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4H Box Breakout

  • #381
  • Jun 7, 2009 10:25pm Jun 7, 2009 10:25pm
Quoting Ace284
I was planning on editing the first post and making it more detailed once the thread got longer. It's only been 3-4 weeks. The idea is that people should at least read some pages and invest their time to recognize the mistakes and solutions through the system. Even through the multiple duplicate posts, there are some individuals who bring up valid points. Adding a complete tutorial on post #1 this early will certainly cut the amount of input. Thinking for oneself is good and plus we're all here in the business of making money so everyone's input...
Yep, no problem Ace. Just figured I'd suggest it if you wanted to cut down on the questions that seem to keep coming up, and the confusion that keeps surfacing. I do find it kind of strange, as it's a pretty simple system
Good luck on the short trade
  • #382
  • Jun 7, 2009 10:46pm Jun 7, 2009 10:46pm
I thought you made a box. 4 hr candle. With the low of that candle and the high of the candle. The low of the candle with be the stop loss going long and the high of the candle would the the sl going short.

T1 is the size of the box, t2 would be double the size of the box as so on. But looking at your chart I must not be handling my SL correct.
Gary
  • #383
  • Jun 7, 2009 11:14pm Jun 7, 2009 11:14pm
Quoting tazmaan
Dave,
look at his chart, his tp levels are on it. he's talking about the tp level that is labelled 3x (which is 3 times the size of the box)
Thats my point. It isn't. Please follow this from that chart:

Bar high is 157.77
BAr low is 157.04
Thats 73 pips bar height.
Long Entry is 157.77 plus 20 pips plus 7 pips spread equals 158.04 enty
TP1 is 159.10 which is 104 pips above entry.
TP2 is 160.22 which is 112 pips above TP1
TP3 is 161.35 which is 113 pips above TP2

I am simply asking the current logic of how these numbers are acquired.

Dave R.
  • #384
  • Jun 8, 2009 12:21am Jun 8, 2009 12:21am
hi I have a simple quiestion, when you refer to tp1, 2 and 3 does that mean i have to open 3 sell/buy positions? and tp out of each one and moving the stops to the first tp hit then the 2nd and so on?

for what i have seen in the charts on most weeks the trend shows a retracement and then follows its current trend, for example this week it has broken the box to consider a short entry, but the trend is bullish, when its when to change strategy from short to long? or do we stick to wherever the first break of the box leads us to?

thanks.
"Do or do not... there is no try" Master Yoda
  • #385
  • Jun 8, 2009 2:39am Jun 8, 2009 2:39am
Well I hit my first target +73 pips on 1/4 of my position. I moved my stop to BE. Is that what we are supposed to do?
Michael
  • #386
  • Jun 8, 2009 2:53am Jun 8, 2009 2:53am
Quoting alllivemind
Well I hit my first target +73 pips on 1/4 of my position. I moved my stop to BE. Is that what we are supposed to do?
Michael
I was under the impression the first target was 93 pips, could someone help?

Jim
  • #387
  • Jun 8, 2009 3:05am Jun 8, 2009 3:05am
hi
i thought i had this down pat but................................
my high is 157.78 but my low bar is 156.69 so none of my figures are in line with the others.....i guess i am lost again....sorry......
going to bed....and sleep on it....it is 4:05 a.m. here in the eastern states....my eyes are crossing.....
will try to figure it out tomorrow and reread again....
thanks for everyone's help and patience....
nite
  • #388
  • Jun 8, 2009 8:27am Jun 8, 2009 8:27am
Thanks Ace. Great system!
  • #389
  • Jun 8, 2009 10:44am Jun 8, 2009 10:44am
Hello~

hey ace, thx for the strat.
Damn this strat is gud~~
already pocket some 140+ pip

GJ
trigger sell @ 157.007
close trade @ 155.632

hu so far so gud~

just a quick question..
-do u cancel the buy if the sell stop triggered??

thx man!

*sorry for my bad english
  • #390
  • Jun 8, 2009 11:04am Jun 8, 2009 11:04am
O.k. I made pips on my first short TP at 155.63. Used a trade manager, closed out 1/4th of the position and moved my stop to BE. The move back up hit my SL on the short.

So now I'm lined up and waiting for the Long.

Ace I think this is a great strategy. I would echo Taz's comment that at some point it would be great if you could summarize the current rules for defining the box, buffer, TP and SL. Despite reading the entire thread I think there still may be some confusion. Once that's done we'll see variations I'm sure which is fine.

One question I had related to your orders:
B 158.06 TP 156.84
S 156.83 TP 158.05

If the sell had gone the wrong way and the SL of 158.05 was hit then if the price continued up the Buy order price of 158.06 would have triggered.

Do you always set it up so that a bad buy order ends 1 pip before the sell order is triggered and vice versa?

Thanks!
Sandy
  • #391
  • Jun 8, 2009 12:02pm Jun 8, 2009 12:02pm
OK, I have thrown together a quick excel that maybe Ace can review and change. This will calculate all SL TP1 ... entry and exits by you only keying in the hi and low of the first bar and the buffer you want to use and the spread.

This is my best guess at what the rules are.

Needless to say, this is just for the two digit pairs but its a start on the basic method.

Dave R.
Attached File(s)
File Type: xls 4H Box Calculation.xls   15 KB | 888 downloads
  • #392
  • Jun 8, 2009 12:27pm Jun 8, 2009 12:27pm
Quoting droland
OK, I have thrown together a quick excel that maybe Ace can review and change. This will calculate all SL TP1 ... entry and exits by you only keying in the hi and low of the first bar and the buffer you want to use and the spread.

This is my best guess at what the rules are.

Needless to say, this is just for the two digit pairs but its a start on the basic method.

Dave R.
Thanks Droland,
The entries are exactly what I did. Exits I used candle size, now I see I should have used box size. Do we move stop to BE when we hit T1?
I did that, went flat when SL was hit, now I just went long as I am writing this as the high of box was broken.
I do think you understand the system, we will wait to hear from ACE.
  • #393
  • Jun 8, 2009 1:38pm Jun 8, 2009 1:38pm
Quoting alllivemind
Thanks Droland,
The entries are exactly what I did. Exits I used candle size, now I see I should have used box size. Do we move stop to BE when we hit T1?
I did that, went flat when SL was hit, now I just went long as I am writing this as the high of box was broken.
I do think you understand the system, we will wait to hear from ACE.

Hi,

Ace likes to take 2X proift. However, I would prefer having multiple positions. Take profit 1/4 or 1/2 or 1/3 whatever at TP1 and move to BE in other positions.

In this way you can lock in some profits, why to give away 72 pips which is the box size in the case.

A good trade set up is the one which does not retrace too much (I heard this some where in DIBS method by Peter Crown). Ace also posted his results from Dec 2008 in previuos posts.

Anto
  • #394
  • Jun 8, 2009 2:29pm Jun 8, 2009 2:29pm
i am still learning.....how do you take profit at 1/4, 1/2, or whatever without closing the trade and re-entering....thanks for info...
  • #395
  • Jun 8, 2009 2:40pm Jun 8, 2009 2:40pm
Quoting pipchaser1
i am still learning.....how do you take profit at 1/4, 1/2, or whatever without closing the trade and re-entering....thanks for info...
I use gft. It is easy with thier platform, but they are not MT4. Otherwise you have to:
1. Have multiple positions, but since you have stop entries you will usually have plenty of time to set these up.
2. Set alarms
3. Have another account, so you would be short one long the other.
Some brokers like fxdd still allow "hedging" where you can do the above in the same account.

I am up 40 on the long. Did everyone take that?
Michael
  • #396
  • Jun 8, 2009 2:47pm Jun 8, 2009 2:47pm
i am down to +17....WAS UP TO +40
  • #397
  • Jun 8, 2009 2:48pm Jun 8, 2009 2:48pm
it is hard to see your profits go out the window....
  • #398
  • Jun 8, 2009 2:52pm Jun 8, 2009 2:52pm
Not exactly according to Hoyle...but, I managed to massage +65 pips on two scalps with this system's Sell entry. Hope you guys make a ton of pips and make me feel bad for closing out early...twice.
  • #399
  • Jun 8, 2009 3:28pm Jun 8, 2009 3:28pm
Quoting pipchaser1
i am still learning.....how do you take profit at 1/4, 1/2, or whatever without closing the trade and re-entering....thanks for info...
Say for example you placed an order for .80 lots.
If you wanted to take 1/4 of the position off at tp1...
you just right click the order, and choose close order. in that window change the lot size to .20 and hit close. It will only close .20 and leave the other .60 lot trade open until you decide to close some more.
  • #400
  • Edited 3:53pm Jun 8, 2009 3:39pm | Edited 3:53pm
The short went to 1x the size of the box and then reversed into a loss. Of course I didn't place my target to 1x so i came up with a loss. No worries, part of the system.

There are people who are taking profits because their heart can't take the pain of watching profits go into losses. Some people have Pm`d me saying that you've made money this week on the short because you exited at at 3/4 of the way to 1x or you scalped it.

I'll tell you, thats why 95% of FX traders eventually lose. Because they don't think follow the plan. Don't believe me?

I have tested, and know that if I had followed the 1x TP then, my total profit since december would be less than 200 pips. Thats 6 months, for less than 200 pips. Now the smart guys in the thread will take the 200 pips and say, oh well Ace this is not long term, or this is just a break even strategy.

BUT, I also that 2x TP would have gotten you at least 6 times that

The 3x and 4x targets would have gotten you 15 times or more. If you do not believe me, test for yourself and you will see with your own eyes.

Im not pulling these words out of thin air. I've seen and corrected myself through using this sytem Again do your own testing and please challenge me if you think im wrong. The reason I stress this is because I've been in your situation and realize what a pain in the ass it is to work hard and lose everything.

Some of you have altered the system and take profits out little by little, look back 6 months and check you results.

To the tough guys who cleared out the whole position at 1x TP, thats great for now. Today your happy, but tomorrow is another day. Realize that.
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