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4H Box Breakout

  • #1,541
  • Aug 4, 2009 7:48pm Aug 4, 2009 7:48pm
Just to keep it simple in calculation using this method if I enter 3 full lots long on G/J @ 150.00 with TP1 at 150.25, TP2 at 150.50 and TP3 at 150.75 all three TP hits.

My reporting method is :-

Position 1 25 pips = $250
Position 2 50 pips = $500
Position 3 75 pips = $750
Total = 150 Pips = $1500.00

To keeping clean for tracking, analysis and reporting.

Using the above exmaple reporting only 75 pips = $750 profit using non-cumulative is not correct in my point of view, I am sure tax guys won't like it either ;-)

Cheers
Garfield
Trading is SIMPLE not EASY.
  • #1,542
  • Edited 8:08pm Aug 4, 2009 8:07pm | Edited 8:08pm
Quote
Hi Anthony,

I am south of the river near Rockingham, what about you?


iansr1, I am in Kalamunda.
  • #1,543
  • Aug 4, 2009 8:15pm Aug 4, 2009 8:15pm
so if I open a position and take half the position off at 50 pips and close the other half at 100 pips I made 150 pips? No I didn't, thats my point.
  • #1,544
  • Aug 4, 2009 8:27pm Aug 4, 2009 8:27pm
Quoting fxann
Hi Ace,

Thanks again for this wonderful system. I can foresee my account growing weekly. In order to pay it forward so that you may cut down time to answer repeated questions. I have sum up the FAQs after reading most of the posts.Pls correct me if I am wrong. Thanks

(1) Which candle? GMT20 or GMT00?

Ace: The week starts at the open of the Australian session. On your MT4 platform(Ace use FXDD). Press Ctrl+y on a 4hr chart. Lines will magically pop up and at the start of every week the first 4hr candle should form on the line. This is the candle...
Excellent post, ill put a direct link to this on the first page. I'd been meaning to do this but I think I just got too lazy.
  • #1,545
  • Aug 4, 2009 8:40pm Aug 4, 2009 8:40pm
Hi FXAnn,
Thanks for the FAQ...
  • #1,546
  • Aug 4, 2009 8:52pm Aug 4, 2009 8:52pm
Quoting garfield75
Just to keep it simple in calculation using this method if I enter 3 full lots long on G/J @ 150.00 with TP1 at 150.25, TP2 at 150.50 and TP3 at 150.75 all three TP hits.

My reporting method is :-

Position 1 25 pips = $250
Position 2 50 pips = $500
Position 3 75 pips = $750
Total = 150 Pips = $1500.00

To keeping clean for tracking, analysis and reporting.

Using the above exmaple reporting only 75 pips = $750 profit using non-cumulative is not correct in my point of view, I am sure tax guys won't like it either ;-)

Cheers
Garfield
This can be very misleading though. Say you open 10 lots and close each lot after 1 consecutive pip until all ten lots are closed.

With what you said, you would report +55 pips. But the market only moved 10 pips. That's an exaggeration as compared to this system but you get my point. This way of counting pips is actually what scammers use when they proclaim 1000's of pips. They cut one full lot into pieces and magnify their pip count.

For this system specifically though, i've been posting results which can directly relate to one position size. For example, when I say there was a +300 gain, and one was to use 1 full lot. It would translate to +$3000.

But when you post the same results you might say exit at three different times. Once at +100 then +200 and finally +300. With that, you would say I made +600 pips. Can be misleading for the ones who've been following along.
Its not a problem if you state your method of counting pips, and it does make perfect sense if you close at different levels.




Well, actually we should be talking in percentage. Thats the best method because problems like this do not occur and its accurate. From now on, if anyone is going to post their wins or losses, try to use % gain or loss. That includes myself. And post the amount you risked in %. Unless its a chart of course. Its actually how to best traders do it so lets get in the habit.
  • #1,547
  • Edited 9:10pm Aug 4, 2009 8:57pm | Edited 9:10pm
yesterday, i re-enter the martket from the Fibo , and gain another 200 pips, very easy !
look at the pics,
Thanks Ace284 for your system !
Attached Image (click to enlarge)
Click to Enlarge Name: re-enter the market.gif Size: 11 KB
  • #1,548
  • Aug 4, 2009 9:43pm Aug 4, 2009 9:43pm
Dear Ace,

Can you please provide some view how to determine the long or short at the beginning 4H candle.

Thanks
  • #1,549
  • Aug 4, 2009 10:00pm Aug 4, 2009 10:00pm
Quoting hafizal79
Dear Ace,

Can you please provide some view how to determine the long or short at the beginning 4H candle.

Thanks
I thought you too lazy to read from the beginning, It take me 30mins to know how to long/short, and have more than 300 pips from monday !
  • #1,550
  • Edited 10:24pm Aug 4, 2009 10:10pm | Edited 10:24pm
come on Hafizal, its on the first page of the thread. This is one of the simplest methods I have every seen and if you can't understand proper entry then really you have no business trading. Ace goes out of his way and spends time to post every Sunday at the close of the first 4Hour bar on FXDD and literally shows you the exact entry and take profits. Some of you guys gotta help yourself a little, it can't get spoon fed any easier (well maybe an IV).
  • #1,551
  • Aug 4, 2009 10:14pm Aug 4, 2009 10:14pm
Quoting 11andy11
come on Hafizal, its on the first page of the thread. This is one of the simplest methods I have every seen and if you can't understand proper entry then really you have no business trading. Ace posts every Sunday at the close of the first 4Hour bar on FXDD and literally shows you the exact entry and take profits. Some of you guys gotta help yourself a little, it can't get spoon fed any easier (well maybe an IV).
  • #1,552
  • Aug 4, 2009 10:38pm Aug 4, 2009 10:38pm
Hi

I wish every traders want to study this or other strategies need to invest more time by reading all pages. The first two pages normally is the original strategy that you can study.

Please, please dont just jump in the middle of freeway and asking for the way. I don't point to any particular person but give a general advice which every body do know but feel lazy to read all.

Sorry for any inconvinience that may cause


This is a great great and simple strategy and most profitable and I take this opportunity to thank Ace284 for this wonderfull strategy.


-----------------
Every body would be student at the market place
We should all be students of the market place.
  • #1,553
  • Aug 4, 2009 11:15pm Aug 4, 2009 11:15pm
Quoting 11andy11
so if I open a position and take half the position off at 50 pips and close the other half at 100 pips I made 150 pips? No I didn't, thats my point.
I have always counted my pips just as Garfield does if I'm trading multiple positions. In your example, you are talking about 1 position, whereas Garfield has made it clear that he opens 3 positions on each trade. While the pip count from a win might seem inflated as a result, it also holds true that a loss would also be inflated. So, in my thinking, it all comes out in the wash.

I do agree with Ace that it should be clearly stated how many positions are being traded each time and that probably a better method of reporting results is growth percentage of the account. I personally try to summarize my trading method and include a copy of my account summary any time I report results just to keep things clear.

With all that said, I don't want to sidetrack the thread into an endless discussion on pip counts, so apologies in advance and I won't be posting any more on the subject. Better that we concentrate on this great method of trading.
Greetings from Guanajuato, Mexico
  • #1,554
  • Aug 5, 2009 12:02am Aug 5, 2009 12:02am
Just a thought but if someone could modify this one it would sure save a lot or questions on how to set the week up on sunday. The attached is the newyork breakout box which was written for 15min charts pop it on one and see what I mean. It is nice

regards

N
Attached File(s)
File Type: mq4 NewYorkBox.mq4   18 KB | 740 downloads
File Type: tpl newyorkbreakout.tpl   13 KB | 595 downloads
  • #1,555
  • Aug 5, 2009 12:03am Aug 5, 2009 12:03am
makes no difference if its one lot or three lots. What matters is the risk per trade. I agree with Ace, ROA is what people can relate to.
  • #1,556
  • Aug 5, 2009 12:36am Aug 5, 2009 12:36am
NIck,

look for Jasons breakout box v03 in the attachments list.

it draws the exact box you need for any breakout (london NY or Tokyo) on any time frame you wish (you specify which candles to use).....

cheers
  • #1,557
  • Aug 5, 2009 12:40am Aug 5, 2009 12:40am
sorry,

got my threads mixed up.... lol

its in the attachments of the 0400-0700 gmt breakout thread....

cheers
  • #1,558
  • Aug 5, 2009 12:45am Aug 5, 2009 12:45am
Quoting 11andy11
come on Hafizal, its on the first page of the thread. This is one of the simplest methods I have every seen and if you can't understand proper entry then really you have no business trading. Ace goes out of his way and spends time to post every Sunday at the close of the first 4Hour bar on FXDD and literally shows you the exact entry and take profits. Some of you guys gotta help yourself a little, it can't get spoon fed any easier (well maybe an IV).
i already read it....

i already understand it....

but how you sure it will break? just a luck? just to be follower?

i don't debate on are this system is simple or what.

i sure you not become a trader for many year if you are already smart you should be a millionaire now.

asking when you don't know the thing. this my afford to learn.
  • #1,559
  • Aug 5, 2009 1:37am Aug 5, 2009 1:37am
Hi Ace, I think I have missed out one thing. Do you draw your lines manually or with some indicators which specially created?

Sorry, I can't remember this has been answered. As far as I know some of the experts are working on the EAs.

Thanks
  • #1,560
  • Aug 5, 2009 1:57am Aug 5, 2009 1:57am
Quoting hafizal79
i already read it....

i already understand it....

but how you sure it will break? just a luck? just to be follower?

i don't debate on are this system is simple or what.

i sure you not become a trader for many year if you are already smart you should be a millionaire now.

asking when you don't know the thing. this my afford to learn.

mate If you need to get answer then you should be nice when asking for it.
If you did read it and understand it then you shouldn't be asking the question
"but how you sure it will break? just a luck? just to be follower?"
Answer - We don't know which way it will go and this is why its a straddle order on both side for Long and Short. That way it doen't matter which the market moves you are in it as and when it moves.

Cheers
Garfield
Trading is SIMPLE not EASY.
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