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4H Banker Buster

  • #41
  • Oct 4, 2009 7:14pm Oct 4, 2009 7:14pm
Quoting PiPsAddict
takes all kinds doesn't it. Good grief!
I noticed it's been placed on other threads as well...
  • #42
  • Oct 4, 2009 7:24pm Oct 4, 2009 7:24pm
Quoting Pharoah
Because the box is formed at the close of the first 4H candle by adding 50 pips to the close price to form the box high, and subtracting 50 pips from the close price to form the box low.

Hope that answers the question.
Yes indeed , Thank You very much Sir . I shall be following with Great interest .... p.s. Great job Pharoah , keep up the Good work ... buffalopip....
  • #43
  • Oct 4, 2009 7:25pm Oct 4, 2009 7:25pm
Quoting buffalopip
Yes indeed , Thank You very much Sir . I shall be following with Great interest .... p.s. Great job Pharoah , keep up the Good work ... buffalopip....
Your welcome , and thank you for your kind words of encouragement
  • #44
  • Oct 4, 2009 8:11pm Oct 4, 2009 8:11pm
Box has formed now, 1St 4H bar closed at 143.51, so we set out box high at 144.01, and our box low at 143.01

We would place our pending orders at these marks.

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  • #45
  • Oct 4, 2009 8:53pm Oct 4, 2009 8:53pm
Just to compair charts and brokers , i had to break my chart down to 1-hr bars to find the high and low using ibfx platform . This is for those not using the fdxx platform , then had to change my chart back to 4-hr bars , there is some differance in the locations of the ma's , it's around 15 -20 pips short of Pharoah posting for the trade peramaters of the start ofthe week...hopes this helps ...... purple lines are the box........ buffalopip...
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  • #46
  • Oct 4, 2009 8:57pm Oct 4, 2009 8:57pm
Quoting buffalopip
Just to compair charts and brokers , i had to break my chart down to 1-hr bars to find the high and low using ibfx platform . This is for those not using the fdxx platform , then had to change my chart back to 4-hr bars , there is some differance in the locations of the ma's , it's around 15 -20 pips short of Pharoah posting for the trade peramaters of the start ofthe week...hopes this helps ...... purple lines are the box........ buffalopip...
That's the only problem with various brokers, nothing is the same from one broker to another. Sure they generally act the same, but their values are off.
  • #47
  • Oct 4, 2009 9:05pm Oct 4, 2009 9:05pm
They sure are different ... just wanted to post so others could see the difference as it is happening in real time .....
  • #48
  • Oct 4, 2009 9:08pm Oct 4, 2009 9:08pm
Quoting buffalopip
They sure are different ... just wanted to post so others could see the difference as it is happening in real time .....
Ya, is always good to compare results from different brokers, As one person could have a live IBFX account and get stomped while mine at FXDD remained active and profitable.
  • #49
  • Oct 4, 2009 10:03pm Oct 4, 2009 10:03pm
Pharoah,

I have different data from my broker. My broker is GMT+0.

Question: My first 4h candle of the week starts at 21:00(Is this correct candle?). I'm was up +50 pips!
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  • #50
  • Oct 4, 2009 10:21pm Oct 4, 2009 10:21pm
Quoting hello
Pharoah,

I have different data from my broker. My broker is GMT+0.

Question: My first 4h candle of the week starts at 21:00(Is this correct candle?). I'm was up +50 pips!
there was some wild volatility immediatly around that time. I was demo-trading 4 different break-outs and was up about 150+ pips accross 3 of them lol.... now.... not so much. strong retrace....
Many choose unhappiness over uncertainty.
  • #51
  • Oct 4, 2009 10:52pm Oct 4, 2009 10:52pm
Quoting hello
Pharoah,

I have different data from my broker. My broker is GMT+0.

Question: My first 4h candle of the week starts at 21:00(Is this correct candle?). I'm was up +50 pips!
I see a huge problem here, because your broker opens an hour earlier it causes HUGE differences, check out this particular area of interest.

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Look at the black circle in my chart, look at those 2 Bars.

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Look at the white circle in your chart, look at those 2 Bars.

Night and day. Much like the charts, black and white.

I would recommend referencing a demo FXDD account for the proper setups for this system.
  • #52
  • Oct 5, 2009 1:13am Oct 5, 2009 1:13am
Our trade was triggered at 144.01, stoploss set to 143.60.
  • #53
  • Oct 5, 2009 2:15am Oct 5, 2009 2:15am
Quoting Pharoah
Our trade was triggered at 144.01, stoploss set to 143.60.
Well we are out at 143.60, so next we go short 143.10 or long 144.10, right?
  • #54
  • Edited 3:10am Oct 5, 2009 2:24am | Edited 3:10am
Quoting alllivemind
Well we are out at 143.60, so next we go short 143.10 or long 144.10, right?
That was totally my bad, it was supposed to be 142.6, but believe me, it's for the better that it got closed out sooner. If you'll notice we're at a MAJOR S&R zone that historically has only been respected twice, once penetrating down, then back up, in 1994, We are currently on that exact S&R line, and has been respected 3 times already this year. I would be very cautios about long positions right now until our box has been formed near the S&R zone on our 4H chart. Right now it appears as tho there is going to be a retrace to respect that S&R at least once more before it either penetrates down, creating lower lows, or hopefully, bouncing off and creating higher highs. What we don't want to see right now is lower highs, and higher lows, because this suggests a level of consolidation... and consolidation on a Major S&R line such as this could last a while.

I must note the potency of this S&R zone... Do not underestimate it's power to attract price action.

Also, I sleep VERY little, so if anyone notice an error in my data compared to your data, please let me know so I can fix it.
  • #55
  • Oct 5, 2009 3:21am Oct 5, 2009 3:21am
Quoting Pharoah
That was totally my bad, it was supposed to be 142.6, but believe me, it's for the better that it got closed out sooner. If you'll notice we're at a MAJOR S&R zone that historically has only been respected twice, once penetrating down, then back up, in 1994, We are currently on that exact S&R line, and has been respected 3 times already this year. I would be very cautios about long positions right now until our box has been formed near the S&R zone on our 4H chart. Right now it appears as tho there is going to be a retrace to respect that S&R at...
Yes you are right. How do you find historical level of S&R and the hits it had at that price level? If you have any indicator please do post . Thanks.

You are a good system designer but sleep well for your mental faculties to function well.

PJ
  • #56
  • Oct 5, 2009 3:30am Oct 5, 2009 3:30am
Quoting pj9100
Yes you are right. How do you find historical level of S&R and the hits it had at that price level? If you have any indicator please do post . Thanks.

You are a good system designer but sleep well for your mental faculties to function well.

PJ
It depends on the S&R your looking for, I happened to notice that the price bounced/penetrated this line a number of times on the 4H chart, so I checked the 1D chart, same thing but after a heavy downtrend, then I changed to W1 and M1 and noticed that this price has been respected before in the past. So this is to be considered a long term, very potent S&R zone that has been in existence for over 2 decades.

But for right now, we have to consider that all Kumo clouds (part of a system that has been in use since the 50's) on all major timeframes all suggests that there is major bearish movement in the market right now. Unfortunately because of the Huge S&R we cannot actually rely on any indicator to give us any kind of clear cut signal.

As far as sleep is concerned, I don't think I've slept for more than 6 hours in a 24 hour timeframe since I was 13 or so, 28 now. I've conditioned myself to be able to go 7 straight days without sleeping at all before I start seeing little fuzzies out of the corners of my eyes.
  • #57
  • Oct 5, 2009 4:48am Oct 5, 2009 4:48am
Quoting Pharoah
It depends on the S&R your looking for, I happened to notice that the price bounced/penetrated this line a number of times on the 4H chart, so I checked the 1D chart, same thing but after a heavy downtrend, then I changed to W1 and M1 and noticed that this price has been respected before in the past. So this is to be considered a long term, very potent S&R zone that has been in existence for over 2 decades.

But for right now, we have to consider that all Kumo clouds (part of a system that has been in use since the 50's) on all major timeframes...
Ok. Understood. Yes 6 hours sleep is good enough. Having worked as a journalist for more than 15 years with long working hours in my second phase of career my body clock works as yours. I am semi-retired now but continue to work like when I was a cub reporter.

I have seen your energy level, capacity to work hard and with focus. But the most essential quality of a professional trader is patience and the mental makeup to accept failures without any reservation. Once you accept failure, you are done with it and you have something new to work on.

I would advise you to devote a year at least on just studying the price action in terms of just price and time movements (mostly watching charts) on a daily basis on certain hours and do trading on a demo basis based on your observations.

At the same time you need to develop a system to log the hourly/daily, up, down movements by way of statistical indicators focusing on time, price action in relation to high/lows of open/close, average pip range (of day, week, month, quarter) speed and velocity of pip balls (momentum), when and how momentum expands or contracts resulting in formation of cycles (consolidation, stop-hunting, breakout, stop-hunting, consolidation, trending and range-trading) and mark boundaries (zones) based on time and pip values.

How rapid the consolidation happens and acts as a stop hunting exercise both at high and low levels is the key to do profitable trading at intra-day level. Why the consolidation slows down until data release times for hours/days is something to be understood. All data release times are strictly to be treated as triggers for volatile moves.

Human mind can't accept reversals easily. If you can focus on mastering reversal identification techniques you will succeed in a short time.

However to enter this phase of acquiring trading skills, you have to keep your tools of TA aside for the whole year as well as get rid of the notion of having a holy grail so that you can focus entirely on understanding the whole gamut of trading from a different and real-life perspective.

You already have energy, capacity to focus and work hard applying common sense and logic - qualities not many people have.

Just wait for another year or so. Later combine your knowledge of TA and one-year+ skills of chart-watching acquired with the help of statistical indicators to identify chart patterns and develop systems based on them which will ultimately get you what you aspire to have.

All master traders have developed that way.

PJ
  • #58
  • Oct 5, 2009 4:58am Oct 5, 2009 4:58am
Quoting pj9100
Ok. Understood. Yes 6 hours sleep is good enough. Having worked as a journalist for more than 15 years with long working hours in my second phase of career my body clock works as yours. I am semi-retired now but continue to work like when I was a cub reporter.

I have seen your energy level, capacity to work hard and with focus. But the most essential quality of a professional trader is patience and the mental makeup to accept failures without any reservation. Once you accept failure, you are done with it and you have something new to work on....
I agree, my first live trade occurred far far far sooner than it should have (a month after learning about forex), I made $900 on that single trade. The next trade, -$850. While this is still a profit for me of $50 overall, I was not satisfied with my results what so ever, and since I was new, and was planning on playing the market on a flip of a coin so to speak, maximum leverage with auto liquidate at 1% (acts as a tight stoploss for scalping, but allows fur HUGE returns if you land a big score) where I turned a demo account from $100,000 to $123,000 in about 2 weeks. This is also taking into consideration I had $100,000 demo money, giving me $10,000,000 in leverage which would allow for a number of losses before the big score could push the account far beyond what it was originally. I would not recommend trading this style on a small account at all. That was about 6-7 months ago, since then, I've had my face plastered into charts, indicators, documents and the like.
  • #59
  • Oct 6, 2009 4:50pm Oct 6, 2009 4:50pm
Hi all, just an update on the EA for this system.

We have turned 2008 into a profitable year (was unprofitable with the original breakout system in which this was derived from).

Here's 2009

Start: January 5, 2009
End: October 9, 2009
Deposit: $10,000
Net Profit: $12,946.14
Profit Factor: 3.31
Total Trades: 55
Profit Trades %: 69.09%
Loss Trades %: 30.91%
Maximal Draw Down: 10.82%

Here's 2008

Start: December 31, 2007
End: Januray 2, 2009
Deposit: $10,000
Net Profit: $5,606.44
Profit Factor: 1.85
Total Trades: 61
Profit Trades %: 54.10%
Loss Trades %: 45.90%
Maximal Draw Down: 14.97%

Definitely no where as good as 2009, but still profitable.

Here is 2007

Start: January 1, 2007
End: December 28, 2007
Deposit: $10,000
Net Profit: $423.31
Profit Factor: 1.15
Total Trades: 36
Profit Trades %: 44.44%
Loss Trades %: 55.56%
Maximal Draw Down: 11.46%

Very small profit for the year.... but still profitable.

Thanks PiPsAddict for these backtesting results.

So far, we have kept 3 years in the profit, we are testing other various settings of the EA to hopefully produce more. But we are on the right track.

Stay tuned for further results with finer tuned settings.
  • #60
  • Oct 6, 2009 9:18pm Oct 6, 2009 9:18pm
Hi all , and thanks for the back test results ... looks very promising indeed... Just wondering ... at what point would it be fesiable to start to roll over the profit margin to increase the over-all profit ... yes the draw down would be a bad trade , but the upside is a good trade... so the question is , where is the acceptable margin level to start rolling over profit level . Or is it a judgement call... what your comfortable with to start this process , even if a few bad trades occure back to back ....
Am following this method like a New Born Baby because of the potential i am seeing on my demo account ... Very BIG :} .... this week ....for me at least .... i am in awe at this whole style of trading and tip my hat to all involved .. buffalopip....
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