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4H Box Breakout

  • #581
  • Jun 22, 2009 3:17pm Jun 22, 2009 3:17pm
Quoting Ace284
Lower boundary triggered earlier. Here's an updated chart
Ace - would you please post the current 4H Box indicator to your first post on the thread ? Thanks.
  • #582
  • Jun 22, 2009 5:26pm Jun 22, 2009 5:26pm
Hey everyone, I have actually had really good look with this system. I have done some things different from here like add a CCI indicator and also moving averages to make sure the first sell or buy isnt a false trigger since it has happened previously. My last couple trades ahve been zero losses on 4 diferrent pairs and then also on my backtesting I have had barely any losses success, it is a great system and the moving averages and cci the chances for a loss are almost taken out.

I use this system with the 8am New York breakout too make a nice amount of pips a week. I will be putting this all up on my forex blog soon with pictures and everything. Hope you all enjoy. Plan is to be able to make a nice profit off of forex by 01/01/2010

I am a college student so I do not have a full time job but maybe I can quit my part time haha
  • #583
  • Jun 22, 2009 6:20pm Jun 22, 2009 6:20pm
Quoting jtrade
Ace - would you please post the current 4H Box indicator to your first post on the thread ? Thanks.
It wasn't an indicator. I just used simple boxes.
  • #584
  • Jun 22, 2009 11:13pm Jun 22, 2009 11:13pm
Quoting jtrade
Ace - would you please post the current 4H Box indicator to your first post on the thread ? Thanks.
I think you can use fibonacci retracement tool with custom 200%,300%,400% fibo levels..it would be easier than drawing boxes.
  • #585
  • Jun 23, 2009 12:32am Jun 23, 2009 12:32am
Thanks, Ace & shaun.

Post a chart please gustav.
  • #586
  • Jun 23, 2009 1:22am Jun 23, 2009 1:22am
Quoting gustav213
Hey everyone, I have actually had really good look with this system. I have done some things different from here like add a CCI indicator and also moving averages to make sure the first sell or buy isnt a false trigger since it has happened previously. My last couple trades ahve been zero losses on 4 diferrent pairs and then also on my backtesting I have had barely any losses success, it is a great system and the moving averages and cci the chances for a loss are almost taken out.

I use this system with the 8am New York breakout too make a nice...
Thanks Gus,
I can harly wait to see your strategies. I clicked on your site but there is nothing there. You can start your own FF thread if you want.
Michael
  • #587
  • Jun 23, 2009 1:24am Jun 23, 2009 1:24am
Hi All,

Well, looks like the changes I made yesterday, could have been a mistake. My three Shorts have now all closed for a total of +296.

I am very happy with that result, I will look at what the results would have been without yesterday's changes, once I get home tonight.

At first glance, I can see that Short1 & Short2 would both have hit TP, giving +351, leaving just Short3, which I would have moved to BE+5 by now, So going to undo my changes, and learn to patient instead.

Cheers
Ian.
  • #588
  • Jun 23, 2009 1:54am Jun 23, 2009 1:54am
so we only trade once a week rite ACE? only on monday morning.....
  • #589
  • Jun 23, 2009 7:54am Jun 23, 2009 7:54am
+328 Pips

Thanks, Ace!
  • #590
  • Jun 23, 2009 8:02am Jun 23, 2009 8:02am
Quoting rapidfx
so we only trade once a week rite ACE? only on monday morning.....
Yeah, once a week at the start of the fx market. Monday morning for some, Sunday evening for others and so on...
  • #591
  • Jun 23, 2009 8:19am Jun 23, 2009 8:19am
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.
This week I have started this approach, the weekly run, live on the GBPJPY. Although GBPJPY is retracing at this moment and maybe going the opposite direction I will wait until the end of the week before I close the trade.
If I get stopped out before the end of the week I will open a new trade in the opposite direction, but only once.
Thank you Ace for this fantastic thread!
  • #592
  • Jun 23, 2009 9:18am Jun 23, 2009 9:18am
Quoting gustav213
Hey everyone, I have actually had really good look with this system. I have done some things different from here like add a CCI indicator and also moving averages to make sure the first sell or buy isnt a false trigger since it has happened previously. My last couple trades ahve been zero losses on 4 diferrent pairs and then also on my backtesting I have had barely any losses success, it is a great system and the moving averages and cci the chances for a loss are almost taken out.

I use this system with the 8am New York breakout too make a nice...
Hi Gustav. Congratulations. I'm very interested in your entry and exit rules for both Ace's weekly strategy and also the NY session.

This week I decided to try and let the trade run. I traded GJ only. When the short hit 100 pips I set the SL to BE. When the trade hit a little over 300 pips I closed it because i was happy with the profit. Live account Thank you Ace ! Some week I'll let the trade run to the end of the week.

Sandy
  • #593
  • Jun 23, 2009 10:57am Jun 23, 2009 10:57am
Quoting fewhills
This week I have started this approach, the weekly run, live on the GBPJPY. Although GBPJPY is retracing at this moment and maybe going the opposite direction I will wait until the end of the week before I close the trade.
If I get stopped out before the end of the week I will open a new trade in the opposite direction, but only once.
Thank you Ace for this fantastic thread!
I'm with you as well, Fewhills. My approach to this method is to let the trade ride out until the end of the week. If price moves in my favor more than 500 pips, I'll likely put a stop at +250-300. But so far, it's only gone a little over 300.

I've done plenty of backtesting and my studies show that letting the trade finish where it wants will net you some big pips over the long run. The idea is to catch the big runners of the week. If price doesn't start moving down hard by tomorrow, I'd say we probably won't get a big runner. Either way, the worst I will do right now is break even. If I get stopped out at break even, that will hurt just a little bit because I know that I was up over 300. But again, I've done my backtesting and it shows that if you stick it out until the end of the week, you will be rewarded from time to time with HUGE weeks. And the one's that are not huge will still get you some positive pips.

Good luck!
  • #594
  • Jun 23, 2009 11:34am Jun 23, 2009 11:34am
Guys, I am still not sure about which candle to choose to draw the lines... Ace wrote monday 00-04h candle, but he uses FXDD. So 00-04h means GMT or broker time? Should I use IBFX demo for charting because it is a gmt0 broker? My broker now is Alpari UK and it is gmt+2 summer time and gmt+1 winter time. I'd like to start this great system live next Monday, but I have to be sure I use the right candle. Thanks for the answer and sorry for the noob question!
  • #595
  • Jun 23, 2009 2:06pm Jun 23, 2009 2:06pm
The reason I am sometimes hesitant to let it run after 200pips which makes me happy is that I have seen where it gets to 200 pips but then comes all the way back to finish the week off with only 50 pips. so sometimes letting it run the whole week isn't the best way to do it.
  • #596
  • Jun 23, 2009 2:10pm Jun 23, 2009 2:10pm
Quoting bobai
Guys, I am still not sure about which candle to choose to draw the lines... Ace wrote monday 00-04h candle, but he uses FXDD. So 00-04h means GMT or broker time? Should I use IBFX demo for charting because it is a gmt0 broker? My broker now is Alpari UK and it is gmt+2 summer time and gmt+1 winter time. I'd like to start this great system live next Monday, but I have to be sure I use the right candle. Thanks for the answer and sorry for the noob question!
For IBFX it should be the candle that opens 8PM EST on Monday, but I just use the one that opens 8PM EST on Sundaay
  • #597
  • Jun 23, 2009 5:36pm Jun 23, 2009 5:36pm
Quoting gustav213
The reason I am sometimes hesitant to let it run after 200pips which makes me happy is that I have seen where it gets to 200 pips but then comes all the way back to finish the week off with only 50 pips. so sometimes letting it run the whole week isn't the best way to do it.
You have no way of knowing how far it's going to go, do you?

So do some backtesting and see how the pair has performed historically and see if you're willing to ignore the 200 pip gains (which by the way is nominal with this pair) for the potential rewards of 500+.
  • #598
  • Jun 23, 2009 5:50pm Jun 23, 2009 5:50pm
Quoting gustav213
The reason I am sometimes hesitant to let it run after 200pips which makes me happy is that I have seen where it gets to 200 pips but then comes all the way back to finish the week off with only 50 pips. so sometimes letting it run the whole week isn't the best way to do it.
Don't let your level of 'happiness' hinder your trading. It's not about how many pips make you happy. If you trade based on what makes you happy, then you will generally be unsuccessful. Its about getting to most out of every trade.
  • #599
  • Jun 23, 2009 11:25pm Jun 23, 2009 11:25pm
Hi, my first post to this site. Have been trading forex for about one year, and commodities for many more. I have read through all the posts, and began trading this method live this week. It was a good week! I have a question? Has anyone looked at this method with other pairs (other than the JPY pairs)? I have been looking at the EUR/USD and AUD/USD, which both look very promising. My guess is that this method might work for many other pairs also. Any thoughts?

I also had questions about the "first bar", as I use IBFX. There is a very simple solution. Get a demo account with FXDD, and use their MT4 to chart your breakout box and get your numbers. Then use whatever broker you use to place your orders. ACE is using oanda (I also place part of my position with them).
  • #600
  • Jun 24, 2009 12:05am Jun 24, 2009 12:05am
Quoting doctorfx
Hi, my first post to this site. Have been trading forex for about one year, and commodities for many more. I have read through all the posts, and began trading this method live this week. It was a good week! I have a question? Has anyone looked at this method with other pairs (other than the JPY pairs)? I have been looking at the EUR/USD and AUD/USD, which both look very promising. My guess is that this method might work for many other pairs also. Any thoughts?

I also had questions about the "first bar", as I use IBFX. There is a very simple...
IBFX: 2100-2300(Last 4h CS on friday(maybe ignore sunday candle) as it same with GMT time...
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