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4H Box Breakout

  • #1,441
  • Jul 31, 2009 6:12pm Jul 31, 2009 6:12pm
Quoting Razor_trader
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...
Hi Razor,

Good to see an aussie here. I am from sydney. where are u located ?

Cheers
Garfield
Trading is SIMPLE not EASY.
  • #1,442
  • Jul 31, 2009 8:29pm Jul 31, 2009 8:29pm
Quoting garfield75
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...
garfield,
what is ur buffer for pending order buy and sell? did u open 3 position which different TP?
  • #1,443
  • Jul 31, 2009 8:35pm Jul 31, 2009 8:35pm
Hey Ace,

I just wanted to thank you for sharing this box break out system here in the forum.

I have been disappointed in my trading for some time and tonight I found your system.

I am not very big on back testing because most of the time a back test is nothing but junk as it is always easy to see what we could have done when it is all laid out in front of us. We all know that being in the trade in real time is a whole story of it's own.

However, back testing this system is a whole lot different because it is based on a weekly basis rather than per candle.

My back test of this system is absolutely stunning. I don't exactly know why it seems to work but it really does work as far as the test is concerned.

This Sunday I will be trading it live but so far in my 4 years of trading, I have not found anything like this. I am sick and tired of all the lagging indicators and everything else out there that is supposed to guide us in some kind of a direction.

Even with the best indicators, most of my trades still go against me before I ever get back to even or get into profit. I have even considered starting a "Reverse" trading system where I would trade against what all the indicators were actually telling me I should do.

Anyway, thanks again and I will post my live results as time will allow me too.

Good luck to everyone,

Dan Hansen
  • #1,444
  • Jul 31, 2009 8:45pm Jul 31, 2009 8:45pm
Quoting rapidfx
garfield,
what is ur buffer for pending order buy and sell? did u open 3 position which different TP?
my entry are with 10 pips buffer on each side of the box.
Yes all position with diff TP, so when TP1 hits, one position is closed automatically and I just move my SL to BE for remaing open position.

Cheers
Garfield
Trading is SIMPLE not EASY.
  • #1,445
  • Jul 31, 2009 9:41pm Jul 31, 2009 9:41pm
Quoting gustav213
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...
gustav,

What is your target profit after you move your SL to the TP1 level? TP2 or what?

Thanks,
Bob
  • #1,446
  • Jul 31, 2009 10:09pm Jul 31, 2009 10:09pm
Quoting garfield75
my entry are with 10 pips buffer on each side of the box.
Yes all position with diff TP, so when TP1 hits, one position is closed automatically and I just move my SL to BE for remaing open position.

Cheers
Garfield
so..

post 1 TP1
post 2 TP2
post 3 TP3

SL= 1x range box

rite, garfield? If all 3 post TP, what aout the other sides? u cancelled or u still keep in position? what is ur MM? have u backtested before maybe 2 years...
  • #1,447
  • Jul 31, 2009 10:46pm Jul 31, 2009 10:46pm
Quoting rapidfx
so..

post 1 TP1
post 2 TP2
post 3 TP3

SL= 1x range box

rite, garfield? If all 3 post TP, what aout the other sides? u cancelled or u still keep in position? what is ur MM? have u backtested before maybe 2 years...
my 2 cents,

I think as a trader, you need to be able to read the market structure and adjust your strategy accordingly. RIght now, you can not trade this system the way we were trading it a few months ago. You will get killed. We are risk managers first, and then profits will come. I understand why pple are changing their risk management around this system, but I think if you are using the basic system now, then you should sit back and reevaluate. We are definitely getting whipsawed around, and I think everyone has to realize that. So adjust for the market conditions.

I don't agree with folks that say we shouldn't be changing the system around at this point. The basis is the same, but you gotta use a different risk management strategy.

Just manage your risks and the profits will come.

Happy weekend
  • #1,448
  • Aug 1, 2009 12:39am Aug 1, 2009 12:39am
This is how I apply this strategy:

- At the breakout open 4 positions (no buffer since I am not convinced about using it)

- Close 2 positions at TP1 (1x of the range)

- Close 1 position at TP2 (3x of the range)

- Close 1 position at TP3 (5x of the range)

The idea here is to BE (Breakeven) once TP1 is reached which happens most of the time and that is why I have selected 4 positions. I am still experimenting with different options in terms of 2nd & 3rd TPs but overall the system seems to be quite interesting.
  • #1,449
  • Aug 1, 2009 1:46am Aug 1, 2009 1:46am
Quoting rapidfx
so..

post 1 TP1
post 2 TP2
post 3 TP3

SL= 1x range box

rite, garfield? If all 3 post TP, what aout the other sides? u cancelled or u still keep in position? what is ur MM? have u backtested before maybe 2 years...
I open position both way, set to expire by end of Friday if not entered. So even if I hit TP3 in one direction, my order on the other side is still there if things turnaround. MM is 3% on each side. Long 3% and Short 3%.
Not a believer in backtesting or demo testing. There is a whole dimension of human psychology which play a big role in real money which can't be backtested or demo tested.
i.e 3 position open in G/J each is single lot. all are in 100 pips profit. so approximately 3K of profit in real $$. is anyone going to let that trade take a u turn and go in loss to follow a system rule ? or r u going to take the money and rest of the week off from trading to have fun ?

Most system fail over time becuase they are outdated due to changing market condition. Tweak the system to adopt to market condition in real time. This is a good system, which can work for a long time wiht a bit if tweak.

Cheers
Garfield.
Trading is SIMPLE not EASY.
  • #1,450
  • Aug 1, 2009 7:35am Aug 1, 2009 7:35am
Quoting garfield75
I open position both way, set to expire by end of Friday if not entered. So even if I hit TP3 in one direction, my order on the other side is still there if things turnaround. MM is 3% on each side. Long 3% and Short 3%.
Not a believer in backtesting or demo testing. There is a whole dimension of human psychology which play a big role in real money which can't be backtested or demo tested.
i.e 3 position open in G/J each is single lot. all are in 100 pips profit. so approximately 3K of profit in real $$. is anyone going to let that trade take...
i see.... emm..about SL u set 1x range box or range box + buffer 10 pips?. ex range 100 pip between hi lo..then are u set sl 100 or 110?

ex:

Hi 150.00 Lo 149.00
so..buy stop 150.10 SL 149.00 or 149.10? which one?
  • #1,451
  • Aug 1, 2009 1:46pm Aug 1, 2009 1:46pm
Quoting gustav213
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...
Nice strategy. Tying into DRoland's idea if you know that TP1 will be hit 75% of the time (this is an example. I haven't back tested) you could then risk a larger lot size depending on your account balance. From Ace'sperspective you've reduced risk:reward to 1:1 but in this market maybe that's more cost-effective because your win rate would be higher than if you waited for TP2 or 3 and got stopped out
  • #1,452
  • Aug 2, 2009 2:22am Aug 2, 2009 2:22am
Hi Guyz,

There are lot of important news ahead, I think we should take nescessary action before the news is released espcially Wed to Friday. I think will take less pips than risk my $$ or will move SL to BE if it hit ~1X of the box height. This would be my strategy next week.

I think it good we manage our trade also instead of just let it go...

Best of luck to us!!
  • #1,453
  • Aug 2, 2009 3:52am Aug 2, 2009 3:52am
Quoting rapidfx
i see.... emm..about SL u set 1x range box or range box + buffer 10 pips?. ex range 100 pip between hi lo..then are u set sl 100 or 110?

ex:

Hi 150.00 Lo 149.00
so..buy stop 150.10 SL 149.00 or 149.10? which one?

SL at 149.00.
Trading is SIMPLE not EASY.
  • #1,454
  • Aug 2, 2009 4:47am Aug 2, 2009 4:47am
Anybody try this http://www.forexfactory.com/showpost...&postcount=432

with this system?

GE.
Some pursue happiness, others create it.
  • #1,455
  • Aug 2, 2009 4:51am Aug 2, 2009 4:51am
Quoting rapidfx
i see.... emm..about SL u set 1x range box or range box + buffer 10 pips?. ex range 100 pip between hi lo..then are u set sl 100 or 110?

ex:

Hi 150.00 Lo 149.00
so..buy stop 150.10 SL 149.00 or 149.10? which one?
IMO when you place buy stop you need to add up the spread.. let say the spread is 7 for gy.. hence the buy stop should be at least 150.07. For sell stop, the price will remain the same as lo price since it refers to bid price.. to add up the buffer +/- 10 is up to individuals preference.. correct me if I'm wrong.
Be a sniper not a jumper
  • #1,456
  • Aug 2, 2009 8:11pm Aug 2, 2009 8:11pm
test
  • #1,457
  • Aug 2, 2009 8:12pm Aug 2, 2009 8:12pm
Where is everyone? No posts for 15 hours?
  • #1,458
  • Aug 2, 2009 8:19pm Aug 2, 2009 8:19pm
don't really know. lol Did you place your trades?
  • #1,459
  • Aug 2, 2009 8:23pm Aug 2, 2009 8:23pm
The week is underway. The candle is formed and as always im posting my chart for GBP/JPY and EUR/JPY.

Setting BE orders at some point in the trade would be a good idea. I'm looking at 1x, then placing it at BE.

I'm posting a chart for July. There was a loss but the first week of July off set most of it. Only at around -1 for the month. A lot of people are taking it much more seriously then that because maybe they exited the first weeks position too early. Or maybe they found this system right after that great week. Long Term people...Nothing catastrophic has happened yet.

Keep in mind the July could have been a complete Breakeven if we had placed a BE order on the short after 1x was hit.

Anyway, good luck!
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  • #1,460
  • Aug 2, 2009 8:33pm Aug 2, 2009 8:33pm
Hi Guys,

Just a question. Anybody have tested USDJPY before? Is it a good pair to trade with this Ace 4H BO method? There will be NFP this week.


what say all of you?
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