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4H Box Breakout

Short GBPJPY triggered at 155.37. Stoploss 153 pips, move Stop to BE when TP1 is hit.
last week was a lost ... i don't know it is just me or the other experience the same tihing ?
Quoting hutchy
i just hope it breaks out of this range
It seems this week we will keep on ranging, next week we could see more action.
Attached Image
GBPJPY 4H chart
Attached Image
Quoting Fms
GBPJPY 4H chart
What does this have to do with the thread?
I don't know what time it is at your place, but right here it's 4:20.
meh i backtested this since Jan and there were a couple weeks that were kinda cruddy but if i have done this since Jan1st ide be sittin pretty...so with that being said im not too worried about it. This week it was my own mistake in forgetting oanda widens thier spreads a bit pre-london especially on a sunday.

Im done for the week on this strat but will continue with the LON breakout strat that i also use keep me busy for rest of week.

Heh ok i decided to take my second trade It pulled back to 155.40 where i shorted only 1/4 size
ok,
long positions lost. I am short on 1 account. The rest flat.
Gotta check spread before setting orders. Good lesson.
shiko why did you take the long?
what were the realistic targets?
not crit just asking
This system is about discipline and letting profits run.
Most of profits made on few months in a year.
Quoting begbrook
shiko why did you take the long?
what were the realistic targets?
not crit just asking

I wonder, why are you asking this question?
This system says, set one order above and one under.
That is it. I did not take any positions. I just set orders and market opened it. My mistake was forgetting about spread. Otherwise position would not open.. Plus, if you check daily chart time frame G/J is in uptrend.
anyway, loss is 1%. Let's see where it will get on short trade. i was 42 pips in black, but it is retracing.
My goal is TP3-TP4
Quoting Fms
It seems this week we will keep on ranging, next week we could see more action.
You may be correct, but...this is far too early in the week to be making a prognosis...especially with the guppy.
I am using this system but on a daily basis.
a week is way out of my comfort zone.
yes i understand my risk etc is mutiplied....and i may miss the massive move...
my goal is consistant profits not drawdowns and then a huge profit.

anyway from backtesting this system it seems to give a good indication of market bias

coupled with simple basic s/r to filter out the high risk - by that I mean the unlikely - trades this is working very well - for me

Ive been trading it live for about 3 weeks and have been amazed at its consistancy

but this morning for example the long did not seem realistic as there was no pa to support it so i only entered the short

the short was miles away but with the trend and a lot of price action to set profit targets

I am now thinking that those who trade this system to the letter or with an ea are limiting their potential.

It may well still make them money - from my testing it should - but not as much as if used with simple basic s/r analysis to eliminate the high risk trades
Quoting shiko
I wonder, why are you asking this question?
This system says, set one order above and one under.
That is it. I did not take any positions. I just set orders and market opened it. My mistake was forgetting about spread. Otherwise position would not open.. Plus, if you check daily chart time frame G/J is in uptrend.
anyway, loss is 1%. Let's see where it will get on short trade. i was 42 pips in black, but it is retracing.
My goal is TP3-TP4
I had the same issue - forgot the spread on buy on both my EJ and GJ. Trades were triggered and lost.

I am now in the short trade however based on what is playing out I am not sure we'll see TP3 or TP4 - however I am pretty confident that with SP going into negative territory we'll see us/jpy appreciation during asian markets (considering that there is no important news until London opens)

However I believe targets could be in low 134 ofor EJ and as low as 153.60 for GJ

Just my two cents
you have a good point there -
risking 1-2% it wont matter either way and you will be abiding by sensible money management.
Quoting begbrook
I am using this system but on a daily basis.
a week is way out of my comfort zone.
yes i understand my risk etc is mutiplied....and...
Could you please give some examples with charts and share any info that could help understand how do you apply the box in 1 hr timeframe?

Which 1 hr do you look at in the day?
Quoting geribosi
I had the same issue - forgot the spread on buy on both my EJ and GJ. Trades were triggered and lost.

I am now in the short trade however based on what is playing out I am not sure we'll see TP3 or TP4 - however I am pretty confident that with SP going into negative territory we'll see us/jpy appreciation during asian markets (considering that there is no important news until London opens)

However I believe targets could be in low 134 ofor EJ and as low as 153.60 for GJ

Just my two cents

I am thinking of possible setting long entry order since my previous was actually a wrong one. Did not include spread and should not have been triggered in the first place.
geribosi I can see you profit target 15360 so would you take profits there or stick to the rules and hold for x3 or x4 ?
SO GUY's SOMETIMES ITS LATE BUT NOT DARK.

( if your short orders have been triggered you should know what i am talking about)

I read some guy's lost 135 pips cause of only one pip.

BUT DON'T CHANGE YOUR SETTING'S (EXCEPT A MAJOR ERROR) AND STICK WITH RULES YOU ARE USING.

Cause if next time you miss 135*3 pips because of that 1 pip that would be the REAL damage.

I trade 4H MACD and working on J16.

But this system gives me a great kick off for the whole week.

Thank to the ALMIGHTY.

and Thank you ACE284.
thanks for this system ACE284!

I'm using Alpari, and i need to wake up at 03h00 (close of the first monday H4 candle on GMT+1) to put my orders... for me orders this week are:

- Long: 156.913 (not touched yet)
- Short: 155.498 (triggered with +55 for now)

I'm using "1 Box 4 A" and "1 Box 4 B", but i need to change the time frame everytime before i put the orders, in order it gives me the right values... anyone else with this issue?

Any new indicator with the right ACE rules + spread?

Thanks!
Yeah, rules must be followed. This system is profitable in the long run. Plus, we are in ranging condition for now. It is going to end and in a violent manner.
It is good to catch that move.
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