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4H Box Breakout

  • #41
  • May 12, 2009 2:49am May 12, 2009 2:49am
Quoting jade-FX
I really like your trading style. I am very glad you are from pakistan. I live in Islamabad and hope to meet you if possible.
I live in isb to.
  • #42
  • May 12, 2009 3:09am May 12, 2009 3:09am
Then kindly gimme your cell no and we will meet InshAllah
  • #43
  • May 12, 2009 3:30am May 12, 2009 3:30am
hi....am a little confused. so the box is formed by the 1st 4 hours of trading for the every new week? yes?
tks....
  • #44
  • May 12, 2009 3:43am May 12, 2009 3:43am
Hello and thanks Ace284, I have a question : My ibfx uses a Sunday candle, my other fxdd doesn’t, but the ibfx Sunday candle is same as the fxdd 00:00 candle, the ibfx 00:00 candle is different from fxdd 00:00 candle,which candle should I take?
  • #45
  • May 12, 2009 4:54am May 12, 2009 4:54am
Very nice system but I dont think it will work with IBFX any more since you cannot put pending orders for both buy and sell at the same time unless you open another account to place buy in one accout and sell in another
  • #46
  • May 12, 2009 6:37am May 12, 2009 6:37am
Thanks Ace284, for sharing...

I spent about 10 minutes looking for that "It's not about Dogs" thread.... just realized that it has changed during my sleep time to "4H Box Breakout"...

Just as a quick note... did some visual backtest with my broker feed, and for GBP pairs it looks like the weekly trend respects the direction of that first 4H candle much more than 50% of times... It's a very interesting bias, even in a straddle system...

Gonna take a deeper look later

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #47
  • May 12, 2009 7:18am May 12, 2009 7:18am
Quoting HouseTrader
Thanks Ace284, for sharing...

I spent about 10 minutes looking for that "It's not about Dogs" thread.... just realized that it has changed during my sleep time to "4H Box Breakout"...

Just as a quick note... did some visual backtest with my broker feed, and for GBP pairs it looks like the weekly trend respects the direction of that first 4H candle much more than 50% of times... It's a very interesting bias, even in a straddle system...

Gonna take a deeper look later

Cheers!

HT
Hmm i just woke up myself, and see that the name has been changed probably by the high ups on FF.
  • #48
  • May 12, 2009 7:30am May 12, 2009 7:30am
hi ace284, the box is formed by the 1st 4 hours of trading for the every new week? yes? is my understanding correct?
tks....
  • #49
  • May 12, 2009 7:42am May 12, 2009 7:42am
Quoting sholmes9000
hi ace284, the box is formed by the 1st 4 hours of trading for the every new week? yes? is my understanding correct?
tks....
yes sir you are correct
  • #50
  • May 12, 2009 8:29am May 12, 2009 8:29am
I'll work on coding up the indicator for this system this evening. Hopefully someone beats me to it while I'm at work though. This is very similar to something that I've been trading, but this has a few more of the kinks worked out so I think it will be more profitable over all. Thanks for sharing.
  • #51
  • May 12, 2009 8:52am May 12, 2009 8:52am
Hello all,

I'm just wondering what's the logic behind this trading method? The problem is that for all the people here from different nations the week starts at a different time. That means that every time zone has another 4 hr weekly start box.
  • #52
  • May 12, 2009 9:12am May 12, 2009 9:12am
Quoting Ace284
yes sir you are correct
tks very much for clarification.
  • #53
  • May 12, 2009 10:04am May 12, 2009 10:04am
Don't know if this has already been answered but yes PST is Pacific Standard Time.

Quoting nasir.khan
PST=Pacific Standard Time????
  • #54
  • May 12, 2009 10:31am May 12, 2009 10:31am
Hi Ace ,

On a preivous post you mentioned Risk/Reward . I believe alot of new traders dont spend enough time understanding it. I like your using a Profit Target of 1:2 . By using a P/T of 1:2 you only need to have > 33% winning trades to make money over time .

Risk/Reward of 1:1 must have > 50% winning trades to make money

Risk/Reward of 1:2 must have > 33% winning trades to make money

Risk/Reward of 1:3 must have > 25% winning trades to make money.

Trading is about probabilities , So if you have tested your system and know its positive expectancy % , you will have the confidence to take the trades and let them play out over the course of the week .

EZTrades
" Master Your Set-Up , Master Yourself "
  • #55
  • May 12, 2009 12:06pm May 12, 2009 12:06pm
Quoting Ace284
Unfortunately i dont have the slightest clue with programming indicators.

Anyone know how to make an indicator for this system with a 10 pip buffer?
Here is an indicator with template that can be used. It must be applied on a 1H chart but it acomplishes the same thing. The colors of the box etc. can be changed to your liking. The pip buffer is set at 10 pips but can also be changed. Hope this helps.

http://www.p6s.net/4htemplate3.gif
Attached File(s)
File Type: mq4 ##BreakOut_BOX_5_Asian_Session_HLbox_SCREEN_TEXT_indicator.mq4   23 KB | 5,013 downloads
File Type: tpl 4hourbreakout.tpl   24 KB | 4,137 downloads
  • #56
  • May 12, 2009 1:03pm May 12, 2009 1:03pm
Quoting EZTrades
Hi Ace ,

On a preivous post you mentioned Risk/Reward . I believe alot of new traders dont spend enough time understanding it. I like your using a Profit Target of 1:2...

i think what he means by R:R is that your TP > SL.
  • #57
  • May 12, 2009 1:04pm May 12, 2009 1:04pm
Am I missing something here? I was under the impression that there is just one box per week. Why have you shown two boxes (one for yesterdan and one for today)? Was that just for show or am I misunderstanding the method?

Quoting adsanders
Here is an indicator with template that can be used. It must be applied on a 1H chart but it acomplishes the same thing. The colors of the box etc. can be changed to your liking. The pip buffer is set at 10 pips but can also be changed. Hope this helps.

http://www.p6s.net/4htemplate3.gif
  • #58
  • May 12, 2009 2:14pm May 12, 2009 2:14pm
Quoting Siuol
Am I missing something here? I was under the impression that there is just one box per week. Why have you shown two boxes (one for yesterdan and one for today)? Was that just for show or am I misunderstanding the method?
Sorry... perhaps I didn't understand the system. I was just trying to show an indicator I found that would highlight the box with the first 4 hour of the start of the week. I wasn't aware that this was a one week trading system.

Perhaps someone could take this indicator and add the ability for it to display the entire week? Also... sorry the pic was so wide. This was the first time I have tried to display a pic.
  • #59
  • May 12, 2009 2:26pm May 12, 2009 2:26pm
Maybe this can be cleared up for us. My interpretation is that you go to a 4hr chart, find the first 4hr candle of the week and draw a horizontal line representing the high and low of that candle. You then set your limit orders 10pips + spread above the high for a long enter and 10pips below the low for a short entry. You then leave the orders there until the end of the week. Any orders that get triggered if they are not triggered by SL or TP by the end of the week, do so manually. At the beginning of the next week, you do the same thing all over again and let those sit for one week. So in my understanding, at the most, one can have no more than two trades per week (both long and short orders get triggered before the end of the week). If I'm wrong on this, please someone help me get it right.

Quoting adsanders
Sorry... perhaps I didn't understand the system. I was just trying to show an indicator I found that would highlight the box with the first 4 hour of the start of the week. I wasn't aware that this was a one week trading system.

Perhaps someone could take this indicator and add the ability for it to display the entire week? Also... sorry the pic was so wide. This was the first time I have tried to display a pic.
  • #60
  • May 12, 2009 3:11pm May 12, 2009 3:11pm
Hi Sioul ,


I understand the system rules just as you do , so hopefully , we are both correct on the understanding of them . I look forward to testing the system . If this system continues to be consistently profitable as it has been for Ace284 ( and being a breakout system , theres no reason why it wont continue to be profitable since its based on price action ) this system will be hard to beat . It takes a minimum of time each week and has a very nice profit potential with minimal trade management.


Best in Life,
EZTrades

" Jack of ALL Trades but a Master of ONE " .
" Master Your Set-Up , Master Yourself "
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