Maya,
Some random thoughts:
I am trading with much smaller lots, two other breakout strategies on two other currency pairs for tonight. Orders are placed respectively @ GMT 500 and GMT 730.
I am tracking those other breakouts in this way. Although I am comparing apples to oranges, if neither of the other breakout strategies utilizing different boxes and different time frames are filled, then I am fairly confident that the overall market is ranging.
Tonight, neither previous breakout resulted in a filled order. This may mean I should not trade ANY breakout type strategy the remainder of the day...or perhaps use smaller lot sizes.
However, I also utilize Tom Yeomans Currency Meter that measures each individual relative currency strength against the whole market (instead of just comparing GBP to USD). Tonight, the USD is stronger than the GBP, so the market should favor a sell.
I also take a quick look at the Signal Bars Indicator on MT4 just to see what direction EMA and MACD are pointing.
My point in activating these additional filters is to test whether or not any of them are helpful in trading your system.
Another possibility may be to limit trading whenever the box or channel is less than, perhaps 50 or perhaps more than 150 (arbitrary,,,may need adjusting). Under 50 may indicate a ranging market, and above 150 may indicate that the market has already moved far enough that to ask it to move another 50 pips is not prudent.
My guess right now is that NOTHING we can use will ever be of much help in trying to predict market direction. That is the beauty of your system...we don't care which direction it takes...we will profit either way. The use of the other breakout systems may hold some validity by keeping us out of ranging markets. We'll see.
Just my 2 cents' worth.
Some random thoughts:
I am trading with much smaller lots, two other breakout strategies on two other currency pairs for tonight. Orders are placed respectively @ GMT 500 and GMT 730.
I am tracking those other breakouts in this way. Although I am comparing apples to oranges, if neither of the other breakout strategies utilizing different boxes and different time frames are filled, then I am fairly confident that the overall market is ranging.
Tonight, neither previous breakout resulted in a filled order. This may mean I should not trade ANY breakout type strategy the remainder of the day...or perhaps use smaller lot sizes.
However, I also utilize Tom Yeomans Currency Meter that measures each individual relative currency strength against the whole market (instead of just comparing GBP to USD). Tonight, the USD is stronger than the GBP, so the market should favor a sell.
I also take a quick look at the Signal Bars Indicator on MT4 just to see what direction EMA and MACD are pointing.
My point in activating these additional filters is to test whether or not any of them are helpful in trading your system.
Another possibility may be to limit trading whenever the box or channel is less than, perhaps 50 or perhaps more than 150 (arbitrary,,,may need adjusting). Under 50 may indicate a ranging market, and above 150 may indicate that the market has already moved far enough that to ask it to move another 50 pips is not prudent.
My guess right now is that NOTHING we can use will ever be of much help in trying to predict market direction. That is the beauty of your system...we don't care which direction it takes...we will profit either way. The use of the other breakout systems may hold some validity by keeping us out of ranging markets. We'll see.
Just my 2 cents' worth.
hope u guys get +50 today..
