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box play

  • #1
  • First Post: Dec 8, 2005 2:16am Dec 8, 2005 2:16am
I was analyzing box trade opportunities. I think it is one of easy and profitable systems. Works great during Asian sessions.

have you any experience to share?
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kiss the trend
  • #2
  • Dec 8, 2005 2:32am Dec 8, 2005 2:32am
Hmm, I am suprized

great system
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kiss the trend
  • #3
  • Dec 8, 2005 5:47am Dec 8, 2005 5:47am
As a newbie who still is papaer trading, I don't have any experience w/ this system. Could you fill me in as to how it works?
  • #4
  • Dec 8, 2005 6:31am Dec 8, 2005 6:31am
Quoting sleepdoc
As a newbie who still is papaer trading, I don't have any experience w/ this system. Could you fill me in as to how it works?
OK, this is one of the easiest systems.

It is good to trade during asian session when price is consolidating in a narrow range, you define support/resistance of the box showsn on the charts. Use at least 15 minute time frame. You shoud have minimum three test of support/resistance. place orders out of the box. In case of execution one of them place the stop loss at the opposite side of the entry point. For example on the charts if you bought at 1739 place stop loss at 1697 where your sell order was. The target is at least the size of the box thus 30 pips in this case.
kiss the trend
  • #5
  • Dec 8, 2005 6:58am Dec 8, 2005 6:58am
Quoting fx-trader777
OK, this is one of the easiest systems.

It is good to trade during asian session when price is consolidating in a narrow range, you define support/resistance of the box showsn on the charts. Use at least 15 minute time frame. You shoud have minimum three test of support/resistance. place orders out of the box. In case of execution one of them place the stop loss at the opposite side of the entry point. For example on the charts if you bought at 1739 place stop loss at 1697 where your sell order was. The target is at least the size of the box thus 30 pips in this case.
John Carter of TradeTheMarkets is a big user of the box play. John is a great trader, have taken a $5000 account (real money) to $45,000 in about 5 months.

JohnFX
  • #6
  • Dec 8, 2005 7:41am Dec 8, 2005 7:41am
Quoting fx-trader777
OK, this is one of the easiest systems.

It is good to trade during asian session when price is consolidating in a narrow range, you define support/resistance of the box showsn on the charts. Use at least 15 minute time frame. You shoud have minimum three test of support/resistance. place orders out of the box. In case of execution one of them place the stop loss at the opposite side of the entry point. For example on the charts if you bought at 1739 place stop loss at 1697 where your sell order was. The target is at least the size of the box thus 30 pips in this case.
Sorry if this question sound silly, but could you tell me from what time to what time is the asian session in GMT ? Thank you in advance
  • #7
  • Dec 8, 2005 7:47am Dec 8, 2005 7:47am
As I said in the John Carter thread a while ago, I think his way of trading channel breakouts is utterly bollocks because in the long run you get eaten by fake breakouts. You OUGHT to wait for a consequent channel breakout confirmation (and in the direction of the main trend) or else you're purely playing a wishful-thinking lottery.
  • #8
  • Dec 8, 2005 3:59pm Dec 8, 2005 3:59pm
Quoting fx-trader777
Hmm, I am suprized

great system
sweetness!!!

always nice to see a LIVE winner!! nice job man.
Relax and be happy.
  • #9
  • Dec 11, 2005 11:31pm Dec 11, 2005 11:31pm
If you follow John Carter closley, you will see that in his "box play" he likes to set up on both sides of the box to avoid the "head fake". Depending on the direction the breakout goes, one setup becomes the stop loss for the other.
Nolite dormiens pungere ursum. -- Latan Proverb.
  • #10
  • Dec 12, 2005 12:03am Dec 12, 2005 12:03am
Anyone who has been watching the market latley should have seen this pattern. I haven't read the book however I use FX Alerts to set alerts at just above current range. I'm in Mountain time so its after the Asian Open when I go to bed. About 1 AM the European Market opens. I plan on waking up a couple times a night.

Where are all of the successful traders????????????????

I've been at it for a year and am ready to break out. Someone here must already be there.
  • #11
  • Dec 12, 2005 12:52am Dec 12, 2005 12:52am
Quoting firedave
Sorry if this question sound silly, but could you tell me from what time to what time is the asian session in GMT ? Thank you in advance
Firedave,
Asian session is EST 7pm to 4 am, GMT 00 to 09:00am

Europe/Asia overlap is EST 2am to 4 am , GMT 07am to 09am


Gav
  • #12
  • Dec 12, 2005 5:05am Dec 12, 2005 5:05am
Quoting MrWhipple
If you follow John Carter closley, you will see that in his "box play" he likes to set up on both sides of the box to avoid the "head fake". Depending on the direction the breakout goes, one setup becomes the stop loss for the other.
Yes. but ranges, just like wedges (example: wolf waves) do tend to spike above the channel borders before deciding the final direction of the breakout. That's why you want to wait for the breakout confirmation before jumping in.
  • #13
  • Dec 13, 2005 9:25am Dec 13, 2005 9:25am
Concerning the Box Play, where can I get more info as to how to set this up, such as parameters to look for, sizing the box, etc.

Thanks in advance,

Sleepdoc
  • #14
  • Dec 13, 2005 11:24am Dec 13, 2005 11:24am
Quoting sleepdoc
Concerning the Box Play, where can I get more info as to how to set this up, such as parameters to look for, sizing the box, etc.

Thanks in advance,

Sleepdoc
In your mind no joke, really
kiss the trend
  • #15
  • Dec 13, 2005 11:47am Dec 13, 2005 11:47am
Video of box play
http://www.tradethemarkets.com/video...n11102005.html

Has some general trading info, first and some forex.com promo last but shows how he trades the box play.
Forex Trading: The hardest way to make easy money.
  • #16
  • Dec 13, 2005 12:14pm Dec 13, 2005 12:14pm
Please review that video and pay attention at the minute 25:00 of that video. He explains one particular box trade he took right at that 25:00 minute concerning a 118 pip-wide range.

In that trade, he got filled when price peeps beyond the range borders and right afterwards the chart moved back into the range. Later on he LUCKED OUT and the final breakout did occur in the same direction he got filled in, but that is pure luck. Once the price peeps out and comes back in, you dont have a freakibng clue where it's going to break, yet you're ALREADY filled either short of long. That's a HUGE risk, you're playing a lottery.

Please guys, be VERY wary to trade real money the way range breakouts are explained in that video.
  • #17
  • Dec 13, 2005 1:34pm Dec 13, 2005 1:34pm
Quoting traderswin
Firedave,
Asian session is EST 7pm to 4 am, GMT 00 to 09:00am

Europe/Asia overlap is EST 2am to 4 am , GMT 07am to 09am


Gav
Thank you very much for the update
  • #18
  • Apr 1, 2009 10:05am Apr 1, 2009 10:05am
Anyone has some kind of box play indicator for MT4?Thanks a lot!
  • #19
  • Last Post: May 12, 2009 1:30pm May 12, 2009 1:30pm
Does it perform just as well on any other JPY pairs?

fxrob
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