Hi pips info,
I was going to mention that this works just as well on the 1h time frame but given that the thread is based on 4h, i did not want to be distracting to others. I am trialling 1h but live trading 4h.
May be your daily strategy is not same as me... but important is we could make more pips!! Have a nice trading day!!
91 pips in the bank, Suggestions Please!!!!
Just set up my trade before going to bed last night, (Sunday Night).
Channel was about 91 pips or so, I woke up and has hit my TP of 91 pips and had automatically closed out completely so now I am not in any trade.
So, since it is the beginning of the week, should I wait for the price to go down into the channel and then set another entry for a buy if it breaks up through the box again or should I wait until the market goes down through my box and puts me into my sell position or what?
I have not seen any posts talking about what to do when we get closed out on the TP1 for the rest of the week. Do we keep setting up new entries each time or just be happy with the pips we have.
Of course, I am asking for suggestions as to what some of you have found that works.
Since my trade closed out completely going up and put me out at TP1, I would hate to not get in at some point if the market continues to go up all week. Oh well, 91 for the week is better than nothing.
Thanks for your time.
EJ 's TP1 hit !! :-)
letting remaining lot run.
anyone with me?
can you explain how do you have fresh trades or set ups when youhaven't reached any TP yet?
I think today, everyone should be happy with the system, I got 200 pips with GJ and already close all my trade. Actually, I think is will move near to 162.00 but seem it hit my weekly target, I think it is better to bank the pips to my account.
TP2 hit in most pairs
A/J Hit TP1,
Banked 476 pips today. Still have 1 G/J, 1 E/J, 1 CAD/J and 2 A/J position open. All the free rolls with SL to BE.
Trading is done for the week
Off to bed.
Just woke up to see the good news. Good start to a birthday.
Stop loss is at BE so its free ride from here on.
I see a lot of people with different ways of managing their positions. Hey, if your way is better than my way then kudos to you. Just remember that your variation has to last on a long term basis. A few weeks don't determine anything. Feel free to share your results, and by that I don't mean saying you exited right at the top of the peak just because you felt it in your bones. Something reasonable with good solid foundation is what we need.
Other than that, good luck!
Sorry, I may have confused you, have been doing that a lot today.
I do not usually re enter the same trade on the same day, but I will start with another box the next day. For example, my GJ today hit PT1 and not long ago hit PT 2. I only had two lots so that is it for me today. I may enter after a retracement but that is a different system and I do not want to bring that into this thread. Tomorrow, I may well look at the GJ again but for me it is a fresh trade using the 0000 gmt candle to form a new box.
Today has given me around 250 pips so I try to be extremely fussy about my trades now as I do not want to give them back.
Hope my explanation has cleared up any confusion.
If you are referring to my variation, I am not suggesting for a moment that it is better than yours, it is just different and suits my style of trading. I have not traded it over a long period and only back tested for a relatively short period so it may not stack up in the long run as you suggest.
You have a great system, but mm is always a matter that people will have different tolerances to. Apart from that and the fact that I only look to enter in one direction, I am with your box breakout system.
And HAPPY BIRTHDAY.
today everybody heppy... waiting 4 next week...hehehehe
bounce off TP = x2
Has anyone noticed over the last few weeks how the price seems to bounce off the take profit = (2 x Box) almost to the pip?
I am aiming (as ACE is) to get a TP = 4 x the box.
So, my long was placed at 159.16 (158.90 + 20 buffer +6 spread), and price has just faded from 161.76. This may be just some profit taking, before the price continues in its original direction, but I thought it was interesting to point out and wondered if anyone else had picked this up?
For information only, I have moved to BE, and will ride out until TP= x4 or when I am stopped out.
my second post today with 3x TP, that's a largest pips i have ever catch in my trading life !
Which EA puts the trades in for the 4 hour box? Thanks
for what its worth, a third trade would have at least gained you back some losses the last two weeks. Also, using the 0:00 gmt candle profits would have already moved past tp3.
dear mr ace
this is really is great great strategy with stress free i back tested ur strategy
since january 2009 and great result after great result
but i got a small qustion : i see some people say that for the GBP/JPY pair this hitted there 2nd TP but for me still not the 2nd TP so have u made any changes on the method different from the method in 1st page??
waiting for ur answer sir
I think 15-30 min work to watch the market and setting the entry is simple and fair enough to get hundreds of pips and it may not required EA to do that unless you want to have re-entry after TP EA.
I would prefer to follow ACE system with my own risk management because different ppl will have different account size.
Any way, it is just my opinion and if i m not wrong you should able to find some EA in this forum as well.
Have a nice day!!
If you take a look at the chart below, the second TP has been hit.
From your last post, it seemed that you are using the last 4 hour bar of Sunday? from GMT2000 to GMT0000?
Can you confirm?
there's a slight difference in the ibfx bars.......i think there's a gmt offset in yours?
mine is GMT
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