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Attachments: 7am-9am Big Dog USD Breakout Strategy
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7am-9am Big Dog USD Breakout Strategy

  • #221
  • Sep 4, 2008 10:39am Sep 4, 2008 10:39am
Quoting BenQ
Absolutely it's just the idea. But breakout blocks are as old as dirt. Surely this can't be the first time you've seen a breakout box, Sonic. I know you've been around longer than that. All I was commenting on was that a 15 pip sl is very tight, in my opinion.
Many breakout systems are shown on this site. I tried several before using this one. I would like to use it on the asian and london markets if I could.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #222
  • Sep 4, 2008 10:43am Sep 4, 2008 10:43am
Quoting Ronald Raygun
How is it better? I thought this system was simply a range over a specific time period, not a specific amount of bars. Therefore the timeframe used would be pretty much irrelevant.
I done a manual backtest in 1H and it seems better than 15mn, that's all.
I don't know why but it seems better.
Volatility US market or other, I don't know why.
Check a manual backtest with your chart. (50 days available with this indicator)

The forex market is a mystery. :-)
  • #223
  • Sep 4, 2008 10:46am Sep 4, 2008 10:46am
Quoting Money Duck
You guys may want to add an offset (cushion) to your pending orders.

Pairs tend to test highs and lows and then may move the opposite direction, so putting your orders exactly at the high and low for the period you are marking as a breakout is a bit risky.

Use an offset of 5-10 pips. Would have turned your losing GBP/USD trades into a positive one today.

Also, you can see I use FIBs for targets. Pulling FIBs from the high to low in this case.
Thanks for your great imput.. question, are you using the mt4 toolbar fib button to draw your fibs or are you using a special indicator my friend?
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #224
  • Sep 4, 2008 10:51am Sep 4, 2008 10:51am
The key to this strat is MM... no one has talked about this much.

Obviously this is a successful system, we require good MM and good RR to make this succesful.

Having a SL of 40/50 pips and aiming for 15 pips and 30 pips and 45 pips is not a good idea in my eyes.

3% per trade.
SL = high of previous bar.
TP = high of previous bar in pips.

RR = 1:1

Something along those lines or better

3% per trade.
SL = high of previous bar.
TP first 1/2 = high of previous bar in pips.
TP second 1/2 = high of previous bar in pips*2
RR = 1:2

Any ideas?

Regards,
Vip
  • #225
  • Sep 4, 2008 10:52am Sep 4, 2008 10:52am
Im working with Market Orders,my entry is Waddah Attar and Moms10.
Attached Image (click to enlarge)
Click to Enlarge Name: breakout.gif Size: 23 KB
  • #226
  • Sep 4, 2008 10:55am Sep 4, 2008 10:55am
That is what I am thinking. I am trying to figure out where the 7 to 9 came from in the first place. Color me confused.

Scott

Quoting tim4kaye
Maybe the box should be 7:00 - 9:15 Est??
Prices are never too high to begin buying or too low to begin selling.
  • #227
  • Sep 4, 2008 10:57am Sep 4, 2008 10:57am
I have no idea what you're doing.

The bars are only used to determine the high/lows of the 2-hour period in question. It matters little what TF is used. I think that was Ronald's point.

Scott

Quoting Thierry89
I done a manual backtest in 1H and it seems better than 15mn, that's all.
I don't know why but it seems better.
Volatility US market or other, I don't know why.
Check a manual backtest with your chart. (50 days available with this indicator)

The forex market is a mystery. :-)
Prices are never too high to begin buying or too low to begin selling.
  • #228
  • Sep 4, 2008 10:57am Sep 4, 2008 10:57am
Here are another Example.
Attached Image (click to enlarge)
Click to Enlarge Name: breakout eur.gif Size: 20 KB
  • #229
  • Sep 4, 2008 11:02am Sep 4, 2008 11:02am
Exactly what I was trying to suggest. Ignore MM at your own peril.

Scott


Quoting guess121
The key to this strat is MM... no one has talked about this much.

Obviously this is a successful system, we require good MM and good RR to make this succesful.

Having a SL of 40/50 pips and aiming for 15 pips and 30 pips and 45 pips is not a good idea in my eyes.

3% per trade.
SL = high of previous bar.
TP = high of previous bar in pips.

RR = 1:1

Something along those lines or better

3% per trade.
SL = high of previous bar.
TP first 1/2 = high of previous bar in pips.
TP second 1/2 = high of previous bar in pips*2
RR = 1:2

Any ideas?

Regards,
Vip
Prices are never too high to begin buying or too low to begin selling.
  • #230
  • Sep 4, 2008 11:03am Sep 4, 2008 11:03am
Quoting thehenryfam
That is what I am thinking. I am trying to figure out where the 7 to 9 came from in the first place. Color me confused.

Scott
CTGuy - what is the answer?
  • #231
  • Sep 4, 2008 11:03am Sep 4, 2008 11:03am
Quoting November
Im working with Market Orders,my entry is Waddah Attar and Moms10.
Hey there... do you mind if you share your nice looking template and indicators?

Thanks a bunch!
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #232
  • Sep 4, 2008 11:05am Sep 4, 2008 11:05am
Quoting thehenryfam
That is what I am thinking. I am trying to figure out where the 7 to 9 came from in the first place. Color me confused.

Scott
These are the time frames used by those that trade this system using big bucks. A good friend of mine named Rick had an excellent explanation of these certain time frames. I need to look them up.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #233
  • Sep 4, 2008 11:08am Sep 4, 2008 11:08am
Here's the picture of EURUSD, again a good trade, with TP3 45 pips win.
Attached Image (click to enlarge)
Click to Enlarge Name: eu0903.gif Size: 17 KB
  • #234
  • Sep 4, 2008 11:12am Sep 4, 2008 11:12am
Quoting Bull
Here's the picture of EURUSD, again a good trade, with TP3 45 pips win.
Excellent chart...thanks for sharing.

What other pairs do you trade Bull?
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #235
  • Sep 4, 2008 11:13am Sep 4, 2008 11:13am
Here's the Aussie,

First trade long at 0.8380, loss trade, closed at 0.8331, loss 49 pips.-

Following my idea of don't use OCO, second trade (short) at 0.8328, TP2 +30 (still open searching for TP3).

Balance = -49 + 30 = -19
Attached Image (click to enlarge)
Click to Enlarge Name: au0903.gif Size: 17 KB
  • #236
  • Sep 4, 2008 11:13am Sep 4, 2008 11:13am
Thanks for the system and taking the time to answer the many questions to clarify the rules.

I'm not clear on one issue. If you have a Buy trade and a win of 10 pips, do you get back in another Buy trade the same day or are you finished with that currency for the day unless it reverses and hits your Sell order?

I hope my question makes sense.

TIA.

Carol
  • #237
  • Sep 4, 2008 11:16am Sep 4, 2008 11:16am
Again, like the Aussie, in chf we've 2 trades, the firset with a 15 pips loss and the second one with a 15 pips win and till open waiting for TP2
Attached Image (click to enlarge)
Click to Enlarge Name: ch0903.gif Size: 18 KB
  • #238
  • Sep 4, 2008 11:23am Sep 4, 2008 11:23am
Can you post the indicators and templates
  • #239
  • Sep 4, 2008 11:25am Sep 4, 2008 11:25am
Ok, Tim, I went back and looked at the OP's and CTGuy's charts, and I think I see what's going on here. Their vertical lines are drawn through the middle of the 7AM and 9AM candles. That is indeed NINE candles because it is really encompassing the period from the BEGINNING of the 7AM candle to the END of the 9 AM candle (which is 9:15 AM), for a total time of 2 hours and 15 minutes. So the box is really from 7 AM to 9:15 AM. Orders are placed at the very end of that period. Looks like I was doing it wrong (set mine at 9 AM today).

Hope this clears it up for you and others.

Scott

Quoting tim4kaye
CTGuy - what is the answer?
Prices are never too high to begin buying or too low to begin selling.
  • #240
  • Sep 4, 2008 11:25am Sep 4, 2008 11:25am
Hello November

Can you explain your breakout system attached in the post below:

http://www.forexfactory.com/showpost...&postcount=228

Thank you
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