DislikedYonnie has suggested to make the box size approximately 100 pips big every week, by adding 50 pips the the close of the 1st 4H bar to make the box high, and subtract 50 pips from the close of the 1st 4H bar to make the box low. This system when used with my smartstop system has turned this week into a 365 pip profit week (before my box adjustment method)Ignored
Appreciate the response..thanks, Ill maybe give it a go next week and run it along side what I've been doing....which may or may not help. But I think I might be able to save you a few unnesscary losses.
Another thing to consider adding to your system is maybe "Ichimoku" one of the main features of this system is the "Kumo" (cloud). The Kumo is very special as it gives you a glimpse into the future where support & resistance has previously been. Therefore it is an area where you may consider wanting to avoid trading when price action is within it. Below is the same periods that I showed on my previous entry to this thread, but this time there are no losses and only profit.
w/e 10/09 = profit 65 pips (would not have traded until the close below the Kumo Cloud, ie: price emerged out of a resistance area)
w/e 18/09 = profit 94 pips
w/e 18/09 = profit 188 pips
w/e 25/10 = profit 700 pips
total gains = 1047 on one pair the GBPJPY
I would not have entered w/e 02/10 for reasons previously explained and therefore would not be sitting on a current loss of -250 pips, which in my opinion will not recover and will only go further south, unless there is a trend direction change prior to the stop being hit, which looking at the current trend strength on the Daily is unlikely to happen.
I'll let you draw your own conculsions as to whether you think it might aid your system. But when you study the picture below I have shown the entry points with grey circles. What the Ichimuko Kumo cloud does is clearly show two things. It shows us that the main trend on the H4 is bearish because price action is below the Kumo and the Kumo is angled downwards. See how the price when it goes into pull back bounces off the underside of the Kumo (previous resistance). Therefore you would only consider opening short positions, (well I would !) This pair is in a down trend, so I would not enter a trade against that.
You would only increase your chances of being successful in both directions if the Kumo was flat (horizontal) which would indicate a ranging market. And if you were lucky enough for the price to bounce between your take profits zones.
There only my opinions, but to me it looked like it may help eliminate some losses by not trading against the trend. I would also check the Kumo on the Daily chart and make sure that matched the direction of the H4 for confirmation of the bigger picture. Also when I use Ichimoku there are many other factors I would consider before entering a trade, but looking at your system it just seemed to fit with it.
Cheers
ab1