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4H Box Breakout

  • #1,881
  • Aug 16, 2009 11:14pm Aug 16, 2009 11:14pm
Thanks for the heads up guys!

Mike
  • #1,882
  • Aug 16, 2009 11:15pm Aug 16, 2009 11:15pm
hi guys,

my both eur/jpy and gbp/jpy both triggered long. did anyone experience the same thing?

pls reply
  • #1,883
  • Aug 17, 2009 12:14am Aug 17, 2009 12:14am
Morning everyone first day of the week & 1st post on Forex Factory J , have been following this thread with a lot of interest after reading I am now starting my first technical trade on forex using this system. (Thanks Ace for sharing this and everyone for making this thread so active and informative) now wait for it ……..my early morning NOOB question, just so I have all this reading straight in my head, Once we have box sorted from our 1st 4H we then set up one Pending BuyStop at Breakout= (BoxHigh+Buffer+Spread) & Pending SellStop at Breakout= (BoxLow+Buffer), so that’s just 2 orders which we leave run till end of trade Friday also do you manually manage TPx1 TPx2 etc, as the week goes on or do you set it to TPx2 in your pending orders…..???

Thanks for any help,

Jay
  • #1,884
  • Aug 17, 2009 12:35am Aug 17, 2009 12:35am
Hoe did that happen ? my GJ has triggered SHORT
  • #1,885
  • Aug 17, 2009 12:36am Aug 17, 2009 12:36am
Quoting vito88id
hi guys,

my both eur/jpy and gbp/jpy both triggered long. did anyone experience the same thing?

pls reply
Mine triggered short and I am up some pips.
  • #1,886
  • Aug 17, 2009 12:45am Aug 17, 2009 12:45am
yeah my long has hit sl now and both short positions are opened. I must have done something wrong in the beginning

thanks a lot guys for the reply
  • #1,887
  • Aug 17, 2009 12:54am Aug 17, 2009 12:54am
Quoting vito88id
yeah my long has hit sl now and both short positions are opened. I must have done something wrong in the beginning

thanks a lot guys for the reply
Sorry to hear. Review the first post as to when to enter and at GreatYves post #1845 for short and long entries. Hope your short returns many more pips then you lost.

Good luck to all of us.
  • #1,888
  • Aug 17, 2009 1:14am Aug 17, 2009 1:14am
Sorry guys, I was away from my laptop, and couldn't post the Pivot indi.

Thanks DR for posting it. I am with you (DR) on this one. I will enter short only after G/J break Monthly Pivot by 50 pips. Right now it is just bouncing on the pivot line.

cheers
Garfield
Trading is SIMPLE not EASY.
  • #1,889
  • Aug 17, 2009 1:14am Aug 17, 2009 1:14am
Quote
hi guys,

my both eur/jpy and gbp/jpy both triggered long. did anyone experience the same thing?

pls reply

My chart is SHORT , and also trigger few mins ago , with some +pips
  • #1,890
  • Aug 17, 2009 1:29am Aug 17, 2009 1:29am
Quoting vito88id
yeah my long has hit sl now and both short positions are opened. I must have done something wrong in the beginning

thanks a lot guys for the reply
long positions have not yet been triggered. Review post #1. You might want to demo trade the system for a couple of weeks before going live. All your questions are answered multiple times in the thread. Go back in the thread and look on Sundays, Ace posts a pic of his chart with the exact entry, stoploss and the different take profit levels. Review it with your charts during the same time period so that you are proficient with the correct entry criteria.
  • #1,891
  • Aug 17, 2009 1:39am Aug 17, 2009 1:39am
Garfield,

Which Excel version do you use to calculate your entries, SL and TP levels?

Thanks.

Quoting garfield75
Sorry guys, I was away from my laptop, and couldn't post the Pivot indi.

Thanks DR for posting it. I am with you (DR) on this one. I will enter short only after G/J break Monthly Pivot by 50 pips. Right now it is just bouncing on the pivot line.

cheers
Garfield
  • #1,892
  • Aug 17, 2009 1:49am Aug 17, 2009 1:49am
Excel 2007
Trading is SIMPLE not EASY.
  • #1,893
  • Aug 17, 2009 2:58am Aug 17, 2009 2:58am
Quoting vito88id
hi guys,

my both eur/jpy and gbp/jpy both triggered long. did anyone experience the same thing?

pls reply
Hi vito88id,

I think most of us triggle short instead of long. I think you have set your pending order wrongly, I think you set it as buy limit and not sell stop. That's y you get buy and not sell...

it is depend on you whether you want to let it floating or close the trade, becos if it move up, then you will earn, if it follow Ace system then you loss...
good luck
  • #1,894
  • Aug 17, 2009 3:12am Aug 17, 2009 3:12am
when i look at my chart,i was away 44pips from the entry on G/J n fews pips too away from E/J.. i guess this week is no trade for me.. i dont wan to enter when pips is already below the entry.. maybe i wait if theres any long opportunity..
  • #1,895
  • Aug 17, 2009 3:19am Aug 17, 2009 3:19am
Quoting Freako
when i look at my chart,i was away 44pips from the entry on G/J n fews pips too away from E/J.. i guess this week is no trade for me.. i dont wan to enter when pips is already below the entry.. maybe i wait if theres any long opportunity..

Good decision. Don't chase a trade, there will be another opportunity next week.

Cheers
Garfield
Trading is SIMPLE not EASY.
  • #1,896
  • Aug 17, 2009 3:36am Aug 17, 2009 3:36am
In addition to the indicators from 1st post, I also put weekly and monthly pivot indicator. What do you reckon? I don't want to unnecessary complicate things, but I think it can be usefull.

P.S.

According to the rules I went short today on gbp/jpy. Ok?
  • #1,897
  • Aug 17, 2009 4:00am Aug 17, 2009 4:00am
This is my chart:

Attached Image
  • #1,898
  • Aug 17, 2009 4:02am Aug 17, 2009 4:02am
Quoting T.E.Lawrence
In addition to the indicators from 1st post, I also put weekly and monthly pivot indicator. What do you reckon? I don't want to unnecessary complicate things, but I think it can be usefull.

P.S.

According to the rules I went short today on gbp/jpy. Ok?

I use pivot point too for guidence. Since lot of traders use them, it works well.

I didn't take any short trade this week, becuase of Monthly Pivot, if G/J crashs then I won't make any pips, but I won't lose any either . I prefer to be safe than sorry.

Cheers
Garfield
Trading is SIMPLE not EASY.
  • #1,899
  • Aug 17, 2009 4:17am Aug 17, 2009 4:17am
It is obvious that the market is in sell mode. Before making a trade, check out for the larger timeframe and see what they are telling you. The trend obviously is down, so taking a buy would always turn into a loosing trade. Use the 21SMA moving average to gauge the trend.

I entered a pending sell stop at the GBPJPY pair. My order was filled and presently, I have booked 50 pips profit at TP1, my second order is still on with over 70pips in profit. I intend to ride the trend until it's exhausted. After all I'm not risking anything since I have moved my stop loss to break even.
  • #1,900
  • Aug 17, 2009 4:26am Aug 17, 2009 4:26am
From what I read on this thread I've learnt that the most profitable pair, while trading this method, is gbp/jpy. What other pairs would you recommend based on your experience?
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