease to make sure i have this i have a spread from top of box to bottom including buffers of aprox 83 pips is this correctIgnored
DislikedHey Cain, (or anybody)
you mentioned a few pages back about changing the indicator setting to reflect the daylight saving hours..I am a little confused about this and maybe you could help... I currently have my setting at +2 hrs gmt as this gives me my breakout box on my MT4 platform for 7am GMT. My question is that if I change this setting to +1 to allow for the clocks changing in Oct will that be correct or do MT4 change their times aswell on their platform hence giving me a two hour shift instead... Does this make sense????
Blinkers.......Ignored