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Guys, here is my example how I am trading on demo FH's CZ. As title said I am using 5 pip renko chart with sq Dynamic Breakout indicator (4/0/10, 1px buffer) and here is example of today's 2 sell trades. Why I am using Renko, cause I want to remove/filter noise. Forexhard, welcome back.
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Altoronto, interesting chart, but what you are highlighting can not be classified as Consolidation Zones. It takes much more data to form a proper CZ than is given by 8 minutes of chart time. Not saying you can't somehow manage to scalp some pips off of what you are attempting, but it's just something completely different in nature from what I am teaching. It strikes me as what someone attempts when they don't have the patience to to it the right way. And by that I mean waiting for the trades to come to you, with just 2 or 3 CZ's per week per pair per time frame.

I do not have a problem with M1, or M2, or M5. But with those TF's the bar settings needs to go up, not down like you have done. With the M2 I would be looking for more like 40 bars and 20 pips high, not just 4 bars period.
To improve is to change. To perfect, is to change often.
forexhard, yes I agree with you in some way, but this is not 2 min's bar .. renko is different beast, it's not time based. You said there is 4 bars x 2 offline chart = 8 min, that's wrong. On my chart mostly all of CZ it took around 20-30 min. to draw and it's only draw bar (up/down) if market moves in that direction, sometimes it can take 5 sec. sometimes 5 mins to draw bar, it depends on PA as I said before it's not time based. Don't get me wrong I just testing to see how this works on renko or range bar charts.
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Forexhard,

Renko doesn't take into consideration time. So 4 bricks do not actually mean 4x2=8minutes. It could mean a couple of hours or a few seconds. Renko only looks at the price. Each brick could be set to anything from 1pip, 5, 10, 50 or higher. M2 that's on the chart should be ignored, it doesn't represent time. It is an offline m2 chart that is just used to populate the Renko bars. I just wanted to clear that up.

P.S. I see that Altoronto has already said the same thing.

Antonio


Quoting forexhard
Altoronto, interesting chart, but what you are highlighting can not be classified as Consolidation Zones. It takes much more data to form a proper CZ than is given by 8 minutes of chart time. Not saying you can't somehow manage to scalp some pips off of what you are attempting, but it's just something completely different in nature from what I am teaching. It strikes me as what someone attempts when they don't have the patience to to it the right way. And by that I mean waiting for the trades to come to you, with just 2 or 3 CZ's per week per...
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There she goes!...
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To improve is to change. To perfect, is to change often.
E/J trade close

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Quoting Syracuse
E/J trade close
What was your point? Wrong thread maybe?
Good to see you back FH!

I believe the GBPUSD is setting up as well, similiar picture than in the Euro. Also have a question, looking at yesterdays CZ. Would you move the box slightly down after the initial breakout?

Thanks
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As my own trading tends to be limited to a couple of hours around the Frankfurt and London Opens, I look to adapt interesting ideas into my own system to help improve my own daily pip count.

Here I am posting one of my existing 15m charts which has a nice little indy that was developed with my friends in the Psych Levels, Pivots and Trendlines - Resurrected thread, It updates coloured rectangles that I have placed over prior support or resistance areas.

I have added grey boxes from the last two CZs drawn by sq's DynamicBreakoutBox indicator, and its not surprising to find how closely they line up with the S&R levels. FYI, the current support level at the bottom of the box is from the April 6th High / May 20 H / June 28 L etc and the resistance was from the April 12 L / May 10 H / June 7 H etc.

I find these work very well when they line up with fib levels - yesterday's high was exactly at a fib expansion http://www.forexfactory.com/images/icons/icon12.gif

Research and Development continues........and I wonder how often boxes will be drawn from 14:30 GMT.....

PS Apologies FXH if I'm straying "off piste"
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Trading Levels with WRBs & Aggressive, Volatile Volume
Is that the indi called SR zones cos when I put that on chart nothing appeared at all.
I also stray 'off piste', as Islander puts it and regularly use the 138.2 fib extension for intial targets from the sort of swing price action currently shown by the latest EU CZ. A 15 min close below the 61.8 inner fib will give me an opportunity to cut losses earlier than waiting for the bottom of the blue box. Horses for courses.
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Quoting handy148
Is that the indi called SR zones cos when I put that on chart nothing appeared at all.
Here's the info:


http://www.forexfactory.com/nfs/cust...tar68181_4.gif (http://www.forexfactory.com/pgd)pgd (http://www.forexfactory.com/pgd)
Member
Member Since May 2008
http://www.forexfactory.com/images/misc/6kt.gif 558 Posts (http://www.forexfactory.com/search.php?do=finduser&u=68181)

http://www.forexfactory.com/images/icons/icon1.gif S/R Zones
Islander,

prompted by your S/R zones marked by coloured rectangles, I wrote an indicator that keeps the rectangles updated to the current bar once you have put them on manually at places of your choice. it colours green all rectangles below close of last bar and others crimson. these colours can be customized. while drawing the rectangles you can draw them small just at the start point. the indicator will then stretch them to the current bar. all you have to do is name the rectangles SR-1, SR-2 and so on in their respective properties boxes. you can go upto SR-20. In the unlikely event that you want to use more than 20, you can appropriately change the default value of 'max_zones' in the properties box which, at present, stands at 20.

instructions are written at the top of the attached mq4 file.

all, feel free to download.

cheers.
Attached Fileshttp://www.forexfactory.com/images/attach/mq4.gifSR_zones.mq4 (http://www.forexfactory.com/attachment.php?attachmentid=656666&d=1299606037) (3.8 KB, 168 views)
Trading Levels with WRBs & Aggressive, Volatile Volume
thanks
Quoting sidefx
A 15 min close below the 61.8 inner fib will give me an opportunity to cut losses earlier than waiting for the bottom of the blue box. Horses for courses.
Stopped out - back to sitting on hands for the next BO.
Hi Forexhard
30 pp T.P after bufer line or after confirmation second candle.
Thanks a lot
Best regards
Julio Bento

Quoting forexhard
It took 5 more bars to confirm direction. Entry on the red arrow, TP on the green.

Come on guys, speak up and tell us all your experiences. I am not a signal service. This is supposed to be a group effort. Who was following this same trade, and how did you trade it? Details, details!

FxH
Hi FH
I played and lost (demo) both sides of GU and EU today - wondering did I make erroneous trades or just bad luck in choppy mkt?

Would appreciate constructive feedback on where I went wrong if it was error on my part. All 4 trades were entered at open of third candle outside buffer zone with 30pip sl/tp. Thinking maybe the shorts were entered too close to previous CZ's and I should have passed on the trades?
Thanks
PH
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How about this setup?
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Quoting Ph22
Hi FH
I played and lost (demo) both sides of GU and EU today - wondering did I make erroneous trades or just bad luck in choppy mkt?

Would appreciate constructive feedback on where I went wrong if it was error on my part. All 4 trades were entered at open of third candle outside buffer zone with 30pip sl/tp. Thinking maybe the shorts were entered too close to previous CZ's and I should have passed on the trades?
Thanks
PH
Also intrigued to hear FxH's opinion on the EU long failure..did he take it, if not why not? does he take into consideration the breakout candles pattern/strength/weakness etc?

The GU short BO was certainly inadvisable imo, as it immediately ran into tuesday's support.
Quoting sidefx
The GU short BO was certainly inadvisable imo, as it immediately ran into tuesday's support.
Yes, the EU short also ran straight into a CZ from 21st.
Here is how my system would have handled the last E/U CZ. It was a very choppy market this time, and over-all it's not looking good for coming out of this with an easy profit. This one will make you sweat a little. But not really, if you are using proper MM. Only the over-traders ever sweat a bad trade.

The rules are fine as they are. There is no sense changing your rules every time you have a loss. Accepting losses is just part of the job. If you are expecting zero losses then you are looking for a system that doesn't exist. So far I have been able to show a dozen trades that went exactly as I hoped they would. Today we have a tough one. Still open. We'll have to see how it goes from here. But 12 wins and 1 potential loss? That's perfectly acceptable to me.
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To improve is to change. To perfect, is to change often.
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