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4H Box Breakout

  • #661
  • Jun 29, 2009 7:33am Jun 29, 2009 7:33am
Which broker are you guys using, if you don't mind me asking. I am with IBFX and it was a frustration night! As IBFX will only let you place an order in one direction I was ahead when I went to bed, only to wake up to find I am stopped out but now not in the next trade in the other direction. I know about placing alerts, but that is frustrating too. When I signed up with IBFX this was not a problem, as you could place as many orders in each direction as you wanted. So what do I do? What are you doing?
  • #662
  • Jun 29, 2009 7:38am Jun 29, 2009 7:38am
Quoting doctorfx
Which broker are you guys using, if you don't mind me asking. I am with IBFX and it was a frustration night! As IBFX will only let you place an order in one direction I was ahead when I went to bed, only to wake up to find I am stopped out but now not in the next trade in the other direction. I know about placing alerts, but that is frustrating too. When I signed up with IBFX this was not a problem, as you could place as many orders in each direction as you wanted. So what do I do? What are you doing?
I'm using FXDD to plot the box. Then i executed it in prime4x and marketiva. They still allow opening two opposite positions. with IBFX, you can open two account, place buy order on one account and sell order on the other one, quite frustating though..

Btw, trade short on EJ was stopped out fro -81 pips...Trade long GJ still in action, and about +20 pips right now, pending order long EJ is likely to be opened soon...
  • #663
  • Jun 29, 2009 9:49am Jun 29, 2009 9:49am
Quoting Tranell
bad luck on first trade.

hit SL for the SS and now holding on to the BS.

lets see how our luck stands by the end of week. My TP is placed as a 2:1 R2R trade.
What were your trade settings? My pending short was not filled and I am in profit about 30 pips right now on the long trade.
  • #664
  • Jun 29, 2009 10:47am Jun 29, 2009 10:47am
Long orders activated.
Stopped out on short for EUR/JPY = -84 pips
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  • #665
  • Jun 29, 2009 10:52am Jun 29, 2009 10:52am
Stop losses going short should have been hit on both GBP/JPY and EUR/JPY. But the pending long orders should have been triggered and you should be in 80 pips profit on GBP/JPY and and 46 pips profit on EUR/JPY.
  • #666
  • Jun 29, 2009 10:55am Jun 29, 2009 10:55am
Quoting jahual89
Stop losses going short should have been hit on both GBP/JPY and EUR/JPY. But the pending long orders should have been triggered and you should be in 80 pips profit on GBP/JPY and and 46 pips profit on EUR/JPY.
There was no short order on the GBP/JPY. EUR/JPY however, was stopped out because a short was taken.
  • #667
  • Edited 11:21am Jun 29, 2009 10:58am | Edited 11:21am
Quoting Ace284
There was no short order on the GBP/JPY. EUR/JPY however, was stopped out because a short was taken.
pending short on GBP/JPY was triggered for me, I had a buffer of 20 and I didn't add spread to buffer as I was going short. I'm from the UK which is GMT+1 so the box forms from 22:00 to 2:00. Either there was a difference in buffer size or with the time zone?
  • #668
  • Jun 29, 2009 10:58am Jun 29, 2009 10:58am
Quoting jahual89
Stop losses going short should have been hit on both GBP/JPY and EUR/JPY. But the pending long orders should have been triggered and you should be in 80 pips profit on GBP/JPY and and 46 pips profit on EUR/JPY.
What were your trade parameters on both sides of the box?

Box High
Pending Long
SL
TP

Box Low
Pending Short
SL
TP

Thanks,
Bob
  • #669
  • Edited 11:13am Jun 29, 2009 11:00am | Edited 11:13am
I guess we all went long (I use a static 35 pip buffer)
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  • #670
  • Edited 11:20am Jun 29, 2009 11:10am | Edited 11:20am
Quoting Bobcat2
What were your trade parameters on both sides of the box?

Box High
Pending Long
SL
TP

Box Low
Pending Short
SL
TP

Thanks,
Bob
GBP/JPY

20 pip buffer, 8 spread (spread not added going short)

Box high: 157.48

Box Low: 156.92

Pending

LONG
Entry Long 157.76 SL 156.72 TP1 158.60 TP2 159.44 TP3 160.28 TP4 161.12
SHORT
Entry Short 156.71 SL 157.68 TP1 155.95 TP2 155.19 TP3 154.43 TP4 153.67

EUR/JPY

15 buffer, 4 spread (spread not added going short)

LONG
Entry Long 134.32 SL 133.48 TP1 135.01 TP2 135.70 TP3 136.39 TP4 137.08

SHORT
Entry Short 133.47 SL 134.28 TP1 132.82 TP2 132.17 TP3 131.52 TP4 130.87
  • #671
  • Jun 29, 2009 11:22am Jun 29, 2009 11:22am
The ATR breakout provides a viable alternative to Ace's original : it effectively creats a dynamic buffer, which was spot on this week for GBPJPY. This chart shows SwingMan's ATR box (@ 1 ATR), the original box breakout indi + the non-lag MA.

Long-term I don't suppose it makes a blind bit of difference...
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  • #672
  • Jun 29, 2009 12:09pm Jun 29, 2009 12:09pm
Quoting jtrade
The ATR breakout provides a viable alternative to Ace's original : it effectively creats a dynamic buffer, which was spot on this week for GBPJPY. This chart shows SwingMan's ATR box (@ 1 ATR), the original box breakout indi + the non-lag MA.

Long-term I don't suppose it makes a blind bit of difference...
I agree with you . It is avery good indicator for re entry as well. But comparing my pic with yours It looks like my signal appeared earlier than yours. I am using IBFX .
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  • #673
  • Jun 29, 2009 12:50pm Jun 29, 2009 12:50pm
Quoting harar
I agree with you . It is avery good indicator for re entry as well. But comparing my pic with yours It looks like my signal appeared earlier than yours. I am using IBFX .
I see it : but 4 pips is almost no difference. For MT4, I am using Alpari UK.

Edit : I realise that you mean "earlier in time" rather that "at an earlier price" - sorry - and it's the newer indi that does not seem to draw all the breakout arrows correctly (but easy enough to eyeball...).
  • #674
  • Jun 29, 2009 6:34pm Jun 29, 2009 6:34pm
Hi,

There are two long orders active right now,
GBPJPY long @ 157.73 is now at +177 pips profit
EURJPY long @ 134.32 is now at +137 pips profit

So far, this is a good start for the week..and good start for everybody who join this method for the first time..

Anyway, i set my TP @ 3x for GBPJPY and 2x for EURJPY. With a simple S/R line and trendline, we can see that around 2x EURJPY there's a confluence of S/R line and downtrendline, so i play safe and put my TP at 2x max. And right now, all the orders have SL @ BEP+1, just in case prices make big reversal like last week.

@jtrade and harar: please elaborate more in using ATR to filter our trade? By using the ATR filter, did you able to avoid the loosing EURJPY short trade? and what is the rule in using the ATR indicator provided by Swingman?

thanks..
Attached Image (click to enlarge)
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  • #675
  • Jun 29, 2009 7:32pm Jun 29, 2009 7:32pm
Quoting tanyasiapa
Hi,

There are two long orders active right now,
GBPJPY long @ 157.73 is now at +177 pips profit
EURJPY long @ 134.32 is now at +137 pips profit

So far, this is a good start for the week..and good start for everybody who join this method for the first time..

Anyway, i set my TP @ 3x for GBPJPY and 2x for EURJPY. With a simple S/R line and trendline, we can see that around 2x EURJPY there's a confluence of S/R line and downtrendline, so i play safe and put my TP at 2x max. And right now, all the orders have SL @ BEP+1, just in case...
How far do you think the trend's gonna go on GBPJPY? I think it'll go up to around the 163.00 area before it dies down so I'm just gonna let it run till the end of the week and not set any TPs. I think it may possibly go up to 188.40 in the upcoming weeks
  • #676
  • Jun 29, 2009 8:22pm Jun 29, 2009 8:22pm
Quoting lolpie
How far do you think the trend's gonna go on GBPJPY? I think it'll go up to around the 163.00 area before it dies down so I'm just gonna let it run till the end of the week and not set any TPs. I think it may possibly go up to 188.40 in the upcoming weeks
We won't really know where GBPJPY will be several days more.. But i have several area i watch carefully, S/R line at 160.43 and 162.48 and also 165.37. We all can't know for sure whether the pair will break those levels or not, we just watch those levels and watch price action there. For GBPJY, i think it still have good chance to hit at least 3x based on the S/R line. But we all dont know what the market will do.

For EURJPY, it has hitted my TP at 2x for +155 pips profit. Minus 81 pips loss yesterday, it will add +74 pips for EURJPY this week. The pair may be still moving north, but who knows?

Happy pipping...
Attached Image (click to enlarge)
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  • #677
  • Jun 29, 2009 9:39pm Jun 29, 2009 9:39pm
Tanyasiapa, I cant agree with you more! It's hard to determine (as usual) where is the real destination of GJ. Even a 10 years experience traders also being 'cheated' by this pairs. So, just need to be a little more alert.

BTW, my 'daily average' shows that GJ can go as high as 160.94 for today, and as low as 157.88. So if my beloved GJ go below 157.88, I WILL CLOSE THE TRADE. Hehehe! Not to disrespect ACE (our thread owner), but I can't loose 'so much'.

@Jtrade: Can you post the ATR indicator as you shown in post #671. Very much appreciated.

@Tanyasiapa. Khabar baik! kita serumpun! Malaysia.
  • #678
  • Jun 29, 2009 10:02pm Jun 29, 2009 10:02pm
Currently +201 pips on GBPJPY
  • #679
  • Jun 29, 2009 11:58pm Jun 29, 2009 11:58pm
Thank Ace284 give us this perfect set-and-forget system, Good thread, keep it comming. it is so promising that I had to write an EA to test the idea.

My intetion to post the last post is that: Why system work is more important than the exact parameters.

Here is my result for the question of which 4hour candle to use.

check the details in the excel files, the data speaks itself, I don't draw conclusions for you.



Any criticicism for my posts is welcome, and remember we come here to improve our trading skills, nothing more.


Warning: Don't trust the backtest result in the forms, backtest yourself, I will run more test later.

Another set-and-forget system is in this thread:
First-Strike & One-Night-Stand users, show yourself and your mods, if you dare!!!
and it get exciting recently

For the backtesters, maybe we can work something big here.




Quoting aidans
Here is my two cents:

System works because it have have a simple plan and High RR.

There are several input of this system:

1. box begin time, which 4 H1 candle?
2. buffer size
3. TP size 2X? 3X ....10X

The concept/logic(the hurd effect)...
Attached File(s)
File Type: xls H4BreakOut.xls   22 KB | 798 downloads
  • #680
  • Jun 30, 2009 2:07am Jun 30, 2009 2:07am
I really want to thank you again.

Using this system and one other breakout system on Forex Factory I managed to double my live account in 1 month.

For newbies, please be patient and learn from the Masters on this forum.
It took me 7 years and I am still learning every day.

The pips will follow you.
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