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  • #841
  • Jan 18, 2008 7:26am Jan 18, 2008 7:26am
Quoting WHTenn
You want the instructions, etc... GO TO POST#1 and READ FROM THERE... as everyone else has done here.
Hey WHT, this is supposed to be my job here at FF!

..................................................
  • #842
  • Jan 18, 2008 10:43am Jan 18, 2008 10:43am
this thread has been pretty quite lately---where is eagle at, on vacation again? is the reason this thread is a bit quite is due to the head fakes out there--there has been more recently on some of the pairs. Or is everyone just so busy making money off this system they are to tired to post results?
  • #843
  • Jan 18, 2008 12:58pm Jan 18, 2008 12:58pm
Quoting BeachBum
Hey WHT, this is supposed to be my job here at FF!

..................................................
OOPS, my error my friend. I wish you a great weekend!
  • #844
  • Jan 19, 2008 1:06am Jan 19, 2008 1:06am
Thanks WHTenn for posting----for the EJ trade looked a bit tricky due to the first break it made up at 9gmt then going back down to the channel's lows then back up again thru the high of the channel at 12gmt --- did u get in on a buy then or a sell later on in that pair?

on the GU pair were u able to avoid the head fake up also? i am guessing so--it tried a run up for 5 hrs after the channel formed.

WHTenn do u tend to trade in the direction of the day chart and only enter trades on the 60min or 15min or what every time frame u use in the direction of the day chart? or do u counter trend trade if it is there.
  • #845
  • Edited 8:47pm Jan 20, 2008 8:20pm | Edited 8:47pm
Time based BOs can be very profitable when they are first discovered - (big Ben etc)..but they are generally a temporary phenonomon, and in the old phrase.. they work till they dont...
Full marks to Eagle for this break..and thank you for sharing it.....
I´ve made pips from it and Im sure others have too...

I, along with many others, have tried to eye-ball charts to try to identify new patterns.. with great success at times, I must say. I´ve used both statictical programs and more recently EAs to scan data series to verify or disprove my and others different hypotheses.

In the last fortnight on another FF thread a talented and generous member called saaedb produced an EA for a similar type system (to Eagles) published by Nicotina that is one such useful tool in establishing the history and patterns of such timeBO opportunities. Heres the link in case you havent covered it :http://www.forexfactory.com/showthre...aaedb&page=111 the EA is called NicoaTinaBreakOut_V2.ex4

With respect to the author I have reservations about the accuracy of the current version of the code.. and more reservations because he has not released the code .. only an exe. Sorry, but I think its silly really because its good but hardly rocket science..

You must remember the big boys are using supercomputers to analyse the data for such opportunities..and even if they´re all not Im sure they check in with FF threads regularly, to see if they´ve missed something..LoL!
  • #846
  • Jan 21, 2008 11:45am Jan 21, 2008 11:45am
Quoting cliffedwards
Time based BOs can be very profitable when they are first discovered - (big Ben etc)..but they are generally a temporary phenonomon, and in the old phrase.. they work till they dont...
Full marks to Eagle for this break..and thank you for sharing it.....
I´ve made pips from it and Im sure others have too...

I, along with many others, have tried to eye-ball charts to try to identify new patterns.. with great success at times, I must say. I´ve used both statictical programs and more recently EAs to scan data series to verify or disprove my and others different hypotheses.

In the last fortnight on another FF thread a talented and generous member called saaedb produced an EA for a similar type system (to Eagles) published by Nicotina that is one such useful tool in establishing the history and patterns of such timeBO opportunities. Heres the link in case you havent covered it :http://www.forexfactory.com/showthre...aaedb&page=111 the EA is called NicoaTinaBreakOut_V2.ex4

With respect to the author I have reservations about the accuracy of the current version of the code.. and more reservations because he has not released the code .. only an exe. Sorry, but I think its silly really because its good but hardly rocket science..

You must remember the big boys are using supercomputers to analyse the data for such opportunities..and even if they´re all not Im sure they check in with FF threads regularly, to see if they´ve missed something..LoL!
last night I tried the EA you mentioned and I don't believe it works on the same principle that we have been discussing. It tried to open a buy when the price was below the box.

Do you think that maybe the reason these EA quit working is because to many people start using them and maybe create to many orders all coming in at the same time? There are a lot of people following FF. Big people could see volume increases and start entering their own orders which would cause a counter reaction of some type.
  • #847
  • Jan 21, 2008 12:59pm Jan 21, 2008 12:59pm
I've modified the original indicator to include an email alert/ popup / play sound, whenever a breakout happens on either side of the box. This new indicator will also look in to the current trend indicated by the Slope Direction Line indicator that was discussed in the forum while ago.

The new inputs to the indicator in addition to the existing ones

extern int SlopeChartTimeFrame = 60;
extern int SlopePeriod_Input1 = 30;
extern int Slopemethod_Input2=3;
extern int SlopePrice_Input3=0;
extern int pipsbuffer=5;
extern string sound_wav="alert2.wav";


SlopeChartTimeFrame is the timeframe on which you want to monitor the Slope Direction Line indicator .

SlopePeriod_Input1 and SlopePeriod_Input2 and SlopePeriod_Input3 are inputs to the slope direction indicator.

pipsbuffer is the number of pips the current price should have crossed from the high/low of the box , to be recognized as a breakout.

sound_wav is the name of the sound wav file that u want tobe played when a breakout happens. This file should be there under experts/sounds directory.

Any questions let me know .

Hopefully it would be useful
Attached File(s)
File Type: ex4 BreakOut-EAGLE_indicator.ex4   11 KB | 672 downloads
File Type: mq4 BreakOut-EAGLE_indicator.mq4   10 KB | 831 downloads
  • #848
  • Jan 22, 2008 9:45am Jan 22, 2008 9:45am
This is how I like to use the Eagle break-out method; I'll explain it later.
Attached Image (click to enlarge)
Click to Enlarge Name: eagle_usdchf.png Size: 22 KB
  • #849
  • Jan 22, 2008 9:52am Jan 22, 2008 9:52am
Here's the template; use it on Alpari UK (GMT +1)
Attached File(s)
File Type: tpl eagle_euro.tpl   62 KB | 1,174 downloads
  • #850
  • Edited 4:05pm Jan 22, 2008 3:43pm | Edited 4:05pm
After examining the posted template, you know I have two MA's to show the current trend on the 1 hour chart. The purpose of the Red line/fast MA is to show where the average price is moving NOW! This will prevent being fooled most of the time by price spikes that leave the box and then fail to continue in that same direction. We want the Red line to penetrate the outside of the box; the sharper the angle and the wider the separation from the Blue line/slower MA, the better. But........pay attention to the Pivot, Support and Resistance levels as the price moves towards and away from these. Often times these are like magnets for the price. Once the red line has exited the box and we have examined the important price levels, it's time to trade. You can wait for the 1 hour candle to close, or drop to a lower time frame (15 or 5 minute chart) and plan your entry there. The key indicator is the Red line exiting the box.

I'll post two charts to show what I mean about price spikes and avoiding fake signals:

The first price spike marked by the "Hot Pink" vertical line broke below the box, but the Red MA line did not; it bounced off the bottom of the box. No Trade!
Three hours later the Red line exited the top of the box along with the price; time to trade!

The second example shows a price spike 'up' while at the same time the Red line was descending; don't buy, sell!

Backtest this method for each pair you wish to trade to confirm it's effectiveness!

If anyone has a question that can't be answered by thoroughly examining my template and the posted charts, I'll be happy to respond.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usd_chf1.png Size: 27 KB
Click to Enlarge Name: usd_chf2.png Size: 24 KB
  • #851
  • Jan 23, 2008 2:46am Jan 23, 2008 2:46am
where is the latest eagle box indicator
  • #852
  • Edited 3:18am Jan 23, 2008 2:55am | Edited 3:18am
BeachBum.
In your first example:
"The first price spike marked by the "Hot Pink" vertical line broke below the box, but the Red MA line did not"....
Are you sure the red MA did not break below the box in the same time the price did break it?
You show an example where the price changed its way back upwards but in the real time, before it bounced back into the box, wasn't the red MA out of the box too?

and 1 more question: your MA's are weighted and periods are 1 and 5?
  • #853
  • Jan 23, 2008 7:21am Jan 23, 2008 7:21am
Good question smilee........

I can't answer positively for this example on the 1 hour chart because I don't watch that closely. I look at the 1 hour chart at about the half-hour mark to get a 'heads-up'. If the Red line has moved significantly outside the box, I'll consider a trade; but my preference is to wait for the 1 hour candle/bar to close with the Red line outside the box. There will be occasions when a reversal occurs, usually triggered by a news item or one of the important P/S/R levels. Otherwise, this is a powerful tool for me when trading a B/O.

The 1 MA is Median price, no shift. The 5 MA is Open with a +1 shift. Both are linear weighted.


Quoting smilee89
BeachBum.
In your first example:
"The first price spike marked by the "Hot Pink" vertical line broke below the box, but the Red MA line did not"....
Are you sure the red MA did not break below the box in the same time the price did break it?
You show an example where the price changed its way back upwards but in the real time, before it bounced back into the box, wasn't the red MA out of the box too?

and 1 more question: your MA's are weighted and periods are 1 and 5?
  • #854
  • Jan 23, 2008 7:53am Jan 23, 2008 7:53am
I hope everyone got a piece of this pie this AM:
Attached Image (click to enlarge)
Click to Enlarge Name: gbp_jpy2.png Size: 15 KB
  • #855
  • Jan 23, 2008 9:42am Jan 23, 2008 9:42am
Here's a good question I received by PM:

"Great work you did for improving eagle break out strategy. I saw your template and i have read ur strategy explained text.

I have a question here. do you use the same template in trading gbpusd and gbpjpy"

I use this template to plan for potential trades on ALL pairs that include one European currency (EUR, GBP, CHF).......15 pairs on Alpari UK.

Also, I use this template for Asian currency based pairs by adjusting the hours for the box to 0:00 to 2:00 on the Alpari UK platform.........16 pairs.

I don't use it for the NY market.

HTH!
  • #856
  • Jan 23, 2008 10:12am Jan 23, 2008 10:12am
http://forexfactory.com/%5Burl=http:...g%5D%5B/url%5D

http://img132.imageshack.us/img132/1230/boxfi9.th.jpg

this is how i see the template
  • #857
  • Jan 23, 2008 10:22am Jan 23, 2008 10:22am
Beachbum,

This 1 hr BO box is great, helped me pick up alot of pips this morning, with no false BO's.

My Question- when my alert went off on the 1hr chart with the linear weighted average ma only, I dropped down to my 5min chart which I trade off, and price was still quite a bit away on the 5m chart of breaking out. Trading the ASIAN markets, the BO boxes were different sizes, and yes I took into account the box ending at the hour (2:00GMT) and (2:05 GMT on 5min) this made no difference. After I added candles to my 1 hr chart, the boxes were the same size at the London opening. Did you intend for the boxes to be different sizes (1hr vs 5min) which appears to occur when the MA lines are the only lines on the 1 hr chart, or did I do somehthing wrong?

Thank You for your time.
  • #858
  • Jan 23, 2008 4:36pm Jan 23, 2008 4:36pm
Kudos Eagle for this innovation. you really did a good job. your breakout was tested and the result not bad. but one observation is that it only work when the trend is flat.
  • #859
  • Jan 23, 2008 11:10pm Jan 23, 2008 11:10pm
Thanks for your swift response to my question. I kinda love your tweaking as they mitigate false break-out. bravo!

I have more questions here:

1. What are your settings for the eur pairs?

2. How do you narrow trading down to 5mins using this method.



I will suggest that you do a comprehensive explanation of your 'Modified version' in PDF file(if time permits u) stating the settings and how u trade this more reliable tweaked system for more pips

Thanks
  • #860
  • Jan 23, 2008 11:41pm Jan 23, 2008 11:41pm
pipstalker, I wait for the box to be completed on the 1 hour chart; then place a vertical line on the top and bottom of the 1 hour box. Now when you drop down to a lower time frame, you will see the break out prices from the 1 hour chart. Plan your trade from this lower time frame if that is your preference. This process should prevent you from being confused by the different sized B/O box on time frames other than the 1 hour chart. Remember: we are interested in the B/O box from the 1 hour chart.

Quoting pipstalker
Beachbum,

This 1 hr BO box is great, helped me pick up alot of pips this morning, with no false BO's.

My Question- when my alert went off on the 1hr chart with the linear weighted average ma only, I dropped down to my 5min chart which I trade off, and price was still quite a bit away on the 5m chart of breaking out. Trading the ASIAN markets, the BO boxes were different sizes, and yes I took into account the box ending at the hour (2:00GMT) and (2:05 GMT on 5min) this made no difference. After I added candles to my 1 hr chart, the boxes were the same size at the London opening. Did you intend for the boxes to be different sizes (1hr vs 5min) which appears to occur when the MA lines are the only lines on the 1 hr chart, or did I do somehthing wrong?

Thank You for your time.
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