Nomoretoxic's breakout | Page 46 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another simple breakout system 32 replies

(False) Breakout & Trend Reversal Strategies?? 12 replies

My Asian Breakout trading Journal 54 replies

Nomoretoxic's Money Management 34 replies

Playing the Breakout Trade 4 replies

Attachments: Nomoretoxic's breakout
Exit Attachments

Nomoretoxic's breakout

  • #901
  • Oct 28, 2008 9:31am Oct 28, 2008 9:31am
Listen guys.

The whole idea of 20 pips is for you to see there's consistency to a certain degree using this box. The real problem about systems/strategies etc. they work for a while but all of the sudden you get screwed. This is the whole reason why traders are jumping from system to system and losing money trying.

The real edge to me with any system is how to manage your trades. In my case, once you have a fill, there's nothing you can do, just sit and wait. I've been trading for years and, many times, I choose move my bracket (stops/targets), I simply lose consistency.

As I said before, I am working on a lay out on money management.

PD: sit on your hands is a valid trade.

Stay Tuned

cheers
  • #902
  • Oct 28, 2008 9:48am Oct 28, 2008 9:48am
This message might be for cheelu. On G/U this morning, EA called breakout short at 1.5665, the next candle closed down, not up, but I believe the EA considered that a retracement candle, because the next candle down was signaled as the 2nd breakout candle. Do I have a wrong understanding of a retracement candle? I believed it had to close in the opposite direction of the first breakout candle. I'm sorry for no chart, I'm at work. I'm using Admiral Mkts, same as Nomo. This is the second time I've seen this and wanted to bring it to your attention. Thanks for all your help.Jim
  • #903
  • Oct 28, 2008 10:01am Oct 28, 2008 10:01am
Quoting nomoretoxic
Listen guys.

The whole idea of 20 pips is for you to see there's consistency to a certain degree using this box. The real problem about systems/strategies etc. they work for a while but all of the sudden you get screwed. This is the whole reason why traders are jumping from system to system and losing money trying.

The real edge to me with any system is how to manage your trades. In my case, once you have a fill, there's nothing you can do, just sit and wait. I've been trading for years and, many times, I choose move my bracket (stops/targets), I simply lose consistency.

As I said before, I am working on a lay out on money management.

PD: sit on your hands is a valid trade.

Stay Tuned

cheers
Thanks NT. Looking forward to reading your MM advice in due course. In the meantime, i'm using 2:1 reward:risk on the EU and GU shorts triggered earlier, and i'm a happy trader atm ...GU nearly at target.
  • #904
  • Oct 28, 2008 10:20am Oct 28, 2008 10:20am
it could be my mistake. last week there was a discussion to identify the opposite colour candle and identify that as the start of the retracement candle. I made that change in the indicator, but not in the alert EA. will do it today and post it. also I'm testing out my trading EA . will be ready within a day or two

Quoting bigjim1958
This message might be for cheelu. On G/U this morning, EA called breakout short at 1.5665, the next candle closed down, not up, but I believe the EA considered that a retracement candle, because the next candle down was signaled as the 2nd breakout candle. Do I have a wrong understanding of a retracement candle? I believed it had to close in the opposite direction of the first breakout candle. I'm sorry for no chart, I'm at work. I'm using Admiral Mkts, same as Nomo. This is the second time I've seen this and wanted to bring it to your attention. Thanks for all your help.Jim
  • #905
  • Oct 28, 2008 11:00am Oct 28, 2008 11:00am
Quoting cheelu
it could be my mistake. last week there was a discussion to identify the opposite colour candle and identify that as the start of the retracement candle. I made that change in the indicator, but not in the alert EA. will do it today and post it. also I'm testing out my trading EA . will be ready within a day or two
new york
10:10 est
g/u breakout and retracement happened with the opposite bear/bull candles than 'usual'.....
  • #906
  • Oct 28, 2008 11:21am Oct 28, 2008 11:21am
can u post ur chart

Quoting Gossy68
new york
10:10 est
g/u breakout and retracement happened with the opposite bear/bull candles than 'usual'.....
  • #907
  • Oct 28, 2008 11:41am Oct 28, 2008 11:41am
Cheelu, I switched to your indicator, and still making just demo trades when I can. Mornings are hectic with my regular work at home sometimes job, so I miss some of them. Are you making an EA for automatic placement of trades? That would be awesome.
Quoting cheelu
it could be my mistake. last week there was a discussion to identify the opposite colour candle and identify that as the start of the retracement candle. I made that change in the indicator, but not in the alert EA. will do it today and post it. also I'm testing out my trading EA . will be ready within a day or two
  • #908
  • Oct 28, 2008 12:08pm Oct 28, 2008 12:08pm
Yes. Its done and i'm testing it right now. any volunteers to do the testing? email me and I will send you the EA. Once enough testing is done, we will make it public.

Quoting paradoxical
Cheelu, I switched to your indicator, and still making just demo trades when I can. Mornings are hectic with my regular work at home sometimes job, so I miss some of them. Are you making an EA for automatic placement of trades? That would be awesome.
  • #909
  • Oct 28, 2008 1:14pm Oct 28, 2008 1:14pm
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 (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 - your posts are always of help to us noobs. We can compare our decision making against a seasoned boxer like yourself.

BTW we have just switched to day-light-saving time here in uk. e.g. your g/u London trade was entered approx 07:30 GMT. Just checking... as i have changed all my box indicators by 1hour as of sun 26.
  • #910
  • Oct 28, 2008 1:47pm Oct 28, 2008 1:47pm
Guys

Here are my money management rules.

http://www.forexfactory.com/showthre...12#post2310012

I place it in another thread so we won't mix one thing with the other.

hope it helps

cheers.
  • #911
  • Edited 12:57pm Oct 29, 2008 12:53pm | Edited 12:57pm
Hello Everyone: I couldn't trade the New York session today and I only saw this trade before 5:00 EST during the London session.

RR -

USDCAD Sell
e - 12734
sl - 12778 (-44)
tp - 12646
c - 12646 (88)

Once I hit 25 PIPs I locked those in. Then again at 1:1 (+44). Then I hit my tp of 2:1
  • #912
  • Oct 29, 2008 1:13pm Oct 29, 2008 1:13pm
Quoting RRothschild
Hello Everyone: I couldn't trade the New York session today and I only saw this trade before 5:00 EST during the London session.

RR -

USDCAD Sell
e - 12734
sl - 12778 (-44)
tp - 12646
c - 12646 (88)

Once I hit 25 PIPs I locked those in. Then again at 1:1 (+44). Then I hit my tp of 2:1

There you go my friend!!!!
  • #913
  • Oct 29, 2008 2:58pm Oct 29, 2008 2:58pm
Yup.

Thanks again....

Quoting nomoretoxic
There you go my friend!!!!
  • #914
  • Oct 29, 2008 4:27pm Oct 29, 2008 4:27pm
Quoting RRothschild
Hello Everyone: I couldn't trade the New York session today and I only saw this trade before 5:00 EST during the London session.

RR -

USDCAD Sell
e - 12734
sl - 12778 (-44)
tp - 12646
c - 12646 (88)

Once I hit 25 PIPs I locked those in. Then again at 1:1 (+44). Then I hit my tp of 2:1

Very nice....

Wrenski
  • #915
  • Oct 29, 2008 9:12pm Oct 29, 2008 9:12pm
Missed your question the first time that I read your post.....

i entered it at about 3:35 EST which i think is 7:35 GMT

Quoting Gossy68
RR - your posts are always of help to us noobs. We can compare our decision making against a seasoned boxer like yourself.

BTW we have just switched to day-light-saving time here in uk. e.g. your g/u London trade was entered approx 07:30 GMT. Just checking... as i have changed all my box indicators by 1hour as of sun 26.
  • #916
  • Oct 30, 2008 6:02am Oct 30, 2008 6:02am
Hi everyone,
here are my trades in this morning. I use cheelu's BOXBreakOut indicator. Thanks cheelu.

eurusd buy @ 1.3189 (+100)
sl: 1.3149
tp: 1.3289

usdcad sell @ 1.2030 (+69)
sl: 1.2076
tp: 1.2930
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chart eurusd 30.10..gif Size: 9 KB
Click to Enlarge Name: chart usdcad 30.10..gif Size: 10 KB
  • #917
  • Oct 30, 2008 7:28am Oct 30, 2008 7:28am
Quoting RRothschild
Missed your question the first time that I read your post.....

i entered it at about 3:35 EST which i think is 7:35 GMT
ok, but if you did the same trade last week it would have been 08:35gmt does that matter? I realise that for "london" session your slot is 01:00-03:05est, I just need you to please confirm what we mean by "london session"... should we be saying "europe" or something...? The basis for this system is to track prices 2 hours prior to the "open". For NY its 07:00-09:00 local time est. So are we saying London opens at 07:00 gmt?

sorry, don't mean to pick at bones but I just need someone to set me straight, cheers....
  • #918
  • Oct 30, 2008 9:26am Oct 30, 2008 9:26am
London 10/30/2008

EURUSD Sell +60
e - 13095
sl - 13124 (-29)
tp - 13037
c - 13035 (+60)

GBPUSD Sell +40
e - 16474
sl - 16493 (-19)
tp - 16434
c - 16434 (40)

AUDUSD Sell +40
e - 6765
sl - 6805 (-40)
tp - 6685
c - 6725 (40)

USDCAD Sell -23
e - 11898
sl - 11921 (-23)
tp - 11852
c - 11921 (-23)

GBPJPY Sell +25
e - 16190
sl - 16250 (-60)
tp - 16070
c - 16165 (25)


New York 10/30/2008

EURUSD Sell +25
e - 12994
sl - 13050 (-56)
tp - 12882
c - 12969 (25)

GBPUSD Sell +20
e - 16406
sl - 16430 (-24) I modified this stop. Highest high was about 56 PIPs away.
tp - 16358
c - 16386 (20)

At +25 PIPs I lock-in profits, at 1:1 I lock-in profits and then let it ride to 2:1.

I was actually a little nervous trading today because I had 10 winning trades in a row. I was actually a little happy to have the loss in the USDCAD trade!

I thought that i was done for the day, but something may be brewing on the AUDUSD in the next few bars. Let's see!
  • #919
  • Oct 30, 2008 11:34am Oct 30, 2008 11:34am
RR

Are you trading live??

Just curious.

Thanks.
  • #920
  • Oct 30, 2008 1:54pm Oct 30, 2008 1:54pm
Yes, I'm trading live.

Quoting nomoretoxic
RR

Are you trading live??

Just curious.

Thanks.
6 traders viewing now