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-   -   4H Box Breakout (https://www.forexfactory.com/showthread.php?t=168161)

Siuol May 12, 2009 4:30pm | Post# 61

I agree. I mean, I would love to get 100 pips per week. Doing that, I can replace my fulltime job by the end of the year, so I will continue to keep an eye on this. Since I missed the short that was triggered yesterday, I'm going to wait until next week to start demo trading this method.

Hi Sioul ,


I understand the system rules just as you do , so hopefully , we are both correct on the understanding of them . I look forward to testing the system . If this system continues to be consistently profitable as it has been for Ace284 ( and being a breakout system , theres no reason why it wont continue to be profitable since its based on price action ) this system will be hard to beat . It takes a minimum of time each week and has a very nice profit potential with minimal trade management.


Best in Life,
EZTrades

" Jack of ALL...

EZTrades May 12, 2009 4:43pm | Post# 62

4 HR Box Breakout
 
Hi Siuol ,


I just came across this thread yesterday so I am going to demo trade it as well. There are quite a few breakout systems on this forum , all of them seem to be good systems , but this one requires a minimum amount of time for those of us still working day jobs. I too hope to make the jump to full-time trading in the next year . This is a great forum with alot of people willing to share trading ideas and help in any way they can . I'm glad to have come across Forex Factory . Good luck to you with your trading . Maybe we can continue to share our progress on future trades even if only on a demo account to compare notes ?

EZTrades

HouseTrader May 12, 2009 4:47pm | Post# 63

I agree. I mean, I would love to get 100 pips per week. Doing that, I can replace my fulltime job by the end of the year, so I will continue to keep an eye on this. Since I missed the short that was triggered yesterday, I'm going to wait until next week to start demo trading this method.
hey, Sioul, if you are talking about the G/Y short breakout, we should still have a pending long order for this week... let's see what happens on demo...

Cheers!

HT

Siuol May 12, 2009 4:57pm | Post# 64

Yes that is true. We do still have a long order pending, so let's see if it's hit. I will double check my demo today to make sure I put that pending order in. Thanks for the reminder.

hey, Sioul, if you are talking about the G/Y short breakout, we should still have a pending long order for this week... let's see what happens on demo...

Cheers!

HT

Siuol May 12, 2009 5:00pm | Post# 65

I'm all for it. I'm determined to be trading for a living starting next year. I want my last day of employment for someone other than myself to be 12-31-2009. So I have some catching up to do but I don't live a wild life so it should not take much. I believe that if we all continue to help each other, many more will be able to realize their dreams. I'm all for sharing and posting my results and helping others as much as I can. I still consider myself a newbie after almost 4 years...why...because the market still has a lot of my money and I want it back! Until I'm doing this for a living consistantly, I will still be a newbie in my eyes.

Hi Siuol ,


I just came across this thread yesterday so I am going to demo trade it as well. There are quite a few breakout systems on this forum , all of them seem to be good systems , but this one requires a minimum amount of time for those of us still working day jobs. I too hope to make the jump to full-time trading in the next year . This is a great forum with alot of people willing to share trading ideas and help in any way they can . I'm glad to have come across Forex Factory . Good luck to you with your trading . Maybe we can continue...

EZTrades May 12, 2009 5:11pm | Post# 66

4 HR Box Breakout
 
Hi HouseTrader ,


Did the short side breakout hit the profit target this week ?



EZTrades

EZTrades May 12, 2009 5:22pm | Post# 67

4 HR Box Breakout
 
Hi HouseTrader ,


Disregard last question . I see where Ace284 posted this weeks trades and the breakout to the short-side profit target was already hit .




Thanks ,


EZTrades

Elovv May 12, 2009 5:51pm | Post# 68

I'm posting an example on this weeks orders trade. I modified my Fibs to show price target levels.

Short:
149.23
SL- 150.07
TP- 147.53 HIT

Long:
150.25
SL - 149.33
TP - 152.09
Hi Ace
Wonderful system, thanks for charing. What I can understand You use FXDD. What is high, low on yor first 4H candel? You place your trade 09.00 EST, its same as Mo 01.00 GMT and 03.00 FXDD server time. I have high 150.47 low 149.60
And can You tell exact how You calculate (this example) long entry,sl and tp and the same for short entry. I try to do as You describe it but i think I do not understand it correct.

Elovv

Ace284 May 12, 2009 6:24pm | Post# 69

Hi Ace
Wonderful system, thanks for charing. What I can understand You use FXDD. What is high, low on yor first 4H candel? You place your trade 09.00 EST, its same as Mo 01.00 GMT and 03.00 FXDD server time. I have high 150.47 low 149.60
And can You tell exact how You calculate (this example) long entry,sl and tp and the same for short entry. I try to do as You describe it but i think I do not understand it correct.

Elovv
You know I just realized that i used one candle too late. My apologies everyone but the method is EXACTLY the same.

The correct high and low are for the candle that starts at
00:00.

Long:
150.64 (including 10 pip buffer and spread of 7 pips)
SL: 149.60
TP: 152.72 (TP 2x)

Short:
149.50 (including 10 pip buffer)
SL:150.47
TP:147.57

Thanks for catching this Elovv.

Ace284 May 12, 2009 6:26pm | Post# 70

Hello all,

I'm just wondering what's the logic behind this trading method? The problem is that for all the people here from different nations the week starts at a different time. That means that every time zone has another 4 hr weekly start box.
Start of Asian Session NOT start of your own week.

Ace284 May 12, 2009 6:32pm | Post# 71

Here is an indicator with template that can be used. It must be applied on a 1H chart but it acomplishes the same thing. The colors of the box etc. can be changed to your liking. The pip buffer is set at 10 pips but can also be changed. Hope this helps.

http://www.p6s.net/4htemplate3.gif
Not exactly what we are looking for because we only need one box per week. This doesn't really matter if your trading in real time because you only need to see the first box of the week and place the orders.

But for the people who want to backtest easily we need only one box.

adsanders May 12, 2009 6:39pm | Post# 72

Ace284,

Yeah sorry about that. I was just excited that I found a box that looked cool. LOL

If someone could take this indicator and tweek it so that it would display the entire week that would be nice.

Thanks again for sharing this system.

Siuol May 12, 2009 7:06pm | Post# 73

I think you still may be over thinking it. You don't need a box to show the entire week, you just need a box to show the first 4hrs of each week (00:00-04:00). I'm sure your box can do that, just change the parameters.

I'm lucky because with my broker, when I use the period seperators, the first 4hr candle for me is the candle with the period seperator through it. So for me, I don't really need the box because I can easily spot the high and low I need just by going straight to the candle with the period seperator through it.

Ace284,

Yeah sorry about that. I was just excited that I found a box that looked cool. LOL

If someone could take this indicator and tweek it so that it would display the entire week that would be nice.

Thanks again for sharing this system.

PowerTrader May 12, 2009 9:55pm | Post# 74

Filters
 
As a Professional trader I don't often look at breakouts or any method based on a specific time, ma, or anything like that. However, I have back tested this method and it looks pretty good. I wonder if you have an filters or anything that would cause you to pass on a trade?

Thanks

PT

Ace284 May 12, 2009 10:11pm | Post# 75

As a Professional trader I don't often look at breakouts or any method based on a specific time, ma, or anything like that. However, I have back tested this method and it looks pretty good. I wonder if you have an filters or anything that would cause you to pass on a trade?

Thanks

PT
Personally, I haven't looked into filters too much due to my schedule. I've read that you can filter these types of trades by using moving averages but I haven't been too interested as it wasn't that useful. I mean the main thing with that would be that the Indicators would have to be long term because short term indicators can easily sway you out of a trade that could have continued trending in your direction.

I am not a professional trader so at the moment I haven't had time to find a good filter. Take a look into it if you`d like as you are a professional.

mrtwrrt May 12, 2009 10:12pm | Post# 76

4hr break out...
 
Ace284,

Very interesting concept. I have also manually back tested the USDJPY on this idea and it looks promising also. Only back tested for a short couple months, will look to try it also along with the GY.

Thanks for posting.

PowerTrader May 12, 2009 10:15pm | Post# 77

Thanks
 
Personally, I haven't looked into filters too much due to my schedule. I've read that you can filter these types of trades by using moving averages but I haven't been too interested as it wasn't that useful. I mean the main thing with that would be that the Indicators would have to be long term because short term indicators can easily sway you out of a trade that could have continued trending in your direction.

I am not a professional trader so at the moment I haven't had time to find a good filter. Take a look into it if you`d like as you are...
Thanks for your answer. I don't use any lagging indicators or ma's but I will check other time frames and see if they could be the filters. I will let everyone know what I find out. Thanks for sharing your time and efforts.

Bill

Ace284 May 12, 2009 10:18pm | Post# 78

Ace284,

Very interesting concept. I have also manually back tested the USDJPY on this idea and it looks promising also. Only back tested for a short couple months, will look to try it also along with the GY.

Thanks for posting.
No problem. Please feel free to post ur findings on any other pairs as well.

serj1 May 12, 2009 10:25pm | Post# 79

Since GY and EJ have about 80% correlation. It should work on EJ too. And looking at EJ it shows some good trades.
I will try these two pairs next week.

No problem. Please feel free to post ur findings on any other pairs as well.

Ace284 May 12, 2009 10:33pm | Post# 80

Since GY and EJ have about 80% correlation. It should work on EJ too. And looking at EJ it shows some good trades.
I will try these two pairs next week.
Makes sense, i'll do the same with EJ on demo in the coming week.


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