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4H Box Breakout

  • #981
  • Jul 17, 2009 7:27am Jul 17, 2009 7:27am
Noone can watch mkt 24/7 so how do you handle that? How are you enterind orders? I can place the trailing stop but if I'm asleep I may miss reentry. The only way I see to do it is to set up en email alert somehow if trade goes through (don't think ibfx can do that) and have my bberry by my head all night. Anyone else with a solution?
  • #982
  • Jul 17, 2009 7:49am Jul 17, 2009 7:49am
Quoting davewooldrid
Noone can watch mkt 24/7 so how do you handle that? How are you enterind orders? I can place the trailing stop but if I'm asleep I may miss reentry. The only way I see to do it is to set up en email alert somehow if trade goes through (don't think ibfx can do that) and have my bberry by my head all night. Anyone else with a solution?
This is the reason droland is working on getting an EA in place. You're right no one can be in front of the screen 24/7 nor do we wish to be.
  • #983
  • Edited 9:12am Jul 17, 2009 8:33am | Edited 9:12am
Quoting droland
Yes. That is exactly what I did. I missed on two of them as I wasn't a the computer so I went in late but I did catch the big run eventually.
DRoland

Congratulations on an awesome week!

I understand your strategy of placing a pending order in the same direction as the original trend if you're stopped out. If there's a retrace and then the original trend continues you're on the train again with the trend.

This week we had the down trend that took us through the S3 level. Then the reversal all the way back up.

Have you thought about adjusting the original pending order that wasn't hit as the price moves away from it once the other pending order is hit? In other words this week we had the short hit first. As the price went down do you think there would be merit to the idea of moving the original Pending Buy order down X number of pips to follow the price? This would reduce the distance if there was a significant reversal as we saw this week.

Thanks!
Sandy
  • #984
  • Jul 17, 2009 11:26am Jul 17, 2009 11:26am
Quoting davewooldrid
Noone can watch mkt 24/7 so how do you handle that? How are you enterind orders? I can place the trailing stop but if I'm asleep I may miss reentry. The only way I see to do it is to set up en email alert somehow if trade goes through (don't think ibfx can do that) and have my bberry by my head all night. Anyone else with a solution?
You are correct. If you are trading manually it is a problem. Welcome to Forex trading. It is 24/5. Certainly an EA will help if you are on MT4. I have MT4 accounts but I am currently trading this on Duksacopy so no EA's. Manual only.

But remember - this is not a scalper or short term trading plan. This is a weekly trading method and price develops over longer time frames (Normally). Modify your settings depending on your availability or simply revert to the set and forget method with no SL's when you simply won't be around.

Also, the GBPJPY is generally fairly quiet during the Asian session and is most active during the London session and the early part of the New York session. Depending on your time zones, this can be a problem but that's life.

I am West Coast Pacific time and that really hurts me as London is opening about 11 pm for me. I have frequently gotten up in the middle of the night just to check what's happening. Normally the strength and length of a reversal is several hours or more so even though my SL has been hit, several hours later, I can still go in and place my new pending orders.

Of course I will miss some trades but so what. I would love to have them all but I am very very happy with what I have got so far.

Dave R.
  • #985
  • Jul 17, 2009 11:32am Jul 17, 2009 11:32am
Quoting nubchai
DRoland

Congratulations on an awesome week!

I understand your strategy of placing a pending order in the same direction as the original trend if you're stopped out. If there's a retrace and then the original trend continues you're on the train again with the trend.

This week we had the down trend that took us through the S3 level. Then the reversal all the way back up.

Have you thought about adjusting the original pending order that wasn't hit as the price moves away from it once the other pending order is hit? In other words this week we...
Hi Sandy.

Absolutely. At the very least, if say a SHORT has been hit first and it runs 300+ pips then reverses, it would certainly seem logical that the previous Pending LONG order be moved down to the bottom of the original 4HR box. Perhaps more but I would really love to back test this using an EA when it is completed.
  • #986
  • Jul 17, 2009 11:36am Jul 17, 2009 11:36am
Quoting dannywmk
Hi pipsinfo,

We really can't tell whether a system is working or not by just looking at several trades. A working system must sustain it's profitability for a long period of time (3 years, 5 years, or even 10 years) through different market situations. Otherwise, even it gives you profit right now, it may, to some point in time, wipe out your account when it goes through a non-favourable market condition.

For this breakout system, it definitely is working in these 2 years with the volatile market condition. But my backtest told me that it worked...
It seems you have some good backtesting setups. Could you take one of those bad performing years, say 2005 and use my SL/re-entry system and let us know if this would help with the profitability. This would be very helpful.

Thanks

Dave R.
  • #987
  • Jul 17, 2009 11:36am Jul 17, 2009 11:36am
Droland, check your PM
  • #988
  • Jul 17, 2009 4:17pm Jul 17, 2009 4:17pm
Quoting Ronald Raygun
Droland, check your PM
Have you guys come up with a workable EA utilizing the droland re-entry methodology?
  • #989
  • Jul 17, 2009 4:34pm Jul 17, 2009 4:34pm
I would say we're 80% there.
  • #990
  • Jul 17, 2009 4:56pm Jul 17, 2009 4:56pm
Quoting Ronald Raygun
I would say we're 80% there.
Very nice....I knew you could do it!
  • #991
  • Jul 17, 2009 5:13pm Jul 17, 2009 5:13pm
Given a few technical difficulties, I'll just post the EA here.

There are two new editions:

4H Weekly Box Breakout is exactly the same as the EA posted by me awhile ago with the addition of being able to set the TP/SL as a multiplier of the range. When setting a stoploss, the EA will take the tightest stoploss possible. When setting a takeprofit, the EA will take the largest takeprofit possible.

4H Weekly Box Breakout Droland does everything the 4H Weekly Box Breakout EA does, except it tries to implement Droland's trading scheme. I don't fully understand exactly how Droland trades this method, so consider this version Beta.
Attached File(s)
File Type: mq4 4H Weekly Box Breakout Droland.mq4   19 KB | 699 downloads
File Type: mq4 4H Weekly Box Breakout.mq4   16 KB | 821 downloads
  • #992
  • Jul 17, 2009 5:54pm Jul 17, 2009 5:54pm
Quoting Ronald Raygun
Given a few technical difficulties, I'll just post the EA here.

There are two new editions:

4H Weekly Box Breakout is exactly the same as the EA posted by me awhile ago with the addition of being able to set the TP/SL as a multiplier of the range. When setting a stoploss, the EA will take the tightest stoploss possible. When setting a takeprofit, the EA will take the largest takeprofit possible.

4H Weekly Box Breakout Droland does everything the...
Hi Ron.

I find it hard to write out exactly what I am thinking to make it clear to everyone. I always respect the logic behind the work that programmers do. Each line of code must anticipate all results and then handle those results correctly.

If I could suggest something:

If you could write out what is YOU THINK I am asking for in a programmers fashion, I could then jump in and make the necessary corrections.

Dave R.
  • #993
  • Jul 17, 2009 6:05pm Jul 17, 2009 6:05pm
The first trade of the week is as designated by the original system. (Breakout of the 4Hr bar)

For every additional trade...

When the previous trade hits the stoploss, and keeps going x amount of pips, two pending orders appear. One order is in the same direction as the closed trade, and has the entry price where the stoploss was. The other order is at the opposite side of the box.

All trades have a stepped trailing stop, and the stepped trailing stops are designed to get to breakeven as fast as possible.
  • #994
  • Jul 17, 2009 6:35pm Jul 17, 2009 6:35pm
Quoting Ronald Raygun
The first trade of the week is as designated by the original system. (Breakout of the 4Hr bar)

For every additional trade...

When the previous trade hits the stoploss, and keeps going x amount of pips, two pending orders appear. One order is in the same direction as the closed trade, and has the entry price where the stoploss was. The other order is at the opposite side of the box.

All trades have a stepped trailing stop, and the stepped trailing stops are designed to get to breakeven as fast as possible.
I sent you a PM but I think it is worth discussing it here to help anyone that is confused.

The way it is programmed right now, the reversal must go X pips past the SL and a new pending order will be placed at the SL price going in the original direction.

Take a LONG position as an example. If it goes LONG and travels UP a bunch of pips and then reverses enough the SL will kick in. Thats fine. But if it almost immediately starts going back up again (ie it doesn't go down X pips past the SL), I will be out of the LONG trade as there is no pending order to get me back in. Not Good.

I suggest that as soon as the SL is hit, a NEW Pending order is placed 20 pips ABOVE the SL (below if the original trade was a short). If the market price goes down X pips, move the Pending order to the original SL exit less another 10 pips to cover spread and slippage costs. Now I am gaurantted to be back in the LONG trade if Market price goes back up. If it continues to go down, I have locked in some profit and I wait for the SHORT trade to happen.

dave R.
  • #995
  • Jul 17, 2009 6:50pm Jul 17, 2009 6:50pm
So what bar is it ? LOL
  • #996
  • Edited 9:20pm Jul 17, 2009 8:50pm | Edited 9:20pm
I think you may have to have some function in there that limits the number of trades in one direction or max pips lost. If price chops around on the reentry for two days you could get hammered.
  • #997
  • Jul 17, 2009 10:56pm Jul 17, 2009 10:56pm
Quoting 11andy11
I think you may have to have some function in there that limits the number of trades in one direction or max pips lost. If price chops around on the reentry for two days you could get hammered.
Choppy markets are my biggest worry. Someone here was looking at previous years and 2005 was not a good year for the basic set and forget system. I am very interested to see what the modified system would do.

I still don't beleive anyone should simply set something and walk away. If the markets are not right don't use this systems. Have a ranging EA for those periods. Many martingales work fantastic in ranging markets but wipes out the account when the big trend hits.

This modified system works great right now but I totally beleive it will fail during certain periods. We have to be selective.

Dave R.
  • #998
  • Jul 18, 2009 1:19am Jul 18, 2009 1:19am
Quoting droland
Choppy markets are my biggest worry. Someone here was looking at previous years and 2005 was not a good year for the basic set and forget system. I am very interested to see what the modified system would do.

I still don't beleive anyone should simply set something and walk away. If the markets are not right don't use this systems. Have a ranging EA for those periods. Many martingales work fantastic in ranging markets but wipes out the account when the big trend hits.

This modified system works great right now but I totally beleive it will...
The benefit of being able to set and forget is your ultimatly remove yourself from making emotion decisions. If you plan is set and you execute your trade based on all the parameters of that plan then there should be no reason to let the trade run itself. For some it is much easier to walk away. Trading 2 accounts also helps. One account may be based on a set and forget that aims for larger, longer profits while the other can be for more day trading.

It is easy to look back on history and see the shear number of trades that if set and truely forgot would be still running today, the fact is that it is possible today to have A trade that starts now and could possibly be held for a very long time. This is my motivation and through all my tests for the past decade there are a great number of ways to do it, but finding one that suits you, and your method is the tough part, completely removing yourself is the other part.

Last night I ran a small test based on the break of a particular pattern and then moved on, when I saw the next pattern I added another trade and so on for a 6 month period. There was no take profit, SL was the other side of the candle and the trades just ran on a single lot (no compounding taken into account) so regardless of account size I just ran the single stardard ($10 per pip) lot. The results for the 6 month period was fairly choppy equity curve with some drawdown (usually in the sideways periods) but overall growth for a $10K account finished at 80K. It was simple, no brainer trades with no regard for S/R or other barriers. I closed the trades at the end of the 6 month period and was quite amazed. It outlined to me the chances that are available if we just let things run and let what happens all throughout history (trends) to do there job.

Razor
  • #999
  • Jul 18, 2009 4:24am Jul 18, 2009 4:24am
Quoting Razor_trader
Last night I ran a small test based on the break of a particular pattern and then moved on, when I saw the next pattern I added another trade and so on for a 6 month period. There was no take profit, SL was the other side of the candle and the trades just ran on a single lot (no compounding taken into account) so regardless of account size I just ran the single stardard ($10 per pip) lot. The results for the 6 month period was fairly choppy equity curve with some drawdown (usually in the sideways periods) but overall growth for a $10K account finished...
Which pattern is?
  • #1,000
  • Jul 18, 2009 7:44am Jul 18, 2009 7:44am
Quoting Razor_trader
The benefit of being able to set and forget is your ultimatly remove yourself from making emotion decisions. If you plan is set and you execute your trade based on all the parameters of that plan then there should be no reason to let the trade run itself. For some it is much easier to walk away. Trading 2 accounts also helps. One account may be based on a set and forget that aims for larger, longer profits while the other can be for more day trading.

It is easy to look back on history and see the shear number of trades that if set and truely forgot...
Hmmm, $11,500.00 per month would be a nice supplement to anyone's income.

W.
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