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NY Break Out

  • #161
  • Sep 14, 2008 11:53pm Sep 14, 2008 11:53pm
Quoting Hwd
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.

Yeah, I use one hour before and after at London session open. Same rules apply.
  • #162
  • Sep 15, 2008 12:08am Sep 15, 2008 12:08am
Guys

Just to be clear, it's not my intention to hijack any thread whatsoever. As I mentioned in one of my post, I felt obligated to post about this strategy, as I use it everyday. I also felt the obligation to inform the whole community that throwing a lot of stuff to the strategy will only confuse you and take you to the trail of frustration.

If you keep the box as it is a, low and simple, you will be profitable as I am.

I will remain here at this thread with all respect to the originator of the thread , as I don't agree with the dynamics of the "big dog"thread...again with the utmost respect.

If you have any questions, don't hesitate to ask.

cheers
  • #163
  • Sep 15, 2008 1:02am Sep 15, 2008 1:02am
nomoretoxic,

I, for one, am very grateful for your posts. Please keep up the great work!

The pullback strategy is simple, well-known and practiced by many traders. It provides a great filter to a breakout/straddle approach.

Question: will all the turmoil in the US market with Lehman Bros seeking bankruptcy, BOA buying Merrill Lynch, etc., will you be trading the London and US markets, today/tonight? This week?

Many thanks!
  • #164
  • Sep 15, 2008 3:07am Sep 15, 2008 3:07am
Quoting nomoretoxic
Guys


If you keep the box as it is a, low and simple, you will be profitable as I am.

I will remain here at this thread with all respect to the originator of the thread , as I don't agree with the dynamics of the "big dog"thread...again with the utmost respect.

If you have any questions, don't hesitate to ask.

cheers
nomoretoxic,

Would you please state how/why you disagree with the Bog Dog Dynamics? Inquiring minds want to know! LOL

Today's London Box Hi/Lo range is 171 pips on EUR/USD. Big Dog recommends not trading when the range exceeds 60 pips. Would you also decline trading because the box range is too much?

Many thanks!
  • #165
  • Sep 15, 2008 3:32am Sep 15, 2008 3:32am
Anyone trading the London Box open, today?
  • #166
  • Sep 15, 2008 6:01am Sep 15, 2008 6:01am
Quoting Bobcat2
nomoretoxic,

I, for one, am very grateful for your posts. Please keep up the great work!

The pullback strategy is simple, well-known and practiced by many traders. It provides a great filter to a breakout/straddle approach.

Question: will all the turmoil in the US market with Lehman Bros seeking bankruptcy, BOA buying Merrill Lynch, etc., will you be trading the London and US markets, today/tonight? This week?

Many thanks!

sorry for my late reply, I normally don't pay attention to the news other than interest rates and NFP (NY session)
  • #167
  • Sep 15, 2008 6:09am Sep 15, 2008 6:09am
Quoting Bobcat2
nomoretoxic,

Would you please state how/why you disagree with the Bog Dog Dynamics? Inquiring minds want to know! LOL

Today's London Box Hi/Lo range is 171 pips on EUR/USD. Big Dog recommends not trading when the range exceeds 60 pips. Would you also decline trading because the box range is too much?

Many thanks!
I respect the guys and Big Dog Thread and prefer not to say anything that sounds negative.

About the box range, really doesn't matter . I trade what I see.

Look for yourself back in time how many 60+ range boxes had good trades.

The 60 pips box range goes in the logic of a move losing momentum. In reality, it doesn't matter. Anything below daily charts (well, maybe 4 hr charts) it's noise.

cheers
  • #168
  • Sep 15, 2008 6:10am Sep 15, 2008 6:10am
Quoting Bobcat2
Anyone trading the London Box open, today?

I did not trade the box..but I did trade during the box..shorted EJ..

Sonic
  • #169
  • Sep 15, 2008 6:35am Sep 15, 2008 6:35am
London session 9-15-2008

Something I love about the simplicity of this system - everything is pretty much self-explanatory.

Just look at the charts.

no second guessing - no other time frames involved - no squiggly lines to "support" or "confirm" the trade .

Price action at it's finest.
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  • #170
  • Sep 15, 2008 7:11am Sep 15, 2008 7:11am
Nomoretoxic,

Thank you for your responses to my questions!

Question: Whichever 5 min candle that follows the retracement and moves beyond the breakout candle (same direction) becomes our trade entry candle. Do you place your trade whenever that candle (or price) crosses past the original breakout 5 min candle, OR do you wait until the candle has fully formed and the next 5 min candle appears?

If you merely wait for price to touch your "brown line" in your examples, then do you ever just place a stop or limit (Oanda) pending order, and set and forget? Or are you always an active trader?
  • #171
  • Sep 15, 2008 7:22am Sep 15, 2008 7:22am
Quoting Bobcat2
Nomoretoxic,

Thank you for your responses to my questions!

Question: Whichever 5 min candle that follows the retracement and moves beyond the breakout candle (same direction) becomes our trade entry candle. Do you place your trade whenever that candle (or price) crosses past the original breakout 5 min candle, OR do you wait until the candle has fully formed and the next 5 min candle appears?

If you merely wait for price to touch your "brown line" in your examples, then do you ever just place a stop or limit (Oanda) pending order, and set and forget? Or are you always an active trader?
Two conditions we need for the trade

1. The market breaks the box AKA the breakout

2.The market retraces back - could be one two, many candles, doesn't matter

once I see the market puling back, I place a pending - limit order 2-3 pips away FROM THE BREAKOUT CANDLE. That's my entry.

I use OANDA for trading - MT4 is just a guide, I had a bad experience with hunting stops

A cool thing about OANDA is that you can pre-program your stop-loss profit target
  • #172
  • Sep 15, 2008 8:08am Sep 15, 2008 8:08am
Dear Thread,

Wonderful informative thread. Liberating, in fact. Happy to join up. Nomoretoxic, you answered my PM online. Thanks. No need to respond.

Lenoxer
  • #173
  • Sep 15, 2008 8:21am Sep 15, 2008 8:21am
Quoting Lenoxer
Dear Thread,

Wonderful informative thread. Liberating, in fact. Happy to join up. Nomoretoxic, you answered my PM online. Thanks. No need to respond.

Lenoxer
no problem

happy to help
  • #174
  • Sep 15, 2008 8:41am Sep 15, 2008 8:41am
Hello Nomoretoxic,

Thank you for your trading advise. Nice trade on the EURUSD today. I saw the setup but did not take the trade as the average days range of the EURUSD was reached prior to the breakout. My question is; do you take the average days range into consideration when placing your trades. Also, could you share the times in GMT that you use for your London breakout setup. Thank you.

fxpilot
  • #175
  • Sep 15, 2008 8:43am Sep 15, 2008 8:43am
Hello Nomeretoxic,

Just a follow up to my last post. Would you take the breakout trade on the GBPUSD today, since the days move so far as been so large.

fxpilot
  • #176
  • Sep 15, 2008 8:46am Sep 15, 2008 8:46am
Got a quick profit on EU and EJ this morning. I had a trailing stop set at 15 pips, so was in and out in minutes.
Looking for UsdCad and UsdChf now.
  • #177
  • Sep 15, 2008 8:58am Sep 15, 2008 8:58am
For me this thread is better than the original re-opened Big Dog. That already has another "behave or I will close it again" threat.
Thanks Toxic for your insights. I hand backtested Cable and Euro over the weekend and I can say that Cable is definitely the better of the two by 2-1 on returns.
I will tackle USD/CAD and GBP/JPY next.
  • #178
  • Sep 15, 2008 9:07am Sep 15, 2008 9:07am
guys

the range inside the box or the daily range, won't matter.

The market will do whatever, there's now way to predict using trends, ranges , averages etc.

These kind of stuff is good if you're trading for the long run like daily charts.

Anything less, it's all about ebbs and flows.

The trick here is to stop second guessing.

Here's some stuff that will get you onto second-guessing

1) Where's is x moving average now?

2) where's the trend?

3) looking at x amount of timeframes to put a trade.

4) where's the daily range?

5) pivot points

6) correlations

and I assure you the list goes on and on

you don't need any of that to make money. I don't care about any of the above and I am profitable to the point I can sustain myself off trading.

Stick to simple rules. I have tried all EA's and indicators available to man. Somebody with a lot of experience on this forum(he prefers to be on the shadows), helped me on the process of detoxification ....for free.

This box has been good to me. As I mention in other post I use other stuff. But the box , simple as it is it's a high probability setup.

I mean, it's not the holy grail. But I believe many of us here are experienced enough to understand that you will have losing days...probably more than one in a row. But the law of probabilities are on your side if you keep going.
  • #179
  • Sep 15, 2008 9:18am Sep 15, 2008 9:18am
Nomoretoxic,

Are these setups correct in terms of point of entry?

The 2 black horizontal lines are the lows and highs. As you can see, there are breakouts and pull backs.
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  • #180
  • Sep 15, 2008 9:21am Sep 15, 2008 9:21am
There's a reason why I chose "nomoretoxic" as my nick

yes, the day I detox myself from all the crutches and cleared off my charts

you have no idea how refreshing it is....very much like be born again.

Thanks to my mentor/friend...wish him a long life


Cheers
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