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Nomoretoxic's breakout

  • #61
  • Sep 17, 2008 2:42am Sep 17, 2008 2:42am
Hi Nomoretoxic- thanks for posting your system here- the simple systems are always the best!

If I follow your strategy correctly you wait for a break out of the high of the "box" with the breakout candle closing above/below the line and then wait for a pullback.

Does the pullback have to pullback inside the box to be valid or if there is a sharp move up followed by a down candle outside the box does this constitute a valid move signalling an entry?

many thanks

Mark
  • #62
  • Sep 17, 2008 6:09am Sep 17, 2008 6:09am
Quoting Hissinger
Firstly, thanks for sharing with us your system. Although I'm extremely new to FX(just started a demo after about a month of reading about it) I have traded the local Australian stock exchange for the past 10 years. When i say 'traded' i should really say 'invested' as I wasn't overly active in buying and selling. I was more building a portfolio for myself. Obviously FX is gigantic leap from share trading.

I had to get that out of the way so you see where I'm coming from when i ask very stupid questions like i have below.




I have more stupid questions about the pullback as well but I'll take it one step at a time for the moment. Thanks again for sharing your knowledge.
The trend is just a long cold sustained myth. I don't have any use for the trend using 5 minutes charts. Trend trading is more effective on longer range trading, but here it's all noise.

The trend will keep you on your toes. Trust me, I've been there.

The trend is just another crutch, along with moving averages, multiple timeframes....all of it will lead you to second guessing, which is the #1 (numero uno) reason why so many people have no consistency on trading.

I stay focus on my system. I bring no bias whatsoever. I look on the charts and if it's no there, I will just sit on my hands. Once I spot a possible trade (pullback) , I place my limit , stop-loss and that's all I can do.

Welcome by the way


oh, yes the box is two hours long


Cheers
  • #63
  • Sep 17, 2008 6:13am Sep 17, 2008 6:13am
Quoting mark r
Hi Nomoretoxic- thanks for posting your system here- the simple systems are always the best!

If I follow your strategy correctly you wait for a break out of the high of the "box" with the breakout candle closing above/below the line and then wait for a pullback.

Does the pullback have to pullback inside the box to be valid or if there is a sharp move up followed by a down candle outside the box does this constitute a valid move signalling an entry?

many thanks

Mark
OK Mark. A very good question

the pullback could be either inside the box or outside, doesn't matter.

Doesn't matter how long the pullback takes.

hope it helps
  • #64
  • Sep 17, 2008 6:20am Sep 17, 2008 6:20am
nomoretoxic

did you take any trades during the early london session today?

RR -
  • #65
  • Sep 17, 2008 6:27am Sep 17, 2008 6:27am
Quoting RRothschild
nomoretoxic

did you take any trades during the early london session today?

RR -
no box trades for me.
  • #66
  • Sep 17, 2008 7:46am Sep 17, 2008 7:46am
Nomero!!
Are you using any offsets for your box? If yes how many?
  • #67
  • Sep 17, 2008 8:01am Sep 17, 2008 8:01am
Quoting JokeR
Nomero!!
Are you using any offsets for your box? If yes how many?

Default = 5
  • #68
  • Sep 17, 2008 8:52am Sep 17, 2008 8:52am
Did I do this right. I got stopped out. I entered short on u/j at 104.99 with a sl of 105.31 (the high of the breakout candle). I know they cant all be winners. Just curious if I did it right. Thanks.
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  • #69
  • Sep 17, 2008 8:53am Sep 17, 2008 8:53am
False breakout - EUR/USD 9-17-2008

believe me it's better to have patience and keep your money in your pocket

don't you agree??

cheers
Attached Image (click to enlarge)
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  • #70
  • Sep 17, 2008 8:59am Sep 17, 2008 8:59am
Quoting nomoretoxic
False breakout - EUR/USD 9-17-2008

believe me it's better to have patience and keep your money in your pocket

don't you agree??

cheers
I agree.
  • #71
  • Sep 17, 2008 8:59am Sep 17, 2008 8:59am
Quoting iflyhigh72
Did I do this right. I got stopped out. I entered short on u/j at 104.99 with a sl of 105.31 (the high of the breakout candle). I know they cant all be winners. Just curious if I did it right. Thanks.
You did it right

but you know, I really don't like USD/JPY for the box.

I found out it moves erratically most of the time (and not enough juice!!)

As for long ranges the yen works good...or maybe for hyper-scalping.

sorry man!!!!

but you know, that's how it is

sometimes you win - sometimes you lose

Just shake it off and keep running


Cheers
  • #72
  • Sep 17, 2008 9:02am Sep 17, 2008 9:02am
Missed usd/cad. Looks like a beautiful chart!

Thanks for the quick reply NMT
  • #73
  • Sep 17, 2008 9:02am Sep 17, 2008 9:02am
Quoting nomoretoxic
You did it right

but you know, I really don't like USD/JPY for the box.

I found out it moves erratically most of the time (and not enough juice!!)

As for long ranges the yen works good...or maybe for hyper-scalping.

sorry man!!!!

but you know, that's how it is

sometimes you win - sometimes you lose

Just shake it off and keep running


Cheers
As my little league baseball coach use to tell us (40 years ago), rub some dirt on it and shake it off
  • #74
  • Sep 17, 2008 9:03am Sep 17, 2008 9:03am
I will post this charts again

People, please take a look on how the market bounced off each side of the box.

There you have it...the trend is useless.....


Trade simple......throw the crutches away.....


welcome to stress-free trading

cheers
Attached Image (click to enlarge)
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  • #75
  • Sep 17, 2008 9:07am Sep 17, 2008 9:07am
Quoting nomoretoxic
False breakout - EUR/USD 9-17-2008

believe me it's better to have patience and keep your money in your pocket

don't you agree??

cheers

Did you enter this trade?

I waiting on Swissy and Pound now.
  • #76
  • Sep 17, 2008 9:11am Sep 17, 2008 9:11am
Quoting iflyhigh72
Missed usd/cad. Looks like a beautiful chart!

Thanks for the quick reply NMT
OH MAN!!!!

that was beautiful


oh well....better luck next time for all of us LOL


cheers
Attached Image (click to enlarge)
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  • #77
  • Sep 17, 2008 9:13am Sep 17, 2008 9:13am
Quoting nomoretoxic
OH MAN!!!!

that was beautiful


oh well....better luck next time for all of us LOL


cheers
I got this one too, with 20 pips and the AUD/USD: 20 pips and EUR/JPY: 26 pips.

Lost on the Euro: - 20
  • #78
  • Sep 17, 2008 9:18am Sep 17, 2008 9:18am
Quoting Hwd
I got this one too, with 20 pips and the AUD/USD: 20 pips and EUR/JPY: 26 pips.

Lost on the Euro: - 20
Are you trading NoMo's pull back trading theory?
  • #79
  • Sep 17, 2008 9:34am Sep 17, 2008 9:34am
http://www.forexfactory.com/C:%5CUse...p%5Cusdcad.gif


This was a nice breakout/retrace. Wish I was paying attention at thhttp://www.forexfactory.com/C:%5CUse...p%5Cusdcad.gife time!
Attached Image (click to enlarge)
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  • #80
  • Sep 17, 2008 9:37am Sep 17, 2008 9:37am
Quoting tim4kaye
Are you trading NoMo's pull back trading theory?
Not on the EUR/JPY because of its past results when traded as a straight breakout.

The aud/usd was just a test and it worked ( NO ONE MUST DO THIS, IT WAS A FLAT-OUT GAMBLE !!!!!). I am using a demo, as I am forward testing this system before using it live so I gambled on the Aussie.

The EUR/JPY was intentional as I am leaning toward trading it in this manner.

However, USE NOMO'S PULLBACK. I use it on every pair with EUR/JPY being a slight exception, still indecisive.

Disclaimer: DO NOT CHANGE NOMO'S METHOD FOR ANY PAIR !!! He is trading for a living and has been sustaining himself from trading so HE knows best.
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