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Breakout Trading - Simple Weekly System

  • #101
  • Apr 11, 2020 9:41am Apr 11, 2020 9:41am
Quoting SwingMan
{quote} Sure, maybe the next version with alerts. I am pleased that many members download this indicator for the private collection, because I have not yet seen any charts with it. Everyone just wants to use the EA, so the indicator is superfluous!
The indicator that you made the small adjustment for me, I use everyday now as part of my manual trading. I'm sorry, but I don't post charts. I do however, very much appreciate what you do. TY Sir!
  • #102
  • Apr 11, 2020 10:23am Apr 11, 2020 10:23am
Quoting bojack34
...I use everyday now as part of my manual trading.
Well, that's a reason to develop further. Do you need an alert in your trading?
  • #103
  • Apr 11, 2020 12:15pm Apr 11, 2020 12:15pm
Quoting SwingMan
{quote} Well, that's a reason to develop further. Do you need an alert in your trading?
Since I trade on the H4 it's much easier to check in on but I guess an alert can only help. I've never really used them before. I know this is a strange request, but would you please also add the candle size of candle #3 on the chart. I figure since candle #3 is what I use for my entries and i'm always measuring the candle to see how many pips it is so i can figure stuff out. If I had a pip count on the chart of candle #3 that would help. I'll show you an example.

Attached Image (click to enlarge)
Click to Enlarge Name: 4.png Size: 109 KB
  • #104
  • Apr 11, 2020 1:11pm Apr 11, 2020 1:11pm
Quoting bojack34
...I figure since candle #3 is what I use for my entries and i'm always measuring the candle to see how many pips it is so i can figure stuff out.
But which indicator are you using here? One can add to.

Here https://www.forexfactory.com/showthr...0#post12572020
I posted a BarRanges indicator that compares the BRs with the ATR.
  • #105
  • Edited 2:41pm Apr 11, 2020 1:28pm | Edited 2:41pm
Quoting SwingMan
{quote} But which indicator are you using here? One can add to. Here https://www.forexfactory.com/showthr...0#post12572020 I posted a BarRanges indicator that compares the BRs with the ATR.
It's this one...TY!
Attached File(s)
File Type: mq4 sm3BarFractalBreak-BoJack v1.0.mq4   7 KB | 382 downloads
  • #106
  • Apr 11, 2020 2:23pm Apr 11, 2020 2:23pm
Quoting bojack34
...It's this one...TY!
Ah, I'm sorry, this is your private indicator!
But here we are discussing box breakout ideas.
  • #107
  • Apr 11, 2020 2:35pm Apr 11, 2020 2:35pm
Quoting SwingMan
{quote} Ah, I'm sorry, this is your private indicator! But here we are discussing box breakout ideas.
Oh I'm so sorry. I will post this in the "code your indicator for free" thread. Sorry SM. If you have time and still don't mind helping me out, you can "Swing" over there and take a peek! lol.
  • #108
  • Apr 12, 2020 3:00am Apr 12, 2020 3:00am
Quoting bojack34
...I figure since candle #3 is what I use for my entries and i'm always measuring the candle to see how many pips it is so i can figure stuff out.
Hi BoJack,
here are the Bar Ranges for your private indicator.
You also mentioned the alerts, but you can only get that if you post some trades. There is no point in programming something I don't know how it works.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.rH4-3BarFractalBreakout.png Size: 27 KB
Attached File(s)
File Type: mq4 sm3BarFractalBreak-BoJack v2.0.mq4   9 KB | 477 downloads
  • #109
  • Apr 12, 2020 4:08am Apr 12, 2020 4:08am
Quoting SwingMan
{quote} Hi BoJack, here are the Bar Ranges for your private indicator. You also mentioned the alerts, but you can only get that if you post some trades. There is no point in programming something I don't know how it works. {image} {file}
Tyvm SM! Stay safe. Stay healthy.
  • #110
  • Apr 13, 2020 10:53am Apr 13, 2020 10:53am
Quoting SwingMan
{quote} Hi BoJack, here are the Bar Ranges for your private indicator. You also mentioned the alerts, but you can only get that if you post some trades. There is no point in programming something I don't know how it works. {image} {file}
I've been getting an "array out of range" error with this indicator. Will this be a problem in the future if not fixed? If not, then I'm ok with the way it is.

2020.04.13 12:45:28.822 sm3BarFractalBreak-BoJack v2.0 AUDUSD,H4: array out of range in 'sm3BarFractalBreak-BoJack v2.0.mq4' (223,62)

Attached File(s)
File Type: mq4 sm3BarFractalBreak-BoJack v2.0.mq4   9 KB | 285 downloads
  • #111
  • Apr 13, 2020 12:38pm Apr 13, 2020 12:38pm
Quoting bojack34
...I've been getting an "array out of range" error with this indicator. Will this be a problem in the future if not fixed?
OK, I think I fixed the bug.
With the parameter "Line_Length" you can change the length of the horizontal lines.

A question: would a Dashboard help in manual trading?
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.rH4-3B-v2.1.png Size: 17 KB
Attached File(s)
File Type: mq4 sm3BarFractalBreak-BoJack v2.1.mq4   9 KB | 571 downloads
  • #112
  • Edited 1:06pm Apr 13, 2020 12:54pm | Edited 1:06pm
Quoting SwingMan
{quote} OK, I think I fixed the bug. With the parameter "Line_Length" you can change the length of the horizontal lines. A question: would a Dashboard help in manual trading? {image} {file}
TBH I've never really used a dashboard so I couldn't tell you yes or no. I've dabbled with one of GVC's dashboard before but I've never really tried to use one. As of right now i'm trying to focus on the 6-7 pairs that I have narrowed it down to. Would you think having a dashboard with only 7 pairs would be beneficial? You can tell obviously by the indicator that I start trading on Candle 4. I use Candle 3 as my entries and the Low/High of Candle 2 as my SL. (All of my Entries, SL's and TP's are all adjusted slightly according to whether there is a 00 line or a DPV or a very recent "level" of price action) All of those I take into consideration when entering and exiting a trade. So I think as far as managing a trade, it might be too subjective. But as far as getting signals when trade set ups appear. Do you think a dashboard would be beneficial? I will leave that up to you. I'm not a picky person, nor do I want to come across as needy. Thanks for everything SM. You're awesome!

EDIT: In a nutshell, I'm using this 3 candle set up for my direction. I wait for a pullback on candle 4 for my entry. I actually go for 1:1 RR or LESS. I know that sounds silly but the strike rate so far is very high. If I see fit to adjust the R:R I will. Basically thats it........wait for the 3 candle set up, wait for the pull back on candle 4, enter and set your TP and SL. There is a lot more to it but that is the gist of it.
  • #113
  • Apr 13, 2020 1:56pm Apr 13, 2020 1:56pm
Quoting bojack34
... TBH I've never really used a dashboard so I couldn't tell you yes or no.
Thanks for the information!

A dashboard for breakout indicators can give an alert if the conditions for a breakout are met for one of the pairs.
Furthermore, one can start trading, that's all.

Question: pullbach for candle 4 means that you have no entry for this candle?

- If one compares your signals with the original from @daz, what are your comments?
  • #114
  • Apr 13, 2020 2:07pm Apr 13, 2020 2:07pm
Quoting SwingMan
{quote} Thanks for the information! A dashboard for breakout indicators can give an alert if the conditions for a breakout are met for one of the pairs. Furthermore, one can start trading, that's all. Question: pullbach for candle 4 means that you have no entry for this candle?
Maybe a visual example might be better.....

All of Areas that I marked are Possible Entries using Candle 3. I enter on Candle 4 but use Candle 3 for entries levels. You could also place your SL below candle 3 if you wanted to set a slightly tighter SL. Tp is up to the trader. I personally i'm not someone who MUST have 1:1 or 1:2 etc. I concentrate on what my strike rate is at different levels and try to find the "sweet spot". If I have a good enough strike rate at 1:.5 I'll do it. I hope that makes sense.



Attached Image (click to enlarge)
Click to Enlarge Name: 2.png Size: 99 KB
  • #115
  • Apr 13, 2020 2:20pm Apr 13, 2020 2:20pm
Quoting SwingMan
{quote} Thanks for the information! A dashboard for breakout indicators can give an alert if the conditions for a breakout are met for one of the pairs. Furthermore, one can start trading, that's all. Question: pullbach for candle 4 means that you have no entry for this candle? - If one compares your signals with the original from @daz, what are your comments?
I haven't really traded Daz's strategy. I'm trying to get into the trade a little earlier than he is. I'm am also not trying to go for as many pips as he goes for. In my mind what I'm trying to accomplish is enter into a set up that I feel shows some momentum in a direction. I wait for the setup to be complete which gives me a direction and then I wait on the pullback to a level where I feel price will stall and then reverse in the original direction. This setup typically occurs after a BIG momentum candle. (usually Candle 3). After a big momentum candle there is typically a pullback and then a continuation. With this strategy i'm breaking up my entries into at least 2 entries and if Candle 3 is big enough and there is enough room I will enter a 3rd and possibly even a 4th trade depending on the direction price is moving. When you get down to the nuts and bolts of it. I'm just looking for the 3 bar set up and waiting for the pullback and then enter. I guess you could call it "semi-scalping"...lol. I don't know. I'm using the H4 TF but i'm not going for a ton of pips. Sorry if I don't explain it very well. I've never had to explain it to anyone before.

EDIT: I guess it's comparable to Trend "Pullback" trading. Following the upper TF trend and then entering on a pullback on a lower TF. That's a very common strategy. I'm basically stealing that strategy and implementing it into a 3 Candle setup. The setup gives me the "trend" and then I use Candle 3 to enter on the pullbacks.
  • #116
  • Apr 13, 2020 2:51pm Apr 13, 2020 2:51pm
Quoting bojack34
...I haven't really traded Daz's strategy.
OK, you're right about the @daz breakout, I also found that your entrys are OK.

Here is a nice indicator "smPA_PriceRetracement_v1" https://www.forexfactory.com/showthr...52#post3937452
which I posted years ago. I think it works with the classic pivots.
  • #117
  • Apr 13, 2020 3:10pm Apr 13, 2020 3:10pm
Quoting SwingMan
{quote} OK, you're right about the @daz breakout, I also found that your entrys are OK. Here is a nice indicator "smPA_PriceRetracement_v1" https://www.forexfactory.com/showthr...52#post3937452 which I posted years ago. I think it works with the classic pivots.
Tyvm. I'll take a look at it.
  • #118
  • Edited 5:36am Apr 14, 2020 2:48am | Edited 5:36am
Quoting bojack34
... All of Areas that I marked are Possible Entries using Candle 3. I enter on Candle 4 but use Candle 3 for entries levels. You could also place your SL below candle 3 if you wanted to set a slightly tighter SL. Tp is up to the trader.
I use Candle 3 as my entries and the Low/High of Candle 2 as my SL.
New Version "sm3BarFractalBreak-BoJack v3.0"

A little help for trading analysis - display of trading levels.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.rH4-3Bv3.0.png Size: 23 KB
Attached File(s)
File Type: ex4 sm3BarFractalBreak-BoJack v3.0.ex4   33 KB | 600 downloads
  • #119
  • Apr 14, 2020 7:26am Apr 14, 2020 7:26am
Quoting SwingMan
{quote} New Version "sm3BarFractalBreak-BoJack v3.0" A little help for trading analysis - display of trading levels. {image} {file}
Tyvm SM. Very thoughtful of you! I'll give it a go!
  • #120
  • Apr 14, 2020 12:37pm Apr 14, 2020 12:37pm
Hi SwingMan,
Would it be possible to add Monday through Friday to your weekly indi? If one wanted to base trades on the first two trading days of the month, being able to choose different consecutive days (rather than just Monday/Tuesday) would make this possible.
Swamper
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