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GbpUsd 5 min breakout

  • #501
  • Jan 18, 2010 12:27pm Jan 18, 2010 12:27pm
Quoting fxblinkers
I agree... I will only trade one side of the breakout unless it occurs later that same day. If I'm not in the 2nd part of the trade by 5 or 6 pm GMT I don't take it at all... The way I see it is that even by lunch time it is just a random price level so as you said we would then just be trend trading and not BO trading... Also, if I am going to enter the 2nd part of the trade I try and use some kind of discretion in relation the S/R to pick a valid entry point as the opposite side of the box is not really relevant anymore...

Thanks for your answer. I think that is a wise choice. Do you use any other filters than S/R?


Archie
  • #502
  • Jan 18, 2010 1:33pm Jan 18, 2010 1:33pm
Well apart from not entering until a 5 min candle closes outside the BO box or is at least pretty certain to close outside it. Then I just look for areas of S/R where price might not get through.. for eg....if my TP is 50 pips away and there is strong resistance 30 pips away I would prob try and take 25-30 pips and bank them. Then I still have the option of allowing price to break resistance and maybe re-enter the trade then..however if price should reverse or have a deep retracement off resistance at least I have banked 25 pips minimum I think its worth sacraficing a few pips here and there so I manage the trade the way I want to... I know its been said many times in here but I would tend to plan out all these entry and exit level before I enter the trade at all so I don;t really have much to think about while I'm actually in the trade... But please understand that I am only a rookie trader and am feeling my way as I learn each day..However, I like the practice that this tpye of trading gives me as I have to pay attention to what cable is actually doing and how it reacts to certain circumstances..I have read before that it takes time to really understand PA and understanding the pair I choose to trade so this is my way of doing just that..... Happy trading..........

Blinkers........
Quoting Archie
Thanks for your answer. I think that is a wise choice. Do you use any other filters than S/R?


Archie
  • #503
  • Jan 19, 2010 2:20am Jan 19, 2010 2:20am
Anybody in?

What about you FX with that resistance so close?
  • #504
  • Jan 19, 2010 3:21am Jan 19, 2010 3:21am
Quoting Intel
Anybody in?

What about you FX with that resistance so close?
came down and bounced right of yesterdays high, damn i must have seen that...
Never whishing, always trading.
  • #505
  • Jan 19, 2010 3:26am Jan 19, 2010 3:26am
Quoting Intel
Anybody in?

What about you FX with that resistance so close?
woke up on time today, so placed my orders as normal (with the short at 16408), rather than the short being much more inside the box (ie about 16421).

at time of writing, a break to the downside was made passed the heavy s/r level of 16400 (not enough to make TP), which quickly reversed. Let's see how it goes...........
There's nothing new in trading. You buy, you sell, that's it....
  • #506
  • Jan 19, 2010 3:31am Jan 19, 2010 3:31am
Quoting Intel
Anybody in?

What about you FX with that resistance so close?
Hi Intel,

I presume you meant 'support'...well to be honest I just set an alert this morning for the top of the box and went back to sleep.. I didn't want to short straight into 6400 and support and also against the trend... I waiting for the other side of the box to be breached... I have to say though I gonna wait until news over as its out any min now....
  • #507
  • Jan 19, 2010 3:35am Jan 19, 2010 3:35am
Quoting fxblinkers
Hi Intel,

I presume you meant 'support'...well to be honest I just set an alert this morning for the top of the box and went back to sleep.. I didn't want to short straight into 6400 and support and also against the trend... I waiting for the other side of the box to be breached... I have to say though I gonna wait until news over as its out any min now....

Ok I'm hopeless with this 'news' business. What news and where do I find it please?

And yes, I did mean support.........DOH!!!!!!
  • #508
  • Jan 19, 2010 3:40am Jan 19, 2010 3:40am
Quoting Intel
Ok I'm hopeless with this 'news' business. What news and where do I find it please?
Well mate whatever you do you should be aware there are ecomonic news releases throughout the week that can cause sharp spikes in the pair you are trading. The calender for this is at the home page on this web-site... Be sure to read up a bit on it as very often price can move a hundred pips in just a few minutes depending on the news release and you don't want to be caught on the wrong side of that eh..... If I were you I'd drop everything now and go and read about this.... best of luck............
  • #509
  • Jan 19, 2010 4:15am Jan 19, 2010 4:15am
Quoting Intel
Ok I'm hopeless with this 'news' business. What news and where do I find it please?
just scroll to the top of this page and click on "Calendar" ... blinkers is right about how important it is to pay attention. On something like NFP Friday, you can have 100+ pip moves VERY fast, within 15 minutes even
  • #510
  • Jan 19, 2010 4:25am Jan 19, 2010 4:25am
Quoting tbardolph
just scroll to the top of this page and click on "Calendar" ... blinkers is right about how important it is to pay attention. On something like NFP Friday, you can have 100+ pip moves VERY fast, within 15 minutes even
look at today, an entry on yesterdays high would have made some good pips...
to bad i forgot to look at todays news.

how important is the forcast ?
Never whishing, always trading.
  • #511
  • Jan 19, 2010 4:30am Jan 19, 2010 4:30am
I changed my mind after my last post for today... After seeing the long wick on the 15 min candle at 9.30am GMT I went short on the open of next candle at 6429. I know its getting away this system but sometimes its just crazy to follow this method blindly... Got out at 6400 to pick up some very easy pips... Looks like we ranging up and down for a while......unless we break 400 or 450 soon...........
  • #512
  • Jan 19, 2010 4:58am Jan 19, 2010 4:58am
If we followed the rules explicitly, we have a 1 lot loss on the short trade, and a 2 lot loss on the long trade.

Fortunately, I cancelled both my pending long, and my active short trade after a 3 pip gain, due to the short breaking out on the wrong side of the trend, and the pending long trade too distant to chance with a ranging scenario.

Better trading, tomorrow guys and gals!
  • #513
  • Jan 19, 2010 5:08am Jan 19, 2010 5:08am
I agree with you Bob..this happens all to often. If I followed my variation of the rules and wait for candle to close outside the box to enter and to stop out I would still be in my first short trade now and be very close to TP....I think its a great way to filter some of the noise out of PA... Good Trading to all.....




Quoting Bobcat2
If we followed the rules explicitly, we have a 1 lot loss on the short trade, and a 2 lot loss on the long trade.

Fortunately, I cancelled both my pending long, and my active short trade after a 3 pip gain, due to the short breaking out on the wrong side of the trend, and the pending long trade too distant to chance with a ranging scenario.

Better trading, tomorrow guys and gals!
  • #514
  • Jan 19, 2010 5:10am Jan 19, 2010 5:10am
Good call Bob.

But it's just a losing day, we know we're gonna get them!
Hurts when they come tho!!

Still trying to set up a test on GBP/JPY.
  • #515
  • Jan 19, 2010 5:54am Jan 19, 2010 5:54am
Quoting fxblinkers
I agree with you Bob..this happens all to often. If I followed my variation of the rules and wait for candle to close outside the box to enter and to stop out I would still be in my first short trade now and be very close to TP....I think its a great way to filter some of the noise out of PA... Good Trading to all.....
Blinkers,

Your wait for a 5 min candle to close before manually closing out your trade in a SL scenario, worked wonders today! Instead of a loss on the short trade, it has worked out to be a winner. Instead of triggering a doubled-up long trade that would have also lost, that trade was not filled at all.

So...

Scoreboard:

Blinkers = +1

Rest of pack = -3

Thanks for the recommendation; I will back-test this and see if it works for me.

BC
  • #516
  • Jan 19, 2010 5:58am Jan 19, 2010 5:58am
Quoting Intel
Good call Bob.

But it's just a losing day, we know we're gonna get them!
Hurts when they come tho!!

Still trying to set up a test on GBP/JPY.
Intel,

Please let us know the results from your back-testing. Looking forward to your report!
  • #517
  • Jan 19, 2010 6:17am Jan 19, 2010 6:17am
Yeah Bob...

Even if you check it out visually you will see that the results are much improved..It takes up more of your time but I just set alerts if I can monitor it all the time... I'm on a bit of a roll here today.. + 90 pips at the moment...touch wood... The arse is falling out of cable so it might be worth have a small trade on the US BO and it might help some of the guys in here to get a few shekals back from this mornings trade.. I usually use the box from 2.30pm-2.45pm GMT...but in my opinion it might be worth waiting for retracement to the SMA 5 on the 15 min candle and jumping in then...or even after the next retracement on the 5 min... Thats what I'm gonna do but I am already playing this trade with pips already won so its easy for me to say that...But I stress I am only a rookie and learning like the rest of you guys... Apologies for getting away from the core method of this thread but I suppose as far as today is concerned this BO method as we trade it is over until tomorrow.....For what its worth IMHO this has the potential to be a great system to trade but we all just need to learn to avoid the traps along the way..... Good luck fellas....

Quoting Bobcat2
Blinkers,

Your wait for a 5 min candle to close before manually closing out your trade in a SL scenario, worked wonders today! Instead of a loss on the short trade, it has worked out to be a winner. Instead of triggering a doubled-up long trade that would have also lost, that trade was not filled at all.

So...

Scoreboard:

Blinkers = +1

Rest of pack = -3

Thanks for the recommendation; I will back-test this and see if it works for me.

BC
  • #518
  • Jan 19, 2010 6:21am Jan 19, 2010 6:21am
just a quick note to follow up....

be careful of news at 2pm GMT...
As I type this cable just dropped another 15 pips.... Yippee.........

Blinkers........
  • #519
  • Jan 19, 2010 6:36am Jan 19, 2010 6:36am
that's me back in at 6336 at touch off 15 min SMA5...+ 17 pips at the moment...
  • #520
  • Jan 19, 2010 1:59pm Jan 19, 2010 1:59pm
Hi Everyone....

I had a look back through the posts and can't find the one from Cain explaining about his pc problems. It appears to have been removed.... Anyway, to Cain (if you're still with us) and all the other contributors in here could I suggest that we try and get this moved out of the rookie section and into the trading systems section. It's just that I really believe that this could be quite a good system to trade but its goes almost completely unnoticed in this section...if we were in the systems section we might get some valuable advice from more experienced traders with regard to filters, pairs, timeframes.. etc......And apart from anything else its very quite in here with only a few posts a day so its hard to even discuss improving this method.... Either way I don't mind but its just a suggestion and I suppose its up to Cain really as this is his thread... I'm joining Jacko's group this week so I may not trade this for much longer anyway and just concentrate on learning what I can from him.... Best of luck to you all.................................

Blinkers..........
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