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Nomoretoxic's breakout

  • #421
  • Sep 26, 2008 10:26am Sep 26, 2008 10:26am
You did not get "suckered in". You followed your trading rules. I applaud you for displaying your chart of a failed trade. In fact, with IBFx, the GU in the London session lost also.

IMO, it would be very beneficial for Nomoretoxic to display the charts of his trades during today's London and New York sessions. Sometimes you learn much more investigating losing trades versus winning trades.

Unless, of course, he did not trade today. Just a suggestion.

Quoting iflyhigh72
-21 GU I got suckered in. I had a break out at 1.8370. After the pullback candle. I set my sell stop in at 1.8367. It was triggered and up it went. Oh well. To make up for it, I am +20 USD/JPY. Heres my chart. I hope you understand it. Ill take any feed back or criticism. Thanks
  • #422
  • Sep 26, 2008 10:35am Sep 26, 2008 10:35am
I think I have a problem with your tool, but before I go and attempt to alter the code myself, let me just double check with you...

The way I understand is, that the boxes are set on the open of the london and NY exchanges...

but in my Mt4 software.. the time runs on European Zone time.. and I have searched and searched and I can't find a way to change it to eastern time.

so in my case I would have to go into the code and alter the box times by about 6 hours or so, to have the boxes function properly ... correct?
  • #423
  • Sep 26, 2008 10:35am Sep 26, 2008 10:35am
Quoting iflyhigh72
-21 GU I got suckered in. I had a break out at 1.8370. After the pullback candle. I set my sell stop in at 1.8367. It was triggered and up it went. Oh well. To make up for it, I am +20 USD/JPY. Heres my chart. I hope you understand it. Ill take any feed back or criticism. Thanks

I did the same thing on gu
  • #424
  • Sep 26, 2008 10:57am Sep 26, 2008 10:57am
Hi guys.....i don't trade on fridays, except in the London session, and i think that nomoretoxic said that he doesn't as well. in my past experience, trading another breakout strategy, fridays are usually unpredictable.



Quoting zznbrm
You did not get "suckered in". You followed your trading rules. I applaud you for displaying your chart of a failed trade. In fact, with IBFx, the GU in the London session lost also.

IMO, it would be very beneficial for Nomoretoxic to display the charts of his trades during today's London and New York sessions. Sometimes you learn much more investigating losing trades versus winning trades.

Unless, of course, he did not trade today. Just a suggestion.
  • #425
  • Sep 26, 2008 11:12am Sep 26, 2008 11:12am
Quoting iflyhigh72
-21 GU I got suckered in. I had a break out at 1.8370. After the pullback candle. I set my sell stop in at 1.8367. It was triggered and up it went. Oh well. To make up for it, I am +20 USD/JPY. Heres my chart. I hope you understand it. Ill take any feed back or criticism. Thanks

Guys

look at my posts . It's Friday. Look at my last post. The markets are shaky. You must keep your ear on the ground. I didn't trade today, by the way.

On another subject, I've been telling you guys that you WILL have losers. If you're coming here thinking that the box is a 100% winner, I am sorry to disappoint you.


If you lost today, well, deal with it. If you're using a proper money management, well, where's the problem??

I personally don't have any criticism to you. You played by the rules. That's the way it is. You WILL lose sometimes, no matter what you use.

iflyhigh72, you have a great attitude. That's the way it is. Maybe you lose on Monday again who knows??? you just need to keep going forward like an elephant.

To all of you, do yourself a favor. If you feel that this system/strategy etc suits you, stick to it. Make a precedent here at forex factory for a change and stick to your guns. Believe me it pays.

cheers
  • #426
  • Sep 26, 2008 11:19am Sep 26, 2008 11:19am
Quoting iflyhigh72
Pip raven. What times do you use for the London box. Is that 7-9 AM GMT or am I mistaken. Thanks

1 am to 3 am eastern
  • #427
  • Sep 26, 2008 11:39am Sep 26, 2008 11:39am
Quoting iflyhigh72
-21 GU I got suckered in. I had a break out at 1.8370. After the pullback candle. I set my sell stop in at 1.8367. It was triggered and up it went. Oh well. To make up for it, I am +20 USD/JPY. Heres my chart. I hope you understand it. Ill take any feed back or criticism. Thanks
The only thing you did wrong imo if you are trading Fridays is missing the move on the top of the box.
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  • #428
  • Sep 27, 2008 2:31am Sep 27, 2008 2:31am
Hi All,

I just wanted to show you an example from Friday where I was too greedy and wasn't paying attention to what was going on in the market place.

I took a EURUSD trade just after the London session open. The box broke to the downside and I had a small retracement happen just outside the box. Got in @ 1.4605. Now my target was some 80-100 pips away and I was pretty sure it was going to make it based on my technical analysis. Price retraced and went back down and reached 1.4555 which was a 50 pip trade. At that point I was still sure it was going lower. Now I got a little greedy here and wasn't paying attention to the Banking Bailout issues the USA was running into and when the USA market opened on Friday...boom...price went up and stopped me out for a 20 pip loss. I wasn't at my computer at the time other wise I may have gotten out at break even. The point is not that I lost on this trade, the point is you can't be too greedy in this game and you need to pay attention to the Fundamentals so you don't get surprised like I did.
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  • #429
  • Sep 27, 2008 8:50am Sep 27, 2008 8:50am
Good post OZ, we need reminders like this to point out the pitfalls. I think if I saw the possibility of a 50 to 100 pip move I would use a trailing stop or keep moving the SL after every 15 pip move. Just a suggestion. p.
  • #430
  • Sep 29, 2008 7:43am Sep 29, 2008 7:43am
Good Morning All:

THis is what I saw for London Session this morning:

GBPJPY: +20
AUDUSD: -20
GBPUSD: -50
EURUSD: -18
USDCHF: No Trade

If anyone saw/had different results, please let me know.

I'm seeing consolidation in AUDUSD and GBPJPY in the NY box. We'll see what happens.
  • #431
  • Sep 29, 2008 8:05am Sep 29, 2008 8:05am
Well, G/U was not good.

I've been telling you , there will be losing days.

it's part of the game - you just keep going.

Here's where others start to "improve" the strategy.

In my case, I don't.
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  • #432
  • Sep 29, 2008 8:14am Sep 29, 2008 8:14am
Thanks for the response.

No modifications on my part. As we have discussed in the past, MM was adjusted to account for the 50 PIP SL.

On to NY.

Quoting nomoretoxic
Well, G/U was not good.

I've been telling you , there will be losing days.

it's part of the game - you just keep going.

Here's where others start to "improve" the strategy.

In my case, I don't.
  • #433
  • Sep 29, 2008 8:57am Sep 29, 2008 8:57am
Have just been reading through this thread... it took a while lol...

great strategy nomo.. well done! will definitely try this out in the next few weeks.
  • #434
  • Sep 29, 2008 9:06am Sep 29, 2008 9:06am
In and out of Euro/Usd in one candle with +20.
  • #435
  • Sep 29, 2008 9:12am Sep 29, 2008 9:12am
This mornings chf
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  • #436
  • Sep 29, 2008 9:14am Sep 29, 2008 9:14am
NY session worked out in or favor.
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  • #437
  • Sep 29, 2008 9:15am Sep 29, 2008 9:15am
Quoting TradeSense
Have just been reading through this thread... it took a while lol...

great strategy nomo.. well done! will definitely try this out in the next few weeks.

thanks.

hope you like it.

cheers
  • #438
  • Sep 29, 2008 9:26am Sep 29, 2008 9:26am
Quoting tim4kaye
In and out of Euro/Usd in one candle with +20.
  • #439
  • Sep 29, 2008 9:27am Sep 29, 2008 9:27am
Nomo

Less decision making = less stress.

Can't thank you enough for showing this to us!
  • #440
  • Sep 29, 2008 9:34am Sep 29, 2008 9:34am
Always here to help!!!

it's good to see that the box has a losing period (London) that way you can see, this is not a holy grail.

Although it's not (a holy grail) some of you have already see the consistency of the box when a pullback is applied.

Despite we had a loser at London session, here's is a chart (at the same session) of a false breakout.

be the judge.
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