4H Box Breakout | Page 48 | 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

  • #941
  • Edited 11:11pm Jul 15, 2009 10:13pm | Edited 11:11pm
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.
I have to say, your system is really the best system I have seen in many years of playing with Forex (and lots of real money loses to motivate me to learn more). I am basing my trades on this system but using my slight modification to make some serious money. I am really happy. Thank you so much.

This week was a prime example of my discussion above. The SHORT hit and did a reasonable run but then reversed. My SL got me out with a 125 pip profit. The market price then when seriously North. The BUY pending order was hit and continued on to about 400 pip profit.

For me, I have 125 pips on the SHORT and 400 pips on the LONG for a total of 525 pips. The set and forget method has a -140 pip loss on the SHORT entry then a 400 pip gain on the LONG entry for a net of 260 pips. Big difference. I traded two full lots live and made about $10k. Thank you, thank you, thank you.

Yes, you need to be at the computer or you need to have alerts or you need a simple EA. This is not complicated. I love it.

For $10k in a week, you need to do something.
  • #942
  • Edited 11:19pm Jul 15, 2009 10:34pm | Edited 11:19pm
Ronald Raygun. (Copy to Jason)

I am attaching a pdf of what I would like to see in the basic EA you guys have produced. First though, let me thank you for your contributions. Guys like you really make these forums exciting. Ace's system is fantastic.

Since we are not dealing with historical data, indicators or other crap (OK not necessarily crap but..), we are not trying to PREDICT the market. The Market is the market. No more no less. Therefore, back testing with an EA mimicking this method with my mods will be extremely accurate of what would have happened. We are in trades for days and our system REACTS to the market, it doesn't try to PREDICT it. This is a huge difference from most of the "holy grail" EA's out there. If we miss a trade in backtesting by a few pips it SIMPLY DOES NOT MATTER.

I really love this system and I am convinced a correctly coded EA will be hugely beneficial and extemely powerful.
Attached File(s)
File Type: pdf 4HR WEEKLY BREAKOUT MODIFICATIONS.pdf   10 KB | 1,428 downloads
  • #943
  • Jul 15, 2009 11:05pm Jul 15, 2009 11:05pm
Just to let everyone know, at the referenced time above, GBPJPY has not hit the 3X TP level and is turning down. I have no idea which way it will go but my 100 pip SL has just kicked in, locking in great profits. It is only Wednesday night. I am happy to let my SL kick in and if it continues to go down, will be happy with my profit. If it goes back up after my SL, I will have a Pending LONG entry waiting and continue to profit.

I am giving these live settings to let people see the system in real time.

Dave R.
  • #944
  • Jul 16, 2009 12:02am Jul 16, 2009 12:02am
Sorry. Don't mean to beat a dead horse but at 9:45 PST, the GBPJPY is now down to 153.84 from a high of 155.16 (it has currently dropped 132 pips). I am comfortably in my CLOSED take profit from my activated SL at 154.16 and now perfectly set to either KEEP this profit through to Friday, or go back in at 154.16 (actually 154.06 to give me my spread and slippage cost).

I CAN'T LOSE!!!! I hope people see the strength of this system. It can be EASILY incorporated into an EA. It is not rocket science. In fact, it would be one of the simplest EA's I have in my arsenal.

Just as an example, lets assume the GBPJPY NOW really weakens and goes down to below entry at the original Sunday BOX entry by Friday. What a waste of really really good profits.

Either I am missing something here or we are on to something really good.

All opinions good or bad OR WORSE are most welcome.

Dave R.
  • #945
  • Jul 16, 2009 12:28am Jul 16, 2009 12:28am
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.
I think your system simply and easy to use. dont need to thinking abut some changes just becouse one or two weeks in the quartal. the system is very proffitable and it takes maybe 15min per week. with the droland system will earn maybe more money, but you need EA or to be by computer all the time and I dont like this . sorry for mz english, not perfect, hope you understand
  • #946
  • Jul 16, 2009 12:34am Jul 16, 2009 12:34am
Droland ,,,Great job preserving and growing your trading capital this week,,,It is a major vote of confidence in Aces breakout system,,,Approach it mechanically and leave you emotions at the door and the rewards will be endless,,,,As you can tell I am a true diehard breakout indicator free trader,,,,,,Trade forward,,, not backward!!!,,,,Good luck to all!!
  • #947
  • Jul 16, 2009 12:52am Jul 16, 2009 12:52am
Quoting mik1974
I think your system simply and easy to use. dont need to thinking abut some changes just becouse one or two weeks in the quartal. the system is very proffitable and it takes maybe 15min per week. with the droland system will earn maybe more money, but you need EA or to be by computer all the time and I dont like this . sorry for mz english, not perfect, hope you understand
Your English is not great but your point is very clear. You do NOT need to be on top of this system over the many months to make a profit. Ace has done some excellent back tests to prove this. His basic system is ROCK SOLID. I have seen some forum people say that the 2004, 2005 and other years HAVE NOT BEEN PROFITABLE!!.

In fact, I am in awe of Ace giving us this system. I love it.

But PLEASE!!. If you want to become rich by putting 15 minutes in on Sunday afternoon, SORRY, you are not my kind of investor. In fact, I would STRONGLY recommend you go into Real Estate. That is not an insult. That is my background, but PLEASE PLEASE PLEASE, do not think that Forex is a 15 minute a week investment.

Dave R.
  • #948
  • Jul 16, 2009 1:06am Jul 16, 2009 1:06am
I absolutely AGREE!!,,,,Become familiar with fib extensions, retracements and candlestick patterns and longer tf s/r zones,,, to optimize a solid trading system,,,,Takes time and effort,,,and mistakes,,,,Looking forward to see how the year evolves,,thx!
  • #949
  • Jul 16, 2009 1:45am Jul 16, 2009 1:45am
Quoting Ace284
ATR indicates that price shouldn't move to 4x TP on GBP/JPY which is why i cancelled the long order as well. Not saying that price will not move up but, on average it won't move to my 4x TP. We're looking at a loss this week, but as always, nothing to be worried about.
Future winners will compensate for the losses, and provide us with a handsome gains


On a side note, i encourage people to look for filters. These filters should be present on the 4Hr and daily. Don't look for filters in time frames lower than that, because they will only hold...
Ace - I like your logical use of ATR, but I'd suggest simply lowering the TP (according to ATR range) on the reversal trade, rather than insisting it must make TP4. This week TP2 on the reversal would have turned a losing week into a small winner, although that's easy to say with hindsight (and even though it went much further).

droland - I also appreciate your contributions.

Keep up the great work everyone - I drive south tomorrow for an extended vacation with my family : walking in the Austrian Alps, followed by 2 weeks in Tuscany... back in a month .
  • #950
  • Jul 16, 2009 3:59am Jul 16, 2009 3:59am
Hi Droland,
you are on G/Y, your re entry level is at TP1 or TP2 once you were stop out?( of course making profits along the way)
the reason I am asking is that i am on E/Y.
I shifted my SL to 1xTP once it was way above 2xTP.
today it went down and I figured it may go down further so i took profit near 2xTP.
I am seeking a re-entry. But not sure where to enter again,
can anyone advise?
  • #951
  • Jul 16, 2009 5:48am Jul 16, 2009 5:48am
Quoting droland
Your English is not great but your point is very clear. You do NOT need to be on top of this system over the many months to make a profit. Ace has done some excellent back tests to prove this. His basic system is ROCK SOLID. I have seen some forum people say that the 2004, 2005 and other years HAVE NOT BEEN PROFITABLE!!.

In fact, I am in awe of Ace giving us this system. I love it.

But PLEASE!!. If you want to become rich by putting 15 minutes in on Sunday afternoon, SORRY, you are not my kind of investor. In fact, I would STRONGLY recommend...
forex is not invetments, investor is warren buffet,... not forex trader. I love forex, I trade more than 6 years and this is very interesting system. and I know, when somebody make some system, when one week no proffit, other traders trying to change this.

maybe your sytem better, but you have to be with your computer all the time. Im long term trader, dont like to watch my laptop evey 15 min. its not life. want to live with family and make money. waiting like eagle for my trade, maybe one or two per week, maybe one or two in 14 days.

I know, many traders scalping, watching monitor all the time, 24/5, but its not for me.

wish you good trading!!
  • #952
  • Jul 16, 2009 7:00am Jul 16, 2009 7:00am
Any system is profitable only when the profits are swept off from time to time. We do not know how the markets are going to be in tomorrow`s world. Maybe, the banks come to a settlement and things run smoothly... who knows...
  • #953
  • Jul 16, 2009 7:00am Jul 16, 2009 7:00am
Quoting mik1974
forex is not invetments, investor is warren buffet,... not forex trader. I love forex, I trade more than 6 years and this is very interesting system. and I know, when somebody make some system, when one week no proffit, other traders trying to change this.

maybe your sytem better, but you have to be with your computer all the time. Im long term trader, dont like to watch my laptop evey 15 min. its not life. want to live with family and make money. waiting like eagle for my trade, maybe one or two per week, maybe one or two in 14 days.

I know,...
Forex is very much an investor's market just as much as it is a trader's market. Neither group is any better than the other, so naturally, I trade as both.
  • #954
  • Jul 16, 2009 7:13am Jul 16, 2009 7:13am
ATR. Ok for the sake of arguement, what was the ATR that could have been used this week? Just want to see if added to the low where it would have been.
  • #955
  • Jul 16, 2009 7:53am Jul 16, 2009 7:53am
Quoting Ronald Raygun
Forex is very much an investor's market just as much as it is a trader's market. Neither group is any better than the other, so naturally, I trade as both.
yes, you are right, we are traders, not investors. so lets go to trading. better trading than talking about nothing
  • #956
  • Jul 16, 2009 7:55am Jul 16, 2009 7:55am
Quoting mik1974
yes, you are right, we are traders, not investors. so lets go to trading. better trading than talking about nothing
You completely missed my point.

It's like the ongoing fight as to whether or not an EA is better than a human. As I see it, they're both good, so I use both.

Same applies to trending systems vs ranging systems. They're both good, so I use both.
  • #957
  • Jul 16, 2009 8:16am Jul 16, 2009 8:16am
Quoting droland
I have to say, your system is really the best system I have seen in many years of playing with Forex (and lots of real money loses to motivate me to learn more). I am basing my trades on this system but using my slight modification to make some serious money. I am really happy. Thank you so much.

This week was a prime example of my discussion above. The SHORT hit and did a reasonable run but then reversed. My SL got me out with a 125 pip profit. The market price then when seriously North. The BUY pending order was hit and continued on to about...
VERY NICE Ace and Dave. It appears you two are onto something big here.
  • #958
  • Jul 16, 2009 8:32am Jul 16, 2009 8:32am
Quoting droland
Sorry. Don't mean to beat a dead horse but at 9:45 PST, the GBPJPY is now down to 153.84 from a high of 155.16 (it has currently dropped 132 pips). I am comfortably in my CLOSED take profit from my activated SL at 154.16 and now perfectly set to either KEEP this profit through to Friday, or go back in at 154.16 (actually 154.06 to give me my spread and slippage cost).

I CAN'T LOSE!!!! I hope people see the strength of this system. It can be EASILY incorporated into an EA. It is not rocket science....
Quick question....If you re-entered @ 154.06 what would your SL be for this re-entry? You would want to preserve as many pips as possible from your previous wins this week and at the same time give it room to breathe. Price action is currently @ 153.19.

Thanks - W.
  • #959
  • Jul 16, 2009 9:04am Jul 16, 2009 9:04am
Quoting droland
Just to let everyone know, at the referenced time above, GBPJPY has not hit the 3X TP level and is turning down. I have no idea which way it will go but my 100 pip SL has just kicked in, locking in great profits. It is only Wednesday night. I am happy to let my SL kick in and if it continues to go down, will be happy with my profit. If it goes back up after my SL, I will have a Pending LONG entry waiting and continue to profit.

I am giving these live settings to let people see the system in real time.

Dave R.
Hi Dave,

Sorry but I am a bit confused regarding the 100 pip SL. Did I miss something? I thought the SL was always 50 pips on new reentries.

Thanks,
Bob
  • #960
  • Edited 10:57am Jul 16, 2009 10:32am | Edited 10:57am
Droland, I am confused about how your system would have traded the long entry this week. If your entry was 150.87 and you move stop to BE after 50 pips profit how did your method trade the three retraces that came back down to entry price? Did you make three trades long two stopped out at BE and the last one took you into profits??
2 traders viewing now