4H Box Breakout

when the nonlagMA is red and hits the solid red line which is the low of the initial weekly candle. The dotted red lines are target points according to the initial system. I personally do not use those lines.

I use higher nonlagMA's for more volatile currencies like GBPUSD, and it looks like tomorrow i will be using an even higher one on GBPJPY. I use 12 on eurusd, eurgbp, usdchf, usdjpy, usdcad. 14 on GBPUSD. I will be using 15 on GBPJPY. You can change this on the length setting in the nonlag indicator and change color to 2.

you can also have the indicator alert you when a change occurs, which i utilize to exit my positions. Change the warning ticks to a high number like 1000-2000 or it will alert you every few minutes of the change. It gets rather annoying.

After that the only thing i do is implement a Dalambert Money Management system. Now I know that may not be for some people but it has worked extremely well for me for a long period of time, so please refrain from bashing me on the thread. All I can say is I am comfortable with it and it works for me.

For those of you who dont know what that system is. It works like this:

starting with 1 unit (your initial starting lots)
after a loss increase 1 unit
after a win decrease 1 unit
so like this

trade 1 = buy 1.0 lots loss (-$1000)
trade 2 = sell 2.0 lots loss (-$2000)
trade 3 = buy 3.0 lots gain (+$3000)
trade 4 = buy 2.0 lots loss ($-2000)
trade 5 = sell 3.0 lots gain ($+3000)

in this scenario you have lost 3/5 trades. Assuming an equal 1:1 risk reward ratio of lets say 100 pips - you have lost a total of 100 pips ; But you are up $1000 using standard lots. When you are happy with your gains then just start the scenario over, you dont have to ride the system all the way back to trade 1.

I personally believe in keeping tighter stops, moving to breakeven, and letting the profitable trades run. I hope this helps someone

Thanks for clearing this up and for the additional info. We'll be testing your setup next week, it looks very promising.

So instead of doubling your lots with every loss as in a martingale, you only add the lot you lost ... interesting, i've never really considered it.

J

The candle began forming 40 mins ago. I am going to take this weeks trades with full positions because there are no holidays this week.

It would be nice to have an indicator that just showed the spread.

Since this follows specific rules it would be nice if someone could design an EA for this so we do not miss any trades in case we are not at our computer e very Sunday night.

Here's one with more info than you need. But I like the look of the THV indicators.

Sandy

It looks like my indicator is on wrong candle. it is on the candle that just started. How ever I believe we should be placing our order now from the last candle. Am I right?

Just opened these trades...

Thanks i have other THV indicators, I will try this.

Here's what we're looking at this week.

Low boundary has been broken on GBP/JPY and EUR/JPY. The 1x target was quickly reached but I haven't taken any profits yet.

I was conservative Ace. Got in with you, and took off 1/4 at T1. At the moment I am 60% of the way to T2.
Michael

got in with G/J and G/U

when do you move your SL to BE Ace?
I thought at TP 1 1/2.............

thank you

I've been away from trading for a bit. I'm loving this thread and was active in the beginning. I'm curiuos as to why people are closing out trades with 1/4 and 2/4 and things like that. To me, the purpose of this trading method is to be away from the charts. Why not place your short and long limit orders along with their stop loss and take profit targets and go away for the week (from trading at least)? We all know the market closes on Friday, so you can check your orders come Friday before the market closes and if your trades are still open, close them manually like said earlier in the thread. That way, you are truly not watching charts. Granted, I'm sure many will check on a daily basis and that's fine to see how your trades are doing but that still is not the purpose of this method in my eyes. So many people spend hours just staring at the charts and they react in ways they would not if they just gave the trade some room to breath. By closing out 1/4, 2/4 and such increments on your trades, you are not only missing out on maximizing your profit potential but you are always interacting with your trades too much because you have to bee watching the screens to see when you want to close out a portion and that to me is not what this method is all about. To me, it's pointless to be chart watching when you are trading the 4hr charts. That's something you need to do when you are trading the shorter timeframes like 1min, 5min and such. This is just my opinion though and I'm not saying this to start a war. I just thought I would say this and maybe it will help someone who is looking for a longer term method like this that produces solid results (like this one...Thanks Ace) but they are getting in their own way of truly becoming an all around successful trader and trading for a living...if that is their goal.

I've been away for a bit but have read the thread and I don't remember reading where Ace moves his stop to b/e. I believe either his pre-determined profit target is hit or his stop loss is hit. I don't think he worries about moving the trade to b/e...but I could be wrong and if I am, I'm sorry for jumping the gun.

I went short on four pairs using this system and I'm up +522 pips. Still in trades with 4X TP's on GBPJPY and EURJPY; and 3X TP's on AUDJPY and CHFJPY.

Congrats on those pips. Hopefully it is a live account you are talking about so you can fatten up your account.

Also nice to see that you are letting them ride out to your targets rather than pinching away at them bit by bit.

Trade progress...

I'm using a 15 pip buffer on all but GBPJPY, which has a buffer of 25

siuol,

I agree with a lot you`re saying in that we shouldn`t fiddle around too much with the trade.

however I dont think its wise to not look at your trade for a week and be at the mercy of the market in the meantime.

I`m planning to look at my trade once a day to see how it is performing and tighten my SL when needed to lock in profits, while at the same time giving the trade space to mature.

for the moment I`ve decided to move my SL 2TP behind when price hits the next level.
for me G/J has hit my 1 1/2TP and I will move my SL to 1/2 the original SL.
if price hits TP2 I will move my SL to BE.

Ace was saying to delete a remaining pending order at the end of the week.
to me that seems far too late to delete that order, because if it hits that order on Friday afternoon, most times not much can happen the rest of that day.
to me it seems better to delete that order after the close of trading on Wednesday.
anybody with experience in this matter?

thanks

I haven't tried the breakeven approach as that would require having access to a computer for every second of the week. At the start, I did state that the system only requires 30 mins at the start of the week. These are the rules that I am following as of now because like I said before I dont have too much time.

Now with that said, im not taking anything away from the Break even approach because a few of you have tested it along with a few excellent added rules and have come up with a more profitable system. The downside is that it takes more time, and the time isn't predetermined.

The different approaches are not posted here on the thread as those individuals have emailed me. I respect that and won't post their findings. I too have more to contribute but not until I get some concrete tested results.

The primary long and short pending orders get filled before friday so I haven't had a problem with that. Test and see if it has been a problem in the past, in any way.