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4H Box Breakout

  • #181
  • May 18, 2009 5:38am May 18, 2009 5:38am
Hi all...


This is what Ace posted when asked a few questions...

"I generally place the buy order with a buffer of 10 pips + spread.
The Sell is just 10 pips below the box. "


so he does not include the spread into the buffer..

today it would have depended on what each broker charges in spread..
  • #182
  • May 18, 2009 6:57am May 18, 2009 6:57am
Quoting Ezzy
Ronald, thanks for your reply to my earlier question. I now have settings at 1,1,0, but for some reason it is taking the high and low of the second 4h candle from Monday, any suggestions as to high to fix it.

Cheers
Ezzy
Use this one.

I corrected a small snippet of code which now includes everything between both lines inclusive.
Attached File(s)
File Type: mq4 4H Weekly Box Breakout.mq4   14 KB | 2,903 downloads
  • #183
  • May 18, 2009 6:59am May 18, 2009 6:59am
Well, I may have got lucky but I used the high and low of the first 4 hour bar that started 00:00 and ended at 4:00 to base my settings. I set my orders and went to bed and woke up this morning with a tidy little 2x the box profit. Well, almost 2x. I made 184 pips on a long trade and a short never was triggered.

According to my broker 2x the box would have been 192 pips but I cheated a little on my TP to keep it under a round number (145.98 instead of 146.04).

Anyway, I'm ready to try it again!

TTMarto
  • #184
  • May 18, 2009 7:44am May 18, 2009 7:44am
If you are trading this manually ... when price gets to a TP level, do you take profit manually, and do you take all profits ... or ... do you have a AE take profits and take only a % in case the trade keeps moving?

RR, does your AE take all profits at predefined levels, or can it be set to take out perhaps 50% at a certain level and let the rest run?

Thanks, looks like a great (and very simple and direct system).

(Another question: Under what conditions might this system not work, for instance, if volatility is very low, consolidating, etc.?)

Grazzy azz,
Fx_Discipulo
  • #185
  • May 18, 2009 11:40am May 18, 2009 11:40am
2006 has many lose on history for this strategy for GBP/JPY
  • #186
  • May 18, 2009 12:58pm May 18, 2009 12:58pm
Quoting TTMarto
Well, I may have got lucky but I used the high and low of the first 4 hour bar that started 00:00 and ended at 4:00 to base my settings. I set my orders and went to bed and woke up this morning with a tidy little 2x the box profit. Well, almost 2x. I made 184 pips on a long trade and a short never was triggered.

According to my broker 2x the box would have been 192 pips but I cheated a little on my TP to keep it under a round number (145.98 instead of 146.04).

Anyway, I'm ready to try it again!

TTMarto
He states in the thread that it is in fact the start of the 00:00 gmt candle. So the start of the Asian session.
  • #187
  • May 18, 2009 1:30pm May 18, 2009 1:30pm
i think a adds the spread in the long trade but not in the short trade.....my figures did not match his figures but i did make 110 pips so...................i used the 00:00 on the 4 hr chart
  • #188
  • May 18, 2009 2:16pm May 18, 2009 2:16pm
Het Matsu,

This is precisely what I was looking for...and have used it on GJ and EJ trades today as a method to move stops

Hey Ronald...you think the EA could have some logic built in that moves stops based on increments of the range....

Here is a pic of my charts

Cheers
CanuckCT


Quoting Matsu
Here is an indicator I modified from a WeeklyPivot.

It is for my own visual backtest and therefor does not come with any bells and whistles. Maybe someone else can add the bells and whisltes if they require.

Please note that the indicator works only on H4.
Regards,

Matsu
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej.gif Size: 11 KB
Click to Enlarge Name: gj.gif Size: 12 KB
  • #189
  • May 18, 2009 3:45pm May 18, 2009 3:45pm
On vacation this week but i'll pop in occasionally to see whats what.

Short was a loss
Long is a winner
In the green for the week.

I placed demo trades on:
AUD/JPY
EUR/JPY
CAD/JPY

They all work well so thats good news.
  • #190
  • May 18, 2009 3:47pm May 18, 2009 3:47pm
Quoting dkv023
2006 has many lose on history for this strategy for GBP/JPY
you are right. 06 was bad for trending on the G/J
Trending from the start of 09 has been great though.
  • #191
  • May 18, 2009 5:48pm May 18, 2009 5:48pm
Hi all...


Ok we should clear something up ....


Do we take trades on both sides....regardless if one side was a Loss..?
  • #192
  • May 18, 2009 8:21pm May 18, 2009 8:21pm
Hi Angler ,


From what I understand from the thread is YES we place orders for both above and below the box and if the 1st is a loser , we leave the other trade pending in case its breaks above/below the box. This week for the numbers I got , the 1st trade (short ) was a 136 pip loser but then then 2nd trade ( long ) was a 212 pip winner . So , 76 total Winning pips for both trades .

Ace , is is that about what you came out with on GBP/JPY ?


EZTrades
" Master Your Set-Up , Master Yourself "
  • #193
  • May 18, 2009 8:26pm May 18, 2009 8:26pm
I think you were a bar early on your trade....no short trigger for me...just a very profitable long. What broker? Can you post a screenshot of the short entry? I use IBFX.
Cheers
CanuckCT


Quoting EZTrades
Hi Angler ,


From what I understand from the thread is YES we place orders for both above and below the box and if the 1st is a loser , we leave the other trade pending in case its breaks above/below the box. This week for the numbers I got , the 1st trade (short ) was a 136 pip loser but then then 2nd trade ( long ) was a 212 pip winner . So , 76 total Winning pips for both trades .

Ace , is is that about what you came out with on GBP/JPY ?


EZTrades
  • #194
  • May 18, 2009 8:54pm May 18, 2009 8:54pm
Quoting Angler
Hi all...


Ok we should clear something up ....


Do we take trades on both sides....regardless if one side was a Loss..?
Yes sir we take trades on both sides regardless of a loss.
  • #195
  • May 18, 2009 9:22pm May 18, 2009 9:22pm
Quoting CanuckCT
I think you were a bar early on your trade....no short trigger for me...just a very profitable long. What broker? Can you post a screenshot of the short entry? I use IBFX.
Cheers
CanuckCT
I also use IBFX and just like Canuck my short never was triggered. I was starting to wonder if I was the only one who never took the short.

TTMarto
  • #196
  • May 18, 2009 9:28pm May 18, 2009 9:28pm
I've been thinking about tweaking RR's EA a little to change the MM to fit my comfort zone a little better.

I was thinking that after price hits 1x box move my SL to BE. I would hate to have a +100 pip trade turn into a loser. Then maybe set it to close 80% of my position at +2x and maybe let the remaining 20% ride for 3x or 4x.

Has anyone else put any thought into this? I'm not trying to change the system I'm just trying to have a plan before I trade as to whether I'm going for 2,3, or 4x profit....

Marto
  • #197
  • May 18, 2009 9:44pm May 18, 2009 9:44pm
Hi CanuckCT,


If you go back to one of Ace's recent posts, he shows a loss on short trade and winner on the long trade . I use Forex.com . I actually used the 1st 4 ( 1-hour bars ) because my platform doesnt show Sunday bars on the 4-hr timeframe . Sunday afternoon is a continuation of Fridays bar until 7pm in Central time zone . Yes, your short entry should have been triggered , but as it turns out , you made alot more profit by not being triggered.


EXTrades
" Master Your Set-Up , Master Yourself "
  • #198
  • May 18, 2009 9:45pm May 18, 2009 9:45pm
Quoting TTMarto
I've been thinking about tweaking RR's EA a little to change the MM to fit my comfort zone a little better.

I was thinking that after price hits 1x box move my SL to BE. I would hate to have a +100 pip trade turn into a loser. Then maybe set it to close 80% of my position at +2x and maybe let the remaining 20% ride for 3x or 4x.

Has anyone else put any thought into this? I'm not trying to change the system I'm just trying to have a plan before I trade as to whether I'm going for 2,3, or 4x profit....

Marto
I'm still waiting on some data regarding the specific entry pattern we're looking for, and more importantly, how it evolves over a few years.

As for the exits, it depends on what kind of entry you get in the first place. If the range was a short-lived breakout which turns into a choppy trending period, that has a different exit strategy from a long tight range leading into a massive breakout.
  • #199
  • May 18, 2009 10:43pm May 18, 2009 10:43pm
Quoting Ace284
Yes sir we take trades on both sides regardless of a loss.
Live in Toronto too, Ace284
My Email For Help: [email protected]
  • #200
  • May 18, 2009 10:49pm May 18, 2009 10:49pm
Do we ever re-enter after tp..
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