Nomoretoxic's breakout

OK, here goes again. Breakout at #1, price continues down till #5, next 2 candles are the retrace up. My entry should be a few pips below retrace candle, 1.4390 or so.

Ny box(breach of hi/low of box) by breakout candle.
Watch for retrace(general price retracement), place order using retrace hi/low + a few pips.


?[/quote]

Yes, you got it.

Listen

I don't want to sound offensive but before you have a question (which I don't mind asking) take your time and read my posts carefully.... and analyze the charts I posted..calmly, there's no rush..

Somebody asked about risk and reward. Listen, I am just proving that this system delivers AT LEAST 20 pips....if you want to trail the stop or use 2:1 or 3:1 on R/R it's up to you. Most people are content to capture 20 pips consistently on every trade. I also recall talking adjusting the # of lots accordingly to the distance, from your stop loss.

If you risk is 40 pips and goes beyond your load (# of lots invested ) then, reduce the lots and take advantage of the move.

About stop-loss

I said " use the breakout candle as a guide". I probably had this remark posted in another thread but anyway I'll repeat....breakout candle it's just a guide.

If you place a stop-loss too close to the box line, chances are you're getting stopped out before the trade materializes. Look for a place not too far away from the box-line but sufficient far enough to avoid a shake-out.

Not to be rude or anything but you need top clear off your charts. You need to stop thinking about doji's or counting candles. Make this trading system simple for God's sake.

Just clear off your charts. I have seen people here with charts very much like a Christmas tree. It's your prerogative but I said many times it's not worth it and will only lead you to confusion.

I will said this again - I started to be profitable in my trading the day I cleared off my charts. You guys need to do that if you want to follow my steps.


Stop over thinking. Don't analyze too much...

be like the sniper - one shot - one kill...plain and simple....you either have a trade or you don't

You either win or lose....be happy no matter what

Re-read the rules again and read my post on advice.

And remember...there will be days you will lose...be prepared. There's not a guarantee even using a sensible stop-loss your won't get stopped out... eventually you will.


My nick is nomoretoxic

The reason - no more toxic waste on my charts

cheers

cheers

NOMO what was your entry and your S/L on the cable this morning. It seems that if you had used the high of the breakout candle as an s/l you would have gotten stopped out 4 candles later before it broke down. Thanks in advance.

I'll go by price - bear in mind I am using Oanda

entry - 1.8178

stop-loss - candle before the breakout 1.8222

exit - 1.8158

my risk and reward was unbalanced but I had plenty of money in my pocket from EUR/USD and cable on London Session - the risk was worth it. My load was light as well.

Besides I monitored the trade very closely as the condition of the cable after my fill was very bad. That's why I put on the charts "rough ride".

Cheers

Mike

the idea is good. But we will be bumping into each other as price feeds are different. I have 3 different mt4 brokers and Oanda and none of them agrees on price...unbelievable!!!!!.

Hey Trader_Scott, it's good to see you playing in the "Box".

T4K

The "Box" is my favorite thing to play with.

OK, so I took a break to relax, trading record since monday is 4-4. Working on my sleep habits, not to think to much, no emotion.

Just went thru the rules, charts nice and simple. Starting 9/11, london session thru 9/18, ny session i found the following. Now following rules and just trading price, (9 Wins and 3 NO trades), no losses in 12 available sessions.

9/12 = 75% success rate. No losses, clear 3 NO trades.

20 pips TP, 20 pips SL, PERIOD.

Cool, got it, thanks guys, just follow price.

: )

That's the way

see?? no big deal.

I feel happy everytime somebody got their eyes open.


Keep on goin' buddy!!!!!!

cheers

Hello NOMO and everybody,

Long story short, I stopped trading for about the last 7-8 months due to other things going on in my life and now I am back. You would be surprized at how much one forgets in that amount of time when it comes to trading. I plan to make the best of a fresh start with this trading method and find it refreshing beings how it is so simple.

Now I know it must be posted here somewhere and I missed it but perhaps you could relate some times to me for other market trade times?

NY time is 7 to 9 am est. or 6 to 8 am cst for myself.

What times using NY time zone are the correct trade times for the other markets like London?

Thanks
kevin

See post # 122.

Thanks

Mappollo69 - I think you use InterbankFX, so do I. Here are the results of my test during the same timeframe:

Chart Setup
-------------
Interbank FX - Demo Account
London Box: 0500 - 0700 GMT
NY Box: 1100 - 1300 GMT
TF : M5
Dates: 9/11/2008 - 9/18/2008
ant-GUBreakout_V.0.4 with 5 pip offset

Breakout Candle
---------------
First candle to close outside the box

Pullback
--------
Pullback starts with the first candle after the Breakout Candle to close in the opposite direction from the Breakout candle. So, if the Breakout Candle is SHORT, the Pullback starts with the first LONG candle after the Breakout Candle.

Entry
-----
Note the extreme price attained before the Pullback begins. For a SHORT, this will be the lowest price from the Breakout Candle until the Pullback begins. Once Pullback starts, enter sell stop order 3 pips below the extreme price for short (buy stop order 3 pips above for long).

SL
-----
For this test, -20 pips from the Entry

TP
-----
For this test, +20 pips from the Entry

I ignored Spread for this test.

GBPUSD Results - London Breakout
--------------------------------
2 Wins
3 Losses
1 No Trade

GBPUSD Results - NY Breakout
--------------------------------
2 Wins
3 Losses
1 No Trade

EURUSD Results - London Breakout
--------------------------------
3 Wins
1 Losses
2 No Trade

EURUSD Results - NY Breakout
--------------------------------
3 Wins
3 Losses
0 No Trade

I find it a little odd that the London box is 0500-0700 GMT since London currently opens at 0700 GMT. So, I also did the test using 0600-0800 GMT for the London Box. Results:

GBPUSD Results - London Breakout
--------------------------------
2 Wins
2 Losses
2 No Trade

EURUSD Results - London Breakout
--------------------------------
3 Wins
1 Losses
2 No Trade

Can someone please point out where entry on this chart. thanks

it's nice to see people making sense of the system

keep the good work

cheers

Thanks nomoretoxic.

I just order two bottle of oxy-powder and i will cleanser my body too