MT4 EA Range Breakout request.

Everybody has 24 hrs/day, no more no less...
Jes {} () thing is tricky, it was killing me at the begining also, sometimes it still does...
Here I started to do my homework. I am checking manually what the best options to catch that breakout would be. For now while selling from Assian session support, I am planning 50 pps TP, with stop at the Assian resistance.
Green fat lines are to check would it go 50 pps up if resistance is broken, red fat lines is to see if it'd go down 50 if support is broken. S/L at resistance/ support accordingly. The image I attached is one of the worst scenarios, from the begining of October that's the worst what it was. Otherwise it looks not so bad at all. But more thorough calculations are needed and more months to check manually.
You know, after I started this experimenting, I am begining to feel grateful to Assian session for scouting the coming day. In most cases they don't move much, but if their HI or LO is broken, then there is a move!

BTW, did anybody said that we should be as fast as lightening with this? I didn't hear it!

Good day!

Are you using the Asian support and resitance as the breakout (short or long) order areas for the London session? Just making sure....

Right.
The chart is FXDD (GMT+3).
The pink vertical line is 9:00 am FXDD or 6:00 am GMT.
The orange vertical is 17:00 FXDD or 14:00 GMT.
The close of both candles is connected with a pink trendline to make more visible what is happening in a meantime. Looking for some ideas or clues in regards to price action at these hours. Tried to plot some MAs but it is not working, too much of a lag, because it is a very active time in the market.

BTW, you 've traded this system for a few months already, do you want to tell more about what should I look for? What TP did you use, what SL?

p.s Sorry, I forgot, you already said that.

Is it possible to repost the chart with a black background. The background is kind of pinkish. I have not traded this session in a while so I have no recent data. But, when I was trading the London session I had over 300% return in a few months. The hours were killing me though because I live in CST US, and I have a 'normal day' job so I had to abandon this. It wasn't a breakout system, it was more pivot point oriented, but that's what I'm trying to piece together here.

Question:
"If you had over a 300% return in a few months why didn't you quit your day job and trade full time?"

Answer (as stated before):
Because my 'normal job' paycheck is gaurenteed.

Anyway, Sunday afternoon is the only time that I have to work on this so I'll go back and look at the Asian session charts and the S/R levels and see how they fit into the London session...interesting logic...

Live long and pipster.

Very nice concept Palmer. I too have a similar situation in that i've been beat up mentaly and physicaly trying to trade the London session as i'm on the Pacific coast.

The thing i find facinating at this juncture is that i have been gravitating toward using breakouts as my entry tool, and for my exits the vegas fibo extensions after the 13/55 cross on the 30m chart as i've posted elsewhere. I'm currently studying the MQL manual and CodersGuru's tutorials to learn this language. I seem to do fine on taking an indicator or EA that is already working and tweaking it, but my goal, like yours, is to take it a step further in order to give back to this great community that we have here at the Factory.

Of late i've been concentrating on daily H/L breakouts and Asian session/consolidation breakouts with a measure of success. I know i'm now rambling, and hope you don't mind... One thing that i have realized over the last couple weeks is that for better or worse, i find myself being drawn to the idea of trading breakouts due in part to impatience. I will explain:

For the first year of my FX adventure i traded mainly off the Vegas style tunnels and reversals. For my personality this was challenging as i entered most trades lacking in confidence that the trade would be successful. I could also not patiently wait a "MA Cross" to take place to signal my entry. There had to be a better way for my personality to enter trades. . .and there was the everpresent voice in my head telling me that i was foolish to try and pick a top/bottom as an entry strategy (i'm not saying it is wrong to do so, it just rubbed my personality wrong to make it my entry strategy).

Then i found the "box trade" and similar entry setups. My confidence slowly improved as i could now wait out a move to take place breaking support or resistance. This made much more sense to me from a technical standpoint than trusting a MA Cross for entry. Now i could place S/R lines on my charts with audible alerts that would sound upon price breaking such lines...if other criteria were met, i would enter the trade. I think breakout trades/style is beneficial as one can trade in both range bound and trending markets with such a model.

Best wishes, i'm plugging away at learning along with you Palmer!
Enjoy your weekend.
Thom

accrete:

Thank you. Yes, there have been times when I have lacked the discipline to wait for the rules to say 'ready' 'set' 'go' before entering. I'll enter on 'set' and get bitten just about every time. Kinda like getting called for offsides in football when the defense jumps on 'set'! As far as the breakout goes, taking the impatience/emotion out of the entry formalities would be a good thing. Then deciding how to 'work' the trade afterwards is where I would like to put all the Spock logic towards. The key to it all, I think, is deciding on where/how to formulate a good breakout entry? Using the fib targets as potential profit taking/reversal areas is a great idea. 'lietuve' may be on to something using the Asian session S/R areas as potential breakout targets so right there is something to look at. I initially thought of the 10 pips above/below a previous range just as a start for all of this. I can't watch the charts all day, period. So, if we have rules set for an entry, the entry is hit, an audible alarm/email goes off to let you know you are in (if wanted), where are your fib targets? (TP areas) and shoot for that. Or you already know your fib targets so use those areas as user entry TP numbers. Everyone talks about taking the emotion out of trading but that is very difficult to do. We've all felt it and we all will continue to feel it. We have to find a good entry 'area'. If the breakout is at a fib target, that may be a little tricky to work with because it could be a good ol' retest of that area, but that is down the road. Where should we get in is the first step. I'll get on this Sunday and maybe tomorrow if time permits. I don't want this to be a run of the mill breakout system, I want it to be a logical progression for an entry (if then if then....) and then see where a good exit would be. If a fib target is say 30 pips away, try to get 20 pips out of that insead of the full shot. I've lived a lot of 'almost there' runs and see price action hit a brick wall and retreat. So, take something out of the move and not look for all of it. Oh, yeah...gotta learn plenty of mql to go along with all of this too. I keep telling myself that the markets aren't going anywhere so I'm going to do as much as I can with this...Thanks for the input and keep the ideas coming.

I'll be here somewhere....

Yes, me too, most of the work I can do on weekends (you don't have to tell me how it screws ones personal life...)
Here see the chart on a black background.
Also I did a chart with daily trends, 'll attach on next post. I think it is important even if one trades hourly charts.

Here these are daily trends. Don't pay too much attention to the colors, I am a visual person, so it is easier to me to see clear trends, I just started working on it - the new idea. We have to pay attention to those trends and maybe plan according to them.
Also, you have seen the Boxer, breakouts based on CCI. As far as I know, Commodity Channel is the only indicator that is not lagging (kind of predictive, don't know how reliable, though). I like Sniper's Ergodic CCI, but again, it shows the same as the price action already has shown. Good for confirmation.
On the black chart pay attention at orange colored 17:00 FXDD. See the price action at that time? I pay attention to those things, because I believe better to learn what the market does, than plan some theory in one's head and try to implement it.
OK, I talk too much.

Palmer, you might be interested in using these Asian breakout experts that I'm live with as a base: {link removed, see rule #2}

OK guys, hang with me on the following chart posts...

annnd...

oh yeah...the freakin' chart...

OK, now...The gray verical bars are the beginning and the end for the Asian session with the High and the Low for that session in the text. The Nov 1 trade window was just out of view for the save as command but either way you can see where the price ended. Accrete, since you brought up the idea of the fib levels I added the Vegas 1 hour indicator on the charts along with liet's Asian session. Do you see what the result of the breakout price action is when the Assian session closes (close to) the Fib area? Now this is only one week of price data but, when the price closes at the Fib level for the Asian session the ensuing 'range breakout' (no rules set yet for the breakout rules) looks like it results in a whipsaw. Scroll up and look again...If the Asian close is above or below a fib level, the breakout 'looks' good in one direction or another. Again, this is only one week of price action. But, we might be able to use this as a filter. If the Asian session close is +/- pips away from the fib level (not sure how to add that to the user input code) then it may be a good idea not to trade the breakout. Not necessarily no trade for the day because we could then use the London session for a breakout to trade the NY session with but the same filter might apply to this as well. I'm going to look at a few months worth of charts to see if this has any weight. I hate to limit this to just the EURUSD but I'll start there and see what the past says. If we, I think there are only three of us here anyway, can get the rules set in stone first then work on the EA ({c{(o}})d{}{e..aaarrrghhhhh!!!! I think that it is a good thing that there is no EA yet because it seems like every time one is posted it gets twisted and yanked from its original intent. I'll study some 'history' too see how the fib levels look in relation to the Asian session close....Again, this is only one week of price action.....

Back later...

Hmmm, doesn't look like the close of the Asian session around the tunnel or fib number really makes a difference....still 'looking'....

OK: this is what I propose to look back at...

-Date
-Asian session hi and lo
-Range
-Close
-Pips away from the Vegas(V) tunnel or fib# on the close, whichever is
lower
-Pips away to the next V target to the long and short side, either back to the tunnel or fib#
-Breakout of 1 pip above or below the Asian hi or lo or both
-Max pip move after breakout of the Asian hi or lo with a 20 pip SL
-V target hit?
-Breakout of a 10 pip move above or below the Asian hi or low or both
-Max pip move after breakout of the Asian hi or lo with a 20 pip SL
-V target hit?

I'll look at the 5 minute chart to see the price action and how a 20 pip sl does. This will take some time. I'm out of touch this Wednesday through Saturday. If anyone has just jumped into this thread, there is no EA posted yet and there won't be for some time. I think this is enough to look at right now so we'll just look at this. I'll set up an Excel spreadsheet to try to keep things 'clean'. I'll look at the EURUSD but the thing that bothers me about this pair is the eco news that rocks this back and forth. I'm curious to look at the EURJPY or the EURGBP (or is it GBPEUR?) to keep the USD out of it...more time...

Back to square one...Looking back it seems as if I have strayed off course from my original intent. There's too much to digest with the above post. For now, I'm just going to look back at the Asian session hi/lo range and a simple breakout.....I'll take up the 'variables' later...

Palmer, here's a quick screen snippet of an indicator that I use that gave me "the same" signal during this time, but in a different way. If throw me some more pictures I'd be more than happy to craft up some more side by sides to see if it's worth looking into? On the by and by, this breakout would've been worth 75 pips off of this chart (the break of the red line, which is an EMA, to the downside).

And here's what I saw at the same time compared to your first posted chart:

Skyhook:

Would you want me to email them to you or can you do a screen capture from here? I'm going to be gone starting this aftenoon through Friday afternoon so you wouldn't get anything from me until the weekend. You can PM me with your email if you like...thanks for the input. Those look like Vegas fibs but they look too far away.....