4H Box Breakout

OMG I am very grateful to have guys so much smarter than me involved here. I wish I had something to offer, if anyone wants to know about airplanes or boats let me know, otherwise I am a student with no clue about these programming issues. Glad there is a younger generation around.

LoL don't worry, I haven't got the slightest clue about programming either

Here is why today is so exciting for me. Since, from my previous post that we are at 61.8 Fib retracement, we are in a really distinct possibility of either breaching this number an going north significantly or reversing by a significant amount due to technical tradere coming in.

61.8 is a significant Fib resistance point and the big investors may well go long or short huge depending on what happens over the next 24 hours causing a big move. Just my thinking however. If I am wrong, we lose a few hours sleep and my SL. If I am correct, we make some good money but we cannot be in a LONG position (or a SHORT position) when the big move comes. My SL will work hopefully. I am manual right now as I say so lets see. If I screw up, I will let you know as that will be part of the learning curve of this great method. My mods are only in development right now.

Dave R.

Here is the setup for this Sunday.

Ace. If you have comments, jump in.

I have given a big window to show where we could go. I hope this is a great week.

Dave r.

Here is the detailed chart of today trade with Ace's Fib comments.

Remember, each broker will have a slightly different low and high but it should be within a few pips of each other.

dr

What broker data are you using? You can use the last four 1 hr candles NOT including the current 1 hr candle that being drawn right now. The 4 hr candle finished 36 minutes ago...

Looks good to me

I know there has been a lot of confusion and discussion about which 4Hr candle to use.

I like Ronald Raygun's approach where we use the first 4 - one hour candles because several brokers use different start times. If your broker/dealer does not start at the appropriate time, your 4 hour candle IS NOT CORRECT.

Huge confusion.

I am in Western Canada. I use ITFX, a Canadian run dealer. I am not necessarily recommending them but I have none of the problems that are currently happening in the US. I gave up IBFX and FXDD years ago. Why anyone would continue with them I have no idea other than failure to admit their original assessment was wrong. Or you need a penny stock company to play with.

That being said, this method could be one of the few that completely screws these guys as we are not hedging, we will be FIFO, first in first out and if we run our Pending order via an EA rather than actually sending a pending order, we can have both long and shorts, as long as our computers are up and running.

I say it again, I love Ace's method.

Bring it on.

Dave r

Hey Dave,

What do ya think of Ace's method???

There is still almost 36 hours to go on my backtest of Jasons EA ver 2, but I am already at a high of 290% profit over the period from June 1 until today for the best settings. More importantly, I have massive amounts of settings that give 50% or more profits for the same time frame.

Again, my point is that one setting that produces massive profits is curve fitting. A large preponderence of settings that produce over 50% return in 1.5 months is HUGELY significant.

I don't even want to know what Money Mangement compounding would do.

WARNING: WE ARE IN GOOD TRENDING TIMES. I DO NOT HAVE TESTS COVERING RANGING PERIODS.

THIS IS NOT READY FOR LIVE ACCOUNTS YET.

Dave R.

aRE YOU USING EXCEL TO COME UP WITH ALLTHESE FIGURES?

155.20 touched....

LOL,wait for TP1----TP5

Let the games begin

I'm feeling quite down right now.
I just don't get it.
Last week, my broker showed the 1st candle as having a tiny range of only 28 pips (before buffers and spreads - see #873), so I contacted this thread to see why everyone else seemed to have a quite different candle range from mine.
I was given some advice to get a demo from FXDD, which I did.
With Ace's little Ctrl+y trick it was easy to see the start of the week. Also, on Ace's #1 opening thread he advises that FXDD start time is 0000 - 0400.
Great I thought.
Well that candle has still 4 minutes to run before completing.
Lots of you have started though!!
HELP - I really want to trade this method properly

IBFX , the 00:00 4HR is still current

you sure your looking at 4 hour charts? The current fxdd 4 hour candle doesn't close for another 2.5 hours.

If my memory serves me, Ace is using the 4 hours between 5pm - 9pm Eastern time in the US. That candle closed 1 hr and 44 min ago.

Refering to the first thread on this post, the candle closed 1hr 49 mins ago.

Box Forming Times:
GMT- 21:00 to 01:00
EDT - 17:00 to 21:00
FXDD time - 00:00 to 04:00

Use Time zone conversion to find out your specific time.

Wow. I just went to dinner and my LONG pending has already been hit.

Should be an interesting week. Watch the retracement closely but let the profits run.

Without an EA, I think you are going to be up one or two times tonight.

I have 2.5 lots live on this right now. Yeah, I will be up.

Dave R.

I notice this in alot of threads where majority are looking for the biggest bang for there buck. The only thing you need to do is think of the worst case scenario and build your trade around it, that is the risk that your prepared to accept and be able to move on.

The other side of the coin is before you really get involved, what is your goal. The vast majority want to be millioniares or beyond. While it is good to dream, very few will be prepare to put the coin on the table to get to that point.

All the testing in the world will do little for those who want to make the million this year off a $1000 account, even from 50K you are struggling to get there within 5-10 years. Regardless of how pretty the curve is, regardless of the 500% increase in your account with cumulative results the fact is that most will not put 50K on the table, most struggle to trade a 10K without the emotional drain of at times watching a number of trades walk the opposite way. A system like this, and yes I trade it live has a big pip risk, especially on the GJ. The drawdown of big risks, regardless of your superhuman emotion is that when it is down 100 pips (and your total risk is 150-60) most will want to close there trade. The other drawdown is achieving significant reward for your risk. On 100+ pips you really need a good week that runs to give you a chance at capturing 3 to 4x R/R.

So for those who trade this method, I suggest you do some work on Joel Rensink and Tony Crabel who used Opening Range Breakouts in commodities for years and see who long they have taken to build accounts, it will give you a great reality check.

If you are finding yourself making huge gains there is a common mispractise and that is huge risk in either Leverage or Account risk or a combination. These markets will be around for a very long long time so there is no rush to get the rewards that are out there.

Take care, Im currently long on GJ. Lets see how this week travels. Best to you all

Razor