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4H Box Breakout

  • #3,041
  • Sep 1, 2009 2:07am Sep 1, 2009 2:07am
Dear Ace284 and all,

Many thanks for sharing wonderful weekly breakout strategy.

Wonder can we use this concept to trade breakout on a daily basis by adjusting the parameters(ie: using H1 candle, setting buffer of 10 pips each side)?

Regards
MSL10
  • #3,042
  • Sep 1, 2009 2:08am Sep 1, 2009 2:08am
Quoting Bobcat2
At first I was a bit upset at this week's short trade loss. But, now that the opposite side of the box SL has been hit (Oanda), I'm relieved. Why? Because I took my own advice in setting my SL @ 50% of the box. Granted, this is only one trade, and surely more testing needs to be done. However, eyeballing all the trades going back to the beginning of May this year, there was only one or possibly two losing trades where the price didn't eventually reach 100% once price retraced to 50%.

Switching from 100% to 50% will make a huge difference...
I set the stop loss this week at 67% (2/3) of the box instead of 50% just to give it a little more breathing room. Like you, I was initially upset about hitting the SL, but now I'm looking at it like money in the bank. In other words, the account is still alive to trade another day and I didn't take a 100% SL hit.
Greetings from Guanajuato, Mexico
  • #3,043
  • Sep 1, 2009 2:10am Sep 1, 2009 2:10am
Quoting shiko
Bob, how are you calculating your box with Oanda? strictly speaking, the box top should be 152.50-152.52. I set it at 152.57 because of R1. set it 5 pips above R1 for the day. last time it hit and reversed and went back into profit.

I use OANDA for trading live but I have an alpari demo with metratrader to follow the quotes and the first 4h candle of the week.
  • #3,044
  • Sep 1, 2009 2:12am Sep 1, 2009 2:12am
Quoting shiko
OK, well, it looks like we might go long after all.
Yes everybody should be now long, with a SL at 150.71. The "switch" between getting stopped out and entering long should be at the same point. This is the second and last order for this week.
  • #3,045
  • Sep 1, 2009 2:13am Sep 1, 2009 2:13am
Quoting shiko
OK, well, it looks like we might go long after all.
And 2 minutes after your prediction, I'm in on the GBP/JPY Long.
Greetings from Guanajuato, Mexico
  • #3,046
  • Sep 1, 2009 2:19am Sep 1, 2009 2:19am
Quoting shiko
Bob, how are you calculating your box with Oanda? strictly speaking, the box top should be 152.50-152.52. I set it at 152.57 because of R1. set it 5 pips above R1 for the day.
For those of you who would like to figure out box tops like shiko, here's the ticket . . .
Attached Image
Greetings from Guanajuato, Mexico
  • #3,047
  • Sep 1, 2009 2:21am Sep 1, 2009 2:21am
ok, I am long now.
  • #3,048
  • Sep 1, 2009 2:25am Sep 1, 2009 2:25am
Quoting Fms
Yes everybody should be now long, with a SL at 150.71. The "switch" between getting stopped out and entering long should be at the same point. This is the second and last order for this week.
Man, doesn't it look odd? the difference in box size is just too much. you are at 152.71, I am at 152.57, another guy 152.37. I have calculated on Oanda strictly according Ace rules and added 5 pips to hide behind R1.
i doubt there is such a huge price difference among brokers
  • #3,049
  • Sep 1, 2009 2:26am Sep 1, 2009 2:26am
and by the way. GBP news are coming soon. bankers all got rested and are eagerly awaiting news to push some buttons. The question is are we on right side ? or it will go all the way down again.
  • #3,050
  • Sep 1, 2009 2:28am Sep 1, 2009 2:28am
Quoting yen44x
For those of you who would like to figure out box tops like shiko, here's the ticket . . .

sorry man, it is me who figured it pretty well. I set the box size 100% right. 4 1H candles with Oanda. plus 40 pips buffer and spread for a long side.
I got this system right from the start...
well, I wanna see some profits It looks like I started in wrong time.
  • #3,051
  • Sep 1, 2009 2:31am Sep 1, 2009 2:31am
Quoting shiko
sorry man, it is me who figured it pretty well. I set the box size 100% right.
I think that's what I said, shiko.
Greetings from Guanajuato, Mexico
  • #3,052
  • Sep 1, 2009 2:33am Sep 1, 2009 2:33am
Quoting shiko
Man, doesn't it look odd? the difference in box size is just too much. you are at 152.71, I am at 152.57, another guy 152.37. I have calculated on Oanda strictly according Ace rules and added 5 pips to hide behind R1.
i doubt there is such a huge price difference among brokers
different liquidity providers pay different amount (not a huge difference) and brokers average that amount

This LP pays more than that LP, and that LP pays more than the other LP

Broker A uses this LP, and that LP
Broker B uses this LP, and the other LP
Broker C uses that LP, and the other LP

Broker A pays more than Broker B&C
Broker B pays less than Broker A, but more than Broker C
Broker C Pays less than Broker A&B

I think I worked that out right lol
  • #3,053
  • Sep 1, 2009 2:39am Sep 1, 2009 2:39am
Quoting Pharoah

This LP pays more than that LP, and that LP pays more than the other LP

Broker A uses this LP, and that LP
Broker B uses this LP, and the other LP
Broker C uses that LP, and the other LP

Broker A pays more than Broker B&C
Broker B pays less than Broker A, but more than Broker C
Broker C Pays less than Broker A&B
I love it when you talk like that Pharoah.
Greetings from Guanajuato, Mexico
  • #3,054
  • Sep 1, 2009 2:45am Sep 1, 2009 2:45am
Quoting yen44x
I love it when you talk like that Pharoah.
yeah, I have a hard time describing things, so I just go for randomness and hope it works out
  • #3,055
  • Sep 1, 2009 2:48am Sep 1, 2009 2:48am
Quoting Pharoah
yeah, I have a hard time describing things, so I just go for randomness and hope it works out
We may be twins separated at birth . . . that's my game too.
Greetings from Guanajuato, Mexico
  • #3,056
  • Sep 1, 2009 2:55am Sep 1, 2009 2:55am
I personally think 50% stop of the box is a better option. if we keep entering we will get our 6:1, 8:1 R:R due to above mentioned randomness and probability of real breakout.
  • #3,057
  • Sep 1, 2009 2:57am Sep 1, 2009 2:57am
Quoting shiko
I personally think 50% stop of the box is a better option. if we keep entering we will get our 6:1, 8:1 R:R due to above mentioned randomness and probability of real breakout.

Yeah, I wouldn't put my stoploss greater than 50% on any trade at all this week, I'm expecting a bumpy ride.
  • #3,058
  • Sep 1, 2009 3:02am Sep 1, 2009 3:02am
Quoting Pharoah
Yeah, I wouldn't put my stoploss greater than 50% on any trade at all this week, I'm expecting a bumpy ride.
This trade I´m going to set my SL at 50% because last trade has been enough for this week...
  • #3,059
  • Sep 1, 2009 3:07am Sep 1, 2009 3:07am
Quoting lugarejo
If you´re following ACE´s system I think your SL should be in 152.37, am I ok?

You should Sl up of the box, you should add the buffer of 20 to the high of the first 4 h candle.
my short trade has hit sl. now my long trade is triggered. How abt u?
  • #3,060
  • Sep 1, 2009 3:14am Sep 1, 2009 3:14am
Quoting vito88id
my short trade has hit sl. now my long trade is triggered. How abt u?
My short trade has also hit SL, so now I´m long in 152,44 (up of the box + spread). Now, I have set my SL at 50% of the box (151.57).

Good luck everybody with this long trade
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