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4H Box Breakout

  • #301
  • May 31, 2009 9:17pm May 31, 2009 9:17pm
Hiranya,


My wife fully and completely agrees with your comment ... LOL ...

Ace284's instruction from his 1st post with regard to pressing
Ctrl Y to isolate the appropriate candle works beautifully .. I've
done it on all the JPY pairs on 4H charts.

I thought the USD/JPY looks pretty promising for a short but
obviously we'll have to wait and see.

I agree a template isn't really necessary for this system ... I just
thought Ace284's initial chart from his 1st post looked pretty cool.



colder99
  • #302
  • May 31, 2009 10:28pm May 31, 2009 10:28pm
I decided to post a chart since I haven't in a long time. Im using a 20 pip buffer now as it is more reliable.
Attached Image (click to enlarge)
Click to Enlarge Name: breakout chart.gif Size: 42 KB
  • #303
  • Jun 1, 2009 12:31am Jun 1, 2009 12:31am
long order triggerd 154.69
Failure is the mother of success: learn from 'her'
  • #304
  • Jun 1, 2009 2:39am Jun 1, 2009 2:39am
GBP pairs are nice
  • #305
  • Jun 1, 2009 5:02am Jun 1, 2009 5:02am
Quoting Dreamliner
Phil, in your system you said you use the high and low of "the Sunday candle." What exact time GMT or EST is the Sunday candle that you use?
The Sunday candle is the 4 hour candle from Sunday 20:00GMT until midnight. Some brokers don't actually start their data feeds until 21:00 or 22:00, but that's ok. The volume is so low those first two hours it makes virtually no difference.
  • #306
  • Jun 1, 2009 10:42am Jun 1, 2009 10:42am
Ace,

My first test of this system was a success with winners on the long EJ and GJ last night. I'm a conservative trader so I closed earlier than some of the others probably. My pending short trades are still waiting just in case.

Have you ever tested this strategy on the daily open? e.g. the 00 candle on Tues, Wed etc? In just looking at the past week on the EJ and GJ I think there would have been a majority of successful trades.

Also is there a box creation indi or ea that you use? I did all my lines and calculations manually which is no problem.

Thanks!
Sandy
  • #307
  • Jun 1, 2009 4:10pm Jun 1, 2009 4:10pm
Hope you all got in on the amazing wave to the upside today and took in some profits. These are the types of weeks that this system thrives on. Lucky for us that these weeks do come around a lot of time.

As of now we are on 3x profit on GBP/JPY
  • #308
  • Jun 1, 2009 4:39pm Jun 1, 2009 4:39pm
So do you only make one trade a week per pair??
More specifically - if you get stopped out, can you trade again if it later breaks out of the box? Or how about reversing your position? ( example - go long- but it fails and falls below box - proceed to short?)
  • #309
  • Jun 1, 2009 4:45pm Jun 1, 2009 4:45pm
Here's what im looking at as of now.
Attached Image (click to enlarge)
Click to Enlarge Name: wave to upside.gif Size: 42 KB
  • #310
  • Jun 1, 2009 4:49pm Jun 1, 2009 4:49pm
Quoting Ace284
Hope you all got in on the amazing wave to the upside today and took in some profits. These are the types of weeks that this system thrives on. Lucky for us that these weeks do come around a lot of time.

As of now we are on 3x profit on GBP/JPY
Wish I would have used bigger lots.
  • #311
  • Jun 1, 2009 4:49pm Jun 1, 2009 4:49pm
ace........you say that you are using a 20 pip buffer.....does that include your spread? or do you now add your spread (mine is 9 pips) 20 plus 9=29 to the high of candle.
thanks for input...
  • #312
  • Jun 1, 2009 4:52pm Jun 1, 2009 4:52pm
Quoting Dreamliner
Wish I would have used bigger lots.
Thats usually my first thought after a winning trade, lol. But as always remember MM.
  • #313
  • Jun 1, 2009 4:53pm Jun 1, 2009 4:53pm
Quoting pipchaser1
ace........you say that you are using a 20 pip buffer.....does that include your spread? or do you now add your spread (mine is 9 pips) 20 plus 9=29 to the high of candle.
thanks for input...
Yeah i add the spread on top of the buffer. So in your case, the long would be place 29 pips above the high of the candle.
  • #314
  • Jun 1, 2009 4:54pm Jun 1, 2009 4:54pm
Quoting turk87
So do you only make one trade a week per pair??
More specifically - if you get stopped out, can you trade again if it later breaks out of the box? Or how about reversing your position? ( example - go long- but it fails and falls below box - proceed to short?)
Page 2 and 3.
  • #315
  • Jun 1, 2009 4:56pm Jun 1, 2009 4:56pm
Ace so you draw the Fibs from the buffer not from High and Lows of the candle?

Quoting Ace284
Thats usually my first thought after a winning trade, lol. But as always remember MM.
Yea it's Life//
  • #316
  • Jun 1, 2009 5:09pm Jun 1, 2009 5:09pm
ace.....are you using the same guidelines for your shorts now where as you were only using the buffer and not the spread before....
thanks
  • #317
  • Jun 1, 2009 5:11pm Jun 1, 2009 5:11pm
Quoting serj1
Ace so you draw the Fibs from the buffer not from High and Lows of the candle?

Yes thats correct.
  • #318
  • Jun 1, 2009 5:15pm Jun 1, 2009 5:15pm
Quoting pipchaser1
ace.....are you using the same guidelines for your shorts now where as you were only using the buffer and not the spread before....
thanks

The short is still activated 1 pip below the buffer. So 21 pips under the low of the bar.
  • #319
  • Jun 1, 2009 5:48pm Jun 1, 2009 5:48pm
Quoting Ace284
The short is still activated 1 pip below the buffer. So 21 pips under the low of the bar.
Hi Ace, im new at forex but i think your system is worth trying, i dont understand some points of it though, for example last week the first bar that came out of the box was for short the next one for long, then short again then long till the end of the week, in that case i should've go short but my sl would defentively hit the next bar and vice versa, maybe im not getting it right when to place the orders... again im new at this

my best from Mexico
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 19 KB
"Do or do not... there is no try" Master Yoda
  • #320
  • Jun 1, 2009 6:10pm Jun 1, 2009 6:10pm
Quoting Paupau MX
Hi Ace, im new at forex but i think your system is worth trying, i dont understand some points of it though, for example last week the first bar that came out of the box was for short the next one for long, then short again then long till the end of the week, in that case i should've go short but my sl would defentively hit the next bar and vice versa, maybe im not getting it right when to place the orders... again im new at this

my best from Mexico
My first 4hr bar is different compared to yours. It has something to do with sunday bars or something or the other.
I'm using FXDD's Metatrader.
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