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4H Box Breakout

  • #2,021
  • Aug 18, 2009 9:53am Aug 18, 2009 9:53am
Quoting lkthomas
I do think it is going to break as well, but let's wait until it breaks 156.75, and we could talk
I can talk freely only after 157.25 is hit
  • #2,022
  • Aug 18, 2009 10:45am Aug 18, 2009 10:45am
I just don't know. To long or not to long, that is the question. According to the rules I should go long. Does anybody really follow the rules of this system? Or do you use some other 'private' signals or confirmations before you enter a trade?

If I didn't use pivots for SL, I would have -160 pips loss this week. Maybe I still don't understand this system.
  • #2,023
  • Aug 18, 2009 10:56am Aug 18, 2009 10:56am
Quoting T.E.Lawrence
I just don't know. To long or not to long, that is the question. According to the rules I should go long. Does anybody really follow the rules of this system? Or do you use some other 'private' signals or confirmations before you enter a trade?

If I didn't use pivots for SL, I would have -160 pips loss this week. Maybe I still don't understand this system.

If it is a system, you just follow it.
I follow all rules with exception of taking 50% profit at 50 pips and letting the rest run.
Ok, 50 pips has not been reached yet.
  • #2,024
  • Aug 18, 2009 11:00am Aug 18, 2009 11:00am
I guess you should follow ur heart.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #2,025
  • Aug 18, 2009 11:11am Aug 18, 2009 11:11am
Quoting lordgbengs
I guess you should follow ur heart.
What?!
  • #2,026
  • Aug 18, 2009 11:16am Aug 18, 2009 11:16am
Quoting T.E.Lawrence
What?!
hey people, i think it still the best to follow the original method of trading posted as per ACE.

though i modify abit on the profit taking based on S & R TL etc.

my entry is still as per 1st 4Hr break entry of the week.

no re-entry for me.

rdgs
trade safe
  • #2,027
  • Aug 18, 2009 11:17am Aug 18, 2009 11:17am
Thank you Ace for sharing this system,it is simple and plain,based on my little back test on this strategy i discovered that thru the years (from 2002 till now) most of the time the market reaches TP 1,even if its going to retrace and go back,personally i dnt take trades close to the low of the previous weeks and some other conditions,to me the beauty of this system is that it works perfectly with S and R,sometimes i am defensive in that i am very picky with trades but this is a good system,so i think everybody can take wholly or integrate it into their method,thanks again Ace.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #2,028
  • Aug 18, 2009 11:30am Aug 18, 2009 11:30am
Ok, I went long, as the rules say.

Attached Image
  • #2,029
  • Aug 18, 2009 11:30am Aug 18, 2009 11:30am
Quoting T.E.Lawrence
I just don't know. To long or not to long, that is the question. According to the rules I should go long. Does anybody really follow the rules of this system? Or do you use some other 'private' signals or confirmations before you enter a trade?

If I didn't use pivots for SL, I would have -160 pips loss this week. Maybe I still don't understand this system.
Ace and a few members have backtested this, this method gave decent results risking 2% per trade, the most recent in 2008. This is not a quick-get-rich method, but it teaches that patience and decent methods can be profitable - the biggest obstacle is the trader himself, if he can handle the drawdown and ignore the hourly noise. Any method will suffer a drawdown, and losing is part of the game. Traders have to accept that the market will do what it wants to do - therefore, you have no control over whether your stoploss or first/second TP is hit first.

The steps are so simple, you only need 5-10mins per week to follow this. But ultimately, you need to seek a method that suits your personality - if you can't stomach the 100+ pips stoploss, then do some forward testing, or demo trade this first.

I also recommend you read the following books by Jason Alan Jankovsky, i've just finished them recently:
The Art of the Trade
Trading Rules that Work

If anyone wants a copy, pls PM/email me.
  • #2,030
  • Aug 18, 2009 11:41am Aug 18, 2009 11:41am
Great thread and system... Very very few systems last this long in profit and are nearly this easy to trade.

An observation.... If something aint broke dont fix it....

Another observation "If you have an idea about optimizing the system (multiple entries, sl-be, etc..) that's fine. It's your money and thanks for sharing something that may make this even more profitable. But be wary of getting to far off on a tangent and taking this thread to the Graveyard with the thousand of others that start out profitable and simple with naked charts and end up looking like I puked Tequilla and Speghetti-os


Any who thanks for the great method....back to my hole
  • #2,031
  • Aug 18, 2009 11:54am Aug 18, 2009 11:54am
Quoting sojournerr
Ace and a few members have backtested this, this method gave decent results risking 2% per trade, the most recent in 2008....
Thanks for your reply sojournerr. I'd really like to take a look at those books. I've never ready any book on forex or trading. Just info on the internet.
  • #2,032
  • Aug 18, 2009 11:58am Aug 18, 2009 11:58am
Right. I will trade according to the rules and keep it simple. Cheers.
  • #2,033
  • Aug 18, 2009 12:05pm Aug 18, 2009 12:05pm
Ouch. I took my first full box SL last night - 140 pips. Hate that. It was the perfect storm. Talk about just hitting the long and going down to the SL then back up taking you out.

Anyway, I locked in 70 pips on the short so I a down -70 pips for this week.

The question now is, do we vary from Ace's method and set new Pendings on each side of the box since it is only Tuesday morning. I am sure this will cause a lot of debate.

My opinion is yes, as I have seen that Thursday can be one of the strongest days to trade the GJ. We are still waiting for a more serious breakout. I would not be shooting for TP4 however.

Just my thinking.

Dave R.
  • #2,034
  • Aug 18, 2009 12:10pm Aug 18, 2009 12:10pm
DRoland,

If you want to get back in the GJ why not use a daily breakout strat where the targets are lower but the SL's are tighter....

just a thought....

cheers
  • #2,035
  • Aug 18, 2009 12:15pm Aug 18, 2009 12:15pm
Quoting droland
Ouch....
IMHO, this method is intended to be a weekly breakout, similar to the FSP method (First Strike Plus), which uses a fixed ratio of the previous week range for entry and stoploss, and price at 0600 GMT Monday. After 2 stopouts, the original Long and Short entries may be of less significance.

The other possibility is to devise a daily method adapted from this weekly method. Has anyone backtested this using a daily method?

Stopped out on long too, am done for the week.
  • #2,036
  • Aug 18, 2009 12:26pm Aug 18, 2009 12:26pm
People do not like to lose money Thus they try to "improve" the system to avoid losses.
I think this system if it is followed will bring decent returns with not so much pressure like scalping.
  • #2,037
  • Aug 18, 2009 12:31pm Aug 18, 2009 12:31pm
Holy grail characteristics:

 

  1. No drawdown
  2. 100% win rate
  3. 1 million brazillion bazillion % return on every trade.

Can't get all 3.

  • #2,038
  • Aug 18, 2009 12:37pm Aug 18, 2009 12:37pm
Quoting Ronald Raygun
Holy grail characteristics:

 

  1. No drawdown
  2. 100% win rate
  3. 1 million brazillion bazillion % return on every trade.

Can't get all 3.



Agree 100%.
This one is a simple, robust and good system. Thank you ACE for sharing.
I am not changing anything, except 50 pips rule for safety reasons.
It requires patience.
I am hanging at B/E and at little profit, but I am not leaving. it will be either stop loss or break out.
  • #2,039
  • Aug 18, 2009 1:00pm Aug 18, 2009 1:00pm
Quoting Ronald Raygun
Holy grail characteristics:

 

  1. No drawdown
  2. 100% win rate
  3. 1 million brazillion bazillion % return on every trade.

Can't get all 3.

I'll take #2 and #3 and live with #1
  • #2,040
  • Aug 18, 2009 1:07pm Aug 18, 2009 1:07pm
Anyone knows whether you can open some practice account with ninja trader? I think when I downloaded a demo, a year ago, I could only use archived data, not live feeds.

I'm looking for a new charting software. Oanda's sucks a big time. I'd like to try something else besides MT4.
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