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A Basic Breakout System

  • #81
  • Jul 10, 2008 2:04am Jul 10, 2008 2:04am
Quoting effilang
Your SL is fine too NowAndLater.

We got hit by the French news on that one, but it didn't break past lows on the release so there is a very good chance we have a resumption.
Yeah I meant 1.5715. What do you base your sl on in this trade?
  • #82
  • Jul 10, 2008 2:06am Jul 10, 2008 2:06am
The price low at 715 and the band at 700.

If i ever have a low which is close to the band, ill place it below the band, since ATR measures the movement and volatility range of the pair it makes it one bit safer.

Regards,
e. Lang
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #83
  • Jul 10, 2008 2:11am Jul 10, 2008 2:11am
Quoting effilang
The price low at 715 and the band at 700.

If i ever have a low which is close to the band, ill place it below the band, since ATR measures the movement and volatility range of the pair it makes it one bit safer.

Regards,
e. Lang
Thanks for the answer, makes sense too
  • #84
  • Jul 10, 2008 2:19am Jul 10, 2008 2:19am
If you missed the 168.24 EJ Long on H1 watch the 168.88 H4 Long.

H1
http://img507.imageshack.us/img507/1558/ejyu6.gif

H4
http://img65.imageshack.us/img65/111/ej2yp2.gif
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #85
  • Jul 10, 2008 6:36am Jul 10, 2008 6:36am
Hi Effi,

Firstly thanks for sharing this.

I have attcahed a chrt from my demo account there appears to slight diff with yours, most worringly the signal is at different level, as you can see BAT ATR setting correct. any ideas?

cheers Rich
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled-2.jpg Size: 258 KB
  • #86
  • Jul 10, 2008 6:39am Jul 10, 2008 6:39am
Try connecting to IBFXs mini server or any of their live servers.

OR

Just download a platform from Alpari, it seems they are in sync with IBFX when it comes to this indicator.

We've had it confirmed on the thread already. Alpari should be good if you can't get the right IBFX feed.

Regards,
E. Lang
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #87
  • Jul 10, 2008 6:54am Jul 10, 2008 6:54am
Quoting Rich1969
Hi Effi,

Firstly thanks for sharing this.

I have attcahed a chrt from my demo account there appears to slight diff with yours, most worringly the signal is at different level, as you can see BAT ATR setting correct. any ideas?

cheers Rich
Rich,
1 to 3 pips difference in servers can alter the appearance of these charts quite a bit. That happens all the time. I don't think it's anything to worry about.
Your settings are correct and your chart looks like it should with your data.
  • #88
  • Jul 10, 2008 7:06am Jul 10, 2008 7:06am
Sup Effi,Been having a close look at the system since yesterday..and gees a nice system you ve got here.The combo of ATR and price analysis without no other complicated indi. is applaudable.The Entry,Exit and 'Risk' management is truly an act of a pro.Need i say more ? Nice one Bro.
Am a Pipnessman ....
  • #89
  • Jul 10, 2008 7:11am Jul 10, 2008 7:11am
Danke
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #90
  • Jul 10, 2008 7:38am Jul 10, 2008 7:38am
Hi Eiff,

Thanks I have opened a demo with IBFX which appears to show same data.

Look forward to testing this over the coming weeks.

rgds Rich
  • #91
  • Jul 10, 2008 7:43am Jul 10, 2008 7:43am
I thought i had heard it all but Eiff is a new one.

No problem Rich.

If you have questions, i'm in the chatroom.

Take care.
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #92
  • Jul 10, 2008 8:34am Jul 10, 2008 8:34am
I can not post a chart right now.....

Can someone confirm a possible long entry coming up on the USD/CHF at or around the 1.0336 area?

I will try to post a chart soon!

Thanks
  • #93
  • Jul 10, 2008 9:09am Jul 10, 2008 9:09am
Quoting DivePIPS
I can not post a chart right now.....

Can someone confirm a possible long entry coming up on the USD/CHF at or around the 1.0336 area?

I will try to post a chart soon!

Thanks
Yup I see it on the 1 hour TF. But I also see a short setup forming on the 30 minute TF around 103.03. Be careful with that short as the daily pivot comes in at 103.02.
  • #94
  • Jul 10, 2008 11:05am Jul 10, 2008 11:05am
Hey Effi,

Thanks for sharing your system with everyone. After our chat last night I just thought I would post an attachment just to check if I am taking the system in the correct way. Below is my take on phase 1, 2 and 3 on the most recent GBPJPY 1 hour chart. The only problem I can see is the stop-loss aspect. Looking at this chart, once price finally broke one of the three possible entry points the most recent high I can see is 212.29 which is 84 pips away, so would this be your stop?

Good luck

Foggytrader
http://www.forexfactory.com/attachme...1&d=1215705852
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY 1 Hour.jpg Size: 56 KB
  • #95
  • Edited 11:51am Jul 10, 2008 11:32am | Edited 11:51am
Question: The red line never seems to touch and candle but the green one does? Why is that? Since its never touching one, what candle do you use? The candle right after the red line stops of the candle that is horizontal or with the ending of the red line?
  • #96
  • Jul 10, 2008 12:12pm Jul 10, 2008 12:12pm
http://img355.imageshack.us/img355/2449/ejsb8.gif
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #97
  • Jul 10, 2008 12:13pm Jul 10, 2008 12:13pm
Foggy, you're got it down correctly.

Regards,
e. Lang
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #98
  • Jul 10, 2008 12:48pm Jul 10, 2008 12:48pm
Effi,

Thanks for the system. I am sure you are quite tired of questions. Could you please clarify how to find the pivot once the correction is visualized. I think I understand it but then when I look at some of the examples I think I don't.

Thanks for helping a newbie.
  • #99
  • Jul 10, 2008 1:55pm Jul 10, 2008 1:55pm
hi Effi,its really nice simple and "so real" system....

what's the most suitable TF for this one?

GL,
MM79
  • #100
  • Jul 10, 2008 2:18pm Jul 10, 2008 2:18pm
Possible 4 Hour set-up on GBPUSD,

Cheers

Foggy
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