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4H Box Breakout

  • #921
  • Jul 15, 2009 12:24am Jul 15, 2009 12:24am
Quoting jasonphd
droland, can you please verify this image correctly shows how you would have traded with your re-entry methods during the week of June 22?

These trades were made by an EA I'm working on and I want to make sure it's following your rules before I continue work on it.

It uses a 75 pip trailing stop. Original s/l follows original rules. Re-entries have a s/l set at 50 pips. All re-entries are entered 25 pips away from where the previous trade was stopped out at.

It placed 7 trades with 5 winners and 2 losers.

Thanks!

Attachment ...
Jason. Excellent job. I would love to see this EA.

My first impression is that you are on track but the exits don't seem to be accurate. Your first entry is fine. Your first exit is not correct. You should be way done in the trade before your first SL exit occurs.

Also, I suggest that when you exit, use the 25 pip new Pending but you should move that up to your original exit plus 10 pips to accommodate for spread and slippage.

The problem with the EA is that you cannot immediately enter the new SHORT (or LONG) as the price needs to move up (or down past your exit). Maybe a SLEEP function might be used here.

If you like, send me the code and let me look at it.

Dave R.
  • #922
  • Jul 15, 2009 1:53am Jul 15, 2009 1:53am
Looks like you have an EA running on your chart? Could you please share that if you don't mind.

Thanks

Quoting droland
OK, take today for example....
  • #923
  • Jul 15, 2009 3:13am Jul 15, 2009 3:13am
I am in the black with this system. started just 2 days ago. yippee. Thank you Ace.
but was wondering what if it never breakouts of the first 4 hr candle?
can anyone comment?
  • #924
  • Jul 15, 2009 4:46am Jul 15, 2009 4:46am
Quoting eikpinng
......
but was wondering what if it never breakouts of the first 4 hr candle?
can anyone comment?
What u mean by 'never breakout'? ranging the whole week?
  • #925
  • Jul 15, 2009 4:56am Jul 15, 2009 4:56am
then you wouldn't have a trade for the week.
  • #926
  • Jul 15, 2009 5:28am Jul 15, 2009 5:28am
Well here is a problem with being more active. And that is once you start playing with the trade you cant stop. I tried the trailing stop method after in profit, and was stopped on my long at 1300 gmt yesterday at 151.44. Based on the rules I would have gone long again at 151.64 but I was asleep. Now its up over 153. So, set and forget may be the best way, for me, to go,as I cant keep watching it. I couldnt enter pending orders since I didnt know what price I would be stopped at so I couldnt enter a new buy to reenter if it turned back around. In fact the price retraced all the way back to 150.75. Ill have to go back and look, but it sure seems that after the first break price comes all the way back to entry then gores off again.
  • #927
  • Jul 15, 2009 6:52am Jul 15, 2009 6:52am
Quoting davewooldrid
Well here is a problem with being more active. And that is once you start playing with the trade you cant stop. I tried the trailing stop method after in profit, and was stopped on my long at 1300 gmt yesterday at 151.44. Based on the rules I would have gone long again at 151.64 but I was asleep. Now its up over 153....
It did return to the entry point before continuing on up to it's current level. I had moved my stop to BE and it took me out with +1. This is a prime example of not giving the trade room to breathe.

W.
  • #928
  • Jul 15, 2009 7:58am Jul 15, 2009 7:58am
Quoting davewooldrid
Well here is a problem with being more active. And that is once you start playing with the trade you cant stop. I tried the trailing stop method after in profit, and was stopped on my long at 1300 gmt yesterday at 151.44. Based on the rules I would have gone long again at 151.64 but I was asleep. Now its up over 153. So, set and forget may be the best way, for me, to go,as I cant keep watching it. I couldnt enter pending orders since I didnt know what price I would be stopped at so I couldnt enter a new buy to reenter if it turned back around. In...
I have to agree here. If you are not able to make the re entry at the appropriate time, you are out of the game. Not good. This is where a simple EA would be perfect.

An option is to take the SL off when you go to sleep and let the original set and forget system continue to work. Put the Trailing Stop back on during the day when you can watch it.

Again, a simple EA is really needed here.

For example, this week, I am up 125 pips from the short trade when everyone else is negative the SL of about 140 pips on the original Short entry. I am also up almost 300 pips as I write this on the current long entry. The system works but it has to be used. 425 pips for me right now, net 160 pips for the set and forget system.

One correction to peoples understanding. I try to re-enter a closed out SL at the original close price (not 20 pips away from that price). If the SL hits I put a Pending order about 20 pips away from the close price INITIALLY but once the price moves away from that close price I move the Pending Long order down 20 pips plus usually 10 pips more to cover the cost of the spread and slippage.

As an example. I have a Long position. I have a Trailing Stop and the SL is say 150.00. The upward price reverses and moves down and takes me out at 150.00. If am there (or I had an EA), I would right away put a Pending Long Order in at say 150.20 or 150.25. When the price hit about 149.50, I would move the Pending Long Order to 150.00 or 149.90 and wait. If the price comes back, I am back in the trade.

Obviously you have to be there to do this or we develop a simple EA to handle this.

Dave R.
  • #929
  • Jul 15, 2009 8:05am Jul 15, 2009 8:05am
Quoting wrenski
It did return to the entry point before continuing on up to it's current level. I had moved my stop to BE and it took me out with +1. This is a prime example of not giving the trade room to breathe.

W.
True, but if the price had contined south, you would have zero loss. Since the price moved back up, using the system I am talking about, you would have re-entered the Long trade about 20 pips above your BE and would still be in nice profit. You paid 20 pips for the insurance policy of not losing the 140 SL on the set and forget method, should it have continued moving south. Well worth it, IMHO.

Yes, you have to be there but the system is so simple, I fully intend to have an EA develped or maybe Raygun would consider creating a separate modification of his 4H Weekly Box EA.

Dave R.
  • #930
  • Jul 15, 2009 8:15am Jul 15, 2009 8:15am
Quoting droland
True, but if the price had contined south, you would have zero loss....
I see your point Dave but I wasn't around the computer to catch the run up re-entry. An EA would be good!!

W.
  • #931
  • Jul 15, 2009 9:20am Jul 15, 2009 9:20am
As of right now...hopefully it keeps going up
Attached Image (click to enlarge)
Click to Enlarge Name: thrfhf.gif Size: 64 KB
  • #932
  • Jul 15, 2009 9:24am Jul 15, 2009 9:24am
Quoting droland
I have to agree here. If you are not able to make the re entry at the appropriate time, you are out of the game. Not good. This is where a simple EA would be perfect.

An option is to take the SL off when you go to sleep and let the original set and forget system continue to work. Put the Trailing Stop back on during the day when you can watch it.

Again, a simple EA is really needed here.

For example, this week, I am up 125 pips from the short trade when everyone else is negative the SL of about 140 pips on the original Short entry. I am also...
Have you read any of Wayne Jacksons Anti-Hedge strat as this is similiar (if not identical) to his methodology, he does however wait for a certain amount of pips reverse before reentering (something like 100) and he only trades with the trend. It does work but like all strats can be limited with chop. I commend your efforts and your results are good.

Take care

Razor
  • #933
  • Jul 15, 2009 9:33am Jul 15, 2009 9:33am
Quoting lolpie
As of right now...hopefully it keeps going up

Yep...at 2X right now. Too bad I'm out at BE!
  • #934
  • Jul 15, 2009 6:22pm Jul 15, 2009 6:22pm
Yay it easily blew past TP2 but Im glad I kept my TP2 on both pairs in play. I moved my stop up to BE after it went past TP1.

I can see how that ATR can be very usefull for situations like this. I basically used the ATR to go figure that it had more then enough room to allow it to hit TP2.
Recouped all my losses from the beginning of week and made some pips on top of that too =)
Good strategy.
  • #935
  • Jul 15, 2009 6:41pm Jul 15, 2009 6:41pm
Quoting GenTarkin
Yay it easily blew past TP2 but Im glad I kept my TP2 on both pairs in play. I moved my stop up to BE after it went past TP1.

I can see how that ATR can be very usefull for situations like this. I basically used the ATR to go figure that it had more then enough room to allow it to hit TP2.
Recouped all my losses from the beginning of week and made some pips on top of that too =)
Good strategy.
Gen Tarkin

I set my to tp to 1. I am not using any indicators. Just waiting on time.

No disrespect.

Happy pipping.
  • #936
  • Jul 15, 2009 7:12pm Jul 15, 2009 7:12pm
Quoting droland
Jason. Excellent job. I would love to see this EA...
It's attached. Feel free to point out bugs or correct them and re-post with a new version number and note in the header.
Attached File(s)
File Type: mq4 jasonphd-weekly-4hr-breakout-v1.0.mq4   14 KB | 665 downloads
  • #937
  • Jul 15, 2009 8:49pm Jul 15, 2009 8:49pm
Quoting droland
Hi Ace.

Assuming there was no interim SL closings lets assume I was running a 100 pip trailing stop. At 230 pips, the reverse occured and I would be stopped out at 130 pips (230 less my 100 pip SL). I now have a 130 pip profit.

I enter a Pending SHORT at the 130 pip mark and just waited. When the price came back down, I would be in the short again at the SAME price I got out and I would have ridden the price down to 6X. There is no decision making. A possible decision would have been to move the Pending SHORT order up closer to the turn around...
Hmm interesting way of approaching it. will require more work however. Placing the orders won't be difficult but the the whole idea of missing trades while asleep or doing something else will be a problem. But the idea looks to be an good enhancement and we'll fine tune it as well. I'll join you in real time testing, the week after next as I have time off.

Audio Alerts will definetely be important for this to work at its potential.
  • #938
  • Jul 15, 2009 8:56pm Jul 15, 2009 8:56pm
I know the 4hr breakout box system works and I am sure someone can write a profitable EA for it. I have found a couple of other 4hr weekly break out EA's here. What makes your different? What are its strengths and weaknesses?


Quoting jasonphd
It's attached. Feel free to point out bugs or correct them and re-post with a new version number and note in the header.
Gator - Trader Learning and Earning
  • #939
  • Jul 15, 2009 9:42pm Jul 15, 2009 9:42pm
Jason,
Appreciate the EA. If you get the time can you mod it to work on brokers like IBFX re the new anti hedging rules? We can no longer have buy and stop limit orders open at the same time.

Other ideas.
Money management routine
Option to follow Ace's original rules ie the TP1 TP2 TP3 etc and the box size SL.

Thanks
  • #940
  • Jul 15, 2009 9:47pm Jul 15, 2009 9:47pm
Quoting Ace284
Hmm interesting way of approaching it. will require more work however. Placing the orders won't be difficult but the the whole idea of missing trades while asleep or doing something else will be a problem. But the idea looks to be an good enhancement and we'll fine tune it as well. I'll join you in real time testing, the week after next as I have time off.

Audio Alerts will definetely be important for this to work at its potential.

Thus the need for an EA that utilizes this approach of re-entering a trade in the same direction.
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