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4H Box Breakout

  • #1,981
  • Aug 18, 2009 2:57am Aug 18, 2009 2:57am
Quoting fxann
Hi Kim,

I am from Singapore, you are only 2hrs earlier than me.
Looks like you are facing the same issue here. Hmmm.....when I live chat with Oanda or IGmarkets (office in Sin), they said they don't have roll over. Do I need to change broker in order to get over this?

Thanks
Hey There Singaporeans.. Love To Hear That Someone Is in The Same Small Country As Me.. I dont use asia broker such as oanda or igmarkets cos i dont even trust them.. Im using Fxcm Micro..
  • #1,982
  • Aug 18, 2009 3:40am Aug 18, 2009 3:40am
Just an update guys.

I was short, and then as price moved to TP1, I moved my SL to BE+1 which was hit a few hours ago. So no profit on my short. (but no losses either!!)

However, as it is still Tuesday, I left my long orders in place. My LONG got triggered by a single pip a short while ago.

Currently my position is -37 pips, but my target is still TP4.

Good trading all

ps. a comment on some of the discussion above. TIME mentions probabilities above. He is dead right. If your target is TP1, then you need to have more wins than losses to make this system work. TP2 is good, TP3 is better, but as many people have backtested the targets, it appears that TP4 is most better (grammar!)

Fewer wins, but the ones that do win, will bring the profits. This is the hardest to do psychologically. And remember, last week was a TP4 week!!
Just for today, do not worry...
  • #1,983
  • Aug 18, 2009 4:07am Aug 18, 2009 4:07am
Entered long GBP/ JPY at 156.75. Going to follow rules.
  • #1,984
  • Aug 18, 2009 4:15am Aug 18, 2009 4:15am
Quoting shiko
Entered long GBP/ JPY at 156.75. Going to follow rules.
I also wanted to do this, but my other system I use -VSA, gave me a strong signal to sell. Ha ha - sometimes you get conflicting signals. Anyway I don't want to suggest anything, just because this 4h breakout system is new to me, I still rely on my old ones.
  • #1,985
  • Aug 18, 2009 4:20am Aug 18, 2009 4:20am
Rules to follow:
1. Open trade with 2 lots. 1 lot take profit 50 pips stop loss 150 pips or if box is bigger more including spread and buffer. Another 150 pips S/L and 600 T/P.
2.Once 50 pips reached. Move stop loss to B/E.
3. Once TP 1-150 pips in profit, move stop loss from B/E to 20-25 pips profit.
4. Then move only when next TP2, TP-3, TP-4 reached.
  • #1,986
  • Aug 18, 2009 4:23am Aug 18, 2009 4:23am
Quoting T.E.Lawrence
I also wanted to do this, but my other system I use -VSA, gave me a strong signal to sell. Ha ha - sometimes you get conflicting signals. Anyway I don't want to suggest anything, just because this 4h breakout system is new to me, I still rely on my old ones.

It probably depends upon time frame???
I tried to trade G/J with contra trade system, but it is too dangerous.
Ok, let's see how things will be going. The price is making third attempt at resistance.
Let it hit 157.25 and I am no worried anymore. Just move to B/E and can go smell flowers.
I like this system. Easy rules to follow and very reasonable.
  • #1,987
  • Aug 18, 2009 4:25am Aug 18, 2009 4:25am
What I am thinking. If price moves and hit my stop loss which is 155.25. I am thinking should I set sell order there. I think I must. It is only Tuesday and G?J in down trend. There is possibility of more selling.
With this system we gotta take signals. or we can miss big move.
  • #1,988
  • Aug 18, 2009 4:40am Aug 18, 2009 4:40am
Hi shiko
Who is your broker ? I am looking to change my broker.
Bhupinder
  • #1,989
  • Aug 18, 2009 5:45am Aug 18, 2009 5:45am
Quoting bhupinder
Hi shiko
Who is your broker ? I am looking to change my broker.
Bhupinder

I am with Oanda.
Good broker but you cannot use EA with it.
  • #1,990
  • Aug 18, 2009 5:49am Aug 18, 2009 5:49am
Quoting kheaver
Hi fxann,

Is your's different, in australia we have CFD's in forex.

Hi Kim, thanks for the guidance, I have confirmed with GFT in Sin, they only offer cfd in commodities. I also checked the symbol folder, yes, it's true, no cfds available.

I am in the middle of understanding IG markets. Thank God I still able to take profit eventhough having problem in rollover.Thanks to Ace for this wonderful system.
  • #1,991
  • Aug 18, 2009 5:50am Aug 18, 2009 5:50am
Quoting shiko
I am with Oanda.
Good broker but you cannot use EA with it.
Oanda asia doesn't have 4hr chart, where do you located?
  • #1,992
  • Aug 18, 2009 5:51am Aug 18, 2009 5:51am
Quoting pj9100
Fxann,

I can help negotiate for you a bank broker in Hong Kong who will not charge rollover interest but you need to have high turnover.

so you gather a few friends and can assure turnover then can get this facility and lower pip spread not more than 2 pips on eur/usd

PJ
Thanks PJ, I still prefer local broker, at least they are controlled by the local law.
  • #1,993
  • Aug 18, 2009 5:52am Aug 18, 2009 5:52am
I just hit SL on both EUR/JPY and GBP/JPY on the Long trades. No complaints, though . . . I'm still up 16% for the month of August, and I'm done trading for the week.
Greetings from Guanajuato, Mexico
  • #1,994
  • Aug 18, 2009 6:01am Aug 18, 2009 6:01am
My SL just got hit on the long too.

Short + 102 pips
Long - 147 pips

- 45 pips

First losing week in a while



Sandy
  • #1,995
  • Aug 18, 2009 6:13am Aug 18, 2009 6:13am
Quoting fxann
Oanda asia doesn't have 4hr chart, where do you located?

I am in Canada.
Yes, it has only 3 hours chart. But we always can use FXDD MT$ to determine the box and then just set prices on Oanda. No big deal.
  • #1,996
  • Aug 18, 2009 6:15am Aug 18, 2009 6:15am
Quoting nubchai
My SL just got hit on the long too.

Short + 102 pips
Long - 147 pips

- 45 pips

First losing week in a while



Sandy
Nope, I am not out yet. At the moment 26 pips to my S/L and to sell orders.
  • #1,997
  • Aug 18, 2009 6:18am Aug 18, 2009 6:18am
Quoting yen44x
I just hit SL on both EUR/JPY and GBP/JPY on the Long trades. No complaints, though . . . I'm still up 16% for the month of August, and I'm done trading for the week.
Excellent return. Have you done it with this system? How much do you risk per trade?
  • #1,998
  • Aug 18, 2009 6:25am Aug 18, 2009 6:25am
Quoting shiko
Excellent return. Have you done it with this system? How much do you risk per trade?
Yes, with this system. Risk is about 2% per trade. I've mentioned in the past that this is still a demo account at this point as I'm trying out various minor adaptations to the system.
Greetings from Guanajuato, Mexico
  • #1,999
  • Aug 18, 2009 6:28am Aug 18, 2009 6:28am
Quoting yen44x
Yes, with this system. Risk is about 2% per trade. I've mentioned in the past that this is still a demo account at this point as I'm trying out various minor adaptations to the system.

This sytem is actually a lot like 25-50 EMAs system which also was on this forum. But it is a way better one. Less false signals.
I am trading live but small.
I made only 1 modification and will follow all other rules.
  • #2,000
  • Aug 18, 2009 6:31am Aug 18, 2009 6:31am
Quoting shiko
I am in Canada.
Yes, it has only 3 hours chart. But we always can use FXDD MT$ to determine the box and then just set prices on Oanda. No big deal.
Good, I may consider this. Thanks
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