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4H Box Breakout

  • #4,501
  • Oct 3, 2009 1:53am Oct 3, 2009 1:53am
Quoting shiko
http://cdn.forexfactory.com/images/editor/menupop.gifAttachment

obviously ace startegy is good but i have been trading my discretion for two weeks an a half with leverage 0.2:1 to 1:1. 4% up with max DD of 0.5%.
we gotta have other tricks in our sleeves

Hey Shiko

when you say leverage 0,2:1 what does that mean?
I mean i get the 1:1 leverage, but 0,2:1 ??

How is that possible?
Also max DD, does that mean that your account when it was in it's lowest state, it was 99,5% of your starting balance?

Man i feel like a noob, *looks at himself* holy crap.... I AM a noob!!! ....NOoOOoOOOOOOooOoo!!!!!!!!!!
  • #4,502
  • Oct 3, 2009 2:00am Oct 3, 2009 2:00am
Quoting shiko
http://cdn.forexfactory.com/images/editor/menupop.gifAttachment

obviously ace startegy is good but i have been trading my discretion for two weeks an a half with leverage 0.2:1 to 1:1. 4% up with max DD of 0.5%.
we gotta have other tricks in our sleeves
Another question, where do i find that FXDD balance statistics thing in your picture?

Does anyone know if this also exists with FXCM?
  • #4,503
  • Oct 3, 2009 2:04am Oct 3, 2009 2:04am
Quoting Jesper
Another question, where do i find that FXDD balance statistics thing in your picture?

Does anyone know if this also exists with FXCM?
Right Click in your "Terminal" "Account History" and select "save as detailed report"

This will give you everything from drawdown, to consecutive winning trades, plus a graphical chart like Shiko has there that displays the growth/loss.
  • #4,504
  • Oct 3, 2009 2:05am Oct 3, 2009 2:05am
Quoting yonnie
A quick response is this and maybe I`m missing something: is there any advantage in closing and opening new trades and paying the spread every time instead of having 1 entry and locking in more profits as price goes more in your favour? or is it that you dont want to sit at your computer all the time and are prepared to sacrafice the spread?
The advantage (perhaps) would be that profit is locked in at intervals, thereby avoiding what you mentioned in a previous post i.e. price going up 400 pips and then retracing to BE.

Is that worth paying the spread each time? Maybe, maybe not.

Quoting yonnie
Its amazing how volatile the G/J pair is. It can go up 400 pips and come all the way back to take you out at BE.
Greetings from Guanajuato, Mexico
  • #4,505
  • Oct 3, 2009 2:08am Oct 3, 2009 2:08am
Quoting Pharoah
The only advantages I see with this is the "locking in profits" thing... but to be honest, it's only good if your next trades SL is closer than the original orders entry. I personally feel this is of no great benefit, a trade should not be closed out when it is moving in profit.
Well, of course, the SL would be moved. In the example given, it was a 70-pip SL. It would remain that for each successive trade.

I think you're missing the other point as well . . . the trade is not actually closed . . . you're just locking in profit incrementally.
Greetings from Guanajuato, Mexico
  • #4,506
  • Oct 3, 2009 2:11am Oct 3, 2009 2:11am
Sorry, Yonnie, I'm really having a S-L-O-W night . . . I didn't notice your point about just locking in profits (I assume by progressively moving the SL). Of course, that accomplishes the same thing . . . if you can be at the computer to take care of it. Believe it or not, I'm actually away from the computer at times.
Greetings from Guanajuato, Mexico
  • #4,507
  • Oct 3, 2009 2:16am Oct 3, 2009 2:16am
Quoting Pharoah
Is this after at least TP1 is reached?
I dont have an opinion on that yet, because I haven`t finished the backtesting.

I realise now that I shouldn`t mention any numbers, because I backtested this on the TF I trade from + a buffer that was the most efficient for that TF.

It would be good if 2 people could backtest the 2 ideas I mentioned on the 4H TF to avoid any mistakes.
  • #4,508
  • Oct 3, 2009 2:16am Oct 3, 2009 2:16am
Quoting yen44x
The advantage (perhaps) would be that profit is locked in at intervals, thereby avoiding what you mentioned in a previous post i.e. price going up 400 pips and then retracing to BE.

Is that worth paying the spread each time? Maybe, maybe not.
If it was done on a system like trade TP = TP - spread, enter at TP point with TP of TP2 - spread, enter at TP2, with TP of TP3 - spread.

Yes, a little loss would occur between, but it would lock in a few hundred pips by the end of it.

This also depends on your faith in a system, if you feel you have to close a trade while the trade is still going in your favor, just to lock in the profits, then maybe you don't have complete faith in the system to begin with. But everyone has their own exit strategy to help them determine when to get out of a trade.
  • #4,509
  • Oct 3, 2009 2:21am Oct 3, 2009 2:21am
Quoting yonnie
I dont have an opinion on that yet, because I haven`t finished the backtesting.

I realise now that I shouldn`t mention any numbers, because I backtested this on the TF I trade from + a buffer that was the most efficient for that TF.

It would be good if 2 people could backtest the 2 ideas I mentioned on the 4H TF to avoid any mistakes.
By 2 ideas, are you referring to the 50+/50- pip box and the 30 pip above BE reversal?
  • #4,510
  • Oct 3, 2009 2:22am Oct 3, 2009 2:22am
Quoting Pharoah
This also depends on your faith in a system, if you feel you have to close a trade while the trade is still going in your favor, just to lock in the profits, then maybe you don't have complete faith in the system to begin with. But everyone has their own exit strategy to help them determine when to get out of a trade.
If you really feel that "faith" in the system is the key, why are you closing out 1/2 your position at TP1 when the trade is going in your favor? Is that a lack of faith, or a good decision to lock in profits?
Greetings from Guanajuato, Mexico
  • #4,511
  • Oct 3, 2009 2:26am Oct 3, 2009 2:26am
Quoting yen44x
If you really feel that "faith" in the system is the key, why are you closing out 1/2 your position at TP1? Is that a lack of faith, or a good decision to lock in profits?
There's a difference there, because it's only half position, and is only used to prevent uncontrolled market conditions such as news or holiday from causing a loss once TP1 has been reached, it's insurance on an existing trade. Closing an entire trade at TP point is not insurance, it's lack of faith, and overall would end up costing more money than it would be "locking in" when other exit systems preform just as well and in some cases better.

Don't get me wrong, this is definitely a profiting technique, I just personally would never consider it as an option because of the reasons mentioned above and is only my opinion.
  • #4,512
  • Oct 3, 2009 2:33am Oct 3, 2009 2:33am
Quoting vito88id
hey guys.. so whats the final decision?? do v take the second trade when the first one is a loss??
This is a good question: are there any people out there who take the second trade and are overall profitable with the second trade?

If yes, could you provide some numbers and the week in which the trade was taken?

if nobody replies, we might lay the second trade officially to rest.......R.I.P.

thanks guys
  • #4,513
  • Oct 3, 2009 2:33am Oct 3, 2009 2:33am
Quoting Pharoah
Closing an entire trade at TP point is not insurance, it's lack of faith,
But, who mentioned closing an entire trade? The trade is not actually closed at all . . . it's simply continued with a new position in the same direction. Granted, the spread would be paid each time but, for example, if I could close 3 successive 70-pip targets for a total of 210 pips instead of watching a single trade go to +210 and then retrace to BE or even +100, is that lack of faith in the system or simply managing the system?
Greetings from Guanajuato, Mexico
  • #4,514
  • Oct 3, 2009 2:37am Oct 3, 2009 2:37am
Quoting yonnie
This is a good question: are there any people out there who take the second trade and are overall profitable with the second trade? If yes, could you provide some numbers and the week in which the trade was taken? if nobody replies, we might lay the second trade officially to rest.......R.I.P. thanks guys
How's this for an offer . . . I will be speechless if anyone can show overall profit on second trades. Just the thought of that should send everyone scrambling to do their back testing.
Greetings from Guanajuato, Mexico
  • #4,515
  • Oct 3, 2009 2:40am Oct 3, 2009 2:40am
Quoting yen44x
The advantage (perhaps) would be that profit is locked in at intervals, thereby avoiding what you mentioned in a previous post i.e. price going up 400 pips and then retracing to BE.
dont think you can avoid that altogether apart from maybe settling for a lower TP if proven more profitable overall and locking in a certain amount of pips profit if price is going in the right direction.

the exact timing/pips amount to be confirmed by backtesting.
  • #4,516
  • Oct 3, 2009 2:43am Oct 3, 2009 2:43am
Quoting yonnie
dont think you can avoid that altogether apart from maybe settling for a lower TP if proven more profitable overall and locking in a certain amount of pips profit if price is going in the right direction. the exact timing/pips amount to be confirmed by backtesting.
True.

Yonnie . . . see what you started. You asked if there were any other areas of interest. If what you really wanted was profitable ideas instead, you should have been more specific.

Have a good weekend everyone.
Greetings from Guanajuato, Mexico
  • #4,517
  • Oct 3, 2009 2:44am Oct 3, 2009 2:44am
Quoting Pharoah
By 2 ideas, are you referring to the 50+/50- pip box and the 30 pip above BE reversal?
partly, see post 4484
  • #4,518
  • Oct 3, 2009 2:44am Oct 3, 2009 2:44am
Quoting yen44x
But, who mentioned closing an entire trade? The trade is not actually closed at all . . . it's simply continued with a new position in the same direction. Granted, the spread would be paid each time but, for example, if I could close 3 successive 70-pip targets for a total of 210 pips instead of watching a single trade go to +210 and then retrace to BE or even +100, is that lack of faith in the system or simply managing the system?
If there was no pre-determined stoploss setup, then it's managing the system, if there is a pre-determined stoploss setup, than it's lack of faith. Don't get me wrong, lack of faith is not always a bad thing, in this case, it would be lack of faith, but mainly because of the string of loosing weeks we've just experienced that's causing us to "think outside the box" to devise new ways to exit out or find ways to "lock" in profits, I've done this with close half at TP1 in conjunction with my smartstop system, and closing the entire trade, then re-opening it at TP points is another method yes, I just personally don't feel it's any more benificial to the system than what has already been mentioned. But like I said, this is my opinion, and data has more merrit than my opinion, so testing would reveal all.
  • #4,519
  • Oct 3, 2009 2:47am Oct 3, 2009 2:47am
Quoting yen44x
True.

Yonnie . . . see what you started. You asked if there were any other areas of interest. If what you really wanted was profitable ideas instead, you should have been more specific. Have a good weekend everyone.
like your style Yen.......a bit of a joker but also prepared to put the hard yards in.
  • #4,520
  • Oct 3, 2009 2:48am Oct 3, 2009 2:48am
Quoting Pharoah
Right Click in your "Terminal" "Account History" and select "save as detailed report"

This will give you everything from drawdown, to consecutive winning trades, plus a graphical chart like Shiko has there that displays the growth/loss.
Thanks mate!

Also, i know you can download currency histories and trade "offline" in a training purpose over the weekend.
Where can you download that stuff?
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