are you trading the box not waiting for a pullback??
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".
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
SL 1.7662 (34)
SL 186.27 (50)
1m = too noisy.
never look at million timeframes to confirm a trade .
hope it helps.
Interestingly tall boxes this session......
How come you didn't use the original breakout low as the entry point?
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.
NY Session - So Far
SL 185.41 (34)
SL 0.7756 (27)
The A/U trade got to about 18 PIPs profit and turned around. Probably should have closed out at b/e. Time will tell.
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.
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.
SL: 1.3797 (18)
SL: 1.7632 (22)
SL: 1.1336 (14)
SL: 0.7723 (21)
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.
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.
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?
Note to self....don't trade Friday...esp with NFP.
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!
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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