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Nomoretoxic's breakout

  • #361
  • Sep 25, 2008 7:18am Sep 25, 2008 7:18am
Quoting Bull
Here's the chart for the second trade of Mappollo69 in USDCHF,
Went to +18 then fell, closed out at BE, news coming up, dollar will drop.
  • #362
  • Sep 25, 2008 7:28am Sep 25, 2008 7:28am
Hi Bull: Thanks for the quick reply, I assume you're entry is still 3 pips from the bottom or top of the new, smaller box?Jim
  • #363
  • Sep 25, 2008 8:57am Sep 25, 2008 8:57am
Possible trade coming up on USD/CAD. breakout at 1330GMT. Coming back down.
  • #364
  • Sep 25, 2008 9:26am Sep 25, 2008 9:26am
Wow, the pound broke out and never looked back.
  • #365
  • Sep 25, 2008 9:31am Sep 25, 2008 9:31am
Quoting tim4kaye
Wow, the pound broke out and never looked back.
Pretty crazy. Same on the USD/JPY which I was watching. NOMO How would you play the GU in this case. Looks like a S/L would have to be pretty big. Thanks
  • #366
  • Sep 25, 2008 9:33am Sep 25, 2008 9:33am
Quoting nomoretoxic
Dan

The box will work at any consolidation period. I chose those times at London/NY after many years of trial and error. You're welcome to try any period you seem fit as long as you see a constant consolidation.
Thanks thats what I thought.
eur/usd has just come down from the top of a 5h range to break the bottom and started pulling back.

Dan
  • #367
  • Sep 25, 2008 9:48am Sep 25, 2008 9:48am
Did E/U break both sides of the box for everyone else? If you any ideas on how to play it?
  • #368
  • Sep 25, 2008 9:52am Sep 25, 2008 9:52am
Something like this:

Short Entry : 1.8432
SL: 1.8580 (148 pips)
TP: 1.8412 (20 pips)

Quoting iflyhigh72
Pretty crazy. Same on the USD/JPY which I was watching. NOMO How would you play the GU in this case. Looks like a S/L would have to be pretty big. Thanks
  • #369
  • Sep 25, 2008 9:52am Sep 25, 2008 9:52am
Quoting RRothschild
Did E/U break both sides of the box for everyone else? If you any ideas on how to play it?
On IBFX it touched the outside of the box with an allowance of 5 pips. In other words it never broke out, it only touched both sides.
  • #370
  • Sep 25, 2008 10:08am Sep 25, 2008 10:08am
Quoting RRothschild
Did E/U break both sides of the box for everyone else? If you any ideas on how to play it?
You would have a order on both sides, and when one is filled you'd cancel the other.
  • #371
  • Sep 25, 2008 10:09am Sep 25, 2008 10:09am
Quoting RRothschild
Did E/U break both sides of the box for everyone else? If you any ideas on how to play it?
it broke the upper side of the box....

how to play it??

sit on your hands

cheers
  • #372
  • Sep 25, 2008 10:10am Sep 25, 2008 10:10am
Quoting trader_scott
You would have a order on both sides, and when one is filled you'd cancel the other.

that's not how you suppose to play it - read my posts
  • #373
  • Sep 25, 2008 10:10am Sep 25, 2008 10:10am
Quoting tim4kaye
Wow, the pound broke out and never looked back.
T4K - the pound has since retraced, and is now eyeing the low of the breakout.
  • #374
  • Sep 25, 2008 10:12am Sep 25, 2008 10:12am
Thanks

Quoting nomoretoxic
it broke the upper side of the box....

how to play it??

sit on your hands

cheers
  • #375
  • Sep 25, 2008 10:12am Sep 25, 2008 10:12am
Quoting trader_scott
T4K - the pound has since retraced, and is now eyeing the low of the breakout.

I see that
  • #376
  • Sep 25, 2008 10:13am Sep 25, 2008 10:13am
Quoting nomoretoxic
that's not how you suppose to play it - read my posts
if price breaks the top of the box, and then does not trade above the high of the upper break, but then trades down and breaks the bottom of the box, you wouldn't place an order to sell if it trades below the lower break after a retracement?

so you would sit on your hands if price breaks both sides....?
  • #377
  • Sep 25, 2008 10:19am Sep 25, 2008 10:19am
let the market come to you.
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  • #378
  • Sep 25, 2008 10:23am Sep 25, 2008 10:23am
I'm totally agree with nomoretoxic, in this case stay out, it's nothing clear... tomorrow will be another day, btw don't forget that we has a very good trades during the London Session, if somebody loss these trade, don't worry, but don't over trade, the market isn't clear for us.
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  • #379
  • Sep 25, 2008 10:24am Sep 25, 2008 10:24am
Quoting trader_scott
if price breaks the top of the box, and then does not trade above the high of the upper break, but then trades down and breaks the bottom of the box, you wouldn't place an order to sell if it trades below the lower break after a retracement?

so you would sit on your hands if price breaks both sides....?

You work one side of the box. If nothing happens and there's an evident move to the other side, then you work the other. You wait and position yourself ahead of time....if nothing happens, well, move with the herd to the other side.

Doing that you will accomplish two things

1) avoid a shake-out due implied volatility AKA news/announcements.

2) Minimize the risk of a false breakout as the charts illustrate.


cheers
  • #380
  • Sep 25, 2008 10:39am Sep 25, 2008 10:39am
Don't let the market intimidate you.

If you get stopped on one side of the box AND YOU NOTICE AN EVIDENT MOVE TO THE OTHER SIDE . . work it out.


Two strikes in a row - quit for the day.

of course, you need to adjust MM and everything.

You're cautious, which is ok but you're here for the money as well.


cheers
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