A Simple London Breakout V.2

Just an update for the Eur/Usd. We have a fairly large box and have triggered a short trade at 09:00 GMT. Heavy ranging has us in a stall for now. All we can do is wait til we get a definitive direction, so all trades are active as of this post. the Eur/Jpy and Gbp/Jpy are both already at Target 1. Usd/cad is also at a stall with a long setup that was triggered and is currently active. If you are watching Gbp/Usd, this is already at a multiplier of 5 with 2 reversals from the ranging, but be patient as price is bouncing off the 76.4 fib from the last downswing and I think it might hold, so we'll have to wait this one out too.

Alright, sqaulou, our coder extraordinaire, has modified the indicator and added two new functions. Well, actually, one function was an old function that was added back in and the second one is new.

first one he added back in was the "MaxBoxSizeInPips" function. This works similar to the "MinBoxSizeInPips" parameter in that it draws a red box that says "No Trade!" when the box is over "X" number of pips. I normally choose 100 pips for everything except for Gbp/Jpy, in which I use 120 pips. the reason it will suggest not trading the pair is that with an extremely large box you are really pushing the daily range of the pair which makes it very difficult to reach even a Target 1. I have an example with the new function and one without so you can see the difference.

Now the new function is called the "LimitBoxToMaxSize". What it allows us to do on occasions where the standard box size is too large, is it limits the tradable box size to "X" number of pips. The indicator will then calculate and center the box based on the median EMA comprised of the 12 bars of the box. that way we start with a box that is not too wide, but properly centered. A great couple of examples where we could have used this were on July 21st on the Gbp/Usd and the Gbp/Jpy. By setting the parameter to TRUE, and using a 60 pip limit on everything except Gbp/Jpy, which I used a 75 pip limit, we were able to take two days that were deemed unable to trade due to their box size and turn them into very profitable days. I posted some pics to show the differences.

If you want to use the indicator like normal, leave the "LimitBoxToMaxSize" parameter set to "FALSE". If you set it to "TRUE" make sure to adjust the "MaxBoxSizeInPips" parameter to whatever you think would be a tradable box size. I have mine set to "TRUE" and a max box size of 60 pips except for Gbp/Jpy, which is at 75 pips. I have attached the indicator to post #1.

mer,

I downloaded the new indicator. It appears identical to the old setup. The "LimitBoxToMaxSize" parameter does not appear for me. I downloaded it twice just to make sure...

Nice to see Microsuck is here!

hehhe...nice strategy..

Hi Bobcat 2.

If you are still having a problem opening v2 try this.

For example only. Open a new GBPGPY 15 Min chart.
Do not load V2.
Open your London Breakout template.
Right click the screen.
Open the indicators tab.
Delete 3 Tier london Breakout.
Now insert the V2.

The GBPGPY should show examples of the restricted box in action.

BR

glanfx,

Thank you...your solution works!

Bobcat 2,

I am pleased that it worked for you.

I had the same problem.

The old template contains instructions to load the old EA as well as the indicators. Once loaded it stops you loading another version until it is removed.

You may wish to save this new template with the original name by over writing it.

BR

great work boys
what i want to say about the falls break outs
it got my attention too

and it,s easy to now when thats happening first with price action
its the high of that candle
its the second high from the open

its wich you must read where th e falls break out could happen
int the box your trading in from the former trading day

thats what i think correct me when i am wrong

keep in touch with the dutchhttp://cdn.forexfactory.com/images/icons/icon14.gifhttp://cdn.forexfactory.com/images/icons/icon14.gifhttp://cdn.forexfactory.com/images/icons/icon14.gif

Hi,
Is there an easy way to clean the screen when you have had it live for sometime? It appears it is recalculating the values and then it draws new lines.
Ron

Hi packgreen49,

As Mer does not appear to be here just now I will throw in my 2 Cents.

Once the box has been drawn at your box closing time nothing should change regarding the 3 Tier London breakout indicator.

My 5 charts remain the same all day.

It sounds as if you have some form of coflict such as 2 versions of the indicator trying to operate on your chart.

Or possibly another indicator or EA for closing or managing your trades?

The quickest way to reset, I think, is to right click the chart, open indicators, then highlight the indi and click edit. Then without editing just close the popups and the indi will reset.

BR

I've updated the template in post #1 to include the new V.2 of the indicator.

Ctrl + B (brings up the object list)
Ctrl + A (selects all objects)
Delete (gone!)

From red line on GBPUSD is a real profit killer!

http://img197.imageshack.us/img197/2...pusdkiller.jpg

Yes, you're right. I hope everyone understands that this is why we forward test first and make our tweaks and changes before we ever think of going live.

For testing next week, I am going change my inputs and move my "LimitBoxToMaxSize" to 50 on all my pairs except for Gbp/Jpy, which I'll drop to 60.

Hello Mer

I just finished your thread and I have a feeling you are very good indeed a trader.

I will have to re-read some of your trading guides in order to fully understand well, particularly...
...the re-entries that are not closed for the day that carried forward to the next day (I term it "yesterday" entries),
... and come to the next day, new entries will have to make (I term it "today" entires),
and such "yesterday" vs "today" entries are making me "confusing" to keep track.
I think such re-entires are made to ensure we profit from our trades, correct?

p.s. Ops... sorry, I am a newbie and English i not my main language.

Allow me to ask:
1. Which pairs you will advise to start with using London Brk v.2?
2. Can I use this trading method on H1 tf?
M15 tf requires often check backs, but I am in a full time work.

Thanks for your time and sharing.
Pls. keep up posting.

tpat

I appreciate the comments. First question, you can use whatever pairs you like as long as you adjust your minimum and maximum box sizes to allow for the various spreads. You can always start out with the pairs I am using in post #1 or you may choose your own. I feel that this strategy will work best on pairs with a low spreads but have a higher average daily range so we get our movement needed to reach our targets. Question 2, This method is really designed for a 15 minute timeframe. I have not heard of anyone being able to use it on anything higher, but you are always welcome to experiment on your own to see if it is feasible.

Basically, when I have a trade that carries over til the next day, I only place new trades at the same multiplier and lot size as the remaining open trades were placed at. On the open trades, you can just put in your target price and let them go until they reach target or stop out. If you're not able to be at your screen for re-entries or to move stops, MT4 can set up price alerts that can be configured to be sent to an e-mail address or to your cell phone's e-mail address (every carrier has one). That way you could hop on the computer and close trades, adjust stops, or even place new trades.

Mer
Thanks for writing back.

Hello,

I have been following your different strategies. They are very nice and easy to follow. Wish you the pips this week.

By the way, I am still following your Murrey strategy and find it very useful, thanks.