4H Box Breakout | Page 38 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Box Breakout indicator 197 replies

Breakout EA based on New York Box 3 replies

4H Weekly Box Breakout [TD] 4 replies

EURUSD Box Breakout 6 replies

Breakout Box 5 replies

Attachments: 4H Box Breakout
Exit Attachments

4H Box Breakout

  • #741
  • Jul 2, 2009 4:09pm Jul 2, 2009 4:09pm
I can see that a few of you moved the stop to BE, because you know from other FF threads, that this can be a really good way to preserve your capital.

The biggest problem with this for beginners is that they move the stop to BE before TP 1x, or a little too early because they don't want to lose any profits.

I often hear the phrase " Don't let your winners turn into losers, or don't let your profits disappear". This is said by many FF 'leaders'. To me that's like saying don't ever lose 1 pip in a trade. Reading just that phrase will probably mess you up, because in this type of strategy, down by 50 pips or 100 pips isn't that alarming. Plus everyone has to realize that if you were to follow the rule of never letting profits drop, you may as well trade in a market that moves 100% in one way. Plus this isn't a scalping strategy, which means that we can relax, in a sense.

If you have tested the BE approach and the normal approach and find that moving stops to BE is more profitable then its a good idea to use this method. If you have not tested, and are assuming that it is the best way, then your going to be at a loss. GBP/JPY is a volatile pair, and can stop out BE approaches before the real move actually happens. I have not tested the BE approach.

To the ones using it, is it more profitable? When is it best to place these orders?
  • #742
  • Jul 2, 2009 4:51pm Jul 2, 2009 4:51pm
This is a response to an earlier post by a trader who is "mad" b/c they got stopped out at BE on their G/J trade. You are letting your emotions play part in your trading. Those pips that you say you gave back, sorry to say, but you didn't have. Those were unrealized. I find it interesting when pple talk about, "Oh I gave back some profit or pips". It doesn't matter what your potential pips were. If you don't want to give them back, take them, i.e. close out your position. If you then try and reenter and get burnt then, then you might talk about "pips your gave back" As long as you are still out there, that's just unrealized gains and shouldn't really matter what you shoulda or coulda had.

On backtesting. I love demo accounts. These allow you to 'forward test' your strategies. I understand that from time to time you need to backtest a strategy to come up with some adjustments. However, I think the best thing you can do for yourself is demo that strategy on live data. I think what it boils down to is most of the time (especially with a strategy like this where it's been shown without any doubt that it's profitable), traders become IMPATIENT and want to move to a live account. So not to feel like they are 'missing out" on the action, they backtest and then convince themselves to go live. What I have learned (learnt) from my mentors and trader friends is, yes backtest so as to see how your strategy works in different market conditions (like very volatile like 2008), and then after you are satisfied with your backtest results, forward test for at least three months. If you are CONSISTENTLY profitable in those months, then go live with a small account. Then add on to your account every 2 or three months. If you have a bad month, go back to demo for a month. This has worked well for me for all my strategies.

One other thing, this is a breakout strategy. Just like most of them and like Ace showed on his last post with his numericals, the winning percentage is not great. So for you to actually come up positive in the long run, you have to let the winners run their course. If you don't, you will either be a BREAKEVEN trader or even incur losses. PATIENCE and CONSISTENCY pays.

Good luck traders. This is my second month trading this breakout system and I will be going live in August if July is positive for me. If not, I will demo for another month until I am dead set on the way I want to trade this system. You gotta be CONSISTENT for you to stay in the game.

Sorry for the long message. Again, if you see yourself getting mad at the market for taking away your unrealized pips, you need to check your emotions because that's going to cost you if you want to do this for a living. Also, I think Ace and other traders here have said this, if you see yourself worrying or getting angry over a loss, then maybe you should adjust your risk tolerance. That's what stops are for. So if you are not happy that you lost 100 pips, well, maybe a 100 pip SL is too big for you, so adjust your volume. Comes back to money management. I hope some of these people that are getting mad over BE or losses are not trading full lots with a 100 pip stop loss. Again, demoing is a good way for your to find that risk tolerance level.

Ok, I am done. Cheers
  • #743
  • Jul 2, 2009 5:01pm Jul 2, 2009 5:01pm
Quoting Ronald Raygun
Just get a straddle EA to do it. Geez
Ronald,

Your recommendation seems like a great solution...the EA wouldn't actually place an order until the criteria for a trade are met. The EA entry points would be "invisible" to the broker, so it would have the same effect as our current pending orders.

Hmmm...any chance you can write an EA for us, Ronald? That would be GREATLY appreciated!

Thanks,
Bob
  • #744
  • Jul 2, 2009 5:14pm Jul 2, 2009 5:14pm
What are these F**kers doing? First it was no hedging allowed on US Broker accounts, and now this BS... No stop losses? What the heck? Why take out one of the most important parts of trading?

Sheesh, these US Brokers are gonna close down soon, a lot of a good that's going to do the US Economy - I wonder how much these US Brokers actually bring in... by the looks of it, it wont be much for much longer if these silly NFA sods keep poking their nose in.

Surely some of them must be on drugs? Or they had too many losses on their STOP LOSSES and or pending orders, hence this new rule?

Maybe they should learn to trade before coming out iwth these rediculous rules.

Quoting Bobcat2
Ace,

Are you familiar with the new NFA ruling for American brokers that will prohibit the utilization of limit orders and stop losses beginning in August of this year?

This new NFA ruling is also discussed here at FF:

http://www.forexfactory.com/showthread.php?t=180154

Maybe we need to find a foreign broker for US residents? Apparently, FXCM is recommending US accounts be transfered to their UK division.

Not sure where this stinking legislation is leading us...

Bob
PM Me If You Need Help!
  • #745
  • Jul 2, 2009 7:26pm Jul 2, 2009 7:26pm
Quoting Bobcat2
Ronald,

Your recommendation seems like a great solution...the EA wouldn't actually place an order until the criteria for a trade are met. The EA entry points would be "invisible" to the broker, so it would have the same effect as our current pending orders.

Hmmm...any chance you can write an EA for us, Ronald? That would be GREATLY appreciated!

Thanks,
Bob
Already a 4hr breakout EA in this thread

And, why reinvent the wheel?

http://www.forexfactory.com/showthread.php?t=6854
  • #746
  • Jul 2, 2009 7:28pm Jul 2, 2009 7:28pm
Quoting Ace284
I can see that a few of you moved the stop to BE, because you know from other FF threads, that this can be a really good way to preserve your capital.

The biggest problem with this for beginners is that they move the stop to BE before TP 1x, or a little too early because they don't want to lose any profits.

I often hear the phrase " Don't let your winners turn into losers, or don't let your profits disappear". This is said by many FF 'leaders'. To me that's like saying don't ever lose 1 pip in a trade. Reading just that phrase will probably...
Yes, i am the one amongst them who move the SL to BEP+1 after the price moves at a certain amount. For GJ, i move my SL to BEP+1 after it hit at least 2x TP, and for EJ, i move my SL to BEP+1 after it hit at least 1x TP (but i'm considering to use the same rule as GJ above).

I dont have exact data on how this method doing well, but i've backtested manually/visually GJ and EJ for 2008 till June 09, and i have seen several occasions the price moves to at least that amount of pip, and then turning back to the other direction heavily, hitting the initial SL at the other side of box.

I'm comfortable with moving SL to BEP. This way, i'm protecting my account. I only have a small account, so i'll try as much as i can to protect my account. It's better moving slowly than get MC-ed.

Also, for those having badtime with GJ this week, dont give up. Forex will still be there for many many years ahead. You'll always get your chance to take big pips from it. Just be patient.. Don't let forex control your life, have fun outside. This is what this system is made for..

Happy pipping next week..
  • #747
  • Jul 2, 2009 10:01pm Jul 2, 2009 10:01pm
What is the difference between SL (stop Loss) and BEP?
What does BEP+1 mean? is it beak even?
If so what does the +1 mean? when does it move there?

Does anyone know where the 4hr EA is located? On what message if it is in this thread and if anyone is using it?
Gary
  • #748
  • Jul 2, 2009 10:07pm Jul 2, 2009 10:07pm
Quoting alpine4133
What is the difference between SL (stop Loss) and BEP?
What does BEP+1 mean? is it beak even?
If so what does the +1 mean? when does it move there?

Does anyone know where the 4hr EA is located? On what message if it is in this thread and if anyone is using it?
SL is just your regular stop loss. BEP is when you change your SL to your entry price when the price goes x pips in your trade direction...this way if the price reverses it closes where you entered and you exit the trade for no loss minus the swap

BEP+1 would just be 1 pip above or below the entry price depending on if you bought or sold

4HR EA...click on the little paperclip on the top right and it'll show you a list of the attachments in this thread. It should be there
  • #749
  • Jul 2, 2009 10:34pm Jul 2, 2009 10:34pm
Is anyone here using this ea live?

Quoting SwingMan
Here you are the version with parameters:
.
Gary
  • #750
  • Jul 2, 2009 11:06pm Jul 2, 2009 11:06pm
Is the ea called BoxBreakout_Signals_V2?

What Time frame is this EA best at? 1hr?


Quoting lolpie
SL is just your regular stop loss. BEP is when you change your SL to your entry price when the price goes x pips in your trade direction...this way if the price reverses it closes where you entered and you exit the trade for no loss minus the swap

BEP+1 would just be 1 pip above or below the entry price depending on if you bought or sold

4HR EA...click on the little paperclip on the top right and it'll show you a list of the attachments in this thread. It should be there
Gary
  • #751
  • Jul 2, 2009 11:59pm Jul 2, 2009 11:59pm
How can the 4 hour box be the same size every time? ? ?
I thought the idea was to trade the high a low of the Asian trading period... Am I wrong? Please explain how your indicator works.


Quoting SwingMan
Here you are the version with parameters:
.
Gary
  • #752
  • Jul 3, 2009 12:27am Jul 3, 2009 12:27am
My GBPJPY trade stopped out at 156.67 (-107 pips). I don't work with break evens.
Unfortunately I couldn't reenter a sell, because I was asleep (don't have a metatrader broker for this strategy...).
Price has risen back into the box. Will only do a sell if PA breaks on the downside of the box, otherwise no trade anymore for today (this week).
  • #753
  • Jul 3, 2009 2:09am Jul 3, 2009 2:09am
Quoting fewhills
My GBPJPY trade stopped out at 156.67 (-107 pips). I don't work with break evens.
Unfortunately I couldn't reenter a sell, because I was asleep (don't have a metatrader broker for this strategy...).
Price has risen back into the box. Will only do a sell if PA breaks on the downside of the box, otherwise no trade anymore for today (this week).
Personally I like this method. I have made a lot of money on live accounts but you can't just follow blindly. I know Ace says that you can just do the week then close technique, for every trade but if you really analyze the support and resistance, you can make more money. Certainly if there is a trend in place STAY IN. If you are in a trending week (two weeks, three weeks, four weeks) STAY IN. But if you are in several weeks of non trending market, why follow the same AVERAGE year one, two, three backtest and stay in regardless of the constant reversals of a non trending market.

When the big trend hits follow it, but don't ignore the shorter term support and resistance. I have made money over the last few weeks buy following this concept.

Dave R.
  • #754
  • Jul 3, 2009 3:31am Jul 3, 2009 3:31am
I use this systems & it's works for me, I try to appove the systems such as one week i only put 2 pending orders buy and sell (hight and low)and forget it , after reach the weekend I will closed it anyprice, yes make me a lot of profit I have got 400+pips ,last 2 week. If all of my orders hit SL so I will not trade in that week anymore.

I trad g/j currency pair , work for this systems. I try to trade with other pair like a E/U G/U all most lose.

Anyway don't forget the stoploss very pending orders.
Trend is your friend.
  • #755
  • Jul 3, 2009 9:17am Jul 3, 2009 9:17am
Thanks Ronald for the EA. I'm testing it and seems to work fine. The problem is, if you use signalsonly = True, the EA sends continous alerts when a signal is triggered. Can you fix this please.

TIA.
Ayo.
Quoting Ronald Raygun
Already a 4hr breakout EA in this thread

And, why reinvent the wheel?

http://www.forexfactory.com/showthread.php?t=6854
  • #756
  • Jul 3, 2009 9:18am Jul 3, 2009 9:18am
Quoting ayoneeyee
Thanks Ronald for the EA. I'm testing it and seems to work fine. The problem is, if you use signalsonly = True, the EA sends continous alerts when a signal is triggered. Can you fix this please.

TIA.
Ayo.
Set eachtickmode to false.
  • #757
  • Jul 3, 2009 9:23am Jul 3, 2009 9:23am
Thanks Ronald for the fast response. I thought of that and tried it, but could not get signals again - I will try it again, maybe I didn't give more time for that.

Thanks again - you're the best.
Quoting Ronald Raygun
Set eachtickmode to false.
  • #758
  • Jul 3, 2009 9:30am Jul 3, 2009 9:30am
On a second thought, i was wondering if you can add an ATR trailing stop to the EA - which can also send out alert based on the ATR set value or if you can modify the EA to alert when a FIB level is triggered - I was plotting FIB on the chart yesterday at the point where the signals are triggered and I noticed most of the reversal points are FIB levels - infact I noticed ACE's 1XTP, 2X TP.... are FIB levels - is there any way you can improve the EA to this? I'm sorry for bothering you.

Thank you so much for your assistance so far.

Quoting ayoneeyee
Thanks Ronald for the fast response. I thought of that and tried it, but could not get signals again - I will try it again, maybe I didn't give more time for that.

Thanks again - you're the best.
  • #759
  • Jul 3, 2009 9:59am Jul 3, 2009 9:59am
Quoting Bobcat2
Ace,

Are you familiar with the new NFA ruling for American brokers that will prohibit the utilization of limit orders and stop losses beginning in August of this year?

This new NFA ruling is also discussed here at FF:

http://www.forexfactory.com/showthread.php?t=180154

Maybe we need to find a foreign broker for US residents? Apparently, FXCM is recommending US accounts be transfered to their UK division.

Not sure where this stinking legislation is leading us...

Bob
I have a live account with ATC (who uses FXCM as their backend), and I had a long talk today with Dave Malinka, the owner. He told me all ATC accounts are already defacto FXCM UK accounts, but that since we go through the ATC MT4 front end, nothing has changed for us. In other words, I can still place S/L and Limit orders with no problems via my MT4 platform. No need to move accounts, switch brokers, etc. Ed in Columbus, OH.
  • #760
  • Edited 3:25pm Jul 3, 2009 2:32pm | Edited 3:25pm
Closed GBPJPY Sell with a -22 pip loss.
This week a total loss of -129 pips (Buy: stop loss 107 and Sell: close loss 22).
Will continue next week with new Ace's entry setup.
Total result last 2 weeks: +75 -129 = -54 pips
2 traders viewing now