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4H Box Breakout

  • #3,721
  • Sep 14, 2009 6:56pm Sep 14, 2009 6:56pm
For sake of conversation, any thoughts on the potential reverse Head & Shoulders pattern on the 4H chart right now? It's not exactly a classic-looking H&S, but, hey, we need something to talk about.

The right shoulder, if it proves to be a true H&S, retraced to almost exactly 76.4% of the head, classic yen behavior (the currency, not me). The pair dropped around 1400 pips from the high in early August to the low recently, so maybe it's due some retracement. Even a middling retracement would be a lot more action than we've seen recently.

Time will tell . . . Stay tuned.
Attached Image (click to enlarge)
Click to Enlarge Name: H&S or No.jpg Size: 68 KB
Greetings from Guanajuato, Mexico
  • #3,722
  • Sep 14, 2009 7:05pm Sep 14, 2009 7:05pm
One more source for conversation . . . anyone with a 100% SL on the Short trade should be stopped out right about . . . now.

I'm glad I bailed out at 40 pips. Pretty sad when I'm crowing about my "small" losses instead of wins.
Greetings from Guanajuato, Mexico
  • #3,723
  • Sep 14, 2009 7:18pm Sep 14, 2009 7:18pm
I was never in the short because I use IBFX and trade their first candle 00:00 - 04:00. I do not discuss this openly due to the fact that it is not per the original rules. I am however in a long that opened this evening and I am up a pip or two as we speak.
  • #3,724
  • Edited 9:03pm Sep 14, 2009 7:19pm | Edited 9:03pm
Quoting wrenski
I was never in the short because I use IBFX and trade their first candle 00:00 - 04:00. I do not discuss this openly due to the fact that it is not per the original rules.
Don't worry, wrenski, your secret's safe with me.
Greetings from Guanajuato, Mexico
  • #3,725
  • Sep 14, 2009 7:21pm Sep 14, 2009 7:21pm
Quoting yen44x
Don't worry, wrenski, your secret's safe with me.

If you are trading per the rules you should be long too! It looks as though the FXDD long trigger has been hit too.
  • #3,726
  • Sep 14, 2009 7:24pm Sep 14, 2009 7:24pm
Quoting wrenski
If you trading per the rules you should long too! It looks as though the FXDD long trigger has hit too.
Currently up 15 pips . . . I'm thinking of closing out.

As mentioned before, I've done a complete turnaround on second trades. I normally don't take them anymore, but felt there was sufficient potential with this particular trade. We'll see.
Greetings from Guanajuato, Mexico
  • #3,727
  • Sep 14, 2009 7:26pm Sep 14, 2009 7:26pm
Quoting yen44x
Currently up 15 pips . . . I'm thinking of closing out.

As mentioned before, I've done a complete turnaround on second trades. I normally don't take them anymore, but felt there was sufficient potential with this particular trade. We'll see.

I hear ya...
  • #3,728
  • Sep 14, 2009 8:56pm Sep 14, 2009 8:56pm
Another new signature????!!

Man, Wrenski, you change signatures more often than I change my . . . oh, wait, never mind.

If memory serves me, we've now been treated to . . .

Member in Good Standings
Outstanding in my field (more or less)

And now . . .

Wrenski . . . AKA Wrenski (definitely my favorite).

BTW, I'm still up 14 pips . . . it may be definitely time to shut this winner down. Oops, it's down to 7 pips as I write this.
Greetings from Guanajuato, Mexico
  • #3,729
  • Sep 14, 2009 9:06pm Sep 14, 2009 9:06pm
EJ was very strong yesterday, it move >100 pips.... But, I am didn't put an order on it.... too bad.

My GJ order is +50 pips, hope it will move further and move my SL to BE. Sell order doesn't triggle as I set it after 3rd candle form... Lucky!!
  • #3,730
  • Sep 14, 2009 9:31pm Sep 14, 2009 9:31pm
Quoting wrenski
I was never in the short because I use IBFX and trade their first candle 00:00 - 04:00. I do not discuss this openly due to the fact that it is not per the original rules. I am however in a long that opened this evening and I am up a pip or two as we speak.
same here
  • #3,731
  • Sep 14, 2009 9:35pm Sep 14, 2009 9:35pm
This particular movement seems to be moving along rather strong, large green candles with nice size bodies, this may just be the trade that we've needed to help recover from the last few weeks
  • #3,732
  • Sep 14, 2009 9:55pm Sep 14, 2009 9:55pm
Quoting yen44x
Another new signature????!!

Man, Wrenski, you change signatures more often than I change my . . . oh, wait, never mind.

If memory serves me, we've now been treated to . . .

Member in Good Standings
Outstanding in my field (more or less)

And now . . .

Wrenski . . . AKA Wrenski (definitely my favorite).

BTW, I'm still up 14 pips . . . it may be definitely time to shut this winner down. Oops, it's down to 7 pips as I write this.

I do all the new signatures for your benefit, Yen. It helps to hold down the boredom in these slow markets.

I thought you might like the "AKA" part....just trying to keep you on your toes.
  • #3,733
  • Sep 14, 2009 10:57pm Sep 14, 2009 10:57pm
My pos actually W38 G/Y only . 2 Lots.

(if tp1 ok : 1 lot take profit at TP1, up the SL of the other at BE and tG TP3)

- Lossed 74 p on the 1st pos short.

- Actually on the 2nd pos Long + 30 .

wait and see..
Attached Image (click to enlarge)
Click to Enlarge Name: ace284 w38-09 snd - long.gif Size: 89 KB
Attached File(s)
File Type: xls W38 - ACE284-V03.xls   57 KB | 400 downloads
  • #3,734
  • Sep 14, 2009 11:59pm Sep 14, 2009 11:59pm
Quoting Scanner
My pos actually W38 G/Y only . 2 Lots.

(if tp1 ok : 1 lot take profit at TP1, up the SL of the other at BE and tG TP3)

- Lossed 74 p on the 1st pos short.

- Actually on the 2nd pos Long + 30 .

wait and see..
Nice template!!!
  • #3,735
  • Edited 12:41am Sep 15, 2009 12:29am | Edited 12:41am
Quoting yen44x
For sake of conversation, any thoughts on the potential reverse Head & Shoulders pattern on the 4H chart right now? It's not exactly a classic-looking H&S, but, hey, we need something to talk about.

The right shoulder, if it proves to be a true H&S, retraced to almost exactly 76.4% of the head, classic yen behavior (the currency, not me). The pair dropped around 1400 pips from the high in early August to the low recently, so maybe it's due some retracement. Even a middling retracement would be a lot more action than we've seen recently....
That head and shoulder set up looks like my second wife.
Anyway YEN I am keeping an eye on you and of course this pair,

I did say it would go long this week, Just hope it goes Long time


PS thanks Ace for sharing the system, I came in late like some others and have been burned but I like the sytem as it's a set and forget and if you follow the rules the past suggests long term gains.

cheers
I do Good I feel GoodI do Bad I feel Bad
  • #3,736
  • Sep 15, 2009 12:38am Sep 15, 2009 12:38am
In Fact,
the box doesnt appeared automaticly.. I read that here in this thread, so simple.

Mt4, Insert, Shapes, Rectangle, drawing it any place and put the parameters of the box that I take in my XL files with level enter long, and level enter short .

color : the same as your window but lighter ( if black then gray, if red, then pink..)

Commun : BOX W38
parameters : time ( begin) monday 00:00 value (high of box) :level enter long

time ( end week) friday : 22:00 value (low) : level enter short.

That's all and like this, I see all the week the box in all UT.

  • #3,737
  • Sep 15, 2009 12:49am Sep 15, 2009 12:49am
I guess most of you are asleep on the other side of the world, but I think here we go we are climbing.
I have two lots the first lot at TP1 and the second with a trailing stop about the same size as the first target if that makes sense

I do Good I feel GoodI do Bad I feel Bad
  • #3,738
  • Sep 15, 2009 12:49am Sep 15, 2009 12:49am
Quoting yen44x
Currently up 15 pips . . . I'm thinking of closing out.

As mentioned before, I've done a complete turnaround on second trades. I normally don't take them anymore, but felt there was sufficient potential with this particular trade. We'll see.
Hi, about "potential area" , as I was in demo mode, I've let the systeme running but..but.. about thinking to make him become better, I think that we'ld have to put a buffer of 50 each time our entrie point would have to be near a really big resistant like hte short of this week :

150.000 - 140.000-130.000 -120.000

each time, these R are strong, and if they have passed.. 50 less is not important because boom !! big win.. and better to protect account.

I think it is a possible Rules to add at ACE284's System. Perhaps we could eveybody, thinking about that.
  • #3,739
  • Sep 15, 2009 12:51am Sep 15, 2009 12:51am
Well i am following the rules as set forward by ACE? I use a 20 pip buffer and the first 4 hour candle of the week?


Quoting yen44x
Just so you don't confuse newcomers to the thread, neither of you must be following the conventional entry rules for this system. Is that correct?
  • #3,740
  • Sep 15, 2009 12:56am Sep 15, 2009 12:56am
Just few minute Tp1 was goaled. +51 p (à 151.599 entry 151.085)

So T take profit 1 pos, let run the other, move SL on BE.
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