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Nomoretoxic's breakout

  • #841
  • Oct 23, 2008 7:59am Oct 23, 2008 7:59am
Quoting ChowClown
...apologies if this has been covered elsewhere, haven't read it in the thread yet...is it best to let open London trades run to conclusion even if they overlap New York, or is there a cut off point? (edit: ...market might just have answered my question )

I used to trade a volatility expansion breakout strat (GU only) around the 5am-8am(UK) range and let open trades run to 4pm (UK) or until ADR was hit, whichever came first. I didn't have the discipline back then to trade VEBO through ranging periods...really knocked my confidence.

I try to stay out of the market 1 hour before the overlap.

Sometimes becomes a judgment call. But the overlap could take all the money you made on London session. Talking by experience. Better to stay out.

Hope it helps
  • #842
  • Oct 23, 2008 8:03am Oct 23, 2008 8:03am
Quoting nomoretoxic
I try to stay out of the market 1 hour before the overlap.

Sometimes becomes a judgment call. But the overlap could take all the money you made on London session. Talking by experience. Better to stay out.

Hope it helps
Thanks NT
  • #843
  • Edited 9:59am Oct 23, 2008 8:52am | Edited 9:59am
Price action has not wanted to "think outside of the box" the last couple of days. Currently I am just sitting on my hands.


Update: E/U opened it's mind and started thinking outside of the box....+20
  • #844
  • Oct 23, 2008 9:37am Oct 23, 2008 9:37am
Quoting tsquad
Cheerlu or anyone else...

I love the breakout box and use it several different ways.

Cheerlu or anyone else... Can you please point me to Cheerlu's breakout box indicator with the alarm. It seems the one I have is the wrong one as it crashes my session every time I try to use it.

Thanks

T...
Thanks Nomo, but I believe that is the one I am using....

T...
  • #845
  • Oct 23, 2008 10:13am Oct 23, 2008 10:13am
Buy EURUSD
e - 1.2844
sl - 1.2809
tp - 1.2914

closed 1.2868

r/r target was 2:1, moved SL to 25 PIPs profit once I had 1:1. tried to get more and got closed out. Max profit was during this trade 45 PIPs
  • #846
  • Oct 23, 2008 10:25am Oct 23, 2008 10:25am
Quoting RRothschild
Buy EURUSD
e - 1.2844
sl - 1.2809
tp - 1.2914

closed 1.2868

r/r target was 2:1, moved SL to 25 PIPs profit once I had 1:1. tried to get more and got closed out. Max profit was during this trade 45 PIPs
Hi, would you mind giving your rationale for the initial sl above the round number?
  • #847
  • Oct 23, 2008 10:34am Oct 23, 2008 10:34am
I put the entry order in after the close of the 09:10 EST candle. My SL was below the low of the retrace candle.

When the trade went live I made the decision to leave the sl unchanged because of the way the trade was playing out. Higher highs and higher lows, even on pull backs.

Quoting ChowClown
Hi, would you mind giving your rationale for the initial sl above the round number?
  • #848
  • Oct 23, 2008 10:38am Oct 23, 2008 10:38am
Quoting RRothschild
I put the entry order in after the close of the 09:10 EST candle. My SL was below the low of the retrace candle.

When the trade went live I made the decision to leave the sl unchanged because of the way the trade was playing out. Higher highs and higher lows, even on pull backs.
thanks RR.
  • #849
  • Oct 23, 2008 11:17am Oct 23, 2008 11:17am
Quoting nomoretoxic
I try to stay out of the market 1 hour before the overlap.

Sometimes becomes a judgment call. But the overlap could take all the money you made on London session. Talking by experience. Better to stay out.

Hope it helps
In your experience, is it worth re-entering trades in the same direction if stopped out on the 1st attempt, or best to max out at 2 trades per day, 1 in each direction if offered?
  • #850
  • Oct 23, 2008 11:36am Oct 23, 2008 11:36am
In my experience, I have not entered a second trade in the same direction. I have played both sides of the box however.

Based on the idea that a box can be made in any area of consolidation, I guess that it is possible. Perhaps NOMO will chime in on this one?

RR -

Quoting ChowClown
In your experience, is it worth re-entering trades in the same direction if stopped out on the 1st attempt, or best to max out at 2 trades per day, 1 in each direction if offered?
  • #851
  • Oct 23, 2008 12:13pm Oct 23, 2008 12:13pm
Quoting ChowClown
In your experience, is it worth re-entering trades in the same direction if stopped out on the 1st attempt, or best to max out at 2 trades per day, 1 in each direction if offered?

I have a rule...two strikes in one day and I call it off. I try to shoot for 2:1 R/R ..I say I try 'cause not always it's possible.

About entering at the same direction if stopped out, I have never done it.

I manage to trade both sessions, London and NY and I always manage to either have two strikes or make my goal. No need to re-entry at the same direction I was stopped out. I have seeing it but by the time it happens, my play was already done.

My opinion is that, if fits your bill, money management wise, go for it. As long as you don't exceed your daily limit.

Hope it helps.
  • #852
  • Oct 23, 2008 12:25pm Oct 23, 2008 12:25pm
Quoting nomoretoxic
I have a rule...two strikes in one day and I call it off. I try to shoot for 2:1 R/R ..I say I try 'cause not always it's possible.

About entering at the same direction if stopped out, I have never done it.

I manage to trade both sessions, London and NY and I always manage to either have two strikes or make my goal. No need to re-entry at the same direction I was stopped out. I have seeing it but by the time it happens, my play was already done.

My opinion is that, if fits your bill, money management wise, go for it. As long as you don't exceed your daily limit.

Hope it helps.
...it does, thanks NT.
  • #853
  • Oct 23, 2008 4:01pm Oct 23, 2008 4:01pm
Quoting nomoretoxic
I have a rule...two strikes in one day and I call it off. I try to shoot for 2:1 R/R ..I say I try 'cause not always it's possible.
Can you please explain your MM strategy? In the past you have been very strict about 3 items:

- You always shoot for 20 pips profit - no more no less - always 20 pips.
- Never use a trailing stop
- When price action warrants a stop loss of more than 20 pips, you will decrease the lots traded to account for worse than 1:1 R/R ratio.

I'm just trying to understand your statement above about 2:1 R/R. Has your MM rules changed due to market conditions?

Thanks in advance for your answer to my question.
  • #854
  • Edited 7:30pm Oct 23, 2008 7:09pm | Edited 7:30pm
Entry: EUR/USD, Short @ 1.28896
S/L = 1.29256
T/P = 1.28696
Closed @ 1.28696 (+20)

Two other pairs have broken out for me.....GBP/USD & USD/CAD, entry order placed on the G/U (not filled yet), but still waiting on a retrace for the U/C.

Just before hitting submit, I reached my T/P on the E/U.

UPDATE:::

Entry: GBP/USD, Short @ 1.61527
S/L = 1.62010
T/P = 1.61427

Entry: USD/CAD, Long @ 1.25064
S/L = 1.24864
T/P = 1.25164
Closed @ 1.25164 (+10)
  • #855
  • Oct 23, 2008 7:26pm Oct 23, 2008 7:26pm
Entry: EUR/USD, Short @ 1.28896
S/L = 1.29256
T/P = 1.28696
Closed @ 1.28696 (+20)


Very nice Jnatty

Deep
  • #856
  • Oct 23, 2008 7:37pm Oct 23, 2008 7:37pm
USD/CHF trade was pretty text book. The EUR was not. Pullback was not quite in line with the rules I think, but I liked the way the pair was moving.

Tks for this Nomo, I like simple....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 16 KB
Click to Enlarge Name: usdchf.gif Size: 20 KB
  • #857
  • Edited 8:04pm Oct 23, 2008 7:49pm | Edited 8:04pm
Sorry about not putting "Asian Session" in the title.

Entry: AUD/USD, Short @ .66372
S/L: .66572
T/P: .66272
Closed @ .66272 (+10)

Final for the day 20+10+5+10 = +45........Thanks Nomoretoxic, nothing was goin in the Asian yesterday, but I'll take +105 pips for 3 days work anytime. I still have some kinks to work out with my execution, but thanks to you......trading the Forex for real is no longer in the distant future.

BTW:: by "3 days work" I mean trading the Asian session basically, in which I only trade from 18:30 - 21:30 Central U.S. time......and today I am done at 20:00.


Thanks, deepsouth.........good job yourself.

UPDATE::

Moved my T/P on the GBP/USD to get only a +5 Pip gain, due to the way the market was acting at the time.....Figured I'll take it if I can get it.......worked out fine this time.

Success on the A/U trade....as finalized above.
  • #858
  • Oct 23, 2008 7:50pm Oct 23, 2008 7:50pm
HI jnatty can you pls post your chart I like to see how did you get that result on my chart the last candle in the box closed @ 12885 then the first candle outside of the box brake out and closed 12872 hmmm..... I don't understand
I'm using PFG chart.

Thanks.

E
Blessed are they who maintain justice, who constantly do what is right.
  • #859
  • Oct 23, 2008 9:41pm Oct 23, 2008 9:41pm
Quoting zznbrm
Can you please explain your MM strategy? In the past you have been very strict about 3 items:

- You always shoot for 20 pips profit - no more no less - always 20 pips.
- Never use a trailing stop
- When price action warrants a stop loss of more than 20 pips, you will decrease the lots traded to account for worse than 1:1 R/R ratio.

I'm just trying to understand your statement above about 2:1 R/R. Has your MM rules changed due to market conditions?

Thanks in advance for your answer to my question.
I apologize as my MM rules has been somehow scattered on the thread.

I will put a full disclosure on my MM rules very soon.

Stay tuned.
  • #860
  • Oct 23, 2008 9:49pm Oct 23, 2008 9:49pm
Hi All,

Im planning to come up with an automatic trading EA , since I already have most of it in my breakout alert EA. Anyone has any pointers about different exit strategies?
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