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4H Box Breakout

  • #461
  • Jun 15, 2009 6:49pm Jun 15, 2009 6:49pm
GBP/JPY
EUR/JPY
AUD/JPY
CAD/JPY
CHF/JPY

are all in profit right now. I'm trading live with only the first two.
Attached Image (click to enlarge)
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  • #462
  • Jun 15, 2009 7:45pm Jun 15, 2009 7:45pm
Glad to see that you agree with me. Also, great point on checking the trades once per day. I can respect that and it truly does make sense. I'm not sure what I will do with the break even side of things though. My problem right now is being fearful and exiting trades too early but I can't let that result in me being stupid either. After reading your post, it does make sense to have some sort of plan in place. I'm just now sure what that plan is. What I do like is how we can agree and disagree without it turning into an arguement like most threads on this forum. Great points and I look forward to what else comes from this thread.

Quoting yonnie
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...
  • #463
  • Jun 15, 2009 7:46pm Jun 15, 2009 7:46pm
I used JDSim's setup with Ace's H4 set-up. I took short trades on EU, EJ and GJ. I used a trade manager to set a jumping stop every 50 pips. GJ stopped me out with a profit of $50. EJ is currently at + $313 and EU is at +$219. Very very nice

Sandy
  • #464
  • Jun 15, 2009 8:02pm Jun 15, 2009 8:02pm
Nice trades Sandy, are you trading live?
  • #465
  • Jun 15, 2009 8:53pm Jun 15, 2009 8:53pm
Quoting mitchp
Nice trades Sandy, are you trading live?
Hi Mitch. No this is all on an fxdd demo. The JD add-on is new and this is my first set of weekly trades with it. Are you trading this system?

Sandy
  • #466
  • Jun 15, 2009 9:32pm Jun 15, 2009 9:32pm
I put in two pending orders in this morning and left for work and just came home to see that my 100 pip TP was hit on the USD/JPY !!!! thanks for the system
  • #467
  • Edited 9:56pm Jun 15, 2009 9:37pm | Edited 9:56pm
Quoting Siuol
Glad to see that you agree with me. Also, great point on checking the trades once per day. I can respect that and it truly does make sense. I'm not sure what I will do with the break even side of things though. My problem right now is being fearful and exiting trades too early but I can't let that result in me being stupid either. After reading your post, it does make sense to have some sort of plan in place. I'm just now sure what that plan is. What I do like is how we can agree and disagree without it turning into an arguement like most threads...
fear and exiting trades too early might be mitigated by changing the SL whenever the trade goes in your favour and a new TP level has been reached.

G/J hit TP3 and I moved my SL up to TP1 and that will still give it a 246 pips space to mature.
at the same time I know that I wont take a loss on this trade anymore and that will lessen fears and anxiety.

I do get tempted to take the profit, but the BIG profits lie in TP10 etc.

other people might place a SMA/trendline on the H4 or H1 chart and exit if the candle closes on the other side of the SMA/trendline.

the exit strategy will be far more important than the entry to maximise your profits.
  • #468
  • Jun 15, 2009 9:40pm Jun 15, 2009 9:40pm
Sandy,

I'm just demo-ing, it's going very well. I really like this and so far it's proving very profitable. I"ll probably start trading live after the fourth.

Mitch
  • #469
  • Jun 16, 2009 12:47am Jun 16, 2009 12:47am
Thanks Ace for a brilliant system.

I am trading this system live for 3 weeks now on GJ,EJ and AJ and haven't look back since.

Keep up the good work.
  • #470
  • Jun 16, 2009 5:55am Jun 16, 2009 5:55am
Quoting mitchp
Sandy,

I'm just demo-ing, it's going very well. I really like this and so far it's proving very profitable. I"ll probably start trading live after the fourth.

Mitch
Mitch,

It really seems to be a solid system. I'm using the JDSim set-up as a filter. Also if both sides of a trade trigger and fail I think the JDSim method can help re enter in the right direction. That's not a part of Ace's original system though.

Sandy
  • #471
  • Edited 5:52pm Jun 16, 2009 4:13pm | Edited 5:52pm
Ok, I will be brief. This is my first time posting on this thread. Thanks to Ace to sharing the system/strategy. I have been watching and demoing for the past few weeks and have made good pips on my demo account. Obviously, this works. Now, what I don't understand is WHY folks keep posting additions and subtractions to something that works. I don't want to say it, but I will, K.I.S.S. If it aint broke, don't try and fix it. I have read somewhere that this is one of the reasons why most people lose in this business. You just can't take something simple and go with it if it's making you a profit. Seriously ladies and gents, why are people adding Moving averages, and all other stuff to this very simple and profitable strategy. Does it make you feel like a better trader if you have oscillators, moving averages and whatever on your charts?

Ace, thanks for your work and putting up with some people that are trying to complicate things here. I just don't get it. It works people. Just stick to what works and leave the rest of the stuff out. Good week traders!

P.S. I think if you want to post an addition or improvements (I don't know what improvements, you just need to enter a buy/sell, and your TP. That's it.) to this working system, please start a new thread somewhere. Let's leave this for the "4H Box Breakout" strategy
  • #472
  • Jun 16, 2009 8:23pm Jun 16, 2009 8:23pm
kulu, see post 460.

at the moment there is no real exit strategy, so we all have to look for the best one
  • #473
  • Jun 16, 2009 8:45pm Jun 16, 2009 8:45pm
Quoting nubchai
Mitch,

It really seems to be a solid system. I'm using the JDSim set-up as a filter. Also if both sides of a trade trigger and fail I think the JDSim method can help re enter in the right direction. That's not a part of Ace's original system though.

Sandy
Have you gotten the chance to test the nonlag filter?
Any results?
  • #474
  • Edited 9:12pm Jun 16, 2009 8:51pm | Edited 9:12pm
.
  • #475
  • Jun 17, 2009 6:15am Jun 17, 2009 6:15am
Quoting Ace284
Have you gotten the chance to test the nonlag filter?
Any results?
Ace I did use it this week and only took a short. But as you know several pairs had very strong sell set-ups on Sunday. I'm going to try it again this week. Besides entry I think the nonlag and grid will help on re entries in the rare occasions when both the buy and sell are stopped out.

Thanks for the great system!

Sandy
  • #476
  • Jun 17, 2009 4:57pm Jun 17, 2009 4:57pm
Quoting kulu
Ok, I will be brief. This is my first time posting on this thread. Thanks to Ace to sharing the system/strategy. I have been watching and demoing for the past few weeks and have made good pips on my demo account. Obviously, this works. Now, what I don't understand is WHY folks keep posting additions and subtractions to something that works. I don't want to say it, but I will, K.I.S.S. If it aint broke, don't try and fix it. I have read somewhere that this is one of the reasons why most people lose in this business. You just can't take something...
I'm actually gonna try this starting next week- opening 2 trades. One with 2x the SL as TP and other with no TP, and close that trade on friday. Let's see how it plays out.
  • #477
  • Jun 17, 2009 5:29pm Jun 17, 2009 5:29pm
Quoting lolpie
I'm actually gonna try this starting next week- opening 2 trades. One with 2x the SL as TP and other with no TP, and close that trade on friday. Let's see how it plays out.
This approach has been tested. Letting the trade run for the entire week and then closing it off has been more profitable as compared to having the targets. I had recently back tested this. Everyone, test and see for yourself before taking this approach.
  • #478
  • Jun 17, 2009 5:44pm Jun 17, 2009 5:44pm
I feel we have to devise an exit strategy that will maximise profits and minimise losses over the long term.

For that different exit strategies need to be tested over at least the last couple of years to see which one will come out on top.

according to Ace he has received some emails regarding
good exit strategies and I wonder if those people would be willing to share those with us.

I am more than willing to test those manually on the last couple of years and report back on here to the benefit of all of us.

so who`s first?
  • #479
  • Jun 17, 2009 5:46pm Jun 17, 2009 5:46pm
Hi, ACE

Good strategy, I like mechanical because of the consistency and the removal of emotions. I been using it for 5 weeks. 3 wins 2 losses. +356 pips so far. I'll update you every now and then, to let you know how I am doing. I might p.m you.
  • #480
  • Jun 17, 2009 5:55pm Jun 17, 2009 5:55pm
Quoting Ace284
This approach has been tested. Letting the trade run for the entire week and then closing it off has been more profitable as compared to having the targets. I had recently back tested this. Everyone, test and see for yourself before taking this approach.
I bet the drawdowns will be considerable less over the long term if you take off half your position at x ATR, place the other half at BE (or maybe not) and let it run.
what that means is that you could up your position size substantially without risking more.
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