4H Box Breakout

Thank You RR I apologise if I have offended anyone

regards

N

Candle has just finished forming. If this is your first time on the thread, note the time down where ever you live. Thanks to the newcomers who waited. You haven't missed any trades so everything is fine.

The chart below has the two indicators on post attached. Moving stop to BE after TP 1 as always, until then we wait.

Ok, here we go. Candle has just closed. I set limit orders on all 4 accounts.
However I decided to go only with G/J. It takes long time to run about all these accounts with 1 pair. more pairs will mess things up and might cause mistakes.
Anyway, G/J is the best to go.
Now it is a wait time.

Box size is 155 pips.

Probably we are going long. I have to make some changes from FXDD to Oanda.

Hi guys,

To summarise ACE's post above - and the 4H candle on FXDD:

I am only trading the pair GY:

box high: 156.61 + 20 (buffer) = 156.81 target TP4 = 162.51
box low: 155.57 - 20 (buffer) = 155.37 target TP4 = 149.61


Good luck.

ace, i use forex.com and they have that stupid 3 hour bar for sunday. my charts are just now forming the box is there any setting i can change in the indicator or do i just make my own box off of the first four one hour bars? thanks in advance

g/y bounced off of historical resitance at 156.68.

it did, but I do not think it is for long. It has bounced from there way too many times over the last week.

and well, it looks like the price is coming back.

would it be better to enter at least 15 pips above the 157 psych level instead of 15 pips below?

It would not. If 156.70 won't hold 157.00 has high probability to go bust as well. Plus, system says 20 pips so it is 20 pips. If to follow this logic we can move and move orders which is not good.
Keep things simple.

There are psych levels everywhere. The path to TP4 passes through 157,158,159,160,161 and 162. My question to you is, would you hesitate at every psych level?

Very good point since we would most likely be protected by the large SL. Thanks guys for bringing be back to reality.

Unfortunately the indicators cannot help you there. You should download the FXDD Metatrader 4 platform to be in sync with the rest of us. It should only take 5 mins, just fill in the info and follow a few other steps.

Set it and forget it guys............

for those that have 2 hour sunday candle or 3 hour ones, that is just your broker. Mine has a 2 hour one and I go with the 00:00 candle close with closes at 11 pm EST time.............

Ladies and Gentleman....................some can spend hours trying to perfect a system with no avail because there is no perfect system............When we don't live in a perfect world, how are you going to find a perfect system............The rules set by ace and many others that have added variations are for reasons of simplicity and maintenance free.......

And no one has gotten rich or successful by having a robot buy and sell their trades while they just sit at home and watch their account grow..........I just haven't met anyone so please take some time to learn the movement of the markets and price action around major S/R lines and then spend the next 6 months to forward test this method after you have back tested it and then see for yourself if this is for you or not.............

My Variations..........
2 entries only per week
Move Stop loss to BE+20 after TP 1
If I am around I might use Danno's move stop loss to BE after 75% to TP1

This can be a great set it and forget it method and so you can use your other methods for other trading techniques if you do have the time to be infront of the monitor.............

cheers

Hi Guys,

From the 4H chart, it is still ranging, so danger is still there...
Any way, set and forget, KISS, no risk = don't trade...

Happy trading day!!

I am only trading G/J and E/J this week with 2% risk in each pair.

All the best.

Cheers
Garrfield

its really unbelievable the number of people asking the most basic of questions regarding entry on the system. I for one refuse to answer any questions next week regarding what candle or what time I should enter based on this or that. I suggest the same to everybody else. Read the thread. As far as the EA is concerned I think alot of very talented people have put alot of work into trying to make a killer system better. I certainly don't have a problem with it. Keep it up fellas.

I use a 10-pip buffer and the Long trades just hit for both EUR/JPY and GBP/JPY.

Good luck to all this week!