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4H Box Breakout

  • #81
  • May 12, 2009 9:43pm May 12, 2009 9:43pm
PS, got drunk at happy hour. So please, let's try again tomorrow afternoon when I don't have work. I know what you guys are looking for in an indicator and I'll be sure to make that happen...and no, I will not write an EA for this thing.
  • #82
  • May 12, 2009 9:43pm May 12, 2009 9:43pm
USDJPY looks good. Spread is low and stable.
  • #83
  • May 12, 2009 9:53pm May 12, 2009 9:53pm
Ace284,
This is last weeks chart. So, last week if we would of taken the trade we would get stopped out?
Or i am understanding it wrong.
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 2.png Size: 80 KB
Yea it's Life//
  • #84
  • May 12, 2009 10:01pm May 12, 2009 10:01pm
Hi all...

Not sure the chart with indicator posted by ..adsanders is right...

The first 4hr bar for this week for me is......150.44 with a low of 149.62..

Not the Low shown in that provided chart of 149.26.

But we dont need to be wasting to much forum space on it, everyone can check there own charts...

looks an interesting method......I like simple ideas such as this one if they work..

I think the thread needs to stay away from EA's and Filters(as in indicators)...and look at it for a few weeks as a manual method.....

I notice the Stop is going to be quite large in most weeks...so multiple losses could hurt..
  • #85
  • May 12, 2009 10:07pm May 12, 2009 10:07pm
Quoting serj1
Ace284,
This is last weeks chart. So, last week if we would of taken the trade we would get stopped out?
Or i am understanding it wrong.
Yes your setup is correct and we would have been stopped out. But if you take a look at the week before that and this week, the losses have been easily recovered.
  • #86
  • May 12, 2009 10:07pm May 12, 2009 10:07pm
Quoting Angler
Hi all...

Not sure the chart with indicator posted by ..adsanders is right...

The first 4hr bar for this week for me is......150.44 with a low of 149.62..

Not the Low shown in that provided chart of 149.26.

But we dont need to be wasting to much forum space on it, everyone can check there own charts...

looks an interesting method......I like simple ideas such as this one if they work..

I think the thread needs to stay away from EA's and Filters(as in indicators)...and look at it for a few weeks as a manual method.....

I notice the...
Hi Angler,

Yeah... the chart that I posted is not really of much use for this system since it is not a weekly box. But it is still a nice box.

It could still be used for a breakout of the London opening on a daily basis. The lower 149.26 has the 10 pip buffer added. The low was 149.36. Still not the same as the one you listed but closer.

Anyway... good luck.
  • #87
  • May 12, 2009 10:40pm May 12, 2009 10:40pm
Hi all...


Yes adsanders.....it looks a nice little indicator and as such i have added it to my list......so thanks for posting it..
  • #88
  • Edited 1:43am May 13, 2009 1:28am | Edited 1:43am
Quoting Ace284
You know I just realized that i used one candle too late. My apologies everyone but the method is EXACTLY the same.

The correct high and low are for the candle that starts at 00:00.

Long:
150.64 (including 10 pip buffer and spread of 7 pips)
SL: 149.60
TP: 152.72 (TP 2x)

Short:
149.50 (including 10 pip buffer)
SL:150.47
TP:147.57

Thanks for catching this Elovv.
Hi Ace
Thanks for help me understand. Can You confirm that You place trade 04.00 FXDD server time? (01.00 GMT)

And one more thing. The start box high 150.47 low 149.60 thats 87 pip (2*87=174)
Your take profit
Long 150.64-152.72 = 208 pips
Short 149.50-147.57 = 193 pips

There is something I don,t understand. Do you count 2*(box+spread)=194? I be glad if You can explain

Elovv
  • #89
  • May 13, 2009 7:07am May 13, 2009 7:07am
Quoting Elovv
Hi Ace
Thanks for help me understand. Can You confirm that You place trade 04.00 FXDD server time? (01.00 GMT)

And one more thing. The start box high 150.47 low 149.60 thats 87 pip (2*87=174)
Your take profit
Long 150.64-152.72 = 208 pips
Short 149.50-147.57 = 193 pips

There is something I don,t understand. Do you count 2*(box+spread)=194? I be glad if You can explain

Elovv
For the Long the TP is 2*(box+buffer+spread) = 2*(87+10+7) = 208 pip *spread = 7 for me

For the Short the TP is 2*(box+buffer) = 2*(87+10) = 194 pips

Hope that helps
  • #90
  • May 13, 2009 7:23am May 13, 2009 7:23am
Aren't you doubling your buffer and spread in the above example?

2 X 78 = 174 + 10 + 7 = 191

"For the Long the TP is 2*(box+buffer+spread) = 2*(87+10+7) = 208 pip *spread = 7 for me"
  • #91
  • May 13, 2009 7:32am May 13, 2009 7:32am
Hi all...

Curious Ace284, why are you not including the spread on a short....you still have to pay the spread on the exit..?


I was running thru a few weeks going back...seem's a reasonable idea to target only the Block range when it is above 140pips wide and target the 2 times....on smaller ranges.....but as you said...on a strong push though either, make a judgement call for the exit...
  • #92
  • May 13, 2009 8:08am May 13, 2009 8:08am
Ace thanks for your effort.

Could you just confirm if the box timing is the 00:00 GMT 4 hour candle?

thanks
  • #93
  • May 13, 2009 8:26am May 13, 2009 8:26am
Hi all..


Fugly.....if you go to post #14 you will see a chart by Ace for this week..you should be able to line up bars with your charts..
  • #94
  • May 13, 2009 8:55am May 13, 2009 8:55am
"Dont believe everything you read on forums...Think for yourself and ask questions if you need to.."

Many people will ignore it i know But that's actually very well put.
  • #95
  • May 13, 2009 9:00am May 13, 2009 9:00am
I understand a box is visually helpful, but can see that it's a must. The high and low can be gotten just by looking at the chart and writing them down on a piece of paper, with the orders set accordingly. There is a difference in price between FXDD charts and IBFX. But, this pair moves a lot during the week, and I would think it would all average out over the long haul. Basic premise seems to be that when the first four hour high or low is taken out, the pair will trend in that direction. Perhaps there is a good psychological explanation for this that others are aware of or could speculate on.
  • #96
  • May 13, 2009 10:07am May 13, 2009 10:07am
Quoting Ace284
For the Long the TP is 2*(box+buffer+spread) = 2*(87+10+7) = 208 pip *spread = 7 for me

For the Short the TP is 2*(box+buffer) = 2*(87+10) = 194 pips

Hope that helps
Thanks I understand how You calc TP but I do not understand why You set TP to 14 pips more for every buy. Can You explain it?

Elovv
  • #97
  • May 13, 2009 12:17pm May 13, 2009 12:17pm
I really can't figure out why this phenomenon (price will either go north or south from the start of the week) will hold true, and if it holds true, will this be true for a long time (say over several years period)? Can any body figure this out???

Or, as a TA user, should we just make use of this phenomenon without knowing why it stands?
  • #98
  • May 13, 2009 1:15pm May 13, 2009 1:15pm
You're in this to make money right right??? Who cares why it's holding true or if it will for years to come. This is the business of making money. Ride it out as long as it's working.

Quoting dannywmk
I really can't figure out why this phenomenon (price will either go north or south from the start of the week) will hold true, and if it holds true, will this be true for a long time (say over several years period)? Can any body figure this out???

Or, as a TA user, should we just make use of this phenomenon without knowing why it stands?
  • #99
  • May 13, 2009 2:09pm May 13, 2009 2:09pm
Danny, me either. But, if it works, I guess we don't need to know why. Possibly, as others join in or look into this thread, some logical reasons may surface. One I can think of would be the herd mentality where people joiun the crowd for no reason other than they don't want to miss the train. Perhaps the movement of the market in the first four hours sets the tone for that week and people jump on either the northbound or southbound train because they believe it will keep going that way for awhile?
Quoting dannywmk
I really can't figure out why this phenomenon (price will either go north or south from the start of the week) will hold true, and if it holds true, will this be true for a long time (say over several years period)? Can any body figure this out???

Or, as a TA user, should we just make use of this phenomenon without knowing why it stands?
  • #100
  • May 13, 2009 2:13pm May 13, 2009 2:13pm
Danny, I wanted to say that if my response came across as rude about why this works and if it will continue, that was not my intent at all. I don't know why it works either but if I can make money from it, I will. That's all I was trying to say. After reading my response, I thought to myself, man...that can come across pretty rude. So if it does, I'm sorry for that. I just want to see as many people make money in forex as possible and if something is working, let's all take advantage of it.
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