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4H Box Breakout

  • #3,441
  • Sep 7, 2009 11:28am Sep 7, 2009 11:28am
Hope this trade goes to my TP1. I'm due a win .
You don't get rich by losing - unfortunately
  • #3,442
  • Sep 7, 2009 11:30am Sep 7, 2009 11:30am
Quoting tarquin1
Hope this trade goes to my TP1. I'm due a win .
You don't get rich by losing - unfortunately
Nope, but you can get rich losing, if you manage your losses properly
  • #3,443
  • Sep 7, 2009 11:31am Sep 7, 2009 11:31am
Hi, Looking that before work,

no think for me, no gling gling my head.. System is for that.

I'm SH for two lots. , now at + 27.
As Tp1 is shoot, one of them would be close and the second running with its SL to BE , and three for me after that.

Have a nice day ( 6:3AM here)

Scan
  • #3,444
  • Sep 7, 2009 11:38am Sep 7, 2009 11:38am
I got stopped out on the long as well. I only used the 30% SL (a la yen44x), so damage was kept to a minimum. Price ran to to the 89 SMA, which is one of a couple MA's I like to have on my charts. It got rejected at the 89 SMA and fell from there.

Short is now in play, again with 30% SL in place. We shall she what happens from here.
Addicted and proud of it!
  • #3,445
  • Sep 7, 2009 11:40am Sep 7, 2009 11:40am
my short got triggered.... hopefully its a better trade..
  • #3,446
  • Sep 7, 2009 11:41am Sep 7, 2009 11:41am
Quoting PiPsAddict
I got stopped out on the long as well. I only used the 30% SL (a la yen44x), so damage was kept to a minimum. Price ran to to the 89 SMA, which is one of a couple MA's I like to have on my charts. It got rejected at the 89 SMA and fell from there.

Short is now in play, again with 30% SL in place. We shall she what happens from here.
I prefer to be given credit only if the 30% SL turns out to be a rousing success, my friend. Otherwise, if it's a dismal failure, everyone remembers who to blame for their losses.
Greetings from Guanajuato, Mexico
  • #3,447
  • Sep 7, 2009 11:48am Sep 7, 2009 11:48am
Quoting yen44x
I prefer to be given credit only if the 30% SL turns out to be a rousing success, my friend. Otherwise, if it's a dismal failure, everyone remembers who to blame for their losses.
I'll take 50% of that credit under the same conditions rofl
  • #3,448
  • Sep 7, 2009 11:54am Sep 7, 2009 11:54am
Quoting Pharoah
I'll take 50% of that credit under the same conditions rofl
It's a deal . . . all I did was double your 15%.
Greetings from Guanajuato, Mexico
  • #3,449
  • Sep 7, 2009 11:56am Sep 7, 2009 11:56am
Quoting yen44x
I prefer to be given credit only if the 30% SL turns out to be a rousing success, my friend. Otherwise, if it's a dismal failure, everyone remembers who to blame for their losses.

LOL... yeah, I hear ya Yen.

I just like the concept of getting out of the way sooner than later. We all know that if it's a true breakout, then the chances of getting stopped out are much less likely, and the trade should run hard and fast.
Addicted and proud of it!
  • #3,450
  • Sep 7, 2009 11:58am Sep 7, 2009 11:58am
Quoting PiPsAddict
LOL... yeah, I hear ya Yen.

I just like the concept of getting out of the way sooner than later. We all know that if it's a true breakout, then the chances of getting stopped out are much less likely, and the trade should run hard and fast.
Bingo! as we say here in Mexico. No, wait, that was the U.S. where we said that.
Greetings from Guanajuato, Mexico
  • #3,451
  • Sep 7, 2009 12:00pm Sep 7, 2009 12:00pm
Quoting yen44x
It's a deal . . . all I did was double your 15%.
lol, most of this is you, I just put the "Reduced stoploss" in your head, you're the one doing all the work thereafter.
  • #3,452
  • Sep 7, 2009 12:31pm Sep 7, 2009 12:31pm
In another way, you 'ld be able to take the other way :

less loss ; more win...

Double BOX Stop , Half position... same MM.. but not same R:R.
  • #3,453
  • Sep 7, 2009 12:48pm Sep 7, 2009 12:48pm
Quoting Scanner
In another way, you 'ld be able to take the other way :

less loss ; more win...

Double BOX Stop , Half position... same MM.. but not same R:R.
You're right, it would end up being good overall, better RR, but per trade would be horrible.

Doubling the stoploss size, and reducing the the lot size is going to keep your risk the same, granted. But because your reducing the lot size you're lowering the reward by half. If a trade goes against you, and it triggers the stoploss, that's the exact same loss a normal lot size with normal stoploss would have taken, but say it goes in your favor, and hit's your TP point, that's half the amount of money you would have gained, same pips, but half the money.

Like I said, overall I'm sure that would work just fine, it would cut out a nice bit of the whipsaw issues, but I'm not 100% sure on the actual data behind the theory.
  • #3,454
  • Sep 7, 2009 2:19pm Sep 7, 2009 2:19pm
Quoting yen44x
No offense, fed, but this kind of advice, at least to me, always sounds better in advance. Then, it sounds like you know what you're talking about instead of rubbing it in.

I'm not saying you're wrong . . . that's just how it comes across to me.
I didn't mean to offend anyone, I thought you all knew and still trading even you knew about this major long weekend.

These long weekends are easy to catch, just read news and updates....
  • #3,455
  • Sep 7, 2009 5:00pm Sep 7, 2009 5:00pm
Quoting Pharoah
You're right, it would end up being good overall, better RR, but per trade would be horrible.

Doubling the stoploss size, and reducing the the lot size is going to keep your risk the same, granted. But because your reducing the lot size you're lowering the reward by half. If a trade goes against you, and it triggers the stoploss, that's the exact same loss a normal lot size with normal stoploss would have taken, but say it goes in your favor, and hit's your TP point, that's half the amount of money you would have gained, same pips, but half the...
This would help in a ranging market, but being able to properly identify that a ranging market is about to end is hard to predict....however ide always take smaller more consistent gains vs constant stopping out.
  • #3,456
  • Sep 7, 2009 6:28pm Sep 7, 2009 6:28pm
Aces` new system:

now most of us are on the sidelines until next week, has anybody tried to have a go to crack the new system that is still veiled in mystery?

it would be fun to puzzle it out......

to me it looks like Ace is using a SL of 30 pips and only takes 1 trade a week at the most.

so where on the chart could he possibly place a trade with a stop loss of 30 pips and still have a 40% win rate.

has anybody discovered something?
  • #3,457
  • Sep 7, 2009 6:33pm Sep 7, 2009 6:33pm
Quoting yonnie
Aces` new system:

now most of us are on the sidelines until next week, has anybody tried to have a go to crack the new system that is still veiled in mystery?

it would be fun to puzzle it out......

to me it looks like Ace is using a SL of 30 pips and only takes 1 trade a week at the most.

so where on the chart could he possibly place a trade with a stop loss of 30 pips and still have a 40% win rate.

has anybody discovered something?
No clue, but I doubt anyone but Ace has been testing this new system of his because of the reason posted, so many people see an easy system, and just take the whole thing and try to make money from selling it. They have zero creativity and in alot of cases, 0 forex trading knowledge.
  • #3,458
  • Sep 7, 2009 7:01pm Sep 7, 2009 7:01pm
Quoting fed
I didn't mean to offend anyone, I thought you all knew and still trading even you knew about this major long weekend.

These long weekends are easy to catch, just read news and updates....
Ah, you probably just caught me before the morning cup of joe. I personally took no offense. There were a few posts last week in regard to the long weekend coming and whether or not people would be trading. All I meant was that for newbies your advice probably would have been valuable, but no harm done, my friend, and good trading.
Greetings from Guanajuato, Mexico
  • #3,459
  • Sep 7, 2009 8:06pm Sep 7, 2009 8:06pm
people plz answer me

iam trading by drawing 2 lines as far as 15 pips away from the high and low of the first 4H candle of the week....i enter the postion after a candle closes over or below the line....my target is the box*2...and my stop is when a candle closes over the opposite line...

plz guys tell me am i right? and whats ur opinians coz my R:R is horrible
  • #3,460
  • Sep 7, 2009 8:19pm Sep 7, 2009 8:19pm
The entry is when the price reaches your buy or sell stop not on a candle close.
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