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4H Box Breakout

  • #521
  • Jun 18, 2009 3:28pm Jun 18, 2009 3:28pm
ACE, to save you from reading all my previous posts, IBFX first candle starts at 2200GMT vice FXDD at 2100. The question has been asked why this box works, and the first few hours are obviously the important part of the strategy. How did you arrive at using this starting candle, vice others at other brokers? Are you using it merely because that is the first one FXDD offers, or is 2100 GMT significant?
Having said this is this one hour later with IBFX missing a key hour that sets the boundaries for the week? I am going to back test but since you are more familiar with it what is your thinking on this? If it is important the only solution is to find the value of that quote elsewhere or open an account at FXDD.
  • #522
  • Jun 18, 2009 3:54pm Jun 18, 2009 3:54pm
Quoting davewooldrid
ACE, to save you from reading all my previous posts, IBFX first candle starts at 2200GMT vice FXDD at 2100....
To be honest, I always assumed that my brokers first 4hr candle, was the first of the week. I assumed this because 17:00 EDT is when the worldwide forex market officially opens, if im not mistaken. I haven't tested ibfx's first candle so I don't know if it will make a huge difference or if produces similar results.
  • #523
  • Jun 18, 2009 4:01pm Jun 18, 2009 4:01pm
Ok here is the official times. So, IBFX is starting an hour later than the "official" time.

The Forex market is the only 24-hour market, opening Sunday 5 PM EST, and running continuously until Friday 5 PM EST. The Forex day starts with the opening of Sydney’s (Australia) Forex market at 5:00 PM EST (10:00 PM GMT / 22:00), and ends with the closing of New York’s market, a day after, at 5:00 PM EST (10:00 PM GMT / 22:00), immediately reopening in Sydney restart trading
  • #524
  • Jun 18, 2009 5:56pm Jun 18, 2009 5:56pm
Quoting Ace284
Thats right.



Thats not right. FXDD broker time isn't in GMT.
17:00 edt = 21:00 GMT

OOPS... I meant that 1700 edt = fxdd 00:00:disappointed:....not gmt..... I know this is confusing... but with each broker on different time zones it makes it confusing..

I have a list of each broker I use with edt = their time so I will know. I had to do this when I started using more than one broker. Could never figure out what time it was on each broker compared to my time so I made my list to convert each one.

Troy..
  • #525
  • Jun 18, 2009 5:58pm Jun 18, 2009 5:58pm
Quoting mrtwrrt
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....
Well, there is some good news. My EAs are all released free. There is a feature called "signals only" which allows you to prevent the EA from trading, but still receive trading signals when they come.

And I really doubt I would make more money selling an EA as opposed to using them.
  • #526
  • Jun 18, 2009 5:59pm Jun 18, 2009 5:59pm
But for this system I just look for the first candle of the week on the 4hr chart, this candle will read date and time for the start of the week. ex.
last weeks first candle read 2009.06.15 00:00 on both ibfx and fxdd. Even though their OHLC was slightly different.

Troy
  • #527
  • Jun 18, 2009 7:43pm Jun 18, 2009 7:43pm
Hi ace284,

Thanks for a well presented, simple, system. I appreciate your time and effort at sharing this.
  • #528
  • Jun 18, 2009 8:49pm Jun 18, 2009 8:49pm
Hey guys here is my contribution.

Note: I didn't make the original file. I just added the pip-buffer and buy and sell calculators.

It's really easy to use...

 

  1. Find the high and low and put them into the Enter High Price and Enter Low Price box. It spits out where to draw the box based on what you put for the pip buffer (25 or GBPJPY according to the 1st post).
  2. When the price hits your buffer price you put that into the Enter Trade Price box depending on whether you're buying and selling. Then put in the stop loss, which would be the low of the bar if buying and high of the bar if selling. It will tell you the value of the stop loss in pips.
  3. Enter your account balance into the yellow box and set your risk percent below that, then finally put your stop loss in pips in the Stop Loss box. It'll tell you how many lots your trade should be based on your risk % as well as stop loss.

Hope this helps someone

Attached File(s)
File Type: xls Money Management Calculator.xls   47 KB | 1,049 downloads
  • #529
  • Jun 18, 2009 11:04pm Jun 18, 2009 11:04pm
Hi Ace,

Where can I find the indicator you use to draw those lines with figure at the end?

Thanks
vegas
  • #530
  • Jun 19, 2009 10:29am Jun 19, 2009 10:29am
Dave --

To use the IBFX 4H candle that begins the week, i.e., 0000-0400Z, just use the second 4H candle (the first one after the period separator).

In the alternative, you can switch to a 1H chart. When you do, you will see more clearly the two Sunday candles, 2200-2300 and 2300-2400. The 2200-2300 is on the period separator and the 2300-2400 exists within the small space just prior to the first Monday candle (or, between the two tight period separators).

The first Monday 1H candle, i.e., 0000-0100 is on the next period separator and is the one Ace has instructed us to begin our range with. You can use four 1H candles to obtain the same results as if you were using a single 4H candle, taking the highest and lowest price of the four-candle group to create your breakout box.

I know it can be very confusing, especially when we are located all around the globe in different time zones, all using different brokers with different time feeds.

Hope that helps a bit.



Quoting davewooldrid
ACE, to save you from reading all my previous posts, IBFX first candle starts at 2200GMT vice FXDD at 2100....
Jeff Singer, K2KV
  • #531
  • Jun 19, 2009 2:53pm Jun 19, 2009 2:53pm
K2, reference the below definition on forex market. It says it opens at 1700 edt. This is what Ace uses as it is when fxdd starts its first candle. That is 2100z, not 0000z. The ibfx first candle starts at 1800 edt.

The Forex market is the only 24-hour market, opening Sunday 5 PM EST
  • #532
  • Jun 19, 2009 2:56pm Jun 19, 2009 2:56pm
K2, to be more clear, based on ace posts he is using the first fxdd candle which begins at 2100z, not 0000z
  • #533
  • Jun 19, 2009 10:40pm Jun 19, 2009 10:40pm
Quoting vegasloh
Hi Ace,

Where can I find the indicator you use to draw those lines with figure at the end?

Thanks
vegas
Modified fib retracements
Levels Description

0 *@%$
 1 *@%$
2 1x @%$
2.5 1.5x @%$
3 2x @%$
4 3x @%$
5 4x @%$
0.5 50 @%$
0.382 38.2 @%$
0.618 61.8 @%$
0.236 23.6 @%$
0.764 76.4 @%$
-1 1x @%$
-2 2x @%$
-2.5 2.5x @%$
-3 3x @%$
-4 4x @%$
  • #534
  • Jun 20, 2009 11:12am Jun 20, 2009 11:12am
sorry to ask..so this box drawn from beginning of the week, does this mean the strategy only does one trade per week ?

thanks
  • #535
  • Jun 20, 2009 2:01pm Jun 20, 2009 2:01pm
yes
  • #536
  • Jun 20, 2009 3:42pm Jun 20, 2009 3:42pm
No. Zero one or two trades per week. Two trades if it goes one way takes a trade, reverses closes and goes into a trade in the opposite direction.
  • #537
  • Jun 20, 2009 10:16pm Jun 20, 2009 10:16pm
Quoting davewooldrid
K2, to be more clear, based on ace posts he is using the first fxdd candle which begins at 2100z, not 0000z

Dave,

This candle is 2100 edt, but 0000 on fxdd time. So this is the first candle of the week for fxdd.

Troy
  • #538
  • Jun 21, 2009 1:12am Jun 21, 2009 1:12am
Quoting mrtwrrt
Dave,

This candle is 2100 edt, but 0000 on fxdd time. So this is the first candle of the week for fxdd.

Troy
Why not ace convert it to GMT time? As he said it will draw it 0000-0400 HI LO on the 1st CS on FXDD broker.I thinks we can convert it as well as for everyone..
  • #539
  • Jun 21, 2009 2:06am Jun 21, 2009 2:06am
Quoting rapidfx
Why not ace convert it to GMT time? As he said it will draw it 0000-0400 HI LO on the 1st CS on FXDD broker.I thinks we can convert it as well as for everyone..
For all want to use it the BOX: please find Hi-Lo from 2100-2300 GMT and suit with your broker's time.
  • #540
  • Edited 6:10am Jun 21, 2009 5:06am | Edited 6:10am
Attached EA is my crude attempt to automate this great system.
Back testing on 4H GBPJPY shows excellent results from January to date but very poor results from June to October last year.
The stoploss is derived from the high-low value of the trigger levels and needs to be large to prevent being closed-out too early.
There are 3 TPs,
TP1 is the lowest and is x3 Lots to capture as many pips as possible on a "small" move.
TP2 generates x2 Lots
TP3 is x1 Lots and is set high to allow it to run all week.
Unused buy and sell stops and all open orders are closed on Friday.
The GMT offset is the number of hours after GMT of your brokers site.
(Please don't ask me where to get this information!)

The coding is not perfect, I am not an experienced coder, so please feel free to modify/correct it to make it better.
Attached File(s)
File Type: mq4 Four_Hour_Breakout.mq4   10 KB | 1,308 downloads
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