Since you are only going for a 20 pip PT, how do you determine your stop loss? Last swing, 1:1, mental stop, other.
I like the 20 PT idea as well. However with the big moves in price action these days, I worry that a bounce off the buy/sell price will come back 20+ pips before going back the right direction. At 1:1 it's toast. What is your win rate?
Hi Hellcat I'm very new here just learning, ok the only time I take the trade jet where I see the brake out candle is not exceed 30 pips so my st is at the other side of the brake out candle,also I look at the pullback candle I like to see when the pullback candle happen and close outside of the box that gives me more confirmation to take the trade since my st is small, the mental st dose not work for me I tried and I always last big amount.
As I said earlier I'm just practicing I learn a lot from some of the good traders here thanks for Nomo and all of you.
E
Blessed are they who maintain justice, who constantly do what is right.
I just found this thread last week and have been following it.
I just got out of a short trade on the EUR/USD on break of NY 7:00 - 9:00 box.
Got in at 1.2857 and after got to 20 pips profit, trailed the stop 20 pips. Finally stopped out at 1.2821 for 36 pip profit.
System is easy to follow. I made one stupid mistake that cost me 20 pips. I KNEW there would be strong support at 1.2800 and I should have put TP there but was foolishly hoping for miracle and long runner.
Thanks for the system and all the information in the thread.
"Money is easy to make, but hard to keep" - FWV 1975
Hi Swakop - nice trades but I have some questions:
1 - was your early g/u trade a classic box-trade? if so, what times do you use to construct your London/Europe box?
2- your u/cad trade, wouldn't you enter at the breakout high plus spread as your entry price? Same goes for any buy trades but in particular those pairs with the bigger spreads. Or was the 1.1838 entry the bid (sell) price?
Good Monday morning (NY session). Classic set ups on e/j, e/u, u/cad. Closed out at +20 on each pair within a short period of time. See attached charts. Yeah....I could have gone for more, but the 9 to 5 kept me busy.
Hi Swakop - nice trades but I have some questions:
1 - was your early g/u trade a classic box-trade? if so, what times do you use to construct your London/Europe box?
2- your u/cad trade, wouldn't you enter at the breakout high plus spread as your entry price? Same goes for any buy trades but in particular those pairs with the bigger spreads. Or was the 1.1838 entry the bid (sell) price?
Regards
Gossy
Ignored
Hi Gossy, 1 - was your early g/u trade a classic box-trade? if so, what times do you use to construct your London/Europe box?
I use for this trade my asian box - 00:00 til 01:59 gmt. I trade this box til 06:30 gmt
My European box 04:55 til 6:59 gmt.
2- your u/cad trade, wouldn't you enter at the breakout high plus spread as your entry price? Same goes for any buy trades but in particular those pairs with the bigger spreads. Or was the 1.1838 entry the bid (sell) price?
Breakout plus/minus spread, buy orders once more spread.
I've always E/U 2 pips, G/U 3 pips and U/C 3 pips spread.
I was sidetracked last week. I did trade, but missed many of the good ones. It also reminded me that the system can be great, but you are still the determining factor.
Simply said, while I made 161 pips last week, I feel as though my "trading" and decision making was poor because i wasn't focused.
Seems like everyone was doing well last week. Congrats!
Is any one else having problems trying to apply Cheelu's Boxbreakout indicator 2 times on the charts. One for London and one for USA session? One box shows up and the other disappears. I wanted to have a box for each session since I sometimes trade both.
Is any one else having problems trying to apply Cheelu's Boxbreakout indicator 2 times on the charts. One for London and one for USA session? One box shows up and the other disappears. I wanted to have a box for each session since I sometimes trade both.
Ignored
Hi ozziedave,
It's possible. You open on the same chart 2 times the box. One box with the session number 1, the other with session number 2.
Hello people, My paper clip is not working for me to view the attachment so as to get the indicator.What do i do to make it work. can someone directed me to the latest cheelu boxbreakout indicator pls. Thanks. Nerry.
