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4H Box Breakout

  • #4,661
  • Edited 3:19am Oct 7, 2009 3:00am | Edited 3:19am
For that stats again: My long from Sunday/Monday got stopped out on the full box range - that was yet another bummer

I have entered a short, which moved to TP1, and I moved the Stop to breakeven

Good trading
Just for today, do not worry...
  • #4,662
  • Oct 7, 2009 3:21am Oct 7, 2009 3:21am
Quoting Kakyn
It's my real name with modified spelling (same pronounciation)

I hope you are not visiting Russia

I like this thread and it looks like Yen reappeared. gotta check what he wrote
  • #4,663
  • Oct 7, 2009 3:36am Oct 7, 2009 3:36am
Quoting Pharoah
Of course I have, hence 4H Banker Buster, which is the grandchild of this system. I'm a firm believer that it doesn't matter when, or how you enter a trade, it's how you manage it after that point that's important. This is what attracts me about breakout systems, they give us a clear cut signal, and we either take it, or don't, and we profit from it, or not, it's 50 50 chances, but because we have reduced box size, incorporated smartstop, and box move, we've managed to turn failing weeks into winners.

Ace was definitely on to something, he just...

I guess we gotta start thinking outside the box... so to speak. for example, I need the principles of how to calculate Yen's box and want to back test and start testing my idea of using Friday last candle as a base. I believe it might be a key. why? because due to volatility differences between week end and week start we have a small box, almost always, psychologically if no news on weekend the move might continue in week end's direction. in any case we have more opportunities to enter trades and the key as you say is trade management once we are in.
also, it is breakout system. probability of break out are always lower than of bounce from s/r levels. hence, it is always smart to have smaller box and smaller stop loss to let us compensate for all losses incurred. ok. i will start this weekend.
obviously, this system is not good as stand alone system. but it might be one of very useful tools for special occassions of strong breakouts.

Pharoah,m could you explain me how to set this Yen's box which is small and I will move on with testing...
  • #4,664
  • Oct 7, 2009 5:14am Oct 7, 2009 5:14am
Hi Guys. My Short on the GJ got to +200 pips this morning UK time.

Bal
The dream will never die
  • #4,665
  • Oct 7, 2009 5:19am Oct 7, 2009 5:19am
Quoting Brotyboy
Hi Guys. My Short on the GJ got to +200 pips this morning UK time.

Bal
Good, do not forget to take partial profiot and move stop loss to ensure you are still in cash. Their might be breakout so it is good idea to leave part of your position running.
good trade.
  • #4,666
  • Oct 7, 2009 5:21am Oct 7, 2009 5:21am
there is support area from 139.72 to 139.00. and below another mine fields...
  • #4,667
  • Oct 7, 2009 6:08am Oct 7, 2009 6:08am
Quoting Brotyboy
Hi Guys. My Short on the GJ got to +200 pips this morning UK time.

Bal
I hope you took your profits
Now I am in at 141.10 short.
  • #4,668
  • Oct 7, 2009 6:51am Oct 7, 2009 6:51am
Quoting yen44x
Nice work, Wrenski.

I was starting to wonder if anyone else was in this trade. If you're still in, you must not be moving your SL to BE at +100. Is that correct?
Actually I am moving my SL to BE at +100. I am using the second IBFX candle which is making a difference at this time.
  • #4,669
  • Oct 7, 2009 7:45am Oct 7, 2009 7:45am
Out for the week: (1) lot @ +100 and (1) lot @ +290 = +390. This is based on the original method using the second IBFX candle.
  • #4,670
  • Oct 7, 2009 8:20am Oct 7, 2009 8:20am
Quoting wrenski
Out for the week: (1) lot @ +100 and (1) lot @ +290 = +390. This is based on the original method using the second IBFX candle.
Way to go, my friend.
Greetings from Guanajuato, Mexico
  • #4,671
  • Oct 7, 2009 8:27am Oct 7, 2009 8:27am
Quoting yen44x
Way to go, my friend.

Thank you Yen.
  • #4,672
  • Oct 7, 2009 9:38am Oct 7, 2009 9:38am
Quoting wrenski
Out for the week: (1) lot @ +100 and (1) lot @ +290 = +390. This is based on the original method using the second IBFX candle.
Sweet!! great job there!
  • #4,673
  • Oct 7, 2009 9:39am Oct 7, 2009 9:39am
Quoting shiko
I need the principles of how to calculate Yen's box and want to back test and start testing my idea of using Friday last candle as a base.
It's pretty basic Shiko.

My 30% box, for example, was nothing more than reducing the 100% SL to a 30% SL. In other words, if the box was 150 pips, I simply multiplied by .3 and that made my SL 45 pips instead of 150 pips. With the ranging markets we've endured lately, I now think that's a bit too tight, but experiment away!

However, my original concept did nothing to change TP, which may be what you're actually looking for. I'm now much more in favor of a fixed TP instead of depending on the box size to determine that for me.
Greetings from Guanajuato, Mexico
  • #4,674
  • Oct 7, 2009 9:47am Oct 7, 2009 9:47am
Quoting wrenski
Without Yen's jokes this thread is awfully quiet.
Quoting wrenski
Out for the week: (1) lot @ +100 and (1) lot @ +290 = +390. This is based on the original method using the second IBFX candle.
Here's my only observation on that, my friend. Some complained about the jokes because it got in the way of serious trade talk, so I cut down the humor to keep everyone happy. However, I think you were the only one, or at least one of very few, who commented at all on this week's nice trade.

So, be forewarned, fellow traders, if you don't start filling these pages with worthwhile trade talk, I now have plenty of jokes waiting to fill the void.
Greetings from Guanajuato, Mexico
  • #4,675
  • Oct 7, 2009 9:49am Oct 7, 2009 9:49am
Quoting yen44x
Here's my only observation on that, my friend. Some complained about the jokes because it got in the way of serious trade talk, so I cut down the humor to keep everyone happy. However, I think you were the only one, or at least one of very few, who commented at all on this week's nice trade.

So, be forewarned, fellow traders, if you don't start filling these pages with worthwhile trade talk, I now have plenty of jokes waiting to fill the void.

Looking forward to it, Buddy .
  • #4,676
  • Oct 7, 2009 9:50am Oct 7, 2009 9:50am
Quoting wrenski
Looking forward to it, Buddy .
Be careful what you ask for . . . I never said they were good jokes.
Greetings from Guanajuato, Mexico
  • #4,677
  • Oct 7, 2009 9:57am Oct 7, 2009 9:57am
I will sometimes look at a trader's profile if I haven't noticed them on the thread before (true confessions of someone totally lacking a life), and today I happened to see "$aly" on the thread.

$aly, I think we're going to get along just fine after seeing your profile picture . . . and I think I now know what I've been lacking as a trader . . . why didn't I ever think of make-up?

Attached Image
Greetings from Guanajuato, Mexico
  • #4,678
  • Oct 7, 2009 10:32am Oct 7, 2009 10:32am
Quoting wrenski
Out for the week: (1) lot @ +100 and (1) lot @ +290 = +390. This is based on the original method using the second IBFX candle.
Quoting Pharoah
Of course I have, hence 4H Banker Buster, which is the grandchild of this system. I'm a firm believer that it doesn't matter when, or how you enter a trade, it's how you manage it after that point that's important.
I'm glad you mentioned the second candle again, Wrenski, because I'm moving toward using that as well, either on FXDD or IBFX.

The second candle on IBFX ends at 11 p.m. my time here in Mexico, and at 12 a.m. on FXDD. Either way, it would be a lot more convenient for me than the first candle.

Plus, I tend to agree with Pharoah's point that the most important factor in a breakout system is not always the entry point, but rather trade management. If that's the case, I'd rather opt for what's convenient.
Greetings from Guanajuato, Mexico
  • #4,679
  • Oct 7, 2009 11:31am Oct 7, 2009 11:31am
Hey, Wrenski, I know things move a little slower there in the Deep South. But, now that you're rolling in the bucks after that great trade, have you thought of AC for the car? I noticed one of your neighbors already has it . . .
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Greetings from Guanajuato, Mexico
  • #4,680
  • Oct 7, 2009 2:28pm Oct 7, 2009 2:28pm
Quoting yen44x
Here's my only observation on that, my friend. Some complained about the jokes because it got in the way of serious trade talk, so I cut down the humor to keep everyone happy. However, I think you were the only one, or at least one of very few, who commented at all on this week's nice trade.

So, be forewarned, fellow traders, if you don't start filling these pages with worthwhile trade talk, I now have plenty of jokes waiting to fill the void.
Yen, if not you this thread would be dead by now. Good humor is always helpful in all endeavors especially when trading such systems as Ace's.
I enjoy your humor
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