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Nomoretoxic's breakout

  • #301
  • Sep 23, 2008 5:01pm Sep 23, 2008 5:01pm
Quoting trader_scott


Just remember the market does not care about 20 pips. IMO the stop/target should be market based rather than a hard flat number like nomo suggested.

Meet me at the oasis for a drink if you want.

p.s. I'm the one with the boxing gloves....your the one without.
Thanks for the offer on the drink...make mine a double!

I left you a message at the Oasis bar.
  • #302
  • Sep 23, 2008 5:11pm Sep 23, 2008 5:11pm
I had to go to my day job this morning...how did everyone's eur/usd trade from this morning turn out?

T4K
  • #303
  • Sep 23, 2008 5:30pm Sep 23, 2008 5:30pm
Quoting mappollo69
monday 5-0 +95

eur/usd +10, 45min
usd/chf +20, 6min
eur/jpy +20, 1 min
gbp/usd +15, 40min
eur/usd +30, 41 min

tuesday 3-0 +60

eur/usd +20, 1hr30 min, (could have gotten more)
usd/chf +20, 4min
gbp/usd +20, 3min


Good start to week.


yea me.
Mappollo,

That's good trading..well done. Just imagine if we all could consistantly make 100 pips a week.
  • #304
  • Sep 23, 2008 5:38pm Sep 23, 2008 5:38pm
THERE IS A MISTAKE: YOU´RE NOT TAKING 7-9 AM ET. YOU TAKE 8-10 AM ET
YOU HAVE TO TAKE 7 AM - 8:55 AM ET. THIS IS THE LAST BAR THAT CLOSE WITH THE 9 AM HOUR

Quoting mappollo69
paradoxical;2237662]Can you tell me how you got a win on the EURO following this system? I lost 20 on a demo trade on the EURO.

appollo69;2237615]monday 5-0 +95

eur/usd +10, 45min
usd/chf +20, 6min
eur/jpy +20, 1 min
gbp/usd +15, 40min
eur/usd +30, 41 min

tuesday 3-0 +60

eur/usd +20, 1hr30 min, (could have gotten more)
usd/chf +20, 4min
gbp/usd +20, 3min


Good start to week.


yea me.
[/quote]


I entered 5 pips below the false breakout doji. Stop loss set to prior hi before entry candle, risky due to the long wick candle after it but I felt comfortable. The stop loss was tested twice then south slowly. I followed price action.[/quote]
  • #305
  • Sep 23, 2008 5:43pm Sep 23, 2008 5:43pm
sorry I was out.

Let me check my pm's first and then the posts

BRB
  • #306
  • Sep 23, 2008 5:45pm Sep 23, 2008 5:45pm
Quoting loophole
Nomo, on your chart, post 183,273, it looks like the pullback candle
in the one next to the breakout candle. If this was a real time trade, it looks like it was a loser. Why do you say false breakout?
it is a "what if" scenario.

What would happen on a straight breakout

cheers
  • #307
  • Sep 23, 2008 5:47pm Sep 23, 2008 5:47pm
I didn't trade EUR/USD this morning.

got tired of waiting, besides got stuff to do.

anyway I am going to look on the charts.
  • #308
  • Sep 23, 2008 5:56pm Sep 23, 2008 5:56pm
Quoting paradoxical
Yes, the 93 was 3 pips past the low. With a 20 pip stop, I was stopped out on my demo account. Weren't we promised a 100% winning percentage??

Paradoxical....

A win rate of 100%...come on now...you can't be serious!!! If you are...you better take what money you have left and run like the wind to some other form of investment...like a savings account.

Remember the box is just a guide. I actually enter some trades when the candle is still inside of the box and some after it's outside the box. It all depends on price action and how you're reading market conditions at the time.
  • #309
  • Sep 23, 2008 6:08pm Sep 23, 2008 6:08pm
OK Folks, here's where you need to pass judgment on a trade.

As you saw on my last charts, I had place a stop-loss, entry and exit, but as the trade unfolds (in the case I was looking to trade, actually I didn't trade this morning) I would move my stop-loss to a place which the market hasn't discovered yet (recently, remember we're trading off 5 minutes charts)

Notice the original stop-loss and the new stop loss.

I still keep my original entry - no reason to change it.


See you need to make a judgment on this situations.

You either

1) Don't trade. Range is too wide -

2) trade with an unbalanced R:R with a lesser load.

3) use a fixed R:R - this represents a problem on placing the stop too close to the fire.

the 20 rule is a costume. It's not meant to be followed like book. You must be flexible on that.

Listen, sometimes I win more on a trade , sometimes I win less, but I look to see how I can take a chance using the same risk. Doing this, I sacrifice profit but I get to participate in the market without the risk of putting MM on the shambles.

hope it helps
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  • #310
  • Edited 6:33pm Sep 23, 2008 6:22pm | Edited 6:33pm
Again

You could chose not to trade in market conditions like the charts above. That's valid.

It's pretty much a judgment call.

I take those trades...after all I keep the risk in check lowering the load (# of lots)...but that's me.

This morning, my patience ran short. But still I made some dough during london session.



cheers
  • #311
  • Sep 23, 2008 6:36pm Sep 23, 2008 6:36pm
Mappollo

Could u please post ur eur/usd anc usd/chf charts. I would love to see how u got 20 pips out of these this morning. By the way does this include the spread.

I guess your stop loss maybe 35 pips.

Thanks.
  • #312
  • Sep 23, 2008 6:37pm Sep 23, 2008 6:37pm
Of course I wasn't serious! I think a little bit of humor helps when we're in the serious business of trading. If I'm risking 1 to 1, I'd take a win ratio of 51%. From the looks of it, this system is well over that.
Quoting ozziedave
Paradoxical....

A win rate of 100%...come on now...you can't be serious!!! If you are...you better take what money you have left and run like the wind to some other form of investment...like a savings account.

Remember the box is just a guide. I actually enter some trades when the candle is still inside of the box and some after it's outside the box. It all depends on price action and how you're reading market conditions at the time.
  • #313
  • Sep 23, 2008 9:38pm Sep 23, 2008 9:38pm
Quoting paradoxical
Of course I wasn't serious! I think a little bit of humor helps when we're in the serious business of trading. If I'm risking 1 to 1, I'd take a win ratio of 51%. From the looks of it, this system is well over that.
Paradoxical,

Sorry if I misunderstood your post, but there are some people who actually believe that if it's written in someones thread it must be... has to be true. I would agree with you 100% that this thread, if applied properly, should net you well over a 50% win ratio. I've only been trading it for 2 weeks now and I've only had 1 small loss. What I do a bit differently is I will pull my S/L up to break even if I feel the trade is headed back down to my entry point. I feel that I can always re-enter a trade if it turns and heads back in the original direction.

Nomo has given us basic guidelines and it is up to each one of us to figure out how to apply these guidelines. There is no magic box that gets drawn on your chart from day to day that you can just place a trade and hope it goes in your direction. Remember the box and time set ups are just a guidelines.
  • #314
  • Sep 23, 2008 10:09pm Sep 23, 2008 10:09pm
Quoting paradoxical
Congratulations on your win. BUT.........if the rules that nomo are adhered to, the entry would have been at what you referred to as the false breakout. At least that's the way I interpret it. Of course, you're free to trade the way you see it. But, it doesn't look like this strictly adhered to the original rules.
See nomo trade post #309. Pretty much same chart as his, entry, original stop loss and so on. He widened his stop, I kept mine the same.
Solid trade to me.


I entered 5 pips below the false breakout doji. Stop loss set to prior hi before entry candle, risky due to the long wick candle after it but I felt comfortable. The stop loss was tested twice then south slowly. I followed price action.[/quote][/quote]
  • #315
  • Edited 10:38pm Sep 23, 2008 10:24pm | Edited 10:38pm
Quoting Hwd
Mappollo

Could u please post ur eur/usd anc usd/chf charts. I would love to see how u got 20 pips out of these this morning. By the way does this include the spread.

I guess your stop loss maybe 35 pips.

Thanks.
Here you go. My stop loss was 50 and tp 20 for eur trade. Its not your 1/1, I include wiggle room based on PA.

Stop loss on chf was 50 as well. Its risky but with the economic shakeup going on I padded the stop loss betting I could get +20 before -50.
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  • #316
  • Sep 23, 2008 10:29pm Sep 23, 2008 10:29pm
Quoting neurus
THERE IS A MISTAKE: YOU´RE NOT TAKING 7-9 AM ET. YOU TAKE 8-10 AM ET
YOU HAVE TO TAKE 7 AM - 8:55 AM ET. THIS IS THE LAST BAR THAT CLOSE WITH THE 9 AM HOUR
You take the 7am (opening candle) to 9am (closed candle-9:04.59)

Broker is ibfx, gmt +4. 11:00 to 13:00


I entered 5 pips below the false breakout doji. Stop loss set to prior hi before entry candle, risky due to the long wick candle after it but I felt comfortable. The stop loss was tested twice then south slowly. I followed price action.[/quote][/quote]
  • #317
  • Sep 23, 2008 11:27pm Sep 23, 2008 11:27pm
Quoting mappollo69
You take the 7am (opening candle) to 9am (closed candle-9:04.59)

Broker is ibfx, gmt +4. 11:00 to 13:00


I entered 5 pips below the false breakout doji. Stop loss set to prior hi before entry candle, risky due to the long wick candle after it but I felt comfortable. The stop loss was tested twice then south slowly. I followed price action.
[/quote][/quote]

Are you trading live? If you profit 3 times and incur a loss on the 4th you are almost back to where u began.

I guess u have the personality to do risk/reward as 2.5:1. Wow!
  • #318
  • Sep 24, 2008 1:18am Sep 24, 2008 1:18am
[/quote]

Are you trading live? If you profit 3 times and incur a loss on the 4th you are almost back to where u began.

I guess u have the personality to do risk/reward as 2.5:1. Wow![/quote]

I trade live as well as demo. Breakout is live, Im testing other ideas w demo. Not all trades will have that r/r. All depends, i try to include some wiggle if the pair needs it.

My goal is to always win. I wish. Its taken almost 3 years to achieve consistant results with my trading. I have big plans ahead so may the pips be with me.
  • #319
  • Sep 24, 2008 2:29am Sep 24, 2008 2:29am
Are you trading live? If you profit 3 times and incur a loss on the 4th you are almost back to where u began.

I guess u have the personality to do risk/reward as 2.5:1. Wow![/quote]

I trade live as well as demo. Breakout is live, Im testing other ideas w demo. Not all trades will have that r/r. All depends, i try to include some wiggle if the pair needs it.

My goal is to always win. I wish. Its taken almost 3 years to achieve consistant results with my trading. I have big plans ahead so may the pips be with me.[/quote]

I wish you all the best. Hope everything works out as planned.
  • #320
  • Sep 24, 2008 5:22am Sep 24, 2008 5:22am
Hi everybody,

This morning, during the open of London Session, the Cable break the long side, was a simple, nice y quickly trade.
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