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GbpUsd 5 min breakout

  • #241
  • Edited 7:30pm Dec 21, 2009 10:59am | Edited 7:30pm
Quoting hnosair
sure. if i may ask, why do you want to hid the SL and TP?
Brokers tend to hunt stops and even TPs... As of writing, GBP-USD is now at 1.6178/82 and the low of the day is 1.6054. Incidently my TP is at 1.6058(sell from 1.6114) and was not hit... (I know I may be over sensitive on this one but it has occurred on many situations when my TP mis off by a pip!)
  • #242
  • Dec 21, 2009 11:19am Dec 21, 2009 11:19am
Just closed my short position @ 1.60608..... a nice 53.7 pips.
I'm going to cancel my long position..nothing is happening there.
The system did not work on the EUR/USD, both lost. Right now these are demo accounts.
  • #243
  • Dec 21, 2009 11:55am Dec 21, 2009 11:55am
Has anyone actually ran a back test using this method??? I don't know how to do it but I have been manually checking last years trades. I have finished yet but will post up here when complete. However, I think there may need to be some filters applied such as waiting for a candle to close outside the box. I have found that many times price just activates the trade and reverses... Also, we need to be very careful when we double the trade on the other side.. When we get two losses its a big hit. It works well for the last month or two but last year results were very different.. Also, I think that some days our box misses the breakout and based on Cains rules we would enter the trade too late..it would be very helpful to devise a good exit point for TP 2 which would capture the big moves when they occur... Like I say this is working well now but I think it needs some safeguards...
  • #244
  • Dec 21, 2009 12:12pm Dec 21, 2009 12:12pm
Sell closed for 53.7 pips
  • #245
  • Dec 21, 2009 1:06pm Dec 21, 2009 1:06pm
Quoting Cashcalf
Brokers tend to hunt stops and even TPs... As of writing, GBP-USD is now at 1.6178/82 and the low of the day is 1.6058. Incidently my TP is at 1.6054(sell from 1.6114) and was not hit... (I know I may be over sensitive on this one but it has occurred on many situations when my TP mis off by a pip!)
you are right. so, i will place pending orders with no sl/tp and monitor these two manually.
  • #246
  • Dec 21, 2009 3:06pm Dec 21, 2009 3:06pm
i need a little confirmation. just to make sure.

my time now is 16:00 EST (DC washington)
my mt4 last candle is at 23:00

so I am GMT -5
and mt4 is GMT+2

so the box would be placed at [9:00 to 9:15] in my case

an i right ?
  • #247
  • Dec 21, 2009 3:18pm Dec 21, 2009 3:18pm
Quoting hnosair
i need a little confirmation. just to make sure.

my time now is 16:00 EST (DC washington)
my mt4 last candle is at 23:00

so I am GMT -5
and mt4 is GMT+2

so the box would be placed at [9:00 to 9:15] in my case

an i right ?
I'm on the west coast, and I've been placing mine at 11-11:15pm. East coast would be 2-2:15am. Can anyone verify the times.
  • #248
  • Dec 21, 2009 3:24pm Dec 21, 2009 3:24pm
Quoting hnosair
i need a little confirmation ... so the box would be placed at [9:00 to 9:15] in my case ... am i right ?
to anyone confused by time zones ... (seems to be a common problem) ... Cain posted several screenshots at the beginning of the thread ... (maybe you could post one more current one, Cain) ... just look at the screenshot, and make sure yours is the same, to "synchronize" it ... simple
  • #249
  • Dec 21, 2009 3:26pm Dec 21, 2009 3:26pm
Quoting mrpipp
I'm on the west coast, and I've been placing mine at 11-11:15pm. East coast would be 2-2:15am. Can anyone verify the times.
pacific (your time) is GMT -8

what is your mt4 time? my mt4 data feed is different from my local time !
  • #250
  • Edited 3:39pm Dec 21, 2009 3:29pm | Edited 3:39pm
Quoting tbardolph
to anyone confused by time zones ... (seems to be a common problem) ... Cain posted several screenshots at the beginning of the thread ... (maybe you could post one more current one, Cain) ... just look at the screenshot, and make sure yours is the same, to "synchronize" it ... simple
well, the logic seems to be simple. easy to calculate. his data feed is GMT+1.

but i have tendency to not be right with simple logic like this one. i dont know why !!! although i have an engineering degree.

i assume talking about engineering degree is not bragging because it is just a degree. just pointing out the contrast.
  • #251
  • Dec 21, 2009 3:51pm Dec 21, 2009 3:51pm
Quoting mrpipp
I'm on the west coast, and I've been placing mine at 11-11:15pm. East coast would be 2-2:15am. Can anyone verify the times.
Correct.
  • #252
  • Dec 21, 2009 6:17pm Dec 21, 2009 6:17pm
Quoting Bobcat2
Correct.
but data feed does not have to coincide with local time ?
  • #253
  • Dec 21, 2009 6:51pm Dec 21, 2009 6:51pm
Quoting hnosair
but data feed does not have to coincide with local time ?
nope, broker's time.
  • #254
  • Dec 21, 2009 9:10pm Dec 21, 2009 9:10pm
Quoting hnosair
i assume talking about engineering degree is not bragging because it is just a degree. just pointing out the contrast.
I'm a retired M.D. (not bragging because it is just a degree) and it confuses me, too ...
  • #255
  • Dec 21, 2009 11:36pm Dec 21, 2009 11:36pm
Quoting hnosair
you are right. so, i will place pending orders with no sl/tp and monitor these two manually.
Hnosair, not to be mistaken. The SL and TP are hidden.. meaning they will be executed at Market. If possible, pending orders are also hidden.
  • #256
  • Edited 7:42pm Dec 22, 2009 1:35am | Edited 7:42pm
I'm using FXCM charting software. I can use the ask or bid price on a chart. Do I add 10 pips to the high and low, to the ask price or bid price?
I'd say the ask price.
  • #257
  • Dec 22, 2009 2:32am Dec 22, 2009 2:32am
Quoting Cashcalf
Brokers tend to hunt stops and even TPs... As of writing, GBP-USD is now at 1.6178/82 and the low of the day is 1.6054. Incidently my TP is at 1.6058(sell from 1.6114) and was not hit... (I know I may be over sensitive on this one but it has occurred on many situations when my TP mis off by a pip!)
Are you trading on a live account? How much are you actually trading? For stop hunting to exist with a proper broker they have to be looking at your particular account and using your stop loss and take profit to control everyone elses. If this is the case I would suggest you change broker!

max
Gravity goes both ways in forex...
  • #258
  • Dec 22, 2009 2:59am Dec 22, 2009 2:59am
Quoting hnosair
i need a little confirmation. just to make sure.

my time now is 16:00 EST (DC washington)
my mt4 last candle is at 23:00

so I am GMT -5
and mt4 is GMT+2

so the box would be placed at [9:00 to 9:15] in my case

an i right ?
your dealin with fxopen ? i do and they are GMT+2 too, so 9.00 to 9:15 is right.
because Cain is using 7:00 to 7:15 GMT
Never whishing, always trading.
  • #259
  • Dec 22, 2009 3:01am Dec 22, 2009 3:01am
Quoting max pips
Are you trading on a live account? How much are you actually trading? For stop hunting to exist with a proper broker they have to be looking at your particular account and using your stop loss and take profit to control everyone elses. If this is the case I would suggest you change broker!

max

hidden TP + SL ftw ?
Or use ECN broker
Never whishing, always trading.
  • #260
  • Dec 22, 2009 3:10am Dec 22, 2009 3:10am
ftw is a new one for me. Whats that mean?

max
Gravity goes both ways in forex...
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