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4H Box Breakout

  • #401
  • Jun 8, 2009 4:03pm Jun 8, 2009 4:03pm
Absolutely Ace,
I also took the loss on the short with you. My test results over the past year were with taking 1/3 the order out at tp1, moving stop to BE, taking 1/3 out at tp2, taking last out at tp3. These gave very good results, but I believe there is alot more to be had riding it out longer. At some point this week I will probably redo my stats waiting until tp2 to move stop to BE, and do some other scenarios as well.
Appreciate your answer and of course each of us can do what they wish. We'll see if this long can get to tp2 this week at least, if not tp3 +
  • #402
  • Jun 8, 2009 10:20pm Jun 8, 2009 10:20pm
[quote=Ace284;2788449]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










hi ace, i just want to ask..
if my first entry long n short is loss, am i must try for long n short again in same week?
thx ace
  • #403
  • Jun 8, 2009 10:36pm Jun 8, 2009 10:36pm
I understand the T1 is the size of the box - 4 hr candle.
T2 is double the size, and T3 is triple the size of the box... Right?

But I saw your SL and they were larger or bigger than the 4 hr candle. so what is the best formula for SL?
Gary
  • #404
  • Jun 8, 2009 10:40pm Jun 8, 2009 10:40pm
Quoting Ace284
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 can't tell you how much better this post made me feel. I was reading about all the folks who made a few pips and here I was with zippo! I had my position close set at 2x so I hit my SL and came up a loser.

I was pretty blue about it because I woke up and checked my trade at one point and was like 70 pips up and ALMOST closed the trade and took the 70 pips. But I stuck to my plan, lost my pips, and thought I had screwed up for not knowing when to take the profit.

Now I feel like I played it right and just took a loss on a trade which sometimes happens. I'm ready to try again next week now!

Thanks Ace
Marto
  • #405
  • Jun 8, 2009 10:51pm Jun 8, 2009 10:51pm
I noticed you did not have USD/JPY as a pair..... Does it not work well?
Gary
  • #406
  • Jun 8, 2009 11:03pm Jun 8, 2009 11:03pm
Imagine how you feel now when you have two losses in a row, both short and long, and are now done until next week. Kind of a bummer, but we'll see what the long run holds for us.
  • #407
  • Jun 8, 2009 11:46pm Jun 8, 2009 11:46pm
Let's see.... I got stopped out on the long and took a loss there.

But I did take the 1x profit on the short. I'm happy about it and make no apologies. It mitigated the loss on the long. We all trade as we see fit.

One other interesting thing to note. This system may also be effective as a daily system. I used the same set-up on the GJ and it took the short breakout. I closed the trade out just shy of 100 pips. Will be looking at this approach further but won't muddy the waters here with the weekly system.

Cheers!
Sandy
  • #408
  • Jun 9, 2009 6:39am Jun 9, 2009 6:39am
Quoting nubchai
Let's see.... I got stopped out on the long and took a loss there.

But I did take the 1x profit on the short. I'm happy about it and make no apologies. It mitigated the loss on the long. We all trade as we see fit.

One other interesting thing to note. This system may also be effective as a daily system. I used the same set-up on the GJ and it took the short breakout. I closed the trade out just shy of 100 pips. Will be looking at this approach further but won't muddy the waters here with the weekly system.

Cheers!
Sandy
Did you use 1Hr Candles for that ? or just the first 4H candle of the day ?
  • #409
  • Jun 9, 2009 7:31am Jun 9, 2009 7:31am
how to minimise the problem?
1. Put 2 position (sell stop 2 position, buy stop 2 position)
2. position (let say Sell triggered)
3. TP 1 position at 1x box range, move to BE other 1
4. let it ride until 4x of the box (many time it goes to 3x box)

happy that way. just my opinion
  • #410
  • Jun 9, 2009 9:01am Jun 9, 2009 9:01am
[quote=cantania;2788969]
Quoting Ace284
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










hi ace, i just...
I don't place the long and short orders again if both have been stopped out.
  • #411
  • Jun 9, 2009 9:06am Jun 9, 2009 9:06am
Quoting alpine4133
I noticed you did not have USD/JPY as a pair..... Does it not work well?
USD/JPY does not work that well
  • #412
  • Jun 9, 2009 12:30pm Jun 9, 2009 12:30pm
i have read through the post and need a little clarification

1) i have been trading the G/J (which you said works best) and the E/J. i know you said all J pairs work but which ones do you prefer?

2) is this a one trade a week system? if not how do you get back in after a TP or SL?

3) i just want to verify i am correct with this. you said the 4H high and low + 20pips + the spread is the best for an entry. the SL then is the 4H high if you are short and visa versa. is this correct?

thanks for your help and time teaching everyone this
  • #413
  • Jun 9, 2009 12:40pm Jun 9, 2009 12:40pm
Quoting TOROvault
i have read through the post and need a little clarification

1) i have been trading the G/J (which you said works best) and the E/J. i know you said all J pairs work but which ones do you prefer?

2) is this a one trade a week system? if not how do you get back in after a TP or SL?

3) i just want to verify i am correct with this. you said the 4H high and low + 20pips + the spread is the best for an entry. the SL then is the 4H high if you are short and visa versa. is this correct?

thanks for your help and time teaching everyone this
1. GBP/JPY works the best which is why I prefer it. Second best would be EUR/JPY followed by AUD/JPY

2. One long pending order
One Short pending order
Leave both there along with TPs on both sides until the end of the week. Keep them both there even if TP or SL on one side is hit.

3. Long Entry - Candle range +20+spread
Short Entry - Candle rangle +20 * no spread on short entry
  • #414
  • Jun 9, 2009 1:49pm Jun 9, 2009 1:49pm
Quoting DanFX
Did you use 1Hr Candles for that ? or just the first 4H candle of the day ?
First 4 hour candle. But I think TP has to be smaller. The trends aren't as strong as on Sunday night.
  • #415
  • Jun 9, 2009 3:15pm Jun 9, 2009 3:15pm
I tested it today on G/U with TP = 2xSL and the long side did close in Profit.
Will play with using it Daily for a while and see what I get.

But as this is a weekly method i won´t go on "spamming" the thread .
  • #416
  • Jun 9, 2009 3:37pm Jun 9, 2009 3:37pm
Quoting DanFX
I tested it today on G/U with TP = 2xSL and the long side did close in Profit.
Will play with using it Daily for a while and see what I get.

But as this is a weekly method i won´t go on "spamming" the thread .
There is another thread on FF for that strategy. By all means try it, but you'll notice its limits sooner or later. I say this because i've used it in the past.
  • #417
  • Jun 9, 2009 7:54pm Jun 9, 2009 7:54pm
one last thing. once you get SL or TP, say on a long, then the price goes back to the 1st 4H candle and turns around to single another trade for a long, do you take it? or is this truly a system that will at max have 2 trades a week?

Ace just a thought so you dont have to keep answering the same questions over and over again, try updating your first post. also it might help if the template that was given a few pages back was on the first post. just a thought, thanks again for all the help
  • #418
  • Jun 10, 2009 1:57am Jun 10, 2009 1:57am
Ive been following this for a bit as I am a big fan of breakouts.

Anyways I just thought I would throw my 2 cents in the mix. Ive been trading this on eur/usd. See attached chart.

Using a nonlag MA. Basically when blue meets/crosses blue - then go long and when red crosses ref then go short. If after the first bar of the week and the MA is blue and already in long territory then i go long immediately. Same with short.

When the NLMA changes color then thats my exit point if I am in profit. If I am not in profit then I use the low of the signal bar(first 4 hr bar) if in long trade as described in the initial system
I dont wait for the red to cross the red

To me I find that this buffers out some of the failures and keeps me in trades longer.

Another addition I made is pyramiding the profits. If we get a large profit on a trade and close out by NLMA changing color, then I will enter again when it changes back to the other color. I will enter at 25% of the original lots, exiting when NLMA changes color again. Basically if I am in blue territory and the NLMA changes back to blue then Im back in.

attached is a template with the settings I use
Attached Image (click to enlarge)
Click to Enlarge Name: weekly 4hr breakout on eurusd.gif Size: 35 KB
Attached File(s)
File Type: mq4 NonLagMA_v7.1.1.mq4   7 KB | 1,154 downloads
File Type: tpl 4hr weekly breakout.tpl   2 KB | 1,006 downloads
File Type: mq4 MondayH4Box.mq4   3 KB | 1,390 downloads
  • #419
  • Jun 10, 2009 8:45am Jun 10, 2009 8:45am
Quoting jdsim1
Ive been following this for a bit as I am a big fan of breakouts.

Anyways I just thought I would throw my 2 cents in the mix. Ive been trading this on eur/usd. See attached chart.

Using a nonlag MA. Basically when blue meets/crosses blue - then go long and when red crosses ref then go short. If after the first bar of the week and the MA is blue and already in long territory then i go long immediately. Same with short.

When the NLMA changes color then thats my exit point if I am in profit. If I am not in profit then I use the low of the signal...
JD this looks interesting. Thanks for sharing. One thought that came up earlier in the thread is limiting losses on the weekly trades by trading with the trend. Can you please tell me
- How long have you traded this method?
- Win - loss % (guesstimate is fine)
- Why the Eu only
- Have you tested on any other pairs?

I'd appreciate the info to get a feel for how well this method works.

Thanks,
Sandy
  • #420
  • Jun 10, 2009 9:14am Jun 10, 2009 9:14am
JD

For some reason the template isn't working for me. Can you please repost?

Thanks.
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