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4H Box Breakout

  • #1,421
  • Jul 29, 2009 8:06pm Jul 29, 2009 8:06pm
Quoting calderone
I canceled my short because I did not like the wave movement. I will try again next week.

Is august a bad month for forex? anyone?
I think I am lucky this week, gain 113 pips from long and 70 pips from short on GJ. The wave in this week is same as last. Any way, I have can't complaint, it is still +ve number. If follow Ace's system, I think I should BE for both trade.

Calderone, I don't think anyone can answer your question if we are using 4 hour chart. I think we need to study daily or weekly chart then only can forecast which way it probably goes.

Read this article http://www.forexfactory.com/news.php?do=news&id=185801 , it may give you some hints.
  • #1,422
  • Jul 29, 2009 10:15pm Jul 29, 2009 10:15pm
Quoting pips info
I think I am lucky this week, gain 113 pips from long and 70 pips from short on GJ. The wave in this week is same as last. Any way, I have can't complaint, it is still +ve number. If follow Ace's system, I think I should BE for both trade.

Calderone, I don't think anyone can answer your question if we are using 4 hour chart. I think we need to study daily or weekly chart then only can forecast which way it probably goes.

Read this article http://www.forexfactory.com/news.php?do=news&id=185801 , it may give you some hints.
  • #1,423
  • Jul 30, 2009 12:04am Jul 30, 2009 12:04am
Come on Droland, your smarter than that. If the system doesn't work without a high risk v reward in the long term than all increasing risk and reducing reward would do is get you to the poor house faster. I like your thinking though. Obviously noone likes a double stop two weeks in a row. Maybe markets are primed now for three nice winners in a row??
  • #1,424
  • Jul 30, 2009 1:08am Jul 30, 2009 1:08am
Ive actually changed things a bit, and lowered my risk a lot but have been guaranteed a nice profit each week.

I only trade the GBP/JPY and set two entry one short and one long.

Then once one triggers let it ride to TP1 then mvoe stop loss to TP1 to lock in those profits, normally it has been pulling back but hey I got 100 pips on average.

It normally then goes back down to trigger my short and I do the same move stop loss to TP1, getting up to 200 pips on average out of both trades.

Yes I am not getting 300 pips but i has been working and I have been looking back and noticed on the GBPJPY this has worked.

Less risk which works for me.
  • #1,425
  • Jul 30, 2009 1:33am Jul 30, 2009 1:33am
Hi Droland,
Thank you for this very informative post, I think I may adjust my exits to give this a try, with a larger lot size of 1.5 like your suggestion.

I know the general rule is to risk max 3% of your account per trade, but with this system we are looking at larger moves and also up to a week per trade (longer time frame) so your suggestion of 7.5% seems reasonable with a higher win ratio. Has anyone backtested to see what the win ratio would be at TP1.5??

One thing I have always hated was math lol, I am glad you have givin it some thought and shared it with the rest of us.

G,

Quoting droland
I would like to present a concept different from my trading plan and more in line with Ace's method.

This is plain mathematics, not a new trading stategy....
  • #1,426
  • Jul 30, 2009 7:52am Jul 30, 2009 7:52am
Quoting pips info
I think I am lucky this week, gain 113 pips from long and 70 pips from short on GJ. The wave in this week is same as last. Any way, I have can't complaint, it is still +ve number. If follow Ace's system, I think I should BE for both trade.

Calderone, I don't think anyone can answer your question if we are using 4 hour chart. I think we need to study daily or weekly chart then only can forecast which way it probably goes.

Read this article http://www.forexfactory.com/news.php?do=news&id=185801 , it may give you some hints.

Great job guys. I banked 110 pips from the long & short combined - GJ only.

Sandy
  • #1,427
  • Jul 30, 2009 12:52pm Jul 30, 2009 12:52pm
gosh, same thing happened as last week. ugh, annoying...I think I am gonna sit the rest of this month our since its known to be one of the worse trading months. I dont know if will sit out august either, guess depends on how next week looks.
  • #1,428
  • Jul 30, 2009 1:02pm Jul 30, 2009 1:02pm
Quoting Ben-1
I don't know how you got that 400 pips but i followed the stretegy to the letter and i am down at the moment close to 200 pips.Can you please post your entry and exit so as to be able to correct what i did wrong.
To Garfield 75 and G555
Thank you so much for your input last July 22. Last week was the 1st time I used ACE'S method w/c found me over 200pips in the hole in the middle of the week. Thanks to you guys i came out winning not much but at least it is still a win (27 pips)
Since then I have been following what you were doing.This week and i found myself up around 200 pips.In ACE'S method you need ice water in your veins to stay in the trade If you panic you lose.Anyway I stuck it out.I was not use to having a large SL but necessary.Thank you also ACE for sharing your strategy.
  • #1,429
  • Jul 30, 2009 1:35pm Jul 30, 2009 1:35pm
Quoting pips info
Hi Tdp,

I am using "Waddah_Attar_Explosion", a custome indicator which downloaded from FF, plus OBV to check on the volume change. As you can see from my attached chart, the buy volume is getting less and change colour to red (sell); by that time, OBV also moving downward. it mean selling volume is increasing. However, it ur own decision during this time whether to keep it on or take what ever it is good, as long as it is +ve figure or take the minimum lost, don't hope, trade along with the trend.

Btw, from my previous post, I said short is...
Thanks for the indicator, where can i go read up on this indicator. I did not know this has a built in alarm . How do i shut it off. i tried deleting it but keeps coming back on .
  • #1,430
  • Jul 30, 2009 2:11pm Jul 30, 2009 2:11pm
Quoting Ben-1
Thanks for the indicator, where can i go read up on this indicator. I did not know this has a built in alarm . How do i shut it off. i tried deleting it but keeps coming back on .
hi Ben,

You can go in Indicator propertis and change the Alerts to false - you can also set the nr of alerts you'll get to 1. Also I beleive that there are several postings in FF that explain the indicator use or give outside links to other forums. Just do a search in the forum.

Cheers,
  • #1,431
  • Jul 30, 2009 5:23pm Jul 30, 2009 5:23pm
This was my second week of live trading using this system. Made 440 pips this week.

842 pips in total for 2 week. Not bad for couple of weeks when the system hasn't performed well.

Next week I am use G/J, E/J, A/J and Ch/J.

cheers
Garfield
Trading is SIMPLE not EASY.
  • #1,432
  • Jul 30, 2009 6:04pm Jul 30, 2009 6:04pm
Quoting nubchai
Hi Garfield. I use the RS indicators and like them a lot. I can't remember where I found them. They're attached for you and anyone else who might like them. I apologize for not zipping or archiving but my archiving tool doesn't seem to be working.

For EU just open the Eur indicator and format it the way you'd like it. Then drag the USD indicator on top of the EUR and it will overlay. You can then format the second indicator the way you want it.

Sandy

P.S. I have to upload 1 more to complete the set. Please see my next post.
How long have you been using these indicators?
Been noticing something awfully strange about its performance.
  • #1,433
  • Jul 30, 2009 6:17pm Jul 30, 2009 6:17pm
Quoting garfield75
This was my second week of live trading using this system. Made 440 pips this week.

842 pips in total for 2 week. Not bad for couple of weeks when the system hasn't performed well.

Next week I am use G/J, E/J, A/J and Ch/J.

cheers
Garfield
Hi Garfield,

Can you please post some charts with explanations on trades you took and your exit strategy?

Thanks,
  • #1,434
  • Jul 30, 2009 6:32pm Jul 30, 2009 6:32pm
Quoting Ben-1
Thanks for the indicator, where can i go read up on this indicator. I did not know this has a built in alarm . How do i shut it off. i tried deleting it but keeps coming back on .
Hi Ben-1,

I have forgotten where I read about the indicator because I have tried out too many indicator for the pass 1 year and it is one of the indicator i think uesful. However, I think you should be able to find it thru search engine.

Btw, you can shut off the arlet by:

1. go to edit indictor (menu as per picture below will appear)
2. select input tab
3. change the default arlet value, 500 to 0

Good luck!
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 35 KB
  • #1,435
  • Jul 30, 2009 7:26pm Jul 30, 2009 7:26pm
Quoting geribosi
Hi Garfield,

Can you please post some charts with explanations on trades you took and your exit strategy?

Thanks,


I have attached my chart for this week

1) Long entry open 3 position. BE on the other side of the box.

2) TP1 hit. Close 1 position. Move SL to BE.

3) SL hit on remaining long positions.

4) Short entry with 3 position. BE on the other side of the Box.

5) TP 1 hit. Close 1 position. Move SL to BE.

6) SL hit. Done trading the system for the week.

One of my broker provides SMS service, where I can setup to receive sms whenever a currecny pair reaches a certain buy or sell price. Whenever my TP1 hits, I get an sms, then I can just login to my MT4 platform and move my SL to BE.

Hope this helps you to get more pips.

Cheers
Garfield
Attached Image (click to enlarge)
Click to Enlarge Name: Week of 24th July 4 hours.jpg Size: 55 KB
Trading is SIMPLE not EASY.
  • #1,436
  • Jul 30, 2009 8:19pm Jul 30, 2009 8:19pm
Quoting pips info
Hi Ben-1,

I have forgotten where I read about the indicator because I have tried out too many indicator for the pass 1 year and it is one of the indicator i think uesful. However, I think you should be able to find it thru search engine.

Btw, you can shut off the arlet by:

1. go to edit indictor (menu as per picture below will appear)
2. select input tab
3. change the default arlet value, 500 to 0

Good luck!
Pipinfo/Geribosi
Thank you for your help. I appreciate it very much.
  • #1,437
  • Jul 31, 2009 9:26am Jul 31, 2009 9:26am
Quoting bujal38
how to minimise the problem?
1. Put 2 position (sell stop 2 position, buy stop 2 position)
2. position (let say Sell triggered)
3. TP 1 position at 1x box range, move to BE other 1
4. let it ride until 4x of the box (many time it goes to 3x box)

happy that way. just my opinion
Agree, thats how I would try and play it
  • #1,438
  • Jul 31, 2009 12:09pm Jul 31, 2009 12:09pm
Quoting Ace284
How long have you been using these indicators?
Been noticing something awfully strange about its performance.
About 2 or 3 months. I check the cross and then look at the strength indicator (text upper left) and it helps with trend changes. They seem to work better on higher timeframes. What are you noticing?

Sandy
  • #1,439
  • Jul 31, 2009 12:20pm Jul 31, 2009 12:20pm
Just as an aside I've been reading some of the boards where they discuss the GJ. It's a bit funny in that many predict a major drop in the GJ but it continues upward. Also even though it's the summer when trading slows down, I guess there are some volatile moves in the forex world in August. In short no one can predict anything

With the Ace system the nice thing is we can put the pending orders in and let the PA determine which trade is taken. I'll continue to trade this week and through the summer. It's a proven money maker.

Sandy
  • #1,440
  • Jul 31, 2009 4:17pm Jul 31, 2009 4:17pm
Quoting nubchai
Just as an aside I've been reading some of the boards where they discuss the GJ. It's a bit funny in that many predict a major drop in the GJ but it continues upward. Also even though it's the summer when trading slows down, I guess there are some volatile moves in the forex world in August. In short no one can predict anything

With the Ace system the nice thing is we can put the pending orders in and let the PA determine which trade is taken. I'll continue to trade this week and through the summer. It's a proven money maker.

Sandy
The reason the market is going up, whilst some are predicting it too fall is the same reason why it still held will the Sub prime was going on. Bullshit sells until truth tells. The message coming from Obama is that we are back on track and everything is rosy again, despite the trillions of dollars printed (as recently as a few months ago). There is a lot swept under the rug and it is a matter of time before it comes out again.

Alot of people are predicting the bottom to have been hit and other are saying that it is not possible for the recession to be easing. Considering the scale of the problem, and the likeness of past depression/recession, plus the state of the US financial system/housing/bonds ect it is very unlikely that the US is even close to be "a'ok". Will the bullshit talk play or is the country really picking up. Im not sure but here in Australia, we have weathered it better than most and even here it still looks shaky.

Razor
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