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Nomoretoxic's breakout

  • #381
  • Sep 25, 2008 10:41am Sep 25, 2008 10:41am
Out +20 GU short
  • #382
  • Sep 25, 2008 10:41am Sep 25, 2008 10:41am
Quoting nomoretoxic
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
gotcha, I was wrong about having open orders on both sides. When you said you'd sit on your hands I thought you would'nt take a down move if it happened according to the rules. thx
  • #383
  • Sep 25, 2008 10:45am Sep 25, 2008 10:45am
I guess R:R ratios are overrated. +20 pips

Quoting zznbrm
Something like this:

Short Entry : 1.8432
SL: 1.8580 (148 pips)
TP: 1.8412 (20 pips)
  • #384
  • Sep 25, 2008 10:50am Sep 25, 2008 10:50am
Quoting zznbrm
I guess R:R ratios are overrated. +20 pips
why would you place your stop so far away. At that level you would need 7 ish winners to cover that loss. You could've used a stop above the high of the retracement that on ibfx was around 1.8493. That was still far away, but 40 pips closer then yours (2 winners).
  • #385
  • Sep 25, 2008 10:53am Sep 25, 2008 10:53am
Quoting trader_scott
why would you place your stop so far away. At that level you would need 7 ish winners to cover that loss. You could've used a stop above the high of the retracement that on ibfx was around 1.8493. That was still far away, but 40 pips closer then yours (2 winners).
I used a stop of 1.8493. The top of the retracement. Nice trade!!
  • #386
  • Sep 25, 2008 11:00am Sep 25, 2008 11:00am
Entry 1.8431
TP 1.8411
SL 1.8495

Stop might be a little far away, but lighten the load..and also went through a 3 day support level
Originally Posted by zznbrm http://www.forexfactory.com/images/buttons/viewpost.gif
Something like this:

Short Entry : 1.8432
SL: 1.8580 (148 pips)
TP: 1.8412 (20 pips)
  • #387
  • Sep 25, 2008 11:03am Sep 25, 2008 11:03am
I used 1.8493 as well (FXCM feed)

Short 1.8433
TP 1.8413

Didn't think this pair would amount to anything today.....good thing i just followed the system.....

thanks again nomoretoxic
Quoting iflyhigh72
I used a stop of 1.8493. The top of the retracement. Nice trade!!
  • #388
  • Sep 25, 2008 11:50am Sep 25, 2008 11:50am
Quoting RRothschild
I used 1.8493 as well (FXCM feed)

Short 1.8433
TP 1.8413

Didn't think this pair would amount to anything today.....good thing i just followed the system.....

thanks again nomoretoxic
no problem!!

always happy to help
  • #389
  • Sep 25, 2008 12:09pm Sep 25, 2008 12:09pm
Another 20 pips on e/u +60 today, that will do for me.
  • #390
  • Sep 25, 2008 12:17pm Sep 25, 2008 12:17pm
+ 20 GU london session
+ 20 GU NY session
+ 20 UJ
+ 20 EU

pending on the usd/cad. Might be only loss for the day. Time will tell.

+80 for the day
  • #391
  • Sep 25, 2008 12:52pm Sep 25, 2008 12:52pm
Quoting iflyhigh72
+ 20 GU london session
+ 20 GU NY session
+ 20 UJ
+ 20 EU

pending on the usd/cad. Might be only loss for the day. Time will tell.

+80 for the day
Way to go !!!!!!!!!!
  • #392
  • Sep 25, 2008 12:52pm Sep 25, 2008 12:52pm
I just got back to my computer to see that the trade that i entered on GBPJPY triggered for another +20 PIPs

Entry 195.99
SL 196.47
TP 295.79

nomoretoxic, how long do you hold the trades open in the London and NY timeframes?
  • #393
  • Sep 25, 2008 1:14pm Sep 25, 2008 1:14pm
well..what do you know??

people are having a good week here.

Always a reminder - the would be times not as rosy as this one.


You job is to keep going and stick to the system - be disciplined even in rough times.

Cheers.
  • #394
  • Sep 25, 2008 1:17pm Sep 25, 2008 1:17pm
Quoting RRothschild
I just got back to my computer to see that the trade that i entered on GBPJPY triggered for another +20 PIPs

Entry 195.99
SL 196.47
TP 295.79

nomoretoxic, how long do you hold the trades open in the London and NY timeframes?

NY - anything after 2:00 PM - 3:00PM I probably won't take it.

But, there's exceptions. On that it's your call.

. - If you see the market getting choppy after 2:30 PM - Better to stay out , especially on Fridays.

On London - I try to complete my trades before the NY Box starts - another judgment call...I mean, if the market keeps rolling, go for it.


Cheers
  • #395
  • Sep 25, 2008 4:34pm Sep 25, 2008 4:34pm
Quoting nomoretoxic
NY - anything after 2:00 PM - 3:00PM I probably won't take it.

But, there's exceptions. On that it's your call.

. - If you see the market getting choppy after 2:30 PM - Better to stay out , especially on Fridays.

On London - I try to complete my trades before the NY Box starts - another judgment call...I mean, if the market keeps rolling, go for


Cheers
NOMO are those times GMT or London. Thanks
  • #396
  • Sep 25, 2008 4:49pm Sep 25, 2008 4:49pm
Quoting iflyhigh72
NOMO are those times GMT or London. Thanks

Eastern time
  • #397
  • Sep 25, 2008 5:38pm Sep 25, 2008 5:38pm
Nomo, have you given any thought in sharing your daily chart
trading system with us? If it's half as good as your box system, you will make a lot of traders very happy campers.
Thanks again for sharing your system with us. It's the only
system I now trade and life is much simpler and more profitable. My 2 hour box is from 8-10 pm west coast time. I use a 3 minute chart as I find this gets me in a little earlier and as of now, has not put me in a trade that the 5 minute chart
would have got me into. So, PLEASE give some serious thought
in sharing your other system. Thx
  • #398
  • Sep 25, 2008 9:04pm Sep 25, 2008 9:04pm
Nomo - Thank you for sharing your system, and for the breath of fresh air.
  • #399
  • Sep 26, 2008 1:19am Sep 26, 2008 1:19am
Nomo I was wondering how you deal with news. If a news report sent price through the BO line and then retraced, would you treat this as a breakout and put your order above/ below the line or would you wait for the market to settle and still wait for pullback off the next bo.
Thanks
Dan
  • #400
  • Sep 26, 2008 2:53am Sep 26, 2008 2:53am
London
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