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4H Box Breakout

  • #801
  • Jul 7, 2009 1:01pm Jul 7, 2009 1:01pm
Maybe it is taboo to ask, but what "Lot" size are those trading this system using. I have been conservative and only trading with .10 - .20 lot sizes, and have made between $75-$100 dollars over the last three weeks. I have 5K in my account. Am I being to conservative?

I also wanted to share this video with those on this thread. I have been using this very simple method for the last two weeks with good success. It has really added to my knowledge and opened my eyes. It uses a 15 minute chart, but I have found it to work on other time frames, as it is based on sound principles. Enjoy. http://www.4x4u.net/review/29/29.html
  • #802
  • Jul 7, 2009 2:51pm Jul 7, 2009 2:51pm
Quoting doctorfx
Maybe it is taboo to ask, but what "Lot" size are those trading this system using. I have been conservative and only trading with .10 - .20 lot sizes, and have made between $75-$100 dollars over the last three weeks. I have 5K in my account. Am I being to conservative?
Well, doc, it all depends on your risk tolerance. If you consider your risk the range to the opposing entry, if that range is 100 pips (it will be different every week), then for GBPJPY it's currently about $105 using 0.1 / $10k / 1 minilot, ie. just over 2% of your account equity. I would not risk more than that, but others might...

Do spend a little more time on your position sizing and MM : if you are not both clear and comfortable with what you are doing, things will go wrong...
  • #803
  • Jul 7, 2009 2:57pm Jul 7, 2009 2:57pm
Quoting doctorfx
Maybe it is taboo to ask, but what "Lot" size are those trading this system using....
I have a $250 account. I made .13 and .16 mini account lot trades on GBPJPY and EURJPY respectively. Some people may think that's super high, but its only a $250 account, so not a big deal if it gets blown
  • #804
  • Jul 7, 2009 3:04pm Jul 7, 2009 3:04pm
Hi Swingman:

Is this correct or something wrong. It did not show DOWN arrow on breakout on GJ 4H pair see the chart.
Thanks for the help.

pipmonger
Attached Image
  • #805
  • Jul 7, 2009 8:18pm Jul 7, 2009 8:18pm
I set two price targets for both EUR/JPY & GBP/JPY. Each reached the first target a little while ago . . . my first target on EUR/JPY is at TP2, which closed with a profit of 174 pips. The first target I use for GPB/JPY is at TP2.5, which closed at +351 pips.

That's a nifty profit of 525 pips on the first half of the trade. I'll let the second half of EUR/JPY run with a goal of TP3, and the other half of GPB/JPY is set at 4TP.
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Greetings from Guanajuato, Mexico
  • #806
  • Jul 7, 2009 8:40pm Jul 7, 2009 8:40pm
Same here =) so, my question is now, do we leave the buy orders there or do we cancel those out now?
Also, should I put another sell order in since its going so well? or done for the week?
  • #807
  • Jul 7, 2009 9:02pm Jul 7, 2009 9:02pm
Quoting GenTarkin
Same here =) so, my question is now, do we leave the buy orders there or do we cancel those out now?
Also, should I put another sell order in since its going so well? or done for the week?
I cancelled my buy orders. Ace explained the reasoning behind doing that in this post: http://www.forexfactory.com/showpost...&postcount=694, and I completely agree.

I personally still have 2 lots running, but I definitely won't be adding any more sell orders. I'm perfectly content with 500+ pips for the week. Anything else from the last 2 lots will just be icing on the cake.
Greetings from Guanajuato, Mexico
  • #808
  • Jul 7, 2009 11:47pm Jul 7, 2009 11:47pm
So far
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  • #809
  • Jul 7, 2009 11:52pm Jul 7, 2009 11:52pm
Quoting lolpie
So far
nice one
  • #810
  • Jul 8, 2009 3:54am Jul 8, 2009 3:54am
Quoting Ronald Raygun
The EA was never designed to correct for 5 digits. I personally use the fractional digits to stay within my risk ranges.
Hi Raygun.

Sorry. You contribute a lot. But why not the next step??

5 digit accounts are pretty much defacto standard now.

It is not a huge step to adapt EA's to this format. 5 digit, ECN no SL, TP with OrderSend etc.

Just my opinion (but not being a high end programmer).

Why not give the Newbies the correct code.

Just my opinion. No offense.

Dave R.
  • #811
  • Jul 8, 2009 5:35am Jul 8, 2009 5:35am
Droland,

5-digits: All the EAs are capable of detecting that already. It seems you want the EA to only use whole pips, right? I designed them to use fractional pips. I could turn the input into a double value so you can use 50.5 pips to represent 505 pippettes, but what's the value in that?

ECN No SL/TP: There currently is no way that I know of to detect an ECN broker. I know the code to solve for this already and I take care of it on a per case basis.


Above all, the main reason I'm hesitant to update my coding templates are because MQL5 is supposedly around the corner. Once that comes out, I'll be spending a lot of time rewriting EAs for that.
  • #812
  • Jul 8, 2009 10:11am Jul 8, 2009 10:11am
If anyone cares and uses Metatrader, you can log into my account and follow my progress

Login : 5643370
Investor : 7vqjaun (read only password)

$250 account, risking 2.5% per trade and closing the trade before the next weekly bar. Setting a BE. I'll go live at the end of August depending on performance
  • #813
  • Jul 8, 2009 10:34am Jul 8, 2009 10:34am
Only Wednesday and hit 4 x profit
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  • #814
  • Jul 8, 2009 10:45am Jul 8, 2009 10:45am
wow big dip there. Grats to all x4 TP =)
  • #815
  • Edited Jul 9, 2009 12:49am Jul 8, 2009 1:46pm | Edited Jul 9, 2009 12:49am
Wow . . . a total gain of 1349 pips this week on the 4 lots I trade (2 each for EUR/JPY & GBP/JPY).

I'm trading this on a demo micro-lot account just to get a better idea of the potential of the system using extremely conservative money management. My total risk this week was under $48.00 (less than 1% of the $5000 account). So, even if you were trading a 1K account, that's less than 5% total risk on 4 trades. Compared to the actual gain of $143.10 this week, that's a R:R ratio I can live with.

Attached are the results for the week and over the last two weeks.

Nice system, Ace! Now I'm off for a 4-day weekend.
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Greetings from Guanajuato, Mexico
  • #816
  • Jul 8, 2009 3:26pm Jul 8, 2009 3:26pm
Isn't it great making money with using such a small amount of effort?

GBP/JPY - 4x Hit Currently at 6x
EUR/JPY - 3x Hit Currently at 7x

GBP/JPY - +557 pips while risking 142 pips
Percentages (approximate) - +10% while risking 2.5%

EUR/JPY - +248 pips while risking 87 pips
Percentages (approximate) - +4.5% while risking 1.5%

If you used my TP's and your pip earnings are a little different, thats fine. But they should be around those numbers.

I know some of you are kicking yourselves because you took out profits at 2x or so because of the long term support was around there. Keep in mind that when this system was tested, no support/resistance levels were taken into account. But it was very profitable. If you do see a very significant support/resistance (Daily) decrease your position but don't close the entire order. I say this because basic resistance can act in two ways, either it could break and head the other way, or bounce off and continue its path. We really can't tell which way it'll go so hold a portion of the position before quickly exiting.
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  • #817
  • Jul 8, 2009 4:34pm Jul 8, 2009 4:34pm
Quoting yen44x
Wow . . . a total gain of 1349 pips this week on the 4 lots I trade (2 each for EUR/JPY & GBP/JPY).

I'm trading this on a demo micro-lot account just to get a better idea of the potential of the system using extremely conservative money management. My total risk this week was under $48.00 (less than 1% of the $5000 account). So, even if you were trading a 1K account, that's less than 5% total risk on 4 trades. Compared to the actual gain of $143.10 this week, that's a R:R ratio I can live with.

Attached are the results for the week and over...
Awesome week, I have one question for ya =)
So, do you put in 2 of the same orders on the same pair just at diferent TP levels? Cuz original system just calls for 1 TP level order.
Are you just testing 1 vs 2? Curious =)
  • #818
  • Jul 8, 2009 4:42pm Jul 8, 2009 4:42pm
Quoting GenTarkin
Awesome week, I have one question for ya =)
So, do you put in 2 of the same orders on the same pair just at diferent TP levels? Cuz original system just calls for 1 TP level order.
Are you just testing 1 vs 2? Curious =)
Yes, I'm putting in 2 orders for each pair with the following parameters:
EUR/JPY---1 order with TP 2 & 1 order with TP 3
GBP/JPY---1 order with TP 2.5 & 1 order with TP 4

I'm convinced that ACE is probably correct with his suggested TP's, but I figured if I documented my results over a number of months, it would help confirm that as it will make it easy to compare results.
Greetings from Guanajuato, Mexico
  • #819
  • Jul 8, 2009 6:37pm Jul 8, 2009 6:37pm
Quoting Ace284
I know some of you are kicking yourselves because you took out profits at 2x or so because of the long term support was around there. Keep in mind that when this system was tested, no support/resistance levels were taken into account. But it was very profitable. If you do see a very significant support/resistance (Daily) decrease your position but don't close the entire order. I say this because basic resistance can act in two ways, either it could break and head the other way, or bounce off and continue its path. We really can't tell which way...
There will be weeks where taking 2x is a god send, there will be others when it runs like this, perhaps having a second strategy that allows you to take trades on Price Action with tight stops and larger rewards can be used to compliment this method. The other side of the coin is free yourself by remain a margin of profit at a point such as 2x and then allow the rest to run till the end of the week. Some weeks you will get stopped out, other weeks you will catch runs like this, it is a matter of whether you can withstand watching some highly profit pips vanish in search of greater realms. I took my 2/3rds off at close to 2:1 and now have the benefit of enjoying some larger profits, plus I have added over the past few days with the other price action entry that I trade.

It is up to the individual but weeks like this do happen, the other side of the coin is now being up a great deal, do you hold over the weekend and add to it on monday (ie if you get a break down on Monday leave your positions open and add to them, if the market opens against you then your positions are closed).

Razor
  • #820
  • Jul 8, 2009 10:16pm Jul 8, 2009 10:16pm
Quoting yen44x
Wow . . . a total gain of 1349 pips this week on the 4 lots I trade (2 each for EUR/JPY & GBP/JPY).


Wow Yen....that's huge!
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