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-   -   Nomoretoxic's breakout (https://www.forexfactory.com/showthread.php?t=106489)

nomoretoxic Sep 15, 2008 3:47pm | Post# 1

Nomoretoxic's breakout
 
1 Attachment(s)
Hello 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

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)

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)

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

Cheers
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nomoretoxic Sep 15, 2008 3:52pm | Post# 2

here you go

don't hesitate to ask

cheers

mappollo69 Sep 15, 2008 4:02pm | Post# 3

Great.
 
4 Attachment(s)
NOMORETOXIC

Whats your opinion of my trades made today, see charts.
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Lenoxer Sep 15, 2008 4:10pm | Post# 4

Hello
 
Dear M69,

What were your TPs?

Thanks,

Lenoxer

nomoretoxic Sep 15, 2008 4:13pm | Post# 5

are you entering at the retracement???

mappollo69 Sep 15, 2008 4:16pm | Post# 6

TAKE PROFIT
 
Dear M69,

What were your TPs?

Thanks,

Lenoxer

I go for atleast 20 pips.

mappollo69 Sep 15, 2008 4:23pm | Post# 7

eNTRY
 
are you entering at the retracement???

Waiting for clean retracement below the high of the box then entering on the break again of the high.

It might not be perfect but I think its a solid entry. The retracements I am working on.
Like minimum number of candles?
Or fibs?

fxpilot Sep 15, 2008 4:39pm | Post# 8

Box Time
 
Hello,

Could you say what size the box should be or the times for the box. Thanks.

nomoretoxic Sep 15, 2008 5:07pm | Post# 9

Waiting for clean retracement below the high of the box then entering on the break again of the high.

It might not be perfect but I think its a solid entry. The retracements I am working on.
Like minimum number of candles?
Or fibs?

ok just to be sure

your charts look nice

just keep it simple..

I personally look for a fixed number of pips. Normally if the stop loss is 20 pips, I shoot for 20 pips profit target..It all depends.

nomoretoxic Sep 15, 2008 5:09pm | Post# 10

Hello,

Could you say what size the box should be or the times for the box. Thanks.
I use London session. My box is from 1:30 AM EST to 3:30 AM EST.. not a hard and fast rule. You can play around with it.

NY session, I use 7:00AM EST to 9:00 AM EST

midwestguy94 Sep 15, 2008 6:03pm | Post# 11

Very simple!! Like this method alot!!

tim4kaye Sep 15, 2008 7:36pm | Post# 12

NoMoretoxic - Did you have a successful trade this morning during the NY session on the Eur/Usd pair? If so, could you please post a chart?

Thank you.

nomoretoxic Sep 15, 2008 8:18pm | Post# 13

NoMoretoxic - Did you have a successful trade this morning during the NY session on the Eur/Usd pair? If so, could you please post a chart?

Thank you.

I didn't trade the NY session this morning

But as I looked on the charts, looks like I could be stopped out



cheers

nomoretoxic Sep 15, 2008 8:21pm | Post# 14

NoMoretoxic - Did you have a successful trade this morning during the NY session on the Eur/Usd pair? If so, could you please post a chart?

Thank you.

well, there's a thin line here


as I look up 9:00 AM candle, there's a chance I could get 20 pips off that.

If I got stopped, well like I said, there's another day tomorrow.

part f the game

cheers

tim4kaye Sep 15, 2008 8:55pm | Post# 15

well, there's a thin line here


as I look up 9:00 AM candle, there's a chance I could get 20 pips off that.

If I got stopped, well like I said, there's another day tomorrow.

part f the game

cheers
I understand...thank you for your reply.

Cronqvist Sep 16, 2008 12:39am | Post# 16

Hi Nomoretoxic, thanks for sharing.

Could you attach the indicator as well?

NerryE Sep 16, 2008 5:45am | Post# 17

Concentration needed...
 
Hi nomo, It will be better to either post a template or indicator and other necessary details here so as not to make people to start going to the other brother or sister thread and get confuse at the end. So let there be concentration here, it is either u are here or there and not to miss things up. Hope my message is clear kind of nomoretoxic. Thanks. Nerry.

nomoretoxic Sep 16, 2008 6:31am | Post# 18

1 Attachment(s)
here's the indicator
ant-GUBreakout_V[1].0.3.ex4

nomoretoxic Sep 16, 2008 6:47am | Post# 19

1 Attachment(s)
GPB-USD 9/16/2006

Notice the false breakout.

the rest is pretty much self -explanatory
Click to Enlarge

Name: 9-16-2008.gif
Size: 24 KB

enthran Sep 16, 2008 6:47am | Post# 20

Thanks for sharing
 
Hello 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

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)

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)

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

Cheers[/quote]


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