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Nomoretoxic's breakout

  • #881
  • Oct 26, 2008 7:45pm Oct 26, 2008 7:45pm
I didnt realize that the indicator doesnt work on platforms which have more than 4 digits in the decimal place. Fixed it.

Also , Added more confirmation in finding a swing high / swing low by including 2 more prior bars for confirmation.

Indicator available here
http://www.forexfactory.com/showpost...31&postcount=1
  • #882
  • Oct 27, 2008 9:54am Oct 27, 2008 9:54am
Quoting cheelu
I didnt realize that the indicator doesnt work on platforms which have more than 4 digits in the decimal place. Fixed it.

Also , Added more confirmation in finding a swing high / swing low by including 2 more prior bars for confirmation.

Indicator available here
http://www.forexfactory.com/showpost...31&postcount=1
Great job!!!

Thanks a lot cheelu.
  • #883
  • Oct 27, 2008 11:10am Oct 27, 2008 11:10am
hi Nomo,

once we close a trade for a profit in a certain direction, if the market pullsback again and breaks out in the same direction again (this time a new pullback - breakout entry ) , would u enter the position again? kind of like adding to winning positions strategy
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.
  • #884
  • Oct 27, 2008 11:45am Oct 27, 2008 11:45am
Quoting cheelu
hi Nomo,

once we close a trade for a profit in a certain direction, if the market pullsback again and breaks out in the same direction again (this time a new pullback - breakout entry ) , would u enter the position again? kind of like adding to winning positions strategy
I don't do it.

In my case I have more opportunities as I play both London and NY session.

The problem with a re-entry is the lack of volatility during certain periods.

A play on NY session after 12:00 PM becomes risky as the time passes. Anything after 2:00 pm I prefer not to take it.

A play in London session close to 8:00 am is risky as new money comes in.

So you take a re-entry and get stuck for hours with a huge risk of new money coming in. That way you'll turn a winner into a loser...been there many times.

Hope it helps.
  • #885
  • Oct 27, 2008 12:38pm Oct 27, 2008 12:38pm
London

EURUSD Sell
E - 12461
SL -12495 (-34)
TP -12427
C - 12427 +34

GBPUSD Sell
E -15478
SL - 15549 (-71)
TP - 15407
C - 15407 (71)

USDCAD Buy
E - 12845
SL - 12807 (-38)
TP - 12883
C - 12870 (25)


New York Session
AUDUSD Buy
E - 0.6141
SL - 0.6106 (-35)
TP - 0.6176
C - 0.6105 (-36)

USDCAD Sell
E - 12777
SL - 12801 (-24)
TP - 12753
C - 12801 (-24)

EURUSD Buy
E - 12501
SL - 12462 (-39)
TP - 12540
12540 (39)

GBPUSD Buy
E - 15512
SL - 15459 (-53)
TP - 15565
C - 15537 (25)

USDCAD Buy (M)
E - 12943
SL - 12904 (-39)
TP - 12982
C - 12968 (25)

I had stopped posting my results because I wasn't sure it was helping. I received a lot of pm's requesting my trades, so here they are. (M) means that I was watching the trade but did not take it.


Hope this helps,

RR -
  • #886
  • Oct 27, 2008 12:52pm Oct 27, 2008 12:52pm
Quoting RRothschild
London

EURUSD Sell
E - 12461
SL -12495 (-34)
TP -12427
C - 12427 +34

GBPUSD Sell
E -15478
SL - 15549 (-71)
TP - 15407
C - 15407 (71)

USDCAD Buy
E - 12845
SL - 12807 (-38)
TP - 12883
C - 12870 (25)


New York Session
AUDUSD Buy
E - 0.6141
SL - 0.6106 (-35)
TP - 0.6176
C - 0.6105 (-36)

USDCAD Sell
E - 12777
SL - 12801 (-24)
TP - 12753
C - 12801 (-24)

EURUSD Buy
E - 12501
SL - 12462 (-39)
TP - 12540
12540 (39)

GBPUSD Buy
E - 15512
SL - 15459 (-53)
TP - 15565
C - 15537 (25)

USDCAD Buy (M)
E - 12943
SL - 12904 (-39)
TP - 12982
C - 12968 (25)

I had stopped posting my results because I wasn't sure it was helping. I received a lot of pm's requesting my trades, so here they are. (M) means that I was watching the trade but did not take it.


Hope this helps,

RR -
RR

100+ pips - congrats.

Which broker are you using? Do you try to stay with USD pairs only or was that just the nature of today? Finally, are you using pending orders once you see the box has been broken or are you doing everything 'live'?

Thanks - I know I, for one, certainly appreciate you posting you results....

T.
  • #887
  • Oct 27, 2008 12:57pm Oct 27, 2008 12:57pm
Quoting cheelu
I didnt realize that the indicator doesnt work on platforms which have more than 4 digits in the decimal place. Fixed it.

Also , Added more confirmation in finding a swing high / swing low by including 2 more prior bars for confirmation.

Indicator available here
http://www.forexfactory.com/showpost...31&postcount=1
Cheelu,

I have tried everything I can think of and I still cannot keep the mt4 session from crashing everytime I add your indicator to a chart. The really weird thing is that it is working just fine on a 2nd computer, using the same templates. But for some reason, I cannot get the indicator to work on my main trading computer.

Any suggestions?

Thanks

T...
  • #888
  • Oct 27, 2008 2:18pm Oct 27, 2008 2:18pm
Will post the MQ4 code soon. once u compile that, it should work for u.
which platform are u on and what's the build number?

Quoting tsquad
Cheelu,

I have tried everything I can think of and I still cannot keep the mt4 session from crashing everytime I add your indicator to a chart. The really weird thing is that it is working just fine on a 2nd computer, using the same templates. But for some reason, I cannot get the indicator to work on my main trading computer.

Any suggestions?

Thanks

T...
  • #889
  • Oct 27, 2008 2:51pm Oct 27, 2008 2:51pm
Nomoretoxic,

One thing I don't understand is the risk reward ratio when the pullback is far from the breakout peak. I mean I see pullbacks as far as 100 pips and yet aiming for only 20 pips profit. The risk far outweigh the reward. You'd need just one loss to undo the last 5 trades.

Is the success ratio of these so good that you always take these trades?

Thanks
  • #890
  • Oct 27, 2008 4:21pm Oct 27, 2008 4:21pm
Although Nomoretoxic is likely better suited to answer the question based on his system. I would imagine that entering such a trade that has a pullback of such length is up to your own decision. Personally I don't like to pull the trigger on something that has such a LARGE retrace, or on one that has such a LARGE initial breakout.

My advice on such occurrences would be to, as Nomoretoxic says, "sit on your hands".

If the risks are too much for your own personal taste, then trust your gut.

I believe however that Nomoretoxic lessens the amount of lot's traded to lessen the blow in case of a loss. Instead of trading 3 lots, he may just trade one and live with the results......win or lose.
  • #891
  • Oct 27, 2008 4:50pm Oct 27, 2008 4:50pm
I use FXCM. Just the nature of the day re: US pairs. I enter the initial order on the close of the first pull back bar. I set the SL and the TP once I get into the trade.

Hope this helps,

RR -

Quoting tsquad
RR

100+ pips - congrats.

Which broker are you using? Do you try to stay with USD pairs only or was that just the nature of today? Finally, are you using pending orders once you see the box has been broken or are you doing everything 'live'?

Thanks - I know I, for one, certainly appreciate you posting you results....

T.
  • #892
  • Oct 27, 2008 5:55pm Oct 27, 2008 5:55pm
I've been following this thread for about a month and I'm seeing my first bit of success (only been trading live since August). I developed this Breakout Indicator with Alert that works for Tokyo, London, and N.Y. All time frames and perameters are possible it will also show all three at once or one at a time. I've learned alot here so I wanted to at least try to give something back. I know you have some good Breakout Indicators already but I thought someone might like this one.Thanks No More Toxic for this method.
Attached File(s)
File Type: zip 3Sessions_HiLoBoxes_with_alert_[ChrisWilson].zip   13 KB | 549 downloads
  • #893
  • Oct 27, 2008 8:41pm Oct 27, 2008 8:41pm
nomoretoxic:
has your US session breakout box changed at all with respect to the DST change in europe?
the box is made from 7-9am NY time still?
  • #894
  • Oct 27, 2008 11:08pm Oct 27, 2008 11:08pm
Quoting dengzhi
nomoretoxic:
has your US session breakout box changed at all with respect to the DST change in europe?
the box is made from 7-9am NY time still?
should always be 7-9 in NY time. NY time will shift next week I believe so hang in there =D
  • #895
  • Oct 28, 2008 4:33am Oct 28, 2008 4:33am
Quoting nomoretoxic
I don't do it.

In my case I have more opportunities as I play both London and NY session.

The problem with a re-entry is the lack of volatility during certain periods.

A play on NY session after 12:00 PM becomes risky as the time passes. Anything after 2:00 pm I prefer not to take it.

A play in London session close to 8:00 am is risky as new money comes in.

So you take a re-entry and get stuck for hours with a huge risk of new money coming in. That way you'll turn a winner into a loser...been there many times.

Hope it helps.
If you're trading today, would you mind posting your trade management should anything trigger? I'm guessing the real value to the strat is in the money management / exit(s).
  • #896
  • Oct 28, 2008 7:02am Oct 28, 2008 7:02am
Quoting cheelu
Will post the MQ4 code soon. once u compile that, it should work for u.
which platform are u on and what's the build number?

Cheelu

I am using IFBX - whatever the the current build is. Strangest thing, everything works just fine on one computer but not the other. I believe I am using the same templates and indicators - at least I cannot find a difference.

The MQ4 should help where I can compile it.

More later

T...
  • #897
  • Oct 28, 2008 8:40am Oct 28, 2008 8:40am
Quoting Jnatty
Although Nomoretoxic is likely better suited to answer the question based on his system. I would imagine that entering such a trade that has a pullback of such length is up to your own decision. Personally I don't like to pull the trigger on something that has such a LARGE retrace, or on one that has such a LARGE initial breakout.

My advice on such occurrences would be to, as Nomoretoxic says, \"sit on your hands\".

If the risks are too much for your own personal taste, then trust your gut.

I believe however that Nomoretoxic lessens the amount of lot's traded to lessen the blow in case of a loss. Instead of trading 3 lots, he may just trade one and live with the results......win or lose.
Yes exactly...I mean...use common sense. 100/20 R:R is just too much.
  • #898
  • Oct 28, 2008 8:41am Oct 28, 2008 8:41am
Quoting Ronald Raygun
should always be 7-9 in NY time. NY time will shift next week I believe so hang in there =D

ditto...
  • #899
  • Oct 28, 2008 8:42am Oct 28, 2008 8:42am
Quoting ChowClown
If you're trading today, would you mind posting your trade management should anything trigger? I'm guessing the real value to the strat is in the money management / exit(s).
I am working on it...I'll have it on another thread.
  • #900
  • Oct 28, 2008 8:57am Oct 28, 2008 8:57am
Quoting nomoretoxic
I am working on it...I'll have it on another thread.
thanks.
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