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Nomoretoxic's breakout

  • #1,081
  • Dec 11, 2008 8:40pm Dec 11, 2008 8:40pm
Hi folks:
Read whole thread couple of times, confused about two things.

1) A candle is a breakout when it breaks box by 1 pip, even if it closes back inside the box, correct? Pretty sure about this by would appreciate confirmation.

2) Retracement candle: We wait till the close. If breakout candle is long, a candle is considered retracement if it closes below the high of the breakout candle, even if the retracement candle might also be a positive candle, as long as the close is lower than any part of the breakout or the close of the breakout?

My confusion comes when the breakout candle is long and the retracement candle is also long, but lower then the breakout, thanks for all your help.

Jim
  • #1,082
  • Dec 12, 2008 8:21am Dec 12, 2008 8:21am
Hi Jim,

Here is my opinion and based on what Nomo said long time back

http://www.forexfactory.com/showpost...&postcount=762

1) Yes. as long as price touched 1 pip ( I use 5 pips) above the high , that's your breakout candle.

2) Then we start looking for retracement after this initial breakout. There is no direct relationship between the pullback candle and the breakout candle. the only relationship is the order of events. Initial Breakout first; then pullback .

What we are interested in is to identify the highest high / lowest low price made before the retracement candle happened. So to find that out we are only interested in identifying the START of the pullback. The pullback might take the price to anywhere within the box. We dont care about that.

and to identify the START of the pullback candle, the rule is

1) for long breakouts, look for a bearish candle . Whatever high price made up until this point will be ur entry price.
2) for short breakouts, look for bullish candle

i hope that helps.

Quoting bigjim1958
Hi folks:...
  • #1,083
  • Dec 12, 2008 8:43am Dec 12, 2008 8:43am
Quoting cheelu
Hi Jim,

Here is my opinion and based on what Nomo said long time back

http://www.forexfactory.com/showpost...&postcount=762

1) Yes. as long as price touched 1 pip ( I use 5 pips) above the high , that's your breakout candle.

2) Then we start looking for retracement after this initial breakout. There is no direct relationship between the pullback candle and the breakout candle. the only relationship is the order of events. Initial Breakout first; then pullback .

What we are interested in is to identify the highest...
Hi Cheelu:
Thanks, I always get in trouble when I take the simple and make it complicated, LOL. How's tampa, getting settled in. I also really enjoy your indicator. Thanks for your help. I think I saw NOMO on the back of a milk cartoon, NOMO are you out there?

Jim
  • #1,084
  • Dec 15, 2008 4:47am Dec 15, 2008 4:47am
Hello,

Just checking to see if anyone is still using this excellent system. Nomoretoxic has introduced us to a solid strategy that works. I have been using a similar strategy for many months and have achieved consistent profitability.

Whilst this trading method is very simple, it is not easy. It requires rigid discipline, patience and some amount of practice. It would be great to see this forum revived and those of us using this system participating actively so that we can all benefit.

fxpilot
  • #1,085
  • Dec 15, 2008 10:07am Dec 15, 2008 10:07am
Quoting fxpilot
Hello,

Just checking to see if anyone is still using this excellent system. Nomoretoxic has introduced us to a solid strategy that works. I have been using a similar strategy for many months and have achieved consistent profitability.

Whilst this trading method is very simple, it is not easy. It requires rigid discipline, patience and some amount of practice. It would be great to see this forum revived and those of us using this system participating actively so that we can all benefit.

fxpilot
Hi fxpilot,

I concur. This is an excellent thread. Let's keep it going!

As an incentive, if you were trading the New York Open this morning, you could have made a bagful of pips. I traded GU, EU and GJ totaling more than 300 pips!

I am sure some of us are still not clear on what constitutes a valid breakout candle. Some are using a simple price movement exceeding the high (with an offset of up to 5 pips). I'm not trading that way. I do use a 5 pip offset, but I wait for the candle to close outside the box to determine if it is a valid breakout or not. Nomo did say all calculations are based on candle CLOSES.

Please correct me if I am wrong.

Bob
  • #1,086
  • Dec 15, 2008 1:54pm Dec 15, 2008 1:54pm
Hi Bobcat,

Congrats on the pips earned. I agree with waiting for the candles to close. I trade only the GU and EU and today was very profitable...+200pips. Great trading!!

fxpilot


Quoting Bobcat2
Hi fxpilot,

I concur. This is an excellent thread. Let's keep it going!

As an incentive, if you were trading the New York Open this morning, you could have made a bagful of pips. I traded GU, EU and GJ totaling more than 300 pips!

I am sure some of us are still not clear on what constitutes a valid breakout candle. Some are using a simple price movement exceeding the high (with an offset of up to 5 pips). I'm not trading that way. I do use a 5 pip offset, but I wait for the candle to close outside the box to determine if it is a valid breakout...
  • #1,087
  • Dec 15, 2008 2:14pm Dec 15, 2008 2:14pm
In the spirit of things...I got in on the EU as well and made my daily goal of 2% gain.

I have been gun shy of the GU lately as a few whipsaws have smoked my trades. However, I have not been waiting for the close of the second breakout candle. I might try that approach and see how it goes. Nice work everyone...
  • #1,088
  • Dec 18, 2008 11:25am Dec 18, 2008 11:25am
Hi folks:
Just wanted to post a winning trade I had this morning using NOMO's method. I am hesitant to post since there are so many people on this thread with much more expierence than me, but wanted to encourage people to post, this is a great method. It's only on a mini lot, $1.00 per pip, but it counts.

Jim
Attached Image (click to enlarge)
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  • #1,089
  • Dec 18, 2008 12:04pm Dec 18, 2008 12:04pm
Quoting bigjim1958
Hi folks:
Just wanted to post a winning trade I had this morning using NOMO's method. I am hesitant to post since there are so many people on this thread with much more expierence than me, but wanted to encourage people to post, this is a great method. It's only on a mini lot, $1.00 per pip, but it counts.

Jim

Hey Jim,

In turn, please let me encourage you to continue to post here. My results since this thread has opened have been very positive (meaning I've made more money than I have lost LOL). I believe the more we exchange ideas and nuances trading this strategy will help us all grow better as traders and more prosperous.

Keep it up!
Bob
  • #1,090
  • Dec 18, 2008 5:17pm Dec 18, 2008 5:17pm
Hi Jim,

Thanks for your post. I've started to trade Nomo's method on my live account. Took USDCHF, EURUSD, GBPUSD trades during NY session. All winners.

Do you go for 20 pip? How do u manage ur exits ?


Quoting bigjim1958
Hi folks:
Just wanted to post a winning trade I had this morning using NOMO's method. I am hesitant to post since there are so many people on this thread with much more expierence than me, but wanted to encourage people to post, this is a great method. It's only on a mini lot, $1.00 per pip, but it counts.

Jim
  • #1,091
  • Dec 18, 2008 7:55pm Dec 18, 2008 7:55pm
Quoting fxpilot
Hi Bobcat,

Congrats on the pips earned. I agree with waiting for the candles to close. I trade only the GU and EU and today was very profitable...+200pips. Great trading!!

fxpilot
remember its not about the pips, its about what % of your account did you make on those trades.

one's 20 pips may be equal to your 200 pips.
  • #1,092
  • Dec 21, 2008 5:41pm Dec 21, 2008 5:41pm
Quoting dengzhi
remember its not about the pips, its about what % of your account did you make on those trades.

one's 20 pips may be equal to your 200 pips.
That's true...but mo' pips = mo' fun! LOL
  • #1,093
  • Dec 22, 2008 11:36am Dec 22, 2008 11:36am
Nice trade.

RR -

Quoting bigjim1958
Hi folks:
Just wanted to post a winning trade I had this morning using NOMO's method. I am hesitant to post since there are so many people on this thread with much more expierence than me, but wanted to encourage people to post, this is a great method. It's only on a mini lot, $1.00 per pip, but it counts.

Jim
  • #1,094
  • Dec 23, 2008 3:23pm Dec 23, 2008 3:23pm
Quoting RRothschild
Nice trade.

RR -
Thanks RR:
Appreciate that, surprise, surprise, had another one this morning for a quick 20 pips. I am still struggling with T/P levels, your suggestions are very helpful. I'll keep posting, I'm a newb, but hopefully this will give hope to others to use this simple, but effective, at least in the short run technique. My exit is where I put the check mark.

Jim
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  • #1,095
  • Dec 23, 2008 10:51pm Dec 23, 2008 10:51pm
"This is better that Nomo's system. The DOW correlation comes and goes. For three months it was very profitable, but the correlation ended last week. It will come back and when it does I will let everyone know." "Nomo's system doesn't work, well at least this one works better(Funny, a system will either work for period of time or don't), the dow correlation went belly up, for now."

The above was posted on the TKPOWER8 thread. How many people are using Nomos system and making good money with it? Not too many have posted in quite some time.
  • #1,096
  • Dec 24, 2008 2:33am Dec 24, 2008 2:33am
This trading method works very well and is profitable. It requires discipline to stick to the rules and patience to wait for the right trades. Merry Christmas to all and a prosperous and successful 2009. Blessings.

fxpilot
  • #1,097
  • Dec 31, 2008 12:22pm Dec 31, 2008 12:22pm
Hi everyone:
Happy New Year everyone and let's make 2009 the year of our financial freedom!!. Just wanted to enclose a chart from a profitable trade this morning, I got out with 20 pips using a trailing stop. Hope everyone has a great holiday.

Jim
  • #1,098
  • Dec 31, 2008 12:35pm Dec 31, 2008 12:35pm
Hi again folks:
Wanted to show you a potential winner this morning, unfortunately my boss was hovering over my desk and I couldn't trade. This system has been consistent in the short term, in my uneducated opinion. My greatest challenge is taking small losses and not hoping they come back and watching it go against me a ton. Any thoughts or insight would be appreciated. Happy New Year.

Jim
  • #1,099
  • Jan 2, 2009 10:06am Jan 2, 2009 10:06am
Hi thanks for this boxbreakout indicator.mine stopped working today 2/01/2009 .any suggestions on that.
  • #1,100
  • Jan 3, 2009 8:31am Jan 3, 2009 8:31am
You have a very very old version. Download the indicator again from http://www.forexfactory.com/showpost...31&postcount=1

It has the source code itself.

Quoting lotsofmoney
Hi thanks for this boxbreakout indicator.mine stopped working today 2/01/2009 .any suggestions on that.
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