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Nomoretoxic's breakout

  • #501
  • Oct 2, 2008 6:20am Oct 2, 2008 6:20am
It was not a correct trade, but gbpusd down and usdchf up......
Attached Image (click to enlarge)
Click to Enlarge Name: chart eurusd 02.10..gif Size: 14 KB
  • #502
  • Oct 2, 2008 6:22am Oct 2, 2008 6:22am
Quoting swakop
My second trade for today:

eurusd short @ 1.3896
sl 1.3935
tp 1.3856
ts 20 pips
Swakop

are you trading the box not waiting for a pullback??
  • #503
  • Oct 2, 2008 6:31am Oct 2, 2008 6:31am
EUR-USD.

Notice that the market broke the box 3 times. The first time was a straight breakout, then the market went back to mama's belly. There's two subsequent breakouts with their pullbacks, I decided to show you guys the second one for illustration purposes. You could take the first one and will work out nicely as well.
Attached Image (click to enlarge)
Click to Enlarge Name: 10-02-2008.gif Size: 25 KB
  • #504
  • Oct 2, 2008 6:34am Oct 2, 2008 6:34am
Quoting nomoretoxic
EUR-USD.

Notice that the market broke the box 3 times. The first time was a straight breakout, then the market went back to mama's belly. There's two subsequent breakouts with their pullbacks, I decided to show you guys the second one for illustration purposes. You could take the first one and will work out nicely as well.

That is what I did. Like you said the box is an excellent "guide".
  • #505
  • Edited 11:07am Oct 2, 2008 7:32am | Edited 11:07am
Good trade on the EURUSD. After the straight breakout I stoped watching it. I don't think that I would have taken it anyway.

AUDUSD: No trade
EURUSD: No trade
USDCHF: No trade

GBPUSD: +20
Entry 1.7630
SL 1.7662 (34)
TP 1.7610

GBPJPY: +20
Entry 185.77
SL 186.27 (50)
TP 185.57
  • #506
  • Oct 2, 2008 7:35am Oct 2, 2008 7:35am
Quoting nomoretoxic
Swakop

are you trading the box not waiting for a pullback??
Nomo - do you ever look at the 1min chart for a pullback/confirmation or too noisy? The "straight breakout" on 5m is not so straight on 1m?
  • #507
  • Oct 2, 2008 7:46am Oct 2, 2008 7:46am
Quoting Gossy68
Nomo - do you ever look at the 1min chart for a pullback/confirmation or too noisy? The "straight breakout" on 5m is not so straight on 1m?

1m = too noisy.

never look at million timeframes to confirm a trade .

hope it helps.
  • #508
  • Oct 2, 2008 8:05am Oct 2, 2008 8:05am
Interestingly tall boxes this session......
  • #509
  • Oct 2, 2008 8:09am Oct 2, 2008 8:09am
Nomo:

How come you didn't use the original breakout low as the entry point?

RR -
Quoting nomoretoxic
EUR-USD.

Notice that the market broke the box 3 times. The first time was a straight breakout, then the market went back to mama's belly. There's two subsequent breakouts with their pullbacks, I decided to show you guys the second one for illustration purposes. You could take the first one and will work out nicely as well.
  • #510
  • Oct 2, 2008 8:13am Oct 2, 2008 8:13am
Quoting RRothschild
Nomo:

How come you didn't use the original breakout low as the entry point?

RR -

Well, I did or I should say, it's possible. But as price action unfolds, it turn out to be ugly - remember you have the upper hand as price action is happening while you wait.

This is the true definition of "position trading" . If you see the market coming back to the box with anger, common trading sense will put you into halt mode.
  • #511
  • Edited 11:59am Oct 2, 2008 10:34am | Edited 11:59am
GBPJPY +34
Entry 185.07
SL 185.41 (34)
TP 184.73

AUDUSD -27
Entry 0.7729
SL 0.7756 (27)
TP 0.7709

The A/U trade got to about 18 PIPs profit and turned around. Probably should have closed out at b/e. Time will tell.

RR -
  • #512
  • Oct 2, 2008 11:59am Oct 2, 2008 11:59am
Quoting RRothschild
GBPJPY +34
Entry 185.07
SL 185.41 (34)
TP 184.73

AUDUSD (-27)
Entry 0.7729
SL 0.7756 (27)
TP 0.7709

The A/U trade got to about 18 PIPs profit and turned around. Probably should have closed out at b/e. Time will tell.

RR -
Hi RR,

Nice trade on GPB/JPY.

What trading platform are you using?
I had entry on AUD/USD at 0.7748 and closed at 25 pips.

PS Apologies for hazy graph.. am new to posting charts.
Attached Image (click to enlarge)
Click to Enlarge Name: AUS_USD.jpg Size: 117 KB
  • #513
  • Oct 2, 2008 12:02pm Oct 2, 2008 12:02pm
FXCM is my feed.

On my chart I missed that first break on your box by 1 PIP. Oh well it happens. Good trading though.

RR -


Quoting TradeSense
Hi RR,

Nice trade on GPB/JPY.

What trading platform are you using?
I had entry on AUD/USD at 0.7748 and closed at 25 pips.

PS Apologies for hazy graph.. am new to posting charts.
  • #514
  • Edited 9:13pm Oct 2, 2008 8:44pm | Edited 9:13pm
EURUSD +20
E: 1.3815
SL: 1.3797 (18)
TP: 1.3835

GBUSD +22
E: 1.7654
SL: 1.7632 (22)
TP: 1.7676

USDCHF +20
E 1.1322
SL: 1.1336 (14)
TP: 1.1302

AUDUSD +22
E: 0.7744
SL: 0.7723 (21)
TP: 0.7766

I could have gotten more PIPs on each trade using my normal approach vs a straight 20 PIP target point.

Good night for the Asian Session. Too bad the spreads are higher nowadays.
  • #515
  • Oct 3, 2008 5:07am Oct 3, 2008 5:07am
Quoting RRothschild
EURUSD +20
E: 1.3815
SL: 1.3797 (18)
TP: 1.3835

GBUSD +22
E: 1.7654
SL: 1.7632 (22)
TP: 1.7676

USDCHF +20
E 1.1322
SL: 1.1336 (14)
TP: 1.1302

AUDUSD +22
E: 0.7744
SL: 0.7723 (21)
TP: 0.7766

I could have gotten more PIPs on each trade using my normal approach vs a straight 20 PIP target point.

Good night for the Asian Session. Too bad the spreads are higher nowadays.
Yes my trades on G/U and E/U were pretty much identical. Just a pip difference. The session was a little slower than the rest of this week, of course non farm payroll is today, and everything seems to slow down until the release.
  • #516
  • Edited 6:52am Oct 3, 2008 6:37am | Edited 6:52am
NY sessions brings non farm payroll 8:30 am and ISM report at 10:00 am.

A rocky day in my opinion.

Let's see what happens.
  • #517
  • Oct 3, 2008 9:35am Oct 3, 2008 9:35am
Hey Nomo,

Just wanted to know the reasoning behind the box being between 7.00-9.05 and not 7.00-9.00.

Is it because of the results of the forward testing which you have done?
  • #518
  • Oct 3, 2008 10:01am Oct 3, 2008 10:01am
Well....

A valuable lesson learned.

Nomoretoxic, thanks for the great thread. Maybe I should pay attention to and stop feeling compelled to trade.

Results of my UC trade. Range was way to big and I must have been crazy to enter.

As the teacher says.... tomorrow is another day .

Have a good weekend all!
Attached Image (click to enlarge)
Click to Enlarge Name: uc 10.03.08 .gif Size: 23 KB
  • #519
  • Oct 3, 2008 1:05pm Oct 3, 2008 1:05pm
Quoting TradeSense
Hey Nomo,

Just wanted to know the reasoning behind the box being between 7.00-9.05 and not 7.00-9.00.

Is it because of the results of the forward testing which you have done?

No reason, I think is a glitch on the program or something. Five minutes won't make a difference.
  • #520
  • Oct 3, 2008 1:10pm Oct 3, 2008 1:10pm
Quoting nomoretoxic
No reason, I think is a glitch on the program or something. Five minutes won't make a difference.

Just set the box to end at 8:59 if you so desire. I did that for the Asian session just because of the way price has been firing out of the box as Asia opens.
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