Tools for forexhard's Stairstep Breakouts system

FH, So I presume you will enter short where is green arrow, right?

Thank you in advance.

Hi FxH..can I ask you? how did you enter..was it manually or EA did it? Thx
and how come EA worked good yesterday..it opened a long on EU around 5pm EDT. it.was a really good entry.

Exactly right.

Steve and Squalou are still working out the bugs in their robots. I do not recommend anyone use them for live trading just yet. It will probably be middle of August before they will be made safe for live trading. We are VERY lucky that Squalou is interested in my ideas, but he is a very busy man and building these robots is very time consuming. You'll see me asking for mods or design changes, but you'll never see me asking that they be done right away. I always expect that they will take a couple of weeks. So until the robots are ready, I suggest you take the time to learn how to trade my system manually. It will only help in the long run.

FxH

Another interesting thing is that often after breaking out to the downside, price retraces back almost the full height of the box. Not always but often.

THx for the reply FxH..I understand..no rush here...I was just curious why it worked once then stopped..guess I was too excited..I went thru all 3 threads and read it all...stairstep..Awesome and this one...thought I could participate with the code but no luck atm...and almost 3 weeks with very lttle sleep...sq & Steve must laugh.....probably 3 years with no sleep on all these EAs..

Squalou, a couple more cosmetic changes please.

Thanks so much!

FxH

This is why I use fib targets. We'll use the Gbp/Usd this morning as an example. What I do is place a trade with .5 lots for example and scale out .1 lots as we progress and hit our targets as the trade progresses. Here on this example, if we entered say .5 lots and we close out .1 lots at the 61.8 extension, we can then move the stop on the remaining .4 lots to breakeven +1. We can also use the CZ for re-entries too as we can see on the retrace a few hours later. By using my example above, we would've had +17, +1, +1, +1, +1, +17, +1, +1, +1, and +1 for a total of +42 pips. This is just an example from the way I trade from my 3 Tier London Breakout strategy and is only here to give everyone a different perspective, that's all.

Now on my Eur/Usd using the same money management, I would've had a loss of -90 pips or 18 pips per .1 lots x 5 (my stop is half of the box height) on the first long trade. Now what I do is enter the next short trade by doubling up to 1 lot (.2 lots x 5) and then scaling out at each level. On the next short trade we would have made .2 lots @ 21 pips or +42 pips at the 61.8 ext., .2 lots @ 56 pips or +112 pips at the 161.8 ext., and .6 lots @ 21 pips or +126 pips back up at the 61.8 ext. because when we reached the 161.8 ext. our stop was moved down to the 61.8 ext. and our remaining 3 trades of .2 lots were closed. Overall we would've pulled out +190 pips (-90+42+112+126) which averages out to 12 2/3 pips per every .1 lots traded, not a bad day's work. Again, I am only posting this regarding the way I would proceed and is not to be taken as trading advice.

I see better now Mer what you're saying. Anything else you can add?

Off topic, but how do you like using The Collective? Do you feel you're getting your moneys worth, with their monthly fees and all? I thought about using them, but I wasn't convinced that a monthly fee plus spread was doing me any favors. What's your recommendation?

FxH

What a fabulous thread. Thank you ForexHard for the inspiration, Squalou for the indicator and Steve for your wonderful EA efforts. It's interesting to read about everyone's trades.

Here's the rules I've made up for me, that I'm using to trade the breakout.

There's perhaps more profit you could squeeze out but this looks like it could be a successful model.

I've only just started to use this approach. Any feedback very welcome!

Indicators:
Squalou's excellent indicator on H1 with default settings (4,60,30)

Entry:
+ Breakout candle should be wholly in one half of the CZ (top half for long, bottom for short)
+ Candle should move 5 pips beyond the CZ before entry (to minimise impact of fake breakouts)
+ Enter when market moves 5 pips beyond CZ (inital stop loss = middle of the CZ zone, so on a 30pip CZ box SL=5+15=20 pips -- this also means if you follow entry rule 1 it is below the low of the candle)

Trading Pattern: (gradually sizing out)
+ First TP at +10 pips (+15 from CZ), close half of your position, move SL to the edge of the CZ (at this point you will have locked in +5 pips profit)
+ Second TP (close your remaining position) at +20 pips (+25 from CZ) OR when a second CZ forms


You're out within 25 pips of the CZ which based on the average Buy/Sells from Squallou's indicator looks just inside the average... so you can probably squeeze out more profit if you're game.

FxH do you trade other pairs besides GU?

Thanks.
Sandy

I actually only use the charts for demo purposes as they say it is the same feed as their live charts. I was on their waiting list before but I am waiting until I have a large enough live account and be able to trade at the unlimited level. I do want to say that if anyone would decide to martingale their trades to be sure your account is properly funded before you proceed.

Not very easy to do that.
It's MT4 limitations that make the text labels located like that, there is no choice to select the position of the text relative to the given coordinates...
i will try anyway!

Sq

You like the challenge; we all know that. Hope it doesn't lead to to

another round of cosmetics for FH...
Looks definitely better like that!

Sq

You take my breath away every time you code something like this.

Tomorrow, I will revamp post 1 properly. In the meantime, I have posted a link to make sure people do not miss your latest.

Your indi is just.....wow......

Sorry I accidently posted my earlier message in the wrong Stairsteps thread.

Squalou, your MQL skills are amazing.

Agreed. Amazing work, Squalou!

But what do I do now? I'm all out of mods! It's perfect!

Hey Squalou, the buffer lines seem to repaint. They disappear, and then return, etc. They are not 100% constant like the CZ boxes are.