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4H Box Breakout

  • #701
  • Jun 30, 2009 1:02pm Jun 30, 2009 1:02pm
Quoting bosun2007
GBPJPY has also reached the tp4 of the upside trade.The chart below clearly shows it.More power to the elbow of the starter of this thread.This is a 5-star thread.
The high on GBP/JPY (on my charts) was 160.24 so far, which is a long way from TP4. Ace posted his chart on the 28th with a TP4 of 161.42:
http://www.forexfactory.com/showpost...&postcount=657

However, I agree with you regarding the thread . . . definitely 5-star material.
Greetings from Guanajuato, Mexico
  • #702
  • Jun 30, 2009 1:48pm Jun 30, 2009 1:48pm
GBP/JPY

Dang, my TP x3 is close to Ace's original for this week, its a little higher in at like 160.50 and It has not come close to that =(, hopefully this down trend we have wont continue... If it does oh well. I think the above quoted x4 and x3 are done with no buffer of 20 pips and no spread right? Thats how it appears to me.
I used a buffer of 20 pips and spread of 6.
I am showing a red line now through last 2 candles using the NonLagMA and according to that method, I should have taken profit after completion of first candle thats red....I assume. But, Im lettin it ride out according to ace's original system.
  • #703
  • Jun 30, 2009 2:32pm Jun 30, 2009 2:32pm
Quoting GenTarkin
GBP/JPY

Dang, my TP x3 is close to Ace's original for this week, its a little higher in at like 160.50 and It has not come close to that =(, hopefully this down trend we have wont continue... If it does oh well. I think the above quoted x4 and x3 are done with no buffer of 20 pips and no spread right? Thats how it appears to me.
I used a buffer of 20 pips and spread of 6.
I am showing a red line now through last 2 candles using the NonLagMA and according to that method, I should have taken profit after completion of first candle thats red....I...
Sorry for my modifications.But for simplicity and accuracy,I have omitted the buffers and the spread from my respective tp1,tp2,tp3 and tp4.So I use the high and the low of the set-up candle to preoject the said take profit levels and I only deviate the entry and negative exit points each by 10 pips.

By the way,this is not a weekly set and for get system as it also requires perodic monitoring of the order of 4hour.Because the first entry may not always lead to the profit objective level.So,one may need to re-enter another trade after the close of a negative position time over time according to the set-up conditions.
we cannot succeed without a well defined risk management.
  • #704
  • Jun 30, 2009 2:34pm Jun 30, 2009 2:34pm
Well, as I recall Ace's original system on front page was designed with a set and forget in mind, I think it just has evolved over this thread to be one or the other. OR, are you talking about your system that you dont put in buffer and such that you just mentioned?
  • #705
  • Jun 30, 2009 3:52pm Jun 30, 2009 3:52pm
Ace, just to clarify, you add your buffer to the high and the low, is that same buffer then added to the TP?

For example, just say the difference between the high and the low is 100 pips, and your buffer is 28 pips (including spread), is tp1 100 pips or 128 pips(including original entry buffer)?
  • #706
  • Jun 30, 2009 3:56pm Jun 30, 2009 3:56pm
Quoting jahual89
Ace, just to clarify, you add your buffer to the high and the low, is that same buffer then added to the TP?

For example, just say the difference between the high and the low is 100 pips, and your buffer is 28 pips (including spread), is tp1 100 pips or 128 pips(including original entry buffer)?
Thats what I was wondering as well, I assumed TP1 and so forth included the buffer.. If not, I got it all wrong ... lol
---------------
Well, looking at the graph in the first post of this thread, looks like the buffer is part of the calculation of TP1
  • #707
  • Jun 30, 2009 5:01pm Jun 30, 2009 5:01pm
Quoting jahual89
Ace, just to clarify, you add your buffer to the high and the low, is that same buffer then added to the TP?

For example, just say the difference between the high and the low is 100 pips, and your buffer is 28 pips (including spread), is tp1 100 pips or 128 pips(including original entry buffer)?
Yes the buffer is also added to the TP.
So it would be 128 pips
  • #708
  • Jun 30, 2009 5:07pm Jun 30, 2009 5:07pm
Quoting Ace284
Yes the buffer is also added to the TP.
So it would be 128 pips

Just to clarify, his original statement was kinda misleading I think.
If your buffer is 20 IE: that makes it 20 on both sides of the box. You add 8 to the top end of the box, so that makes it 100+20+20+8 correct?
Making the box 148pips

Thats how you would read original box is 100pips, buffer of 20 and a spread of 8 right? Thats how I do at least.
  • #709
  • Jun 30, 2009 5:32pm Jun 30, 2009 5:32pm
Quoting GenTarkin
Just to clarify, his original statement was kinda misleading I think.
If your buffer is 20 IE: that makes it 20 on both sides of the box. You add 8 to the top end of the box, so that makes it 100+20+20+8 correct?
Making the box 148pips

Thats how you would read original box is 100pips, buffer of 20 and a spread of 8 right? Thats how I do at least.
That could be the case, unless you don't add the 20 on the other side.
  • #710
  • Jun 30, 2009 5:35pm Jun 30, 2009 5:35pm
Ah my bad, I meant to the top AND the bottom of the original box add 20 when calculating buffer. Then its 100+20+20+8...
  • #711
  • Jun 30, 2009 6:32pm Jun 30, 2009 6:32pm
Quoting GenTarkin
Just to clarify, his original statement was kinda misleading I think.
If your buffer is 20 IE: that makes it 20 on both sides of the box. You add 8 to the top end of the box, so that makes it 100+20+20+8 correct?
Making the box 148pips

Thats how you would read original box is 100pips, buffer of 20 and a spread of 8 right? Thats how I do at least.
lol, yeah I assume that the 28 buffer he referred to was both of his buffers added together.

But yeah you're right, as clarification.

If the range of the candle is 100 pips. The first TP (TP1) would be 100+20+20 = 140 pips. I don't include spread for the TP levels.
  • #712
  • Jun 30, 2009 6:57pm Jun 30, 2009 6:57pm
Dang, you dont include spread...did not know that =/ maybe thats why my TPx3 didnt trigger this week, I had spread of seven in the box TP calculation =(
  • #713
  • Edited 7:32pm Jun 30, 2009 6:57pm | Edited 7:32pm
Hey Ace man, u r the man...thanks a bunch for this idea of breakout.

Unfortunately I don't have 4hr chart on my Oanda platform, only 3hr. For now can only afford one pair (usdjpy).

Living in EST timezone, and the same for Oanda at NY timezone...this will produce a highly mechanical system to put both buy-sell stop orders after midnight Sunday. Perfect time for me.

It would be a total of 8 limit orders: 4 for Buy-stops, and 4 for Sell-stop orders.

I only need the last 3hr. bar on Sunday (during Asia open), which gives me the Hi-Lo numbers. With 20 pips buffer, and using your formula (described in the first thread) to figure out SL, TP1--TP4.

Attached is the Excel I created to organize my order entry.

Check it out.

So far this week for usdjpy, a buy-stop at 95.79 has been hit.TP1, and TP2 also has been hit (with total of 62 pips gain, and a drawdown of 49 pips)...trade is looking good with target TP4(4x) at 97.03 (124 pips for this week).

Cheers.
Attached File(s)
File Type: xls usdjpy09.xls   31 KB | 463 downloads
  • #714
  • Jun 30, 2009 7:31pm Jun 30, 2009 7:31pm
Quoting Ace284
Yes, good question to bring up. I have discussed this before but I think its pretty important to discuss again.

ATR for those of you who don't know is, average true range. The indicator comes with Metatrader 4.

Open a weekly chart with GBP/JPY or any pair, and throw an ATR(16) onto the chart. You'll see a number next to the ATR(16).
Mine reads ATR(16) 6.5731.

So if in a week, the price moves 300 pips north. You would cancel your short order because IF a short does get activated, the price will most likely not reach TP 4x or 3x.

Below...
Thanks Ace, that what we really need to know..hmm..so..if the ATR for this week is around 600 pips, we still have a big chance for the continuation of the north move?hopefully it continues to reach our TP level...

Quoting GenTarkin
Hey tanyasiapa, is there an indicator for that picture you posted that can show me the same thing? S&R and trend? Can ya link it for me?
I think there's no indicator to draw S/R lines and trendline. You must do it manually with the line/trendline tools in the MT4.
  • #715
  • Jun 30, 2009 8:16pm Jun 30, 2009 8:16pm
This is S&R Indicator that i've used.
Attached File(s)
File Type: ex4 Support and Resistance.ex4   2 KB | 644 downloads
  • #716
  • Edited 3:14am Jul 1, 2009 2:50am | Edited 3:14am
Hello Mr Ace,I will be glad if you can shed more light on this matter;Does it mean we will just set the buystop and sellstop order once and close for the week once either tp or sl level is reached or we can re-enter another trade when there is another opportunity to do so using this same strategy?
we cannot succeed without a well defined risk management.
  • #717
  • Jul 1, 2009 5:51am Jul 1, 2009 5:51am
Quoting bosun2007
Hello Mr Ace,I will be glad if you can shed more light on this matter;Does it mean we will just set the buystop and sellstop order once and close for the week once either tp or sl level is reached or we can re-enter another trade when there is another opportunity to do so using this same strategy?
i'm not ace..but after reading the whole thread, i believe this is a set-forget system, 4-orders only (for 2 pairs) per week. It will either hit SL (or BEP) or TP. we dont open any more trades midweek..
  • #718
  • Jul 1, 2009 8:42am Jul 1, 2009 8:42am
Quoting tanyasiapa
i'm not ace..but after reading the whole thread, i believe this is a set-forget system, 4-orders only (for 2 pairs) per week. It will either hit SL (or BEP) or TP. we dont open any more trades midweek..
Ok.Thanks for the response.That means this strategy cannot handle a sideway market.
we cannot succeed without a well defined risk management.
  • #719
  • Jul 1, 2009 8:44am Jul 1, 2009 8:44am
Quoting bosun2007
Ok.Thanks for the response.That means this strategy cannot handle a sideway market.
Most strategies can't because they are trending systems so they all do badly during ranging periods
  • #720
  • Jul 1, 2009 8:54am Jul 1, 2009 8:54am
guys.. sorry but may i wat is buffer?
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