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Breakout + Spread!! Sure!!!

  • #201
  • Jul 19, 2007 7:37am Jul 19, 2007 7:37am
thank you eagle for your quick answer!

so you take the timeframe 5 - 8 ??

please let me know if im right!

thanks sweety
  • #202
  • Jul 19, 2007 7:43am Jul 19, 2007 7:43am
Hello,

First of all: Bravo Eagle, grazzie tanti!

Now, having read the post, I am still not sure about the start time and end time when the box should be determined.

Note that I do know the time references (gmt and so on), and I do know that each MT4 broker uses it’s own time reference on the platform. We just have to compare our local time to the platform time and adjust the indicator accordingly.

What I am not sure I understand is when the period is supposed to be calculated, after reading so many references here…

My MAIN QUESTION is:
- When is the 4 hour box period supposed to end when compared to the London open time?

- London (that is the UK session) opens at 08h00 local (London) time.
- Presently the London time is GMT+1 (summer time)

- Looking at Eagle’s chart (see Post #150) I understand that the box period is between 06h and 09h, GMT+1 time, which is the present London time.

- The indicator runs on a H1 chart => When the 09h candle ends it will be 10h in London (GMT+1).

ð Then the box period is between 6am and 10am London time?
ð In other words the box finishes 2 hours after London/Uk session opens?

Also:
- When I put the indicator on my charts, in a way that it matches Eagle’s charts, then I come also to the same conclusion: the analysis period ends at 10 am London time, which is when the orders should be placed.

Is this correct??

Can Eagle or someone confirm?

Thanks

MD
  • #203
  • Jul 19, 2007 7:43am Jul 19, 2007 7:43am
[quote=bluejet;1500506]
Quoting eagle
SURE FRIEND, I SEND YOU INDICATOR AND TIMETABLES.
GBP/JPY...[/q

Hello,

I have not understood the concept or idea, when to enter long or enter short for the currency on 1hour chart,. should I have to enter the market, when indicator/candles 'comes out of the box'. can u able to show an arrow, to guide me, to enter into the market for long/short (buy/sell positions), with image /picture screen shot clearly. Should i have to look into the candels also inside the box. How do i judge/identify the candels inside the box, whether to go long or short? what is procedure. Pls let me know I am junior member, little fx knowledge.

Can any one help with the pictures please?


thanks


19th july 2007
Here is an example of today's trades on GBPJPY the red arrows are shorts.

BTW the EA did this automatically 5 good trades today on gbpjpy
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_012.jpg Size: 33 KB
  • #204
  • Jul 19, 2007 7:45am Jul 19, 2007 7:45am
you place your orders at the open time of London.

That is 7 am GMT.

The levels are set by the highs and lows of the previous 3 hour candles

Don't forget to allow for your spread.

My spread is 3 pips on Cable.. which means i have to set my buy orders for 1.5 pips BELOW the mid price to get it to come in at the right point.

My sell orders have to be placed 1.5 points above the lower breakout.

So for a ten pip gain it has to move 13 pips...

Can be confusing... (certainly i got it wrong a few times and it cost me!)

Good luck!
  • #205
  • Jul 19, 2007 8:10am Jul 19, 2007 8:10am
Guys, Eagles original system is to have the box STOP measuring 1 hour AFTER the London open.

We are also exploring if his system works better with the box stopping the measuring AT the London open.

Appreciate Billrss doing a more accurate test on this...
  • #206
  • Jul 19, 2007 8:17am Jul 19, 2007 8:17am
Quoting mjolimer
you place your orders at the open time of London.

That is 7 am GMT.

The levels are set by the highs and lows of the previous 3 hour candles

Don't forget to allow for your spread.

My spread is 3 pips on Cable.. which means i have to set my buy orders for 1.5 pips BELOW the mid price to get it to come in at the right point.

My sell orders have to be placed 1.5 points above the lower breakout.

So for a ten pip gain it has to move 13 pips...

Can be confusing... (certainly i got it wrong a few times and it cost me!)

Good luck!
That's the way I understood the system.

What threw me is that Eagle's charts do not coincide with the times he has stated. He is looking for breakouts from 9AM London time on, not 8AM.
  • #207
  • Jul 19, 2007 8:20am Jul 19, 2007 8:20am
Hi Eagle,

Are still here or have you gone to Tunisia already?

Maybe the easiest way for us to understand the hours of the box is:

=> At what time - Italian time - do you put your (limit) orders?

The hour the limit orders are entered is when the 4 hour period/box has ended, right?
So knowing the Italian time that you enter your limit order allows us to calculate when is that in our time.

Italy has one hour more than the UK. So if you enter your orders at:
- 11h in Italy => 10h in the UK => 2 hours after London opens
- 10h in Italy => 09h in the UK => 1 hours after London opens
- 09h in Italy => 08h in the UK => hour that London opens

Which is it?

Thanks again

MD
  • #208
  • Jul 19, 2007 8:53am Jul 19, 2007 8:53am
Just compare Eagles charts with your charts... you'll see he is stopping the measuring bar at 1 hour AFTER the London open...
  • #209
  • Jul 19, 2007 9:05am Jul 19, 2007 9:05am
You guys may be right.

I got confused with the times so what i did was compared the actual bars on the first chart with those on my timeframe... I run on GMT even though i am in England as i find it less confusing with the changes..

It seemed to me that the chart worked with the orders being placed at the start of the London open...

Sorry if i got it wrong.. maybe it works better if the orders are place at 8 gmt...

Easy enough to change the time on indicator and look back on the charts i guess...

I think it probably works either way...

I just checked back on the first post... have a look.. Look at the 13th July and compare it with your charts. The bar that breaks out of the zone is the 7 gmt bar... (man oh man!)
  • #210
  • Jul 19, 2007 10:18am Jul 19, 2007 10:18am
Quoting fayeez
hello ppl, whats the setting for GMT +8 , singapore/malaysia
Who is your broker? Your broker time is very important...GMT +?

Thanks
Patience, let the market come to you!
  • #211
  • Jul 19, 2007 10:48am Jul 19, 2007 10:48am
I use igforex.

I set my charts to run on GMT+0 although time here in England is GMT + 1.

London currently opens at 8am local time which is 7am GMT.

If you look back at the first charts and see where the breakout box is drawn, i think you will find it corresponds to the orders being placed at the opening of the London session.

Normally this is when you get the big movement so it seems to make sense. However it is not my system and I may be wrong. However i think i am right that the period that is taken by the indicator is the 3 hour candles before the London open... Normally i see some big movement at around 6am gmt (which i think is the European markets opening?) Then at 7am gmt it all really gets going when London opens...

I try and trade London breakout if is looking clear... I would look for a breakout, retrace and then take the confirmation before trading it.

I think Eagles system is very exciting and i hope it works so I can make lots of money all the time..
  • #212
  • Jul 19, 2007 10:56am Jul 19, 2007 10:56am
There seem to be a lot of similarities to this method, which I use successfully. The SL is tighter but otherwise quite similar.
http://www.forex-tsd.com/manual-trad...asian-low.html

Am I mistaken? Is this better or not as good, in your opinion? Thanks.
"Loss and failure are inevitable but misery is optional"
  • #213
  • Jul 19, 2007 11:16am Jul 19, 2007 11:16am
Quoting mjolimer
I use igforex.

I set my charts to run on GMT+0 although time here in England is GMT + 1.

London currently opens at 8am local time which is 7am GMT.

If you look back at the first charts and see where the breakout box is drawn, i think you will find it corresponds to the orders being placed at the opening of the London session.

Normally this is when you get the big movement so it seems to make sense. However it is not my system and I may be wrong. However i think i am right that the period that is taken by the indicator is the 3 hour candles before the London open... Normally i see some big movement at around 6am gmt (which i think is the European markets opening?) Then at 7am gmt it all really gets going when London opens...

I try and trade London breakout if is looking clear... I would look for a breakout, retrace and then take the confirmation before trading it.

I think Eagles system is very exciting and i hope it works so I can make lots of money all the time..

The last two charts that Eagle posted show him waiting until 9AM London time to start looking for breakouts. I didn't look back any further than that.
  • #214
  • Jul 19, 2007 11:19am Jul 19, 2007 11:19am
Quoting carmel
There seem to be a lot of similarities to this method, which I use successfully. The SL is tighter but otherwise quite similar.
http://www.forex-tsd.com/manual-trad...asian-low.html

Am I mistaken? Is this better or not as good, in your opinion? Thanks.
It's very similar. Eagle has more definitive rules in his system.
The other one leave a lot to your imagination.
  • #215
  • Jul 19, 2007 12:08pm Jul 19, 2007 12:08pm
End of the box for breakout is:

08:00 GMT

09:00 UK

10:00 CET (Europe)

04:00 EST (US East Coast)

01:00 PST (US West Coast)
Regards
  • #216
  • Jul 19, 2007 12:55pm Jul 19, 2007 12:55pm
Thanks Howard...nice post...very clear...!!

Now, I think we need to determine WHICH time frame is BEST or creates the highest profit.... starting to trade AT the London open, or waiting for 1 hour AFTER the London open?

This is where a definitive test would be welcome from someone smarter then me
  • #217
  • Jul 19, 2007 1:18pm Jul 19, 2007 1:18pm
Quoting howard
End of the box for breakout is:

08:00 GMT

09:00 UK

10:00 CET (Europe)

04:00 EST (US East Coast)

01:00 PST (US West Coast)
Howard, great post! I agree with Audionut... We now need to see which time frame is best. The above indicates that Eagle's original settings are correct (5 and 8 GMT) for the "inputs".

Thanks.
  • #218
  • Jul 19, 2007 1:45pm Jul 19, 2007 1:45pm
Hi everyone!

Great thread and thanks for all the imput. I'm a newbie wrt MT4. I've loaded the indicator, but my MT4 platform is GMT +3. So my $64,000 question is, how do I, and where do I go to, change the start and end time for this indicator so that it indicates at the right time? I tried the MT Editor, but I couldn't open the file to change the times. I tried changing the times in the "input" box but it wouldn't let me do that either. I'm stumped on this one. Any advice would be greatly appreciated.

Cheers all and have a great day!

Nancy
  • #219
  • Jul 19, 2007 2:24pm Jul 19, 2007 2:24pm
Right click on your chart where the indicator is loaded.
Go to Indicator List. Select the indicator and click Edit.
You will then see all the fields that you can change.

I hope that helps.

Tom
  • #220
  • Jul 19, 2007 2:39pm Jul 19, 2007 2:39pm
Thanks Tom! Oh my gosh! I need more sleep. I was in that before but it never dawned on me that I had to double click in order to change the numbers. Duh. Sometimes the simplest things can be the hardest.

Thanks again!

Nancy
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