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4H Box Breakout

  • #3,501
  • Sep 8, 2009 8:22am Sep 8, 2009 8:22am
Quoting droland

My 25 pip or whatever Re-entry is NOT coded yet. Unfortunately coders here have not bought into my concept. I beleive it is EXTREMELY effective, as I have used it manually for several months extremely effectively , but it may not be advisable for a SETand FORGET EA.
For the record, I have been working on that concept. The hard part is properly positioning that pending order.
  • #3,502
  • Sep 8, 2009 8:51am Sep 8, 2009 8:51am
Quoting droland
Pharoah.

Remember that, I believe it was 1998, or something like that were Forex was actually opened to the public. It really never got serious, as far as the public (volume) was concerned, until about 2004, 2005 (again with any significant volume).

It is now freaking huge. There are FX mutual funds, trading funds, combined funds that are trading billions - billions besides all our global "little guys".

To compare this market to the 1900 to 2004 forex market, year by year, is to compare model T ford to the Toyoto Hybrid. You are comparing...
That is exactly what we are talking about. Markets conditions change, they are never static, and there is no gurantee that we will continue to have same conditions as we have now in the next five years. We cannot compare the present market to those of 1990/2004, likewise, it wont be wise to compare 2015 market condition to what we have now. The question is what happens then?
Orderliness of Randomness
  • #3,503
  • Sep 8, 2009 9:29am Sep 8, 2009 9:29am
Well, it looks like the week is off to a choppy start. I have now been stopped out on both long and short breakouts using the 30% SL variation. Losses were kept small, so not too bad.

There were huge breakouts on the gbp and eur dollar crosses, which obviously caused the chop.

According to my filters, if we get a breakout to the upside, it may very well take hold this time. That's not a reco... just my opinion.
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  • #3,504
  • Sep 8, 2009 9:50am Sep 8, 2009 9:50am
Quoting PiPsAddict
Well, it looks like the week is off to a choppy start. I have now been stopped out on both long and short breakouts using the 30% SL variation. Losses were kept small, so not too bad.

There were huge breakouts on the gbp and eur dollar crosses, which obviously caused the chop.

According to my filters, if we get a breakout to the upside, it may very well take hold this time. That's not a reco... just my opinion.

We are on a major S&R for going on the last 2 weeks, it's gotta breakout and stay out sometime.
  • #3,505
  • Sep 8, 2009 10:05am Sep 8, 2009 10:05am
Quoting Pharoah
We are on a major S&R for going on the last 2 weeks, it's gotta breakout and stay out sometime.
It needs a stiff kick in the arse with a pair of steel toe boots.
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  • #3,506
  • Sep 8, 2009 10:32am Sep 8, 2009 10:32am
If I understand correctly, instead of a "stop & reverse" approach, you have an "average down" approach. In other words, if the 1st trade was long, and was stopped out, then the 2nd trade will also be long... Although you would enter your 2nd trade (in the same direction as the 1st trade) about 25 pips below the stopped price.

Hopefully I got this right...

thanks,
Walt

Quoting droland
Sorry Nubchai

Right now I am strictly running on gut. I have Ron Thompsons EA which is really good for demo but my Dukascopy live account which is not small, is strictly me.

At some point I believe I will add something that will be coded.

My 25 pip or whatever Re-entry is NOT coded yet. Unfortunately coders here have not bought into my concept. I beleive it is EXTREMELY effective, as I have used it manually for several months extremely effectively , but it may not be advisable for a SETand FORGET EA.

For me, I need an EA that can do this...
  • #3,507
  • Sep 8, 2009 11:25am Sep 8, 2009 11:25am
Quoting eloaking
That is exactly what we are talking about. Markets conditions change, they are never static, and there is no gurantee that we will continue to have same conditions as we have now in the next five years. We cannot compare the present market to those of 1990/2004, likewise, it wont be wise to compare 2015 market condition to what we have now. The question is what happens then?
I would have to semi agree. Yes the market will be different in 5 years than it is now, granted, the market was different 5 years ago than it is now, and 5 years before that, it was different.

But what I'm saying is this, These are market situations, and like anything, their bound to repeat, what we have to do is find a way that can handle all types of market situations, this includes but is not limited to prior characteristics to previous market conditions. If we ignore previous times, then we are in essence ignoring alot of data that could help solve future issues.
  • #3,508
  • Sep 8, 2009 11:35am Sep 8, 2009 11:35am
Quoting Pharoah
I would have to semi agree. Yes the market will be different in 5 years than it is now, granted, the market was different 5 years ago than it is now, and 5 years before that, it was different.

But what I'm saying is this, These are market situations, and like anything, their bound to repeat, what we have to do is find a way that can handle all types of market situations, this includes but is not limited to prior characteristics to previous market conditions. If we ignore previous times, then we are in essence ignoring alot of data that could help...
I have to agree with you Pharoah. Market conditions will always continue to evolve, however, history has a way of repeating itself, and that is why it's important to take note of historical data. So we can TRY and prepare for what MAY be looming down the road. Just because the market liquidity keeps growing doesn't mean that we won't experience the same market dynamics that existed a few years ago.

Just my two cents.....
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  • #3,509
  • Sep 8, 2009 12:51pm Sep 8, 2009 12:51pm
I tried it n EUR/USD since i notice the whipsaw on GJ and guess what?....I'm n almost 270 pips
The World As It Is Can Do With Your Positive Disposition
  • #3,510
  • Sep 8, 2009 12:54pm Sep 8, 2009 12:54pm
Quoting liberty71
I tried it n EUR/USD since i notice the whipsaw on GJ and guess what?....I'm n almost 270 pips
thats because EUR has moved in 1 direction only this week. See it for last 2-3 months and you would see why many of the traders dont trade it with this method.
  • #3,511
  • Sep 8, 2009 1:04pm Sep 8, 2009 1:04pm
Quoting liberty71
I tried it n EUR/USD since i notice the whipsaw on GJ and guess what?....I'm n almost 270 pips
Yes, this strategy would've worked very well on Eur/Usd and Gbp/Usd today. Although catching the Gbp/Usd break would've required you to take a second long trade after being stopped out of the original break.

I calculate the TP's a bit differently on the breakouts. My TP1 is measured from the high of the first H4 candle. So basically I exclude the 20 pip buffer when setting the TP1 target and include the buffer for all subsequent TP targets.

Using this variation, the Eur/Usd ran to TP3 and the Gbp/Usd ran to TP2 right on the money.
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  • #3,512
  • Sep 8, 2009 4:31pm Sep 8, 2009 4:31pm
i was only trailing my prfit...i gt stopped ut at 252 pips
The World As It Is Can Do With Your Positive Disposition
  • #3,513
  • Sep 8, 2009 5:14pm Sep 8, 2009 5:14pm
Did anyone else have this feeling again this week????

Oh well, hang in there, fellow traders . . . the longer it ranges, the greater the explosion when it finally breaks out.
Attached Image
Greetings from Guanajuato, Mexico
  • #3,514
  • Sep 8, 2009 5:20pm Sep 8, 2009 5:20pm
Quoting yen44x
Did anyone else have this feeling again this week????

Oh well, hang in there, fellow traders . . . the longer it ranges, the greater the explosion when it finally breaks out.
you and your pictures, you can just capture anything with a random picture on the internet can't you yen lol
  • #3,515
  • Sep 8, 2009 5:21pm Sep 8, 2009 5:21pm
Quoting Pharoah
you and your pictures, you can just capture anything with a random picture on the internet can't you yen lol
You know what they say about the value of one picture . . .
Greetings from Guanajuato, Mexico
  • #3,516
  • Sep 8, 2009 5:22pm Sep 8, 2009 5:22pm
Quoting yen44x
Did anyone else have this feeling again this week????

Oh well, hang in there, fellow traders . . . the longer it ranges, the greater the explosion when it finally breaks out.
That just put a huge smile on my face after a tough start to the week.... thanks a million Yen!
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  • #3,517
  • Sep 8, 2009 5:26pm Sep 8, 2009 5:26pm
Quoting PiPsAddict
That just put a huge smile on my face after a tough start to the week.... thanks a million Yen!
You're more than welcome, my friend!

If anyone is moved to donate to help compensate me for the funds I had to flush, please feel free to p.m. me.
Greetings from Guanajuato, Mexico
  • #3,518
  • Sep 8, 2009 5:31pm Sep 8, 2009 5:31pm
Yen, have you been going into town again and using the computer in the library?
Attached Image (click to enlarge)
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  • #3,519
  • Sep 8, 2009 5:31pm Sep 8, 2009 5:31pm
Quoting yen44x
You're more than welcome, my friend!

If anyone is moved to donate to help compensate me for the funds I had to flush, please feel free to p.m. me.
I'll get right on it
  • #3,520
  • Sep 8, 2009 5:34pm Sep 8, 2009 5:34pm
Quoting wrenski
Yen, have you been going into town again and using the computer in the library?Attachment
I'm pretty proud of that photo . . . tall, dark and handsome . . . and I don't look bad either.
Greetings from Guanajuato, Mexico
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