The Zone Break Out | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Break Out + Pull Back & Pure Break Outs 59 replies

BB break + trendline break 24 replies

Looking for L > Break High Break Low Indicator 1 reply

Break out and fake out 0 replies

A break below - A Break Above Question 1 reply

Attachments: The Zone Break Out
Exit Attachments

The Zone Break Out

  • #61
  • Apr 24, 2009 8:07am Apr 24, 2009 8:07am
I if you are watching the shorter time frames and wonder why the progression upward seemed to stop in mid air.......check out the upper trend line on the 4 hour.
Attached Image (click to enlarge)
Click to Enlarge Name: cabletoday4hr-16.gif Size: 33 KB
Zone Breakout Method
  • #62
  • Apr 24, 2009 8:19am Apr 24, 2009 8:19am
I am finished for the day. It seems we may go up and test the high of yesterday and depending on New Home sales a little more. I would enjoy some participation and more questions in this thread if you think it has value. I do have some more things to share on this method but not everything at once.

Honestly this thing is based on the basics, Support and Resistance, Price Action, Trend Lines, Fibonacci and a sound Money Management. I don't think you can ignore any part.

See you all next week.
Zone Breakout Method
  • #63
  • Apr 24, 2009 12:30pm Apr 24, 2009 12:30pm
Hi PowerTrader.

Thanks for sharing your method and describing your trades in detail.

I've started focusing more on s/r, trendlines, and pa over the last few months and I'm gradually seeing improved results in my trading.

I'm looking forward to following along with you and asking some questions, I'm sure. Maybe even a few suggestions too.

Have a great weekend.

Dave
  • #64
  • Apr 26, 2009 7:31pm Apr 26, 2009 7:31pm
Typical setup. I used both the 15 minute and the 4hr to go short. I have taken two positions and at this point, both are still in play.

We broke out of the 15 minute zone and broke trend on the 4 hr chart. A perfect setup.
Attached Image (click to enlarge)
Click to Enlarge Name: cabletoday15-24.gif Size: 29 KB
Zone Breakout Method
  • #65
  • Apr 26, 2009 7:35pm Apr 26, 2009 7:35pm
The break of trend on the 4 hr chart was enough reason to take a short position. But, both time frames indicated a trade so it was a must for me.
Attached Image (click to enlarge)
Click to Enlarge Name: cabletoday4hr-17.gif Size: 34 KB
Zone Breakout Method
  • #66
  • Apr 26, 2009 7:47pm Apr 26, 2009 7:47pm
Quoting PistolDave
Hi PowerTrader.

Thanks for sharing your method and describing your trades in detail.

I've started focusing more on s/r, trendlines, and pa over the last few months and I'm gradually seeing improved results in my trading.

I'm looking forward to following along with you and asking some questions, I'm sure. Maybe even a few suggestions too.

Have a great weekend.

Dave
Thanks Dave,

I think you are concentrating on the right things and I look forward to your participation and of course any suggestions you may have. I am always looking for ways to improve my trading.

PT
Zone Breakout Method
  • #67
  • Apr 27, 2009 6:49pm Apr 27, 2009 6:49pm
Here is my setup for the evening. I may adjust it a little as we progress into the Asian session. Again we have the zone or box drawn between to fibonacci points. I have fib'd the last move up and the zone is drawn at the appropriate point of consolidation for where we are now.

I will be posting a 4hr chart and it is vital that you consult it as well it your trades for tonight. If we break out of the zone and are breaking a 4 hr trend line at the same time, that will be a definite trade for me.
Attached Image (click to enlarge)
Click to Enlarge Name: cabletoday15-25.gif Size: 28 KB
Zone Breakout Method
  • #68
  • Apr 27, 2009 6:52pm Apr 27, 2009 6:52pm
Once again we are wedging on the 4 hr chart. If you look back to early April you will see the consolidation at this exact level. I think we are going to break trend at some point soon and run for a several hundred pips. I think the only way to catch it is to use fibonacci and trend lines and catch it every time it breaks another 4 hr trend line.
Attached Image (click to enlarge)
Click to Enlarge Name: cabletoday4hr-18.gif Size: 33 KB
Zone Breakout Method
  • #69
  • Apr 27, 2009 6:54pm Apr 27, 2009 6:54pm
Hi PT, That one you took yesterday was nice. I was going to ask you why you didnt draw your trendline from the swing low. I went and checked out my trendlines on the 4 hr but due to different candle closes on different feeds, the lines were different.So what was a valid break on one wasn't on the other. Am I over thinking it abit?
Cheers
FF journal: Peaks and Troffs
  • #70
  • Apr 27, 2009 6:54pm Apr 27, 2009 6:54pm
By the way, if you had traded our breakouts last night and taken the same trades I called, you would have done very well for yourself. You have to trust these break out trades, but the odds will fall heavily in your favor if you take them every time. Obviously your odds go down when you take it only once in a while.
Zone Breakout Method
  • #71
  • Apr 27, 2009 6:57pm Apr 27, 2009 6:57pm
Can I ask you about where you put your stoploss? Is it ata recent swing high or an arbitrary figure?
FF journal: Peaks and Troffs
  • #72
  • Apr 27, 2009 7:00pm Apr 27, 2009 7:00pm
Quoting bogus
Hi PT, That one you took yesterday was nice. I was going to ask you why you didnt draw your trendline from the swing low. I went and checked out my trendlines on the 4 hr but due to different candle closes on different feeds, the lines were different.So what was a valid break on one wasn't on the other. Am I over thinking it abit?
Cheers
Hi Bogus,

I am using Interbank FX charts although I don't use them as a broker. I am not sure how your 4 hour would have differed, (You are welcome to post your charts here as well and I will comment) but I had a break of the zone at the same time we were penetrating my 4 hour and I always take those. I will hesitate sometimes if Price Action is slow or we just bounce hard off the trend line. In this case we just moved on through on the 4 hour giving me confirmation to take the trade off the 15 minute. Notice how I take two positions. Sometimes it backs up on me and I just break even on the second or make a few. Last night however is why I use that strategy and I was able to pick up a good portion of the move with both and almost all of it with the second.

PT
Zone Breakout Method
  • #73
  • Apr 27, 2009 7:06pm Apr 27, 2009 7:06pm
Quoting bogus
Can I ask you about where you put your stoploss? Is it ata recent swing high or an arbitrary figure?
If you notice the 15 minute chart I posted tonight, I would set my stop just above the 38.2 as I have it. No more than 5 or 10 pips. I do not like to take big losses and I can always jump back in. So the straight answer is just behind another fib point or above or below the nearest areas of support or resistance. I very seldom will take a loss in excess of 40 pips. I have in the past and I just find my winning percentage may increase a little if I move the stop back but in the end, my losses will be more.
Zone Breakout Method
  • #74
  • Apr 27, 2009 7:11pm Apr 27, 2009 7:11pm
Great, thanks. This looks like it will work out.
Attached Image (click to enlarge)
Click to Enlarge Name: cv.gif Size: 29 KB
FF journal: Peaks and Troffs
  • #75
  • Apr 27, 2009 7:14pm Apr 27, 2009 7:14pm
We are coming up on decision time again. Notice we are penetrating the zone but I am going to let it break our last low. I will probably let a candle open under the previous low.

Check your current chart and see how we bounce right there.....amazing!
Attached Image (click to enlarge)
Click to Enlarge Name: cabletoday15-26.gif Size: 27 KB
Zone Breakout Method
  • #76
  • Apr 27, 2009 7:18pm Apr 27, 2009 7:18pm
Quoting bogus
Great, thanks. This looks like it will work out.
I like your chart and it would be nice to see day separator for one thing. I also would like to see you fib the last dominate move up. Just pull from the last low to high and draw your box between the two areas of consolidation. i think this will visually help you.
Zone Breakout Method
  • #77
  • Apr 27, 2009 7:19pm Apr 27, 2009 7:19pm
Do you use Fib extensions for profit taking? I often have trouble with the lower timeframe Fibs as to where to draw them. I'll practice. I mainly use sup/res.
FF journal: Peaks and Troffs
  • #78
  • Apr 27, 2009 7:23pm Apr 27, 2009 7:23pm
Quoting bogus
Do you use Fib extensions for profit taking? I often have trouble with the lower timeframe Fibs as to where to draw them. I'll practice. I mainly use sup/res.
More like this?
Attached Image (click to enlarge)
Click to Enlarge Name: gh.gif Size: 32 KB
FF journal: Peaks and Troffs
  • #79
  • Apr 27, 2009 7:26pm Apr 27, 2009 7:26pm
Quoting bogus
Do you use Fib extensions for profit taking? I often have trouble with the lower timeframe Fibs as to where to draw them. I'll practice. I mainly use sup/res.
I can help you with your fib pulls. Always pull from left to right. In other word you want to put in the direction of the last dominate swing. Check out my 15 min and you will see the pull is very easy.

Honestly, I am a firm believer you must know fibonacci to succeed in forex and it is because the big players all trade from fibs.
Zone Breakout Method
  • #80
  • Apr 27, 2009 7:28pm Apr 27, 2009 7:28pm
Quoting bogus
More like this?
Perfect and do the same thing on other time frames, especially the 4 hour.....This will make a huge difference.
Zone Breakout Method
0 traders viewing now