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4H Box Breakout

  • #2,521
  • Aug 25, 2009 6:49pm Aug 25, 2009 6:49pm
Quoting time1300
Hi Ace and everyone,

To me simplicity is key, the more simple the better in my opinion....

actually, I was checking for 50 pips and BE. There were far less losses but return was slightly less than per ACE ooriginal system. Not much less anyway.
I think psychologically is important to stay away from too many losses even knowing that system will be profitable at the end. 100 pips and BE sounds good too. may be it is half of the box and than BE. it all depends but generally it is in my opinion better than to wait for the whole box and than BE. I noticed that when price really breaks out, it tends to go straight up without ever coming back after 50-100 pips of break out point.
  • #2,522
  • Aug 25, 2009 6:54pm Aug 25, 2009 6:54pm
Last week I actually was setting stop loss at B/E at 50 pips plus taking 50% of the position as profit. I do not think taking partial profit is good idea, but 50-100 pips and BE is fine.
  • #2,523
  • Aug 25, 2009 6:55pm Aug 25, 2009 6:55pm
looks like G/J finally broke through support.
  • #2,524
  • Aug 25, 2009 6:57pm Aug 25, 2009 6:57pm
So is everyone stopped out?

My entry for GBP/JPY was @ 155.664 and Stop loss was moved to BE after TP1 was hit. The retracement candle came up as high as 155.519 which missed my stop loss by just a few pips so we are still in the trade.........................Any one else still in the trade?

Price just tested the TP2 target
Keeping Life Simple
  • #2,525
  • Aug 25, 2009 6:59pm Aug 25, 2009 6:59pm
Yes, I am stopped. was short but news spike killed position at BE. I am not entering. waiting for Sunday. If this up trend gets broken we can get a long way down.
  • #2,526
  • Aug 25, 2009 6:59pm Aug 25, 2009 6:59pm
Quoting shiko
actually, I was checking for 50 pips and BE. There were far less losses but return was slightly less than per ACE ooriginal system. Not much less anyway.
I think psychologically is important to stay away from too many losses even knowing that system will be profitable at the end. 100 pips and BE sounds good too. may be it is half of the box and than BE. it all depends but generally it is in my opinion better than to wait for the whole box and than BE. I noticed that when price really breaks out, it tends to go straight up without ever coming...
Hey shiko,

I haven't done much backtesting on the 50-100 pips then BE but I think GBP/JPY being a volitile pair, the 100 pip move then BE would be a nice way to decrease losses even more......even 50 would be good as well.

As far as profit taking, i don't take partial profits but just manage the trade and just wait for the TPs to be hit.........I think that is the basis of this system to wait for those big moves.
Keeping Life Simple
  • #2,527
  • Aug 25, 2009 7:00pm Aug 25, 2009 7:00pm
My short entry was at 153.30 on G/J.
  • #2,528
  • Aug 25, 2009 7:01pm Aug 25, 2009 7:01pm
Quoting time1300
Hey shiko,

I haven't done much backtesting on the 50-100 pips then BE but I think GBP/JPY being a volitile pair, the 100 pip move then BE would be a nice way to decrease losses even more......even 50 would be good as well.

As far as profit taking, i don't take partial profits but just manage the trade and just wait for the TPs to be hit.........I think that is the basis of this system to wait for those big moves.
even 50 pips work when price MOVES. But with 100 pips there probably would be few losses more. I had 4 losses since January 1 with 50 pips and BE. a lot BE though. But return was only 5% less than with ACE original rules.
  • #2,529
  • Aug 25, 2009 7:03pm Aug 25, 2009 7:03pm
Quoting time1300
Hey shiko,

I haven't done much backtesting on the 50-100 pips then BE but I think GBP/JPY being a volitile pair, the 100 pip move then BE would be a nice way to decrease losses even more......even 50 would be good as well.

As far as profit taking, i don't take partial profits but just manage the trade and just wait for the TPs to be hit.........I think that is the basis of this system to wait for those big moves.

Yeah, I got it early, this system is all about letting profits run and waiting for big moves. but if it is long time ranging markets taking partial profits might be a good idea. I made almost 1% last week this way.
  • #2,530
  • Aug 25, 2009 7:33pm Aug 25, 2009 7:33pm
my GY is still running strong, currently at 230 pips profit, with a stop of 116 pips profit.
  • #2,531
  • Aug 25, 2009 7:34pm Aug 25, 2009 7:34pm
Quoting Pharoah
my GY is still running strong, currently at 230 pips profit, with a stop of 116 pips profit.

Pharoah, at what price did you enter?
  • #2,532
  • Aug 25, 2009 7:35pm Aug 25, 2009 7:35pm
That news spike killed my position.
  • #2,533
  • Aug 25, 2009 7:37pm Aug 25, 2009 7:37pm
I entered at 155.693, that spike almost took out my position as well at a BE. I'm not using the broker most of you are using.
  • #2,534
  • Aug 25, 2009 7:37pm Aug 25, 2009 7:37pm
I used the concept of multiplying by 4 for each to the MA parameters and I think it works pretty well. see the attached charts.

Droland, what did you do exactly to get the 4 hour MA's on the 1 H chart?

Thanks,
tb
  • #2,535
  • Aug 25, 2009 7:43pm Aug 25, 2009 7:43pm
I got stopped out I used you figures to enter but using another to trade with the data shows slightly diff prices if I had been using my brokers prices I would still be ok.
Just a warning to be careful did not loose on the trade so I live to fight another day!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • #2,536
  • Aug 25, 2009 8:20pm Aug 25, 2009 8:20pm
Quoting tboyett
I used the concept of multiplying by 4 for each to the MA parameters and I think it works pretty well. see the attached charts.

Droland, what did you do exactly to get the 4 hour MA's on the 1 H chart?

Thanks,
tb
I just multiplied Pharoah's setting by 4. For example the BE MA of 3 Period, 1 Shift would be 12 period with 4 Shift. Again, I have no idea if this works consistently or not but there it is.
  • #2,537
  • Aug 25, 2009 8:26pm Aug 25, 2009 8:26pm
I have a question for Ronald Raygun or Droland concerning the EA settings. To have the money management (MM) work properly what should the lots be set to? I mistakenly had the lots set at 0.1 and the MM st at 2 and it open my trade at 0.10 lots. My guess would be to set lots at 0.0.
  • #2,538
  • Aug 25, 2009 8:28pm Aug 25, 2009 8:28pm
Well, that's what I did before I asked but my MA's look nothing like yours...

Thanks
  • #2,539
  • Aug 25, 2009 8:38pm Aug 25, 2009 8:38pm
I just did a quick little check on the 1H, and I don't see how changing the MA's setting would benefit 1H traders at all, based on the visual resemblances I see between 4H and 1H, this system would still hold better with default MA settings (by default I mean my original settings)
  • #2,540
  • Aug 25, 2009 8:40pm Aug 25, 2009 8:40pm
The reason I say this is the shifts are where they are to ensure the flow of the MA matches the flow of the actual price, moving it over 12 times would cause too many waves. The whole point of the shifted MA is to keep the trailing stop as close to the actual price as possible in uniform, while still giving the market room to breath.
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