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Nomoretoxic's breakout

  • #81
  • Sep 17, 2008 9:38am Sep 17, 2008 9:38am
Quoting Hwd
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.
I just got killed on Swissy.
  • #82
  • Sep 17, 2008 9:50am Sep 17, 2008 9:50am
yaaaay for pound!

Northbound to the London High. I just got my 20 pips.

Thanks Nomo.
  • #83
  • Sep 17, 2008 10:31am Sep 17, 2008 10:31am
Quoting Hwd
yaaaay for pound!

Northbound to the London High. I just got my 20 pips.

Thanks Nomo.

cool

I am distracted today...LOL

well....I made my day but honestly I haven't paid much attention to the box today!!!
  • #84
  • Sep 17, 2008 10:59am Sep 17, 2008 10:59am
Nomo,assume a short trade, does the pullback bar have to close above the breakout bars close or just have some part of the pullback bar be higher while the bar is forming?
  • #85
  • Sep 17, 2008 11:09am Sep 17, 2008 11:09am
Self Explanatory
Attached Image (click to enlarge)
Click to Enlarge Name: 09-17-2008.gif Size: 16 KB
  • #86
  • Sep 17, 2008 11:11am Sep 17, 2008 11:11am
+27 pips EUR/USD
  • #87
  • Sep 17, 2008 11:20am Sep 17, 2008 11:20am
+ 20 pips GBPUSD
  • #88
  • Sep 17, 2008 11:22am Sep 17, 2008 11:22am
Quoting loophole
Nomo,assume a short trade, does the pullback bar have to close above the breakout bars close or just have some part of the pullback bar be higher while the bar is forming?

ok excellent question

in my experience, a bar that closes higher (at the opposite direction) will give you better odds..

but

you take any pullback....don't leave money on the table.
  • #89
  • Sep 17, 2008 11:26am Sep 17, 2008 11:26am
Quoting iflyhigh72
+27 pips EUR/USD
Following the rules of this strategy as defined so far, can someone please explain to me how you could make +20 pips (let alone +27) on EURUSD during the NY session?
  • #90
  • Sep 17, 2008 11:35am Sep 17, 2008 11:35am
here's a lits of trading crutches

1) moving averages has to crossover

2) the bollinger bands are narrow

3) time frames doesn't match

4) the trend is up/down/sideways

5)the oscillators are oversold/overbought (the market won't care trust me)

6) the price is above/below the moving average

7) EUR/USD and EUR/JPY are correlated/uncorrelated

8) there's a doji/dragonfly formed

9) The market is on the .618% line (oh boy you have no idea how much I hate this one)

10) momentum has slow down

I guess the list goes on..

Ladies and gent's......the markets are not about charts

THE MARKETS ARE ABOUT PRICE

Like my mentor use to say - don't patronize anything on the charts...not even the box.


The box is just a guide...that's it...the box won't trade for you.



be free of all crutches!!!!!!

welcome to stress-free trading

cheers
  • #91
  • Sep 17, 2008 11:35am Sep 17, 2008 11:35am
Hi Nomo,

Regarding EURUSD, there was a false breakout identified by your first arrow. Once the market retraced, shouldnt you have entered short after that first breakout bar'slow was taken out? Looks like you waited for another mini retrace to happen before you entered the trade. I'm little bit confused. Please help me.
Quoting nomoretoxic
Self Explanatory
  • #92
  • Sep 17, 2008 11:37am Sep 17, 2008 11:37am
I have to go my friends...long day here...need some rest

take care...see ya soon

cheers
  • #93
  • Sep 17, 2008 11:41am Sep 17, 2008 11:41am
Cheelu - You are not alone my friend, something is a little off with this trade.


Quoting cheelu
Hi Nomo,

Regarding EURUSD, there was a false breakout identified by your first arrow. Once the market retraced, shouldnt you have entered short after that first breakout bar'slow was taken out? Looks like you waited for another mini retrace to happen before you entered the trade. I'm little bit confused. Please help me.
  • #94
  • Sep 17, 2008 11:44am Sep 17, 2008 11:44am
i got stopped out on eurusd too
  • #95
  • Sep 17, 2008 12:20pm Sep 17, 2008 12:20pm
Quoting iflyhigh72
+27 pips EUR/USD
In NY session ? what was your stop SL and TP ??
It's NOT GAMBLING when the odds are in your favor
  • #96
  • Sep 17, 2008 12:51pm Sep 17, 2008 12:51pm
breakout candle was at 9:20 candle with a low of 52

entry was at 9:30 candle at 49

stop was at top of breakout candle at 79
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd -10.gif Size: 19 KB
  • #97
  • Sep 17, 2008 1:38pm Sep 17, 2008 1:38pm
please let me know if you see a mistake
  • #98
  • Sep 17, 2008 3:08pm Sep 17, 2008 3:08pm
Quoting pipping
breakout candle was at 9:20 candle with a low of 52

entry was at 9:30 candle at 49

stop was at top of breakout candle at 79

I see how you made your trade. Good job! Looks like each person might be using a different variety of strategy criteria. Nomoretoxic stated this additional criteria that you did not use:

Post #67
-----------
Q: Are you using any offsets for your box? If yes how many?
A: default = 5

Post #53
-----------
Q: Nomo, does the 5 minute bar have to close out of the box or is it good enough if the bar just breaks the high/low of the box?
A: The price has to close outside the box. Everything must be done at the close

I don't understand how the chart in Post #85 could have resulted in 20 pips gain with a 1:1 RR ratio.
  • #99
  • Sep 17, 2008 3:20pm Sep 17, 2008 3:20pm
pipping - This was not addressed to you, it was addressed to iflyhigh72. To get +27 pips out of this setup, the entry must have been after the big pullback.

Quoting zznbrm
I see how you made your trade. Good job! Looks like each person might be using a different variety of strategy criteria. Nomoretoxic stated this additional criteria that you did not use:

Post #67
-----------
Q: Are you using any offsets for your box? If yes how many?
A: default = 5

Post #53
-----------
Q: Nomo, does the 5 minute bar have to close out of the box or is it good enough if the bar just breaks the high/low of the box?
A: The price has to close outside the box. Everything must be done at the close

I don't understand how the chart in Post #85 could have resulted in 20 pips gain with a 1:1 RR ratio.
  • #100
  • Sep 17, 2008 3:30pm Sep 17, 2008 3:30pm
I use this strategy in conjunction with the "7am-9am Big Dog Method". Mainly NOMORETOXIC's pullback method is needed and has proved valuable to me already..... Also, like simplifying this FOREX game. Makes it easier to trade, sometimes anyway. Here were my results today:

AUD/USD +40
USD/CHF -10 (stopped out, but should have applied another entry order..would have made alot of Pips)
EUR/USD +40
USD/JPY -20 (Got burned on the pullback at 14:45..should've had another entry order and would have made some nice pips)

+50 for the Day.

My Question for NoMoreToxic is...in the case of USD/JPY and USD/CHF...should I or do you apply another entry order for your top and bottom lines?

Good Things
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