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Nomoretoxic's breakout

  • #1,001
  • Nov 13, 2008 10:21am Nov 13, 2008 10:21am
I actually won't take a trade after 5p usually. I've never had a trade last from the London to the NY session yet.

RR -

Quoting bigjim1958
Hi Folks:
Question for Nomo, or anyone who wants to answer. I'm on EST, and the London Box is from 1:00-3:00 A.M., the NY box starts at 7:00 A.M. EST. Do you let the london box overlap past 7:00, or do you figure that if there is no trade signalled by the London box by 7:00, start over with the NY box. Hope this question makes sense, thanks again to everyone, I'm actually having a great month because of all the people here, thanks.

Jim
  • #1,002
  • Nov 13, 2008 10:28am Nov 13, 2008 10:28am
London

No Trades

NY

AUDUSD BUY +25

e - 6430
sl - 6405 (-25)
tp - 6480
c - 6455

GBPUSD SELL -25

e - 14764
sl - 14789 (-25)
tp - 14564
c - 14789

Lots of wild swings today. I left my GBPUSD trade in place for too long in my opinion, as I took the trade 2 hours after the initial bko and pull back. I should have re-evaluated the trade.

RR -
  • #1,003
  • Nov 13, 2008 10:32am Nov 13, 2008 10:32am
I've made no change to my box times. I trade whichever way the box guides me to. Sometimes I've actually sold and bought the same pair in one day during the different sessions.

Hope that this helps,

RR -

Quoting ozziedave
Hi RR..

You seem to be one of the most consistent and profitable traders using this methodology. Have you changed/adjusted the times of your boxes since the time changes in October? If so, what times are you using now?
For the direction of the breakout do you trade only in the direction of the daily trend or do you just trade the breakout no matter what direction it is as long as it's a valid breakout?
  • #1,004
  • Nov 13, 2008 10:55am Nov 13, 2008 10:55am
Quoting bigjim1958
Hi Folks:
Question for Nomo, or anyone who wants to answer. I'm on EST, and the London Box is from 1:00-3:00 A.M., the NY box starts at 7:00 A.M. EST. Do you let the london box overlap past 7:00, or do you figure that if there is no trade signalled by the London box by 7:00, start over with the NY box. Hope this question makes sense, thanks again to everyone, I'm actually having a great month because of all the people here, thanks.

Jim
Jim

The logic behind 7:009:00 am est -


Very much follows the all so-called theory about the opening breakout. Well, not exactly, but has the same foundation.

See, normally NY-London overlap creates a huge mass of traders investors, looking to position themselves at the first hour of the overlap.Pretty much they set the tone for the rest of the day.

We wait a reasonable time - maybe 9:00 - 9:30 to make our play.

By that time, the smoke has cleared and we can see better.

Also, most big announcements are due @8:30 am, giving us reasonable time for the dust to clear.


Please note the bold "normally" in bold....anything goes...we don't know the future...but it's a pretty good average.

hope it helps.


cheers!!!!
  • #1,005
  • Nov 13, 2008 10:58am Nov 13, 2008 10:58am
Hi Nomo

I was wondering if you wouldnt mind help answering my questions if you have the time

Thanks

Quoting TheMonk
Nomo

Greatest thread ever !!

Nice, simple and disciplined.

I am demoing this out and just wanted to confirm a few things:

- I am in the UK using Alpari.uk broker which is GMT+1. Does my morning box begin from 7-8:59 (local time)

- How do you determine the TP (and hence the SL) to get a risk reward ? Or do you say the SL is x pips therefore i will TP at the same level to get 1:1 rr

Sorry if these questions simple

Thank you for your time
  • #1,006
  • Nov 13, 2008 11:05am Nov 13, 2008 11:05am
I made a typo and I can't edit my original post.

I meant after 5am not 5pm.

Quoting RRothschild
I actually won't take a trade after 5p usually. I've never had a trade last from the London to the NY session yet.

RR -
  • #1,007
  • Nov 13, 2008 12:30pm Nov 13, 2008 12:30pm
Quoting RRothschild
I made a typo and I can't edit my original post.

I meant after 5am not 5pm.
Hi:
I figured as much, thanks for all the help you give.

Jim
  • #1,008
  • Nov 13, 2008 1:19pm Nov 13, 2008 1:19pm
Quoting TheMonk
Nomo

Greatest thread ever !!

Nice, simple and disciplined.

I am demoing this out and just wanted to confirm a few things:

- I am in the UK using Alpari.uk broker which is GMT+1. Does my morning box begin from 7-8:59 (local time)

- How do you determine the TP (and hence the SL) to get a risk reward ? Or do you say the SL is x pips therefore i will TP at the same level to get 1:1 rr

Sorry if these questions simple

Thank you for your time
I apologize not to reply earlier.....the only excuse I have is just overlooked your post(sorry, I am a honest guy)

The easiest way to explain it is to look at cheelu's indicator. The dotted line is where you suppose to place your stop-loss. The logic is simple: the indicator looks for a reasonable last swing high/low to place the stop. You can do it without the indicator,following the logic.

As for take profit, at the beginning I stated that the box at least delivers 20 pips consistently. But of course, you can shoot for more.

I personally look for a R/R of 2:1.

Hope it helps.
  • #1,009
  • Nov 13, 2008 3:17pm Nov 13, 2008 3:17pm
Hi Nomo and RR,

Do you have any guidelines about how large the box range can be before you consider it too big to trade a breakout? For example, the 2 hour range is 100 pips, would you still take a trade if price breaks out from that range or would you sit that one out based on how far price has already moved for that day?

I would assume the smaller the range the bigger the breakout?
  • #1,010
  • Nov 13, 2008 3:32pm Nov 13, 2008 3:32pm
Quoting ozziedave
Hi Nomo and RR,

Do you have any guidelines about how large the box range can be before you consider it too big to trade a breakout? For example, the 2 hour range is 100 pips, would you still take a trade if price breaks out from that range or would you sit that one out based on how far price has already moved for that day?

I would assume the smaller the range the bigger the breakout?
My advice: don't pay attention to the range of the box.

That's over-thinking.


Play the pullback-continuation as soon as the box ends.


Just look on where the price is heading inside the box and be ready for the pullback.


Simple and easy.

The rest is overkill.

hope it helps.
  • #1,011
  • Edited 4:51pm Nov 13, 2008 4:42pm | Edited 4:51pm
i concur with NOMO.

i personally don't pay attention to the range in the box.

I use it mainly as a guide. A narrow or wide range does tell you something, but it doesn't tell you whether there will be a good breakout or not.

I took a look at my trades and I have had good trades on both narrow and wide boxes. This includes a NOMO's bko-continuation and my straight bko strategy that I used in the past.

what i don't like to see are lots of spikes in the box.

Hope this helps,

RR -

Quoting ozziedave
Hi Nomo and RR,

Do you have any guidelines about how large the box range can be before you consider it too big to trade a breakout? For example, the 2 hour range is 100 pips, would you still take a trade if price breaks out from that range or would you sit that one out based on how far price has already moved for that day?

I would assume the smaller the range the bigger the breakout?
  • #1,012
  • Nov 13, 2008 5:36pm Nov 13, 2008 5:36pm
Nomo, RR

Thank you both - you are excellant teachers

Would love to buy you guys a coffee if ever in London !
  • #1,013
  • Nov 13, 2008 6:05pm Nov 13, 2008 6:05pm
Hi Nomo,

Do you at any point adjust your stop loss to breakeven before taking your profit.

Also, thanks a lot for the detailed MM rules. You mentioned 2% risk per day, 1% per trade, is that 2% per session NY and London in your case or 2% for both sessions combined. I only trade the NY session, I'm sleeping during the london session and the Asian session doest have enough volume for the 2 pairs that I trade. I was wondering if I should increase that 1% to 1.5% or 2%, since I only trade one session.

Thanks,
It's NOT GAMBLING when the odds are in your favor
  • #1,014
  • Nov 13, 2008 9:44pm Nov 13, 2008 9:44pm
Quoting bigjim1958
Hi Folks:
Question for Nomo, or anyone who wants to answer. I'm on EST, and the London Box is from 1:00-3:00 A.M., the NY box starts at 7:00 A.M. EST. Do you let the london box overlap past 7:00, or do you figure that if there is no trade signalled by the London box by 7:00, start over with the NY box. Hope this question makes sense, thanks again to everyone, I'm actually having a great month because of all the people here, thanks.

Jim
actually shouldn't the london box be from 2-4AM EST?
  • #1,015
  • Nov 13, 2008 10:07pm Nov 13, 2008 10:07pm
Hi Guys,

A new version available at
http://www.forexfactory.com/showpost...31&postcount=1

Added the popup alert and email alert functionality to the indicator itself. No need for alert EA anymore. Also fixed the problem where other nonbox related objects disappear when switching to different TF
  • #1,016
  • Nov 13, 2008 10:29pm Nov 13, 2008 10:29pm
Thanks for the work Cheelu, nicely done.

Deep
  • #1,017
  • Nov 13, 2008 10:39pm Nov 13, 2008 10:39pm
Fantastic, Cheelu - now the fibs won't disappear - Thanks.
  • #1,018
  • Nov 14, 2008 12:03am Nov 14, 2008 12:03am
Quoting cheelu
Hi Guys,

A new version available at
http://www.forexfactory.com/showpost...31&postcount=1

Added the popup alert and email alert functionality to the indicator itself. No need for alert EA anymore. Also fixed the problem where other nonbox related objects disappear when switching to different TF
Thanks for fixing this Chelu.
  • #1,019
  • Nov 14, 2008 12:37pm Nov 14, 2008 12:37pm
Cheelu....

Thank you for all your hard work and contributions to our community. Your indicator is invaluable.
  • #1,020
  • Nov 17, 2008 8:50am Nov 17, 2008 8:50am
Hi

First trade on GBPCHF:

Price: 1.77645
SL: 1.77645
TP: 1.80815
TP hit

Is this correct ?
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