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4H Box Breakout

  • #501
  • Jun 18, 2009 12:00pm Jun 18, 2009 12:00pm
ACE, IBFX first candle starts at 2200 gmt, or 1800 edt. Obviously this is a problem. My understanding is the prices from your broker are their record of trades they are doing from their platform, and the nature of forex allows for the variation inpricing. So, does the diiferent timing of their opening mean I need to change brokers and find one whose candle starts at 1700edt? Having said that ACE who is the broker you are using?

Thanks
  • #502
  • Jun 18, 2009 12:22pm Jun 18, 2009 12:22pm
Quoting davewooldrid
ACE, IBFX first candle starts at 2200 gmt, or 1800 edt. Obviously this is a problem. My understanding is the prices from your broker are their record of trades they are doing from their platform, and the nature of forex allows for the variation inpricing. So, does the diiferent timing of their opening mean I need to change brokers and find one whose candle starts at 1700edt? Having said that ACE who is the broker you are using?

Thanks
Post your weekly chart along with the weekly dividers. I think I know what you're talking about, but I think it would be good for you and other traders using your platform, to visually see the issue.
  • #503
  • Jun 18, 2009 12:28pm Jun 18, 2009 12:28pm
Quoting davewooldrid
ACE, IBFX first candle starts at 2200 gmt, or 1800 edt. Obviously this is a problem. My understanding is the prices from your broker are their record of trades they are doing from their platform, and the nature of forex allows for the variation inpricing. So, does the diiferent timing of their opening mean I need to change brokers and find one whose candle starts at 1700edt? Having said that ACE who is the broker you are using?

Thanks
Dave-

I use IBFX. Just use the 00:00 GMT candle. This is the 4H starting at 5pm, pst or 8pm, est. I believe someone posted this earlier in the thread.

I've done PLENTY of backtesting where the entry is off of this H4 close (either high or low) and the results are just fine using this entry method.
  • #504
  • Jun 18, 2009 12:33pm Jun 18, 2009 12:33pm
ACE, OK, now I am totally confused. My high for GPB JPY on IBFX was 161.75 around 2300 gmt on the 14th. This is a long way from the 162.04 of ACE. I have read and reread the posts. I see others using IBFX, so how are they dealing with these discrepancies? Anyone care to comment?
  • #505
  • Jun 18, 2009 12:34pm Jun 18, 2009 12:34pm
No matter which broker you use you need to look for the candle that starts the week GMT 00:00.

Ace thanks for sharing this system I have followed from the start on demo and will start live trading next week. I will be opening a different acct, using FXDD starting with 1000.00 and only trading 1 lot per trade and only on GBPJPY.
I will still be demo'ing audjpy, eurjpy, cadjpy, and chfjpy. Since most of the profit seems to be coming from GBPJPY.

Troy.
  • #506
  • Jun 18, 2009 12:37pm Jun 18, 2009 12:37pm
Quoting davewooldrid
ACE, OK, now I am totally confused. My high for GPB JPY on IBFX was 161.75 around 2300 gmt on the 14th. This is a long way from the 162.04 of ACE. I have read and reread the posts. I see others using IBFX, so how are they dealing with these discrepancies? Anyone care to comment?

Dave

Are you on the candle 2009.06.15 00:00? I show H at 161.66 and L at 160.84. O at 161.57 and C at 161.06.

Troy
  • #507
  • Jun 18, 2009 12:41pm Jun 18, 2009 12:41pm
I actually use IBFX on my regular acct. and have used them for about 3yrs . I am now looking to open FXDD mainly because IBFX will not let you put in a buy pending and a sell pending due to the hedging laws recently changed. I don't understand their reasoning, since one will close out before the other opens but that is their stance on this issue. So for this system to work with me I will need a broker that allows me to do this.

Troy
  • #508
  • Jun 18, 2009 12:55pm Jun 18, 2009 12:55pm
Troy yes that is the candle I have. I guess my main point is that the 4 hr range is different depending on the broker, and this would change results for sure. I have not back tested yet to see how IBFX first candle would have done since this thread started.
  • #509
  • Jun 18, 2009 12:56pm Jun 18, 2009 12:56pm
Troy why not just enter an alert for the prices and when you get the alert then enter the trade? You could enter one of them and set an alert for the other direction
  • #510
  • Jun 18, 2009 1:01pm Jun 18, 2009 1:01pm
Quoting davewooldrid
Troy yes that is the candle I have. I guess my main point is that the 4 hr range is different depending on the broker, and this would change results for sure. I have not back tested yet to see how IBFX first candle would have done since this thread started.
The problem with this broker is you cannot actually set the trade according to the rules. Since they don't allow you to set a sell and buy pending order. Even with the SL set to close out before opening in the other direction. So backtesting on IBFX will only tell you what would happen if you set and watched the charts all the time. Which is one thing about this system I like, you set it and only need to check it at the end of the week if you can wait that long... I have been checking it a couple times through out the day. and only closing on friday.

Troy
  • #511
  • Jun 18, 2009 1:01pm Jun 18, 2009 1:01pm
Troy, arent you concerned about how diiferent the numbers are versus what ACE is quoting? If he is using a bar that opened at 1700edt which is 2100gmt then why are you using gmt 0000 bar?
  • #512
  • Jun 18, 2009 1:04pm Jun 18, 2009 1:04pm
Quoting davewooldrid
Troy why not just enter an alert for the prices and when you get the alert then enter the trade? You could enter one of them and set an alert for the other direction
Dave,

That would work, but I like the idea of setting the trade at the beginning of the week and letting it run. I am interested in using this system on my self-directed ROTH acct. If I can make this work it would be much easier, just use 1-2% of acct. per trade and let it run till end of week. Would be slow but it looks like it would be a nice growth over a period of time.

Troy
  • #513
  • Jun 18, 2009 1:08pm Jun 18, 2009 1:08pm
Troy, reference my other post about ACE first bar which begins at 2100 gmt. versus IBFX beginning at 0000. Big difference. Any idea which broker these others are using? Gotta go get my kids from bball camp, will check inlater
  • #514
  • Jun 18, 2009 1:12pm Jun 18, 2009 1:12pm
Quoting mrtwrrt
Dave,

That would work, but I like the idea of setting the trade at the beginning of the week and letting it run. I am interested in using this system on my self-directed ROTH acct. If I can make this work it would be much easier, just use 1-2% of acct. per trade and let it run till end of week. Would be slow but it looks like it would be a nice growth over a period of time.

Troy
My ea should do that already...
  • #515
  • Jun 18, 2009 1:13pm Jun 18, 2009 1:13pm
Quoting davewooldrid
Troy, arent you concerned about how diiferent the numbers are versus what ACE is quoting? If he is using a bar that opened at 1700edt which is 2100gmt then why are you using gmt 0000 bar?

Dave,

Ace is using fxdd so his time frame is different from ibfx but i believe he is still using the candle that starts gmt 00:00. I have been demo'ing with fxdd and when you compare the two you will see what I mean. The OHLC will be somewhat different due to the broker difference but you are still looking for the breakout from the start of the week. So you should be getting the same general results. Just not exactly.

Hope this helps
Troy
  • #516
  • Jun 18, 2009 1:18pm Jun 18, 2009 1:18pm
Quoting Ronald Raygun
My ea should do that already...

Ronald

Yes I am sure, first let me tell you I am amazed at how fast you create ea's, having been watching on here for awhile and also using other sites I have seen you on. I am just not real comfortable with ea's, I have bought some and got burned real bad. I know most of my trouble is probably not knowing how to use them. It is something I just can't seem to get my mind around. Maybe because I don't know how to create them therefore don't understand them. Wish I did. I have followed you and your posting, I think maybe you should get a manager and create and sell ea's......

Having said all that do you have an ea on this system?.. and how is it working?...

troy
  • #517
  • Jun 18, 2009 1:40pm Jun 18, 2009 1:40pm
Troy and others. I guess I am not being clear. I pasted post 443 earlier to show ace using candle which begins at 1700 edt which is 2100 gmt NOT 0000 gmt. If you use a 0000 gmt candle you are using numbers 3 hrs later than the system calls for. At some point the candle can't be considered an opening candle for the week. ACE can you weigh in here? Thanks for the responses TRoy
  • #518
  • Jun 18, 2009 1:47pm Jun 18, 2009 1:47pm
Quoting davewooldrid
Troy and others. I guess I am not being clear. I pasted post 443 earlier to show ace using candle which begins at 1700 edt which is 2100 gmt NOT 0000 gmt. If you use a 0000 gmt candle you are using numbers 3 hrs later than the system calls for. At some point the candle can't be considered an opening candle for the week. ACE can you weigh in here? Thanks for the responses TRoy

Dave,

I think I might have figured out what you are looking at. If you open an FXDD demo acct. you will see that at 1700 edt it is 00:00 on your broker time. The reason is fxdd time is 7hrs different from edt. So at 1700 edt it is gmt 00:00.

Troy
  • #519
  • Jun 18, 2009 2:08pm Jun 18, 2009 2:08pm
Troy GMT is EDT plus 4. Therefore 1700edt is 2100 gmt regardless of what time zone the broker is in.
  • #520
  • Jun 18, 2009 3:06pm Jun 18, 2009 3:06pm
Quoting mrtwrrt
I think I might have figured out what you are looking at. If you open an FXDD demo acct. you will see that at 1700 edt it is 00:00 on your broker time.
Thats right.

Quoting mrtwrrt
So at 1700 edt it is gmt 00:00.
Thats not right. FXDD broker time isn't in GMT.
17:00 edt = 21:00 GMT
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