NY Break Out | Page 8 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Break Out + Pull Back & Pure Break Outs 59 replies

BB break + trendline break 24 replies

Looking for L > Break High Break Low Indicator 1 reply

Break out and fake out 0 replies

A break below - A Break Above Question 1 reply

Attachments: NY Break Out
Exit Attachments

NY Break Out

  • #141
  • Edited 5:41am Sep 14, 2008 4:47am | Edited 5:41am
Thanks nomoretoxic for rundown on limit order entry. Have had about 0 experience with breakout systems so your system will be tried - after stop entry in second GBPJPY chart shown above fails of course. Stops would have placement 10 pips either side of box.

Systems that look like the one on this chart have a way of not performing as well as they look, at times losing a lot of money, though tkimble apparently is able to make them work. Would be interested to hear your opinion on why something that looks so simple and effective does not work?

(Colored so called "billiard balls" on the two charts are FF news announcements of Plot_NEWS indicator: See: New!! - Plot News indicator thread. Hover curser over the billard ball and get Previous, Forecast, Actual. Also, use Alert_News auditory signal adjustable to 5-1 minutes before event and included in download of Plot_News aparatus.)
  • #142
  • Sep 14, 2008 8:31am Sep 14, 2008 8:31am
Quoting brucewhain
Thanks nomoretoxic for rundown on limit order entry. Have had about 0 experience with breakout systems so your system will be tried - after stop entry in second GBPJPY chart shown above fails of course. Stops would have placement 10 pips either side of box.

Systems that look like the one on this chart have a way of not performing as well as they look, at times losing a lot of money, though tkimble apparently is able to make them work. Would be interested to hear your opinion on why something that looks so simple and effective does not work?

(Colored so called "billiard balls" on the two charts are FF news announcements of Plot_NEWS indicator: See: New!! - Plot News indicator thread. Hover curser over the billard ball and get Previous, Forecast, Actual. Also, use Alert_News auditory signal adjustable to 5-1 minutes before event and included in download of Plot_News aparatus.)
In my view and long and painful experience on "systems" is that they don't work because they're only guides. I've tried almost anything invented under the sun.

Markets are nothing more that a battleground of supply and demand and one goes in top of the other you just go a play the winner.

I don't know this guy timble or whatever the name but he was probably hidding something out of the public view or simply was patronizing something that looks simple on the outside but everybody and their dogs were adding a lot of stuff to the "mix"...a common problem here at forex factory.

The box works for me because I keep it as it is. You will have a trade, or don't and you will make money or get screwed. That's the nature of this business.

People need to realize that trading is not about charts - is about price.

That's how you stacks odds in your favor...yes odds because that's ultimately what it is.. I had 2-3 losing days in a row, but I know that the law of probabilities are on my side, so I just have to play along.

Probabilities - yes, what I do is waiting for the market to go unbalanced AKA the box gets broken, and play along, waiting for a pullback and then a continuation to make sure the market has intentions to follow that route. That my friend is the true sense of stacking odds in your favor as I mentioned before.

If you're asking something like "I will put this system to test to see if it works" and you're just avoiding losing, the best advise I could ever give to you is to quit trading and do something else. I assure you, losses will come and there's nothing you can do to avoid them. No matter how you trade.

I stopped "testing" stuff long time ago...it's a waste of time.

I am a living proof that in order to make money in this game you don't need anything other that read price. As simple as that. The most important thing about the box is the way the market behaves once the level is broken . That's it.

cheers
  • #143
  • Sep 14, 2008 12:16pm Sep 14, 2008 12:16pm
In the other thread there was a lot of talk about backing up the decision to trade the breakout using other factors. Primarily trend.

So if the box is breaking through the top, then we look at the trend on other charts, the H1 & the H4, and see if the trend agree's with the breakout. If it does we take the trade, if not we are more cautious.

Which indicator would people recommend as the best for showing this overall trend?

Thanks

David
  • #144
  • Sep 14, 2008 1:08pm Sep 14, 2008 1:08pm
Nomoretoxic,

Thank You for your posts. It really makes this strategy very simple.

Regards,
Jeff
  • #145
  • Sep 14, 2008 1:58pm Sep 14, 2008 1:58pm
I can't thank you enough for explaining your way of handling this method.

I do have 2 questions.

1) Do you put a tp in your order?

2) Boy I really hate to ask this one as I don't want to start any confusion about the time period for the box again. But in your method, since you are using the 5 minute chart, does your box end at 9:05:59 or does it end at 9:14:59 ?


Alexandra
  • #146
  • Sep 14, 2008 2:07pm Sep 14, 2008 2:07pm
sorry I meant to say 9:04:59

Alexandra
  • #147
  • Sep 14, 2008 2:10pm Sep 14, 2008 2:10pm
Quoting pipping
I can't thank you enough for explaining your way of handling this method.

I do have 2 questions.

1) Do you put a tp in your order?

2) Boy I really hate to ask this one as I don't want to start any confusion about the time period for the box again. But in your method, since you are using the 5 minute chart, does your box end at 9:05:59 or does it end at 9:14:59 ?


Alexandra
9:04:59 is a good choice

I shoot for 20 pips tp.

Using a risk/reward of 1:1 works for me nicely

EUR/USD will give 20 pips most of the time.


5 minutes charts - that's all you need

don't over-think , that will lead you to second-guessing

trend trading is for bigger timeframes - here you just look what's going on inside the box.


Play your game like a sniper - one shot, one kill
Welcome to the profitland - cost of learning $0

Cheers
  • #148
  • Sep 14, 2008 2:25pm Sep 14, 2008 2:25pm
I will use this monday morning !

Alexandra
  • #149
  • Sep 14, 2008 2:36pm Sep 14, 2008 2:36pm
I am using this indicator which I think is good for the box (see atachement)

But hey, you can use whatever you want. Two single horizontal lines will do the trick nicely..
Attached File(s)
File Type: ex4 ant-GUBreakout_V[1].0.3.ex4   9 KB | 411 downloads
  • #150
  • Sep 14, 2008 2:45pm Sep 14, 2008 2:45pm
Hi nomoretoxic

This is the latest indi version of that indi u posted earlier

~Profi~
Attached File(s)
File Type: ex4 ant-GUBreakout_V.0.4.ex4   9 KB | 435 downloads
File Type: ex4 ant-GUBreakout_V.0.4.1.ex4   13 KB | 535 downloads
~ Let the TRADES come to you - be a TRAPPER not a HUNTER ~
  • #151
  • Sep 14, 2008 2:47pm Sep 14, 2008 2:47pm
Quoting profi4554
Hi nomoretoxic

This is the latest indi version of that indi u posted earlier

~Profi~
thanks a lot profi

will put it on my charts

cheers!!!
  • #152
  • Sep 14, 2008 2:50pm Sep 14, 2008 2:50pm
here's a chart from 9/12/2008

I already have them posted somewhere

pretty much self-explanatory
Attached Image (click to enlarge)
Click to Enlarge Name: breakout.gif Size: 21 KB
  • #153
  • Sep 14, 2008 3:43pm Sep 14, 2008 3:43pm
Well I am hoping this is my last question.

Pullbacks: do they have to pullback partly to the inside of the box ? or is it just any pullback? For example I am looking at EURUSD on 9/10.


Thanks again,

Alexandra
  • #154
  • Sep 14, 2008 3:52pm Sep 14, 2008 3:52pm
Quoting pipping
Well I am hoping this is my last question.

Pullbacks: do they have to pullback partly to the inside of the box ? or is it just any pullback? For example I am looking at EURUSD on 9/10.


Thanks again,

Alexandra
any pullback...ultimately what you're looking for is the last price either high or low before the pullback - 2-3 pips away, that will be your entry.

Sometimes pullbacks are deep - please make reference to the last charts I posted. Don't worry about it, just go with the flow

cheers
  • #155
  • Sep 14, 2008 5:06pm Sep 14, 2008 5:06pm
got it

thanks!
  • #156
  • Sep 14, 2008 6:22pm Sep 14, 2008 6:22pm
Quoting pipping
got it

thanks!
There is one logic i do not understand about this system. Why do we take the Highs and Lows of the 'Last" and "First" hour of the market hours? For example the high between 7.00 est time and 9.15 am Est time is the last 1 and first 1 hour of the New York Session.

Why not take H/L of the "first" 2 hour or 3 hours or i dont know...
Can someone explain please?
  • #157
  • Sep 14, 2008 7:06pm Sep 14, 2008 7:06pm
Quoting JokeR
There is one logic i do not understand about this system. Why do we take the Highs and Lows of the 'Last" and "First" hour of the market hours? For example the high between 7.00 est time and 9.15 am Est time is the last 1 and first 1 hour of the New York Session.

Why not take H/L of the "first" 2 hour or 3 hours or i dont know...
Can someone explain please?

not a hard and fast rule. I usually don't trade NY session. But I guess very few hardcore traders will get up at 3:00 AM EST so I assumepeople rather get up @ 7:00EST and trade NY.

Just to keep in line with the thread tittle "NY Break out"
  • #158
  • Sep 14, 2008 7:22pm Sep 14, 2008 7:22pm
I understand your entry method now. The NY session is just fine for me, as I can start in at around 6:00 AM my time here in beautiful sunny southern calif. What session do you trade this system in and what 2 hour window do you use? Do you know if each session is about the same as far as success?
Quoting nomoretoxic
not a hard and fast rule. I usually don't trade NY session. But I guess very few hardcore traders will get up at 3:00 AM EST so I assumepeople rather get up @ 7:00EST and trade NY.

Just to keep in line with the thread tittle "NY Break out"
  • #159
  • Sep 14, 2008 7:40pm Sep 14, 2008 7:40pm
Quoting paradoxical
I understand your entry method now. The NY session is just fine for me, as I can start in at around 6:00 AM my time here in beautiful sunny southern calif. What session do you trade this system in and what 2 hour window do you use? Do you know if each session is about the same as far as success?

NY Session works fine . Asia/Frankfurt is another kicker

I use both London and NY, mostly London. Level of success is equally the same in my opinion.
  • #160
  • Sep 14, 2008 11:36pm Sep 14, 2008 11:36pm
Quoting nomoretoxic
NY Session works fine . Asia/Frankfurt is another kicker

I use both London and NY, mostly London. Level of success is equally the same in my opinion.
Hi again,

Tell us about you London session. Do you use the same one hour before and after the open?

Oh and the original thread "Big Dog" has been reopened.
0 traders viewing now