Trade What You See - Almost Naked Trading

nice BO on GBP/USD, anyone can catch it?

Not exactly a BO... Boj has intervened in the fx market to count yen strenght.... have a look on jpy pairs... obviusly related pairs with usd has been touched too...

thats why some time ago i've said... be carefull going short in jpy near to 76.60 level... no mattering technicals... or bo's... and finally today azumi has intervened...

Hi gang, it's been a while since I've posted here but I've been working LG's BO method for quite a few months now and thought I'd put my 2 cents worth in hoping that my experience with this method may help others ...

First of all, this method is awesome and has allowed me to ramp up my trading like no other method I've tried so far (and I've tried quite a few). However I did have to make some "refinements" to LG's method because, quite frankly, my particular broker's start time did not work well with this method at all. But I could see the channels forming and the breakouts happening, they just weren't timed right with my broker's start of day which seems to be a recurring question from what I've seen asked here about that particular point of this method.

So being hard headed and obstinate, and knowing that LG's BO method obviously works even though I wasn't having much success with it, I did some major research by going back through my charts. After some experimentation with different time sets, I finally came up with 2 different 4H timeframes that have bumped my win ratio from about 50% to a whopping 80%-90% by utilizing both an Asian breakout session and a European breakout session. Basically I trade the AUD, JPY and NZD major pairs during the Asian session, and the EUR, GBP, USD and CHF major pairs during the European session.

I also took it a step further by paying a professional to improve on the daily line boxes indicator because the one referenced here will only work based on your broker's start of day. In other words, if you want your time frame to begin several hours before your broker's start of day, the lines will not appear on your chart until it hits your 00:00 mark, even though the inputs suggest that you can change this (at least that was my experience with this particular indicator). So I had it changed to allow me complete freedom to start the line boxes at whatever time on my chart that I choose. In addition, it gives me a pop up alert as well as an audible alert that I can customize when a qualifying entry candle appears on the 15 minute chart. For me this was money well spent as it's certainly helped me grab a lot more pips.

Of course there's more to it than what I've written here, such as the size and quality of the qualifying candle, time of day when/if one appears, managing the trade appropriately, etc. and so forth. Personally, I'm more of a scalping type trader so I use the 15 minute chart to enter and manage my trades exclusively and don't even look at the H1 chart anymore (although the indicator does use the H1 chart to form the proper time frame for the breakouts).

In other words, while we would like something to be "one size fits all," that's usually not the case ... at least that's what my own experiences have taught me, and this method is no exception. The base method is sound and works great, but for your particular needs and schedule, you may find that you have to make some tweaks and modifications to make it work for your particular situation and circumstances, especially given all the different variables involved for each individual trader.

That's my 2 cents worth anyway ... take what you like from it and leave the rest ... hope this is helpful in some way ...

Didn't have to do that - with the indicator that is, one of the best right here on FF

http://www.forexfactory.com/showthre...81#post4034581

Daily Lines Boxes by hanover

Glad to hear you are having success with the BOs iggybo!

Sounds like we a trading a very similar variant of this strategy. I too am having unprecedented success.

If you pop over to this thread, and have a look at my posts, you'll see how I'm using 3/8 EMA crossovers to help with my BOs: http://www.forexfactory.com/showthread.php?t=320335

I too am focussing on London open BOs. A post I wrote yesterday sets out my strategy http://www.forexfactory.com/showthre...07#post5135207

Also, here is a couple of charts I just posted today which demonstrate what I'm looking at on my screen http://www.forexfactory.com/showthre...37#post5137637

Happy to discuss further with you/share ideas

Thanks for the info but believe me when I say I searched the forum high and low for an indicator that would do what I needed, and that's exactly the indicator I was using that I had problems with not showing the lines until my MT4 hit 00:00 no matter what I had in the inputs, particularly setting the hours before 00:00.

Plus I was able to get my programmer to set pop up and customizable audio alerts which has helped me greatly ... so all's well that ends well.

Thanks forexpippy! I've just discovered LG's newest thread regarding the 3/8 EMA crossover strategy so I'm knee deep in that right now trying to play catch up, but I will definitely visit your threads and will probably be asking some questions there as well ...

Unfortunately my broker's (IGINDEX) trading platform in London is not compatible with MT4 so I'm wondering if there are any FF members using simple or advanced Charts with success here.

Hi Baslic.

I've no experience with IGINDEX, however you could open a demo account with any broker offering MT4 (Alpari offer demo accounts which never expire), load up the relevant indicators and then monitor on there.

Then when you want to actually place a trade, just switch windows to your IGINDEX platform.

Hi everybody.

I have been using LG's 1h BO for quite some time now with success. So far this week I have bagged +400 pips already(so far most of the months are profitable). I haven't started the 3/8 MA strategy yet but I'll give it a try soon. This thread has become very quite lately. I was wondering where is everybody!

Cheers!

PS. Thanks LG!

It is so good to hear of your success, nhuda. I still use this system most days and with continued success. The 3/8 MA strategy is really a "tweak" of the same system.

I also still use the same trading principles of trading both demo and live and pulling out money at regular increments or intervals.

It is very hard to trade and keep a thread alive with success at both. I decided that trading was far more important to me than keeping up an ongoing thread, hence I have not been participating regularly, but I do still monitor the thread and welcome active participation of traders.

I used their advanced charts for a while with another trading method and enjoyed their charting system but greatly missed being able to utilize all the indicators and EAs out there for the MT4 platform. I had minimal success trying to use those charts with the BO method as I had to manually draw in the lines for the BO time periods, which was a pain to do and very time consuming especially if you're watching multiple charts instead of just a couple.

I echo forexpippy's suggestion which is what I wound up doing -- i.e., opening up a demo account with another broker that has the MT4 platform and use those charts to get your info, then use your IGINDEX account to actually place the trades.

(I did eventually move back to an MT4 broker and stopped using their charting system altogether.)

Hi

I haven't found some important information at first post with description. maybe it is mentioned somewhere in that 1000+ pages, but it will take to long to search.

could somebody please explain where better to put SL for H1 4C BO method (and 3tap as well)? just above/below of 3 candles range or above below of that 3 candles wicks?

there was some situation recent days then price breaked in one direction firs, then to another. is it recommended to reverse trade?

how to determine TP?

thanks in advance!

For stops, it's entirely up to you. SLs should generally be placed at the point where the market will have proven your analysis to be wrong. So for example, if you are trading a BO, place your stop at the place where your BO becomes invalid. For me, I tend to use nearby SR around the BO area.

As for the price breaking in one direction and then the other.....well spotted

It's something I've noticed too. As far as I understand it, big limit orders are often placed on either side of a consolidation range/low volume range, so when PA breaks off in one direction it triggers one set of limit orders, pushing the price in that direction. However, the PA can soon run out of steam, retrace and then trigger the limit orders on the other side of the range. Please bear in mind that what I've just written could be a load of complete rubbish though

Good idea, many thanks. Wish I'd thought of it !!

Few months ago I traded almost naked too. For example:




Now I don't trade on H1, but on M1 And no naked, but with MAs.

Hey guys, what you think of this setup? has it touched yet or do we keep waiting for a clearer tap?

That was a good setup and looks like it made some $. Good job, hj.

ready, steady, waiting fo GO?

I know were not big fan of fundamentals here, but long on the euro these days? Surely not. Anyone have any views?