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4H Breakout With Custom Stop Loss

  • #201
  • Sep 28, 2009 11:15pm Sep 28, 2009 11:15pm
Quoting Pharoah
As stated in one of my re-entry post, this is completely up to your discretion. However, for my own personal tradings, the justification is because while we do have a very smart stoploss system, we have to consider that it's not perfect, which means there could be a level of consolidation in the profit zone of a breakout, and it could also house a VERY profitable move in the near future, normally consolidation periods act like a tightly coiled spring being pushed just waiting to be released and shoot off like a rocket.

The reason I do not think...
You are on the right track. I am a discretionary trader and use hedging as my stop loss. During my more than +15 years of currency options and spot trading I sat through long periods of drawdown up to 2 years always looking at hedging with scepticism.

It was only when I embraced hedging as a way of controlling risk/drawdown
I realised how foolish I was not to use earlier.

For one thing, Hedging forced me to study retracements and reversals very seriously, which helped me substantially to overcome fear factor.

I realised human mind is unable to comprehend reversals so easily and that surely is the key to profitable trading.

Hedging without focusing on reversals will land you in problems. If you can't focus on retracement/reversal trading, then don't go for hedging.

In such a case go for stop-loss which is part of Risk/Reward concept where one keeps losing a few trades hoping one big profitable trade will cover all the losses as well as leave net profit at the end.

This is my live trading experience .

PLEASE EXPLORE HEDGING FROM ALL ANGLES and You are doing the right thing.
  • #202
  • Sep 28, 2009 11:22pm Sep 28, 2009 11:22pm
Quoting pj9100
You are on the right track. I am a discretionary trader and use hedging as my stop loss. During my more than +15 years of currency options and spot trading I sat through long periods of drawdown up to 2 years always looking at hedging with scepticism.

It was only when I embraced hedging as a way of controlling risk/drawdown
I realised how foolish I was not to use earlier.

For one thing, Hedging forced me to study retracements and reversals very seriously, which helped me substantially to overcome fear factor.

I...
Thanks, always glad to hear from a seasoned trading that I'm on the right track
  • #203
  • Sep 29, 2009 4:49am Sep 29, 2009 4:49am
Quoting pj9100
You are on the right track. I am a discretionary trader and use hedging as my stop loss. During my more than +15 years of currency options and spot trading I sat through long periods of drawdown up to 2 years always looking at hedging with scepticism.

It was only when I embraced hedging as a way of controlling risk/drawdown
I realised how foolish I was not to use earlier.

For one thing, Hedging forced me to study retracements and reversals very seriously, which helped me substantially to overcome fear factor.

I...
When do you decide to place a hedge order? Do you need to be like 20 pips pips in profit and price falling back toward your entry price?
  • #204
  • Edited Sep 30, 2009 12:00am Sep 29, 2009 8:21am | Edited Sep 30, 2009 12:00am
I've spent some time with the first strategy document and built an EA.

It models Condition 1 and has my own variation for entering secondary trades each week.

Backtesting on GBPJPY 2009 data doesn't give fantastic results.

Perhaps someone could improve upon my code? If so, please do. Let's all have a go!

G

EA code removed at the request of Pharoah.
  • #205
  • Sep 29, 2009 9:23am Sep 29, 2009 9:23am
Quoting ozziedave
When do you decide to place a hedge order? Do you need to be like 20 pips pips in profit and price falling back toward your entry price?
Generally, I'd place the hedge if the Red MA is farther than buffer away from BE. In a buy example, place a sell order at Be if the Red MA is below the high of the first 4H bar of the week.
  • #206
  • Edited 3:06pm Sep 29, 2009 12:12pm | Edited 3:06pm
Quoting Grath
I've spent some time with the first strategy document and built an EA.

It models Condition 1 and has my own variation for entering secondary trades each week.

Backtesting on GBPJPY 2009 data doesn't give fantastic results.

Perhaps someone could improve upon my code? If so, please do. Let's all have a go!

G
I Appriciate the attempt Grath, but I must request that you remove the EA from general download. While my system is posted here (manual system) I do not want the EA being developed available to the general public.

However, I'm not going to disclude the fact that I learned alot of what I know from you guys.

So my conclusions is this.

No EA's posted that utilize my smartstop system.

If you wish yo obtain a copy of any EA made based on my smartstop system, Simply contact me and I will determine if you should get the automated system.

If you wish to program my system into an EA, you're more than welcome to do so, however, I request that you create, and use it for your OWN personal use, I do NOT want any EA using my smartstop system to be available to the general public. Only members of FF that have been here since I have been here or longer automatically qualify for a copy. (Or if you have made a notable contribution to one or more systems, only those that contribute should get anything)

If you decide to program my smartstop system into an EA for yourself, or qualify to obtain an already written EA that is based on my system, you are allowed to use it for these reasons.

1: Personal Trading. If your using an automated version of my system, you are allowed to use it for your own personal trading.

2: Managing account. If your using an automated version of my system, you are allowed to manage other peoples accounts using it.

If you have an entry system that you think could benefit from using my smartstop system. Notify me of the entry system you use, and I will make the required modifications to my smartstop system to work in conjunction with your entry system FREE OF CHARGE.

List of things not allowed with my system/automated system.

No selling an automated version of my system. PERIOD. Because my smartstop system has been designed by me, WELL documented, and mailed to myself (to get the government stamp) any attempt at distributing an automated EA using my smartstop system will be subject to the full extent of intellectual property law.

No selling signal's what so ever. If you are very determined to rent signals, contact me and we can work something out. Once again, any attempt to sell signals from my smartstop system will be subject to the full extent of intellectual property law.

If you make an EA using my smartstop system and wish to share it with people, please do so in a discretionary fashion.

Please everyone, respect my wishes on this subject . This smartstop system is the best thing I've ever made, and I would like to keep it as mine.

My bottom line is this guys. I'm not looking to make any money off anyone here on FF, what I have created is so versatile that I believe it to be a gold mine, and am sharing it with everyone here, so please in return, respect my wishes.
  • #207
  • Sep 29, 2009 7:49pm Sep 29, 2009 7:49pm
Quoting Pharoah

If you wish yo obtain a copy of any EA made based on my smartstop system, Simply contact me and I will determine if you should get the automated system.
WOW....what is the selection criteria we will be judged on to be awarded the right to use one of the EAs?

This ought to be interesting.
  • #208
  • Edited 9:07pm Sep 29, 2009 8:02pm | Edited 9:07pm
Quoting wrenski
WOW....what is the selection criteria we will be judged on to be awarded the right to use one of the EAs?

This ought to be interesting.
No, not judged by any means, you'll notice that in the same post, I stated anyone that's been here longer than I have automatically qualifies, because it was their combined knowledge that taught me the vast majority of what I know today. And most are in the "I'm not only in it for myself" category

I believe that anyone that contributes to another persons system is automatically in the "I'm not only in it for myself" category

It's not a matter of "selection" it's a matter of motive.

Yes I have my own motive for my Smartstop system, but I'm allowed to do with it as I please, as it's my creation, but my own motive is not preventing me from sharing my system with everyone here, I would just prefer EA's that use my smartstop system not be available to anyone and everyone.

And you'll also notice that I stated that anyone that creates a system that uses my smartstop system is allowed to use it on their own accounts, and to manage other peoples accounts, the only things I would upset with is if people sold an EA that used my smartstop system, or rented out signals that use my smartstop system.

I don't believe these are unreasonable requests, given the enormous potential of this system that can virtually be customized to any entry system that I could have kept completely to myself in the first place.

Edit:

My ultimate reasoning for these terms is because of the amount of time Ace had to spend getting websites like e-bay to pull a produce of the shelf, yes I know people will make EA's and try to sell them, or rent out signals, but I don't want to hand it to them on a silver platter, I want them to at least have to work to rip off my work before I shut them down.

And I would imagine any forex trading system developer that's here to help would agree on this, I'm just making it vocal before it happens.

I guess if I feel you have any hidden motives would be the criteria.
  • #209
  • Sep 30, 2009 12:07am Sep 30, 2009 12:07am
Quoting Pharoah
I Appriciate the attempt Grath, but I must request that you remove the EA from general download. While my system is posted here (manual system) I do not want the EA being developed available to the general public.

OK. Done that.

G
  • #210
  • Sep 30, 2009 12:43am Sep 30, 2009 12:43am
Quoting Grath
OK. Done that.

G
Thanks
  • #211
  • Sep 30, 2009 6:22pm Sep 30, 2009 6:22pm
I'll follow this thread as well
"The person who knows that enough is enough, will always have enough". .
  • #212
  • Sep 30, 2009 6:28pm Sep 30, 2009 6:28pm
Quoting maq
I'll follow this thread as well
Expect there to be some VAST improvements to this system over the next few days. Right now this is silver, lets see if I can't make it gold, or platinum.

The next few months should be very, very interesting.
  • #213
  • Oct 1, 2009 3:05am Oct 1, 2009 3:05am
Quoting Pharoah
Expect there to be some VAST improvements to this system over the next few days. Right now this is silver, lets see if I can't make it gold, or platinum.

The next few months should be very, very interesting.
  • #214
  • Oct 1, 2009 11:02pm Oct 1, 2009 11:02pm
well finally stopped out for the week after the pair stuffed around better luck next week i suppose atleast I didn't have SL set at full box
I do Good I feel GoodI do Bad I feel Bad
  • #215
  • Oct 1, 2009 11:06pm Oct 1, 2009 11:06pm
Quoting Offshore
well finally stopped out for the week after the pair stuffed around better luck next week i suppose atleast I didn't have SL set at full box
The box size this week was large, and the close was near the bottom, it had alot to climb to reach entry point.

Yonnie has made a fantastic suggestion to just add 50 pips to the close of the 1st 4H bar to create the box high, and subtract 50 pips from the close to create the box low.

I believe this is essential when using this entry system (1st 4H bar) as in some cases, they are HUGE and make entry points unreasonable

Check out my new thread "4H Banker Buster" and look at how this entry system would work, if you like my theory in that thread about moving box location at the close of a trade, it may be right up your alley.
  • #216
  • Oct 2, 2009 1:32am Oct 2, 2009 1:32am
Quoting Pharoah
The box size this week was large, and the close was near the bottom, it had alot to climb to reach entry point.
....
Check out my new thread "4H Banker Buster" and look at how this entry system would work, if you like my theory in that thread about moving box location at the close of a trade, it may be right up your alley.
Great another 4H thread. Will add that to my list of subscribed threads.

Have been doing a few mods to the 4H_Box_Breakout_ea from Aces thread. Still needs a lot more work to fix the pieces I have changed.

cheers scalpz
Target 2 : Stoploss in the green
  • #217
  • Oct 2, 2009 1:57pm Oct 2, 2009 1:57pm
can't seem to find 4H Banker Buster on the site
I do Good I feel GoodI do Bad I feel Bad
  • #218
  • Oct 2, 2009 2:07pm Oct 2, 2009 2:07pm
Quoting wrenski
http://www.forexfactory.com/showthread.php?t=199622
  • #219
  • Oct 5, 2009 4:32pm Oct 5, 2009 4:32pm
Quoting Pharoah
Pharoah,

Just stumbled onto your thread from your sig and I would like to say thank you for sharing your system in such detail. Must've taken you ages. I will spend the next few days familiarising myself with the rules.

Dazzer
  • #220
  • Oct 15, 2009 5:24pm Oct 15, 2009 5:24pm
"set a trailing stop to 50%-75% of the Breakout Zone (including buffers). "

What's the "Breakout Zone"? x-y=BreakoutZone. So, what is X and what is Y?

Thanks.
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