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4H Box Breakout

  • #4,061
  • Sep 24, 2009 3:44am Sep 24, 2009 3:44am
Quoting the novice
So you must be in and out of the market many times in a week, seeing that the market has been ranging.

Am i right?

i think he was not risking the whole box... hence multiple attempts are possible.
  • #4,062
  • Sep 24, 2009 3:44am Sep 24, 2009 3:44am
Quoting the novice
So you must be in and out of the market many times in a week, seeing that the market has been ranging.

Am i right?
no, I took the long trade and got out at break even. This is just my second trade for the week. At least on this system. My short was at 148.10.
  • #4,063
  • Sep 24, 2009 3:46am Sep 24, 2009 3:46am
Quoting Pharoah
by 1 box stoploss, you mean 100% of the breakout box size I assume, and I agree with you completely and entirely, I'm just suggesting a way that could be beneficial regardless of market conditions. This may just very well be the way.
yes, it is what i mean. with any break out strategy losses must be small per each attempt.
i am currently trading another way, where i let my losses run, but it is not break out strategy.
  • #4,064
  • Sep 24, 2009 3:49am Sep 24, 2009 3:49am
support at 1.4650-1.4675. i tk there will be some retracement but i would bet it will break this support. it looks like big guys made their mind.
  • #4,065
  • Sep 24, 2009 3:49am Sep 24, 2009 3:49am
Quoting 11andy11
no, I took the long trade and got out at break even. This is just my second trade for the week. At least on this system. My short was at 148.10.
Good for you.
Hope you recoup the losses with this sudden downswing.
  • #4,066
  • Sep 24, 2009 3:54am Sep 24, 2009 3:54am
Quoting the novice
Good for you.
Hope you recoup the losses with this sudden downswing.
unfortunately I only risked 1.5% instead of 3% because of current market conditions, but profit is profit. With my luck it will turn around and stop me out. I am going to target tp4. I was risking the entire box. I just reduced my exposure.
  • #4,067
  • Sep 24, 2009 3:55am Sep 24, 2009 3:55am
Quoting the novice
Good for you.
Hope you recoup the losses with this sudden downswing.

hehe, who says it was sudden? the pair was clearly trying support levels for 4-5 weeks.
every s/r can only take this much
  • #4,068
  • Sep 24, 2009 3:56am Sep 24, 2009 3:56am
Quoting 11andy11
unfortunately I only risked 1.5% instead of 3% because of current market conditions, but profit is profit. With my luck it will turn around and stop me out. I am going to target tp4.

do not worry buddy, you are in the money. let this rabbit run
  • #4,069
  • Sep 24, 2009 3:58am Sep 24, 2009 3:58am
Quoting shiko
do not worry buddy, you are in the money. let this rabbit run
good idea, run rabbit run!
  • #4,070
  • Sep 24, 2009 4:24am Sep 24, 2009 4:24am
there goes tp3. Am I the only one short??
  • #4,071
  • Sep 24, 2009 4:36am Sep 24, 2009 4:36am
Quoting 11andy11
there goes tp3. Am I the only one short??
What broker are you with, according to my FXDD data, only TP1 was hit on GBPJPY
  • #4,072
  • Sep 24, 2009 4:49am Sep 24, 2009 4:49am
I trade the 0-4 gmt candle, ibfx, I feel that its a more universal candle than what fxdd offers. More traders look at the gmt timeframe than look at fxdd charts. It also allows more input from the asian session on sundays. Its been more profitable the last two months and I backtested two years with this candle so I have confidence in it.
  • #4,073
  • Sep 24, 2009 5:21am Sep 24, 2009 5:21am
Quoting Pharoah
What broker are you with, according to my FXDD data, only TP1 was hit on GBPJPY


right now trade should be at B/E. it is at TP 1.5.
box size is 100 pips. good size for break out
  • #4,074
  • Sep 24, 2009 5:52am Sep 24, 2009 5:52am
After weeks of losing trade... I manage to make some profit from GJ this week...

Base on Ace strategy, I won 100 pips from buying GJ early of this week and I close when it hit 100 pips.. Which is 1X. Today, sell order was triggled and it make ~150 pips, 1.5X.

I think we should only set 100 pips or 1X as our PL when the market is ranging... Or may be it is just my lucky week to win back something I lost last few weeks...
  • #4,075
  • Sep 24, 2009 7:29am Sep 24, 2009 7:29am
Quoting 11andy11
no, I took the long trade and got out at break even. This is just my second trade for the week. At least on this system. My short was at 148.10.

This is my fourth trade this week: (3) longs (+1, +1, +53) and currently in a short (+114).
  • #4,076
  • Sep 24, 2009 8:10am Sep 24, 2009 8:10am
http://img27.imageshack.us/img27/9485/bwlc.th.png
  • #4,077
  • Sep 24, 2009 8:11am Sep 24, 2009 8:11am
Quoting yen44x
Hey, Wrenski, I heard you had some hot chicks over to check out the new tub last night . . .
Yen, thank you very much for thinking of me by posting some hot chicks in a hot tub. I really like your humor and it keeps threads like this from getting too boring.
  • #4,078
  • Sep 24, 2009 9:21am Sep 24, 2009 9:21am
Quoting 11andy11
I trade the 0-4 gmt candle, ibfx, I feel that its a more universal candle than what fxdd offers. More traders look at the gmt timeframe than look at fxdd charts. It also allows more input from the asian session on sundays. Its been more profitable the last two months and I backtested two years with this candle so I have confidence in it.
Quoting 11andy11
My short was at 148.10.
Quoting 11andy11
there goes tp3. Am I the only one short??
Nice trade, Andy. I appreciate your reasoning on why you're using the 0-4 GTM candle, and I actually downloaded an IBFX demo to compare results because the idea makes sense. If I understand your post correctly, you're using the second 4H candle of the week (on IBFX) to determine your trade setup for the week, right?

One question . . . are you using a buffer of 20 pips on each side of the first 4H candle? If so, I'm confused how you hit TP3 with an entry at 148.08. The box (if you're using a 20-pip buffer), would have been about 83 pips, meaning you would need to get down to about 145.59 to hit TP3. The low, so far, is about 146.38, which is just about right at TP2.

BTW, it appears all it took was one decent trade to get the thread back to trade talk . . . for a while, it was hard to tell if there was still a pulse.
Greetings from Guanajuato, Mexico
  • #4,079
  • Sep 24, 2009 9:38am Sep 24, 2009 9:38am
Quoting yen44x

One question . . . are you using a buffer of 20 pips on each side of the first 4H candle? If so, I'm confused how you hit TP3 with an entry at 148.08. The box (if you're using a 20-pip buffer), would have been about 83 pips, meaning you would need to get down to about 145.59 to hit TP3. The low, so far, is about 146.38, which is just about right at TP2.

Yen, it is about 4 th dimension... everything is possible there
  • #4,080
  • Sep 24, 2009 9:46am Sep 24, 2009 9:46am
Quoting shiko
Yen, it is about 4 th dimension... everything is possible there
I'm not touching that comment, Shiko . . . Andy was already upset about all my juvenile jokes on the thread, so I'm not going to pile on. I'm trying to keep my arguments on the thread to a minimum so I have more time to find ridiculous Google photos to share with the group.

BTW, Shiko, what did I tell you about learning to share? Let your Mom use the computer for a while . . . you'll be back soon enough.
Greetings from Guanajuato, Mexico
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