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

swakop Oct 2, 2008 7:20am | Post# 501

London session
 
1 Attachment(s)
It was not a correct trade, but gbpusd down and usdchf up......
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nomoretoxic Oct 2, 2008 7:22am | Post# 502

My second trade for today:

eurusd short @ 1.3896
sl 1.3935
tp 1.3856
ts 20 pips
Swakop

are you trading the box not waiting for a pullback??

nomoretoxic Oct 2, 2008 7:31am | Post# 503

1 Attachment(s)
EUR-USD.

Notice that the market broke the box 3 times. The first time was a straight breakout, then the market went back to mama's belly. There's two subsequent breakouts with their pullbacks, I decided to show you guys the second one for illustration purposes. You could take the first one and will work out nicely as well.
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Cmartin371 Oct 2, 2008 7:34am | Post# 504

EUR-USD.

Notice that the market broke the box 3 times. The first time was a straight breakout, then the market went back to mama's belly. There's two subsequent breakouts with their pullbacks, I decided to show you guys the second one for illustration purposes. You could take the first one and will work out nicely as well.

That is what I did. Like you said the box is an excellent "guide".

RRothschild Oct 2, 2008 8:32am | Post# 505

London Session
 
Good trade on the EURUSD. After the straight breakout I stoped watching it. I don't think that I would have taken it anyway.

AUDUSD: No trade
EURUSD: No trade
USDCHF: No trade

GBPUSD: +20
Entry 1.7630
SL 1.7662 (34)
TP 1.7610

GBPJPY: +20
Entry 185.77
SL 186.27 (50)
TP 185.57

Gossy68 Oct 2, 2008 8:35am | Post# 506

pullbacks
 
Swakop

are you trading the box not waiting for a pullback??
Nomo - do you ever look at the 1min chart for a pullback/confirmation or too noisy? The "straight breakout" on 5m is not so straight on 1m?

nomoretoxic Oct 2, 2008 8:46am | Post# 507

Nomo - do you ever look at the 1min chart for a pullback/confirmation or too noisy? The "straight breakout" on 5m is not so straight on 1m?

1m = too noisy.

never look at million timeframes to confirm a trade .

hope it helps.

RRothschild Oct 2, 2008 9:05am | Post# 508

NY Session
 
Interestingly tall boxes this session......

RRothschild Oct 2, 2008 9:09am | Post# 509

Nomo:

How come you didn't use the original breakout low as the entry point?

RR -
EUR-USD.

Notice that the market broke the box 3 times. The first time was a straight breakout, then the market went back to mama's belly. There's two subsequent breakouts with their pullbacks, I decided to show you guys the second one for illustration purposes. You could take the first one and will work out nicely as well.

nomoretoxic Oct 2, 2008 9:13am | Post# 510

Nomo:

How come you didn't use the original breakout low as the entry point?

RR -

Well, I did or I should say, it's possible. But as price action unfolds, it turn out to be ugly - remember you have the upper hand as price action is happening while you wait.

This is the true definition of "position trading" . If you see the market coming back to the box with anger, common trading sense will put you into halt mode.

RRothschild Oct 2, 2008 11:34am | Post# 511

NY Session - So Far
 
GBPJPY +34
Entry 185.07
SL 185.41 (34)
TP 184.73

AUDUSD -27
Entry 0.7729
SL 0.7756 (27)
TP 0.7709

The A/U trade got to about 18 PIPs profit and turned around. Probably should have closed out at b/e. Time will tell.

RR -

TradeSense Oct 2, 2008 12:59pm | Post# 512

1 Attachment(s)
GBPJPY +34
Entry 185.07
SL 185.41 (34)
TP 184.73

AUDUSD (-27)
Entry 0.7729
SL 0.7756 (27)
TP 0.7709

The A/U trade got to about 18 PIPs profit and turned around. Probably should have closed out at b/e. Time will tell.

RR -
Hi RR,

Nice trade on GPB/JPY.

What trading platform are you using?
I had entry on AUD/USD at 0.7748 and closed at 25 pips.

PS Apologies for hazy graph.. am new to posting charts.
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RRothschild Oct 2, 2008 1:02pm | Post# 513

Good Trading.....
 
FXCM is my feed.

On my chart I missed that first break on your box by 1 PIP. Oh well it happens. Good trading though.

RR -


Hi RR,

Nice trade on GPB/JPY.

What trading platform are you using?
I had entry on AUD/USD at 0.7748 and closed at 25 pips.

PS Apologies for hazy graph.. am new to posting charts.

RRothschild Oct 2, 2008 9:44pm | Post# 514

Asian Session
 
EURUSD +20
E: 1.3815
SL: 1.3797 (18)
TP: 1.3835

GBUSD +22
E: 1.7654
SL: 1.7632 (22)
TP: 1.7676

USDCHF +20
E 1.1322
SL: 1.1336 (14)
TP: 1.1302

AUDUSD +22
E: 0.7744
SL: 0.7723 (21)
TP: 0.7766

I could have gotten more PIPs on each trade using my normal approach vs a straight 20 PIP target point.

Good night for the Asian Session. Too bad the spreads are higher nowadays.

Cmartin371 Oct 3, 2008 6:07am | Post# 515

EURUSD +20
E: 1.3815
SL: 1.3797 (18)
TP: 1.3835

GBUSD +22
E: 1.7654
SL: 1.7632 (22)
TP: 1.7676

USDCHF +20
E 1.1322
SL: 1.1336 (14)
TP: 1.1302

AUDUSD +22
E: 0.7744
SL: 0.7723 (21)
TP: 0.7766

I could have gotten more PIPs on each trade using my normal approach vs a straight 20 PIP target point.

Good night for the Asian Session. Too bad the spreads are higher nowadays.
Yes my trades on G/U and E/U were pretty much identical. Just a pip difference. The session was a little slower than the rest of this week, of course non farm payroll is today, and everything seems to slow down until the release.

nomoretoxic Oct 3, 2008 7:37am | Post# 516

NY sessions brings non farm payroll 8:30 am and ISM report at 10:00 am.

A rocky day in my opinion.

Let's see what happens.

TradeSense Oct 3, 2008 10:35am | Post# 517

Hey Nomo,

Just wanted to know the reasoning behind the box being between 7.00-9.05 and not 7.00-9.00.

Is it because of the results of the forward testing which you have done?

Skygod Oct 3, 2008 11:01am | Post# 518

Note to self....don't trade Friday...esp with NFP.
 
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Well....

A valuable lesson learned.

Nomoretoxic, thanks for the great thread. Maybe I should pay attention to and stop feeling compelled to trade.

Results of my UC trade. Range was way to big and I must have been crazy to enter.

As the teacher says.... tomorrow is another day .

Have a good weekend all!
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nomoretoxic Oct 3, 2008 2:05pm | Post# 519

Hey Nomo,

Just wanted to know the reasoning behind the box being between 7.00-9.05 and not 7.00-9.00.

Is it because of the results of the forward testing which you have done?

No reason, I think is a glitch on the program or something. Five minutes won't make a difference.

Cmartin371 Oct 3, 2008 2:10pm | Post# 520

No reason, I think is a glitch on the program or something. Five minutes won't make a difference.

Just set the box to end at 8:59 if you so desire. I did that for the Asian session just because of the way price has been firing out of the box as Asia opens.


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