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4H Box Breakout

  • #2,901
  • Aug 30, 2009 11:06pm Aug 30, 2009 11:06pm
Quoting yen44x
Thanks shiko. I never said you were wrong, my friend. I simply said I didn't see it and asked you to show me if you cared to.

I guess I'm not just seeing the same exact area as you are, but S & R tends to be a range rather than an exact number anyway. I marked what I considered significant S & R on the weekly and daily charts, and for me it was more in the 150.90 area. I didn't see it at 149.80, but maybe I missed something. It wouldn't be the first time.

Yen, check No Brainers thread. BRW is great at detecting and using these areas., You will learn a lot as I did.
It is just that it is not exactly my style but it is very useful for trading any system.
  • #2,902
  • Aug 30, 2009 11:07pm Aug 30, 2009 11:07pm
I have been trading only S?R for few months with pretty good results., But it is too stressful for me.
  • #2,903
  • Aug 30, 2009 11:48pm Aug 30, 2009 11:48pm
i wonder what's causing this upward spike on gj...
  • #2,904
  • Aug 30, 2009 11:57pm Aug 30, 2009 11:57pm
Quoting bravester
i wonder what's causing this upward spike on gj...
Major support area is the cause of the spike.

cheers
Garfield
Attached Image (click to enlarge)
Click to Enlarge Name: daily.jpg Size: 71 KB
Trading is SIMPLE not EASY.
  • #2,905
  • Aug 30, 2009 11:58pm Aug 30, 2009 11:58pm
Quoting bravester
i wonder what's causing this upward spike on gj...
traders buying
  • #2,906
  • Aug 31, 2009 12:00am Aug 31, 2009 12:00am
Quoting 11andy11
traders buying
Greetings from Guanajuato, Mexico
  • #2,907
  • Aug 31, 2009 12:01am Aug 31, 2009 12:01am
First of all I would like to thank ACE284 for posting this trading methodology. I have traded this technique for about 6 weeks now and have had very good success.

Secondly, I would like to share with you all a tool I've used in my trading and I believe this tool might be used for T/SL or taking partial profit in this technique. I have back-tested this technique and I believe it doesn't need to be changed, just to tweak the T/SL or partial exits to improve profitability and minimize potential loss.

Please see the attached image of the indicator. I believe the picture speaks for itself.

Here are the info on the indicator:
1. Underlying indicator: This indicator uses the zigzag indicators with multiple settings across multiple timeframes and identify where the peaks across the TFs coincide. The indicator draws peaks which I call level s 2-7. Usually levels 6 and 7 signal the impending/potential reversal. Note that these peaks also coincide with the various levels of R/S. Also note that new peaks move with the bars, but once they settle, that’s the point of reversal. The idea behind this indicator is to identify the waves within the wave within the wave… Once the waves converge then one of the 2 things happen: reversal or break-out. Also note, this indicator shows the peaks and the troughs of the waves. So if you see a purple #7 just appear and settle, there will be a matching on the reverse side.

2. MTF: The MTF peaks are added with the labels. Each TF can have 3 additional higher TFs overlaid on top and they are denoted by the level number and letters. For example 3.4 (1H) on 5M TF means: TF#3 relative to this TF (5M, 15M, 1H), peak #4 on 1H TF.

3. As default the indicator shows peaks #5-7 but you can turn on other peaks #2, 3, 4. You can also turn on the symbol of higher TF to overlay on the peaks. Personally, I prefer the letters and like to keep things a simple and clean.

This version is a Beta version and I would like to get feedback from some of the experienced traders. I would be open to share the code with other traders who can build incorporate this into an EA.

FYI, I have developed my own EA for this technique. The features of the EA includes:
- auto entry
- money mangement
- partial exit
- trailing S/L using several techniques. I think this is an area where the EA can be improved a whole lot more.

I am not a coder by profession. The coding skill goes back to my engineering days 20 years ago. So right now I'm just winking it and know enough to be dangerous. I think there are other traders reading this thread who can take what I've done so far and make it so much better.

Please PM me if you have interest in collaborating. The code I have is more or less in Beta format so that's the reason I'm not releasing it. I hope once we have the code improved we can release it to other people subscribing to this thread.

Happy trading!

Peter
Attached File(s)
File Type: pdf 4H Box Breakout.pdf   27 KB | 1,651 downloads
File Type: ex4 MTF Wave Convergence - Point Draw.ex4   31 KB | 667 downloads
  • #2,908
  • Aug 31, 2009 12:08am Aug 31, 2009 12:08am
Do you all think it will bounce back and not hit TP1? for me i will stick on the trade rule. rather to put the SL near to BE it not a good thing to do right now. it will bounce back for short and hit TP1.
  • #2,909
  • Aug 31, 2009 12:13am Aug 31, 2009 12:13am
Hey Ronald!

Thanks again for putting the time to create this EA and also to answer my questions, here I have a few more

1) There is a check you do that is driving me crazy because I have no idea why you do it :-):

if (EachTickMode && (Bars != CloseBarCount))
TickCheck = False;

I know what you use eachTickMode for, but Not sure what you are checking when you do the Bars != CloseBarCount and what is the implication of that; why is TickCheck so important?

2) Why do you do this check and set the value of TradeTrigger

if((CloseTime == "None" && EndBarUsed > 0) &&
(TotalTrades < MaxTradesPerWeek || MaxTradesPerWeek == 0) &&
(TotalLongs < MaxLongsPerWeek || MaxLongsPerWeek == 0) &&
(TotalShorts < MaxShortsPerWeek || MaxShortsPerWeek == 0) &&
(Open[Current] < LongEntry) &&
(Close[Current] >= LongEntry))
TradeTrigger = "Open Long";

I mean, the first three conditions I get why they are necessary, but for the last two...Isn't enough just to check the current price and if it is higer or equal to entryLong open a trade?

Thanks in advance man, you ROCK!
  • #2,910
  • Aug 31, 2009 12:45am Aug 31, 2009 12:45am
Big box this week guys, mine is almost 200 pips.......there are few confluence of events that might interfere us to get to 4X TP as mentioned by some of our fellow traders.

1) Psychological 150.000 price point
2) support and resistant lines from our Daily chart
3) ATR being around 500 will make it hard to get to 4X box when the box is close to 200 pips.

I will not trade when box is 200 or even more than 170 but I am using very small percentage of risk due to the above mentioned and the european holiday.............. Also will move to BE and keep stop loss very tight due to the above mentioned..................
Keeping Life Simple
  • #2,911
  • Aug 31, 2009 12:48am Aug 31, 2009 12:48am
I swear forex trading has made me hate holidays
  • #2,912
  • Aug 31, 2009 1:07am Aug 31, 2009 1:07am
Quoting cscheat
hello ACE ! i am using IBFX platform and kinda confuse about drawing the box high low from 1st hour 4 candle...

however, my pending order was hit at 150.49... what was yours ? what about TP ?
Hi

Orders are placed 20 pips above High and Low of the 1st 4 hour candle (4 hour chart)
Long order is placed +20 pip + spread
Short order is placed +20 pips (no spread included)

So today it would be:

Long at 152.370 + spread
Short at 150.710

This includes the +20 pip buffer on both sides (high & Low)
Hope it helps!

Jesper
  • #2,913
  • Aug 31, 2009 1:09am Aug 31, 2009 1:09am
I see very confident movement to TP1.. wait and see
  • #2,914
  • Aug 31, 2009 1:16am Aug 31, 2009 1:16am
may I ask you guys post screenshot of your box level please? seems mind one marked incorrectly, thanks.
  • #2,915
  • Aug 31, 2009 1:40am Aug 31, 2009 1:40am
Quoting lkthomas
may I ask you guys post screenshot of your box level please? seems mind one marked incorrectly, thanks.
what is your broker?
  • #2,916
  • Aug 31, 2009 1:43am Aug 31, 2009 1:43am
Quoting lkthomas
may I ask you guys post screenshot of your box level please? seems mind one marked incorrectly, thanks.
http://i762.photobucket.com/albums/x.../G-J_31aug.jpg

my short was at 150.480..
  • #2,917
  • Aug 31, 2009 1:51am Aug 31, 2009 1:51am
what is your 4H box high and low level? mine one is 152.35 & 150.29
  • #2,918
  • Aug 31, 2009 1:52am Aug 31, 2009 1:52am
Weasy2k, I use Alpari
  • #2,919
  • Aug 31, 2009 1:58am Aug 31, 2009 1:58am
Hi thomas,

I believe alpari time zone is not same as FXDD MT. I make the mistake of using Alpari and not using spread last week. Please download the MT version from FXDD as it's I believe it's the same version as Acer and rest of us. Good day.



Attached link for you as below
http://www.fxdd.com/en/index.html
Regards, Nelson
  • #2,920
  • Aug 31, 2009 2:00am Aug 31, 2009 2:00am
Quoting lkthomas
what is your 4H box high and low level? mine one is 152.35 & 150.29
yep, mine same on Alpari UK
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