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  • #2,081
  • Mar 8, 2012 3:57am Mar 8, 2012 3:57am
this one on EU
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  • #2,082
  • Mar 8, 2012 6:13am Mar 8, 2012 6:13am
Nice trades tikki tikki.

I've caught the breakouts on GBPUSD and GBPCHF this morning. Interestingly, cable didn't go quiet for several hours before the BoE rate decision a few minutes back, it was almost as if there was no news out today. Just shows how much of a 'non-event' it is now, policy minutes move the market much more these days.

Up until yesterday I was monitoring about a dozen pairs but decided to take a step back and evaluate so I'm putting the breaks on and doing some analysis of the past 2-3 weeks trading, after FH set me some homework a few posts back. For me eliminating unnecesary losses is as important as picking up wins so I'm going over my decision making process to see if I can hone it some more. So I will probably be fairly quiet for a few days. At least it will give everyone else a chance to get a word in edgeways.

I've deleted almost all my charts and going to build from the ground up and take my time.
  • #2,083
  • Mar 8, 2012 6:27am Mar 8, 2012 6:27am
I'm also tightening my CZs and evaluating my entries as I've been caught in several whipsaws recently. Too bad I didn't traded the breakouts I posted since I am on a "study mode" but there will be other opportunities. I'm trying my best to do it the right way so as to minimize losses and maximize gains.

Happy trading!
  • #2,084
  • Mar 9, 2012 7:45am Mar 9, 2012 7:45am
here is my trade this morning, see attached pic. I was moving my stop down above each fib level as the trade progressed, the big pull back took me out in the middle of the green box for 20 pips, having entered almost exactly on the entry arrow. i don't usually trade through NFP, and the market is usually quieter than this, but happy to be out with a profit.
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  • #2,085
  • Mar 9, 2012 8:30am Mar 9, 2012 8:30am
Quoting forexhard
The nutcases are adding oscillators to our indi for only one reason:
Which indy are you using now to plot the box and targets?
I read the first post but you now using a tool to plot it?
What name is it?
This is a good thread its pure price action trading.
Thanks
  • #2,086
  • Mar 9, 2012 8:41am Mar 9, 2012 8:41am
hey everyone so I was finally able to read through this entire thread and finally started to implement this strategy into my trading
this is one of the breakouts I caught on EU 15min at around 1am EST right after they released the PSI figure

I've also noticed that using PA I've been able to reduce the amount of whipsaws. If this goes against the trading style the by all means disregard it I've just noticed it helped and wanted to share

my TP level was hit and got closed out for 48pips not a bad trade i targeted the size of the CZ at first to give me an RR of 1:1

However I've noticed more and more P tends to retreat to the next CZ so for my other trades ill most likely be using that as a either a primary or secondary target

PS. sorry for the bad picture I hate using paint
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  • #2,087
  • Mar 9, 2012 10:22am Mar 9, 2012 10:22am
Quoting Bob69
Which indy are you using now to plot the box and targets?
I read the first post but you now using a tool to plot it?
What name is it?
This is a good thread its pure price action trading.
Thanks
Bob, all you need is the indicator, FH is referring to another FF member who is using the idicator from this thread for a different strategy (i paid a visit the other day to look at the mess thay are making), which by the look of it requires a PhD in psychadelic art and doodling to comprehend. Kind of reminds me of some of the drawings my sons used to bring home from pre-school.

HXT
  • #2,088
  • Mar 9, 2012 11:07am Mar 9, 2012 11:07am
Quoting nickp89
hey everyone so I was finally able to read through this entire thread and finally started to implement this strategy into my trading
this is one of the breakouts I caught on EU 15min at around 1am EST right after they released the PSI figure

I've also noticed that using PA I've been able to reduce the amount of whipsaws. If this goes against the trading style the by all means disregard it I've just noticed it helped and wanted to share

my TP level was hit and got closed out for 48pips not a bad trade i targeted the size of the CZ at first...
Hi Nick,

congrats on the trade Nick, Deffo read through the thread even if it takes you a week, theres some hidden gems lurking in there.

Today I traded USDCHF, EURUSD, GBPUSD, EURAUD (closed early as I wanted an afternoon off) & EURGBP (which took a small hit as I moved my SL too early). 5 trades for 5.2%, I wasn't using a full 1% risk factor more like .7-.8, so it could have been more but hey, I'm not upset about it.
  • #2,089
  • Mar 9, 2012 11:24am Mar 9, 2012 11:24am
Quoting LarryK
here is my trade this morning, see attached pic. I was moving my stop down above each fib level as the trade progressed, the big pull back took me out in the middle of the green box for 20 pips, having entered almost exactly on the entry arrow. i don't usually trade through NFP, and the market is usually quieter than this, but happy to be out with a profit.
Well done Larry. That's a choppy looking chart. Lots of pushing and pulling between the Bulls and the Bears. Many traders get nervous when they see long choppy candles like that. But you stayed put and rode out that little storm you were watching, and controlled your stops, and
banked 20p. And your DD was practically zero. What more could anyone ask for?

Over time will you see that this type of scenario accounts for maybe 70% of our CZ trades. If you can do it once, you can do it every time.
To improve is to change. To perfect, is to change often.
  • #2,090
  • Mar 9, 2012 11:53am Mar 9, 2012 11:53am
Here is my E/U and G/U for the week, each with 3 CZ's. Some of you guys will have more than me, but that's because my settings are much tighter than yours. If I can average 2 CZ's per week, per pair, per TF, then I am the happiest trader in these forums. 10 CZ's per week is more than anyone needs already, so loosening my settings just so that I will get more CZ's showing on my charts just doesn't make any sense to me whatsoever.

And some times, like what happened this week, even with my extra tight settings I still get more than the average of 2. This happens a few times each year, so for me these extra CZ's are the icing on the cake.
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To improve is to change. To perfect, is to change often.
  • #2,091
  • Mar 9, 2012 6:39pm Mar 9, 2012 6:39pm
Quoting forexhard
Well done Larry. That's a choppy looking chart. Lots of pushing and pulling between the Bulls and the Bears. Many traders get nervous when they see long choppy candles like that. But you stayed put and rode out that little storm you were watching, and controlled your stops, and
banked 20p. And your DD was practically zero. What more could anyone ask for?

Over time will you see that this type of scenario accounts for maybe 70% of our CZ trades. If you can do it once, you can do it every time.
Im thinking of getting the words 'hold fast' tattooed on my knuckles as a reminder of this kind of PA.
  • #2,092
  • Mar 9, 2012 9:25pm Mar 9, 2012 9:25pm
I am using the indicator from post 436 and found if I set the AutoBoxRangeDailyATRperiod to 299 and the AutoBoxRangeDailyATRfactor to 0.143 I get 28 boxes 2 per week on EU/USD M15.
But this makes the boxes really long.
Then ATRperiod 30 ATRfactor 0.168 gives me 2.1 boxes per week and makes them a little shorter.
By the way this method is not NEW, its similar if not the same as the PANCA breakout strategy, or even Eagle breakout indicator
http://www.fxneo.com/wp-content/uploads/2008/07/breakout-eagle.gif
which are somewhere on this forum.
  • #2,093
  • Mar 9, 2012 11:04pm Mar 9, 2012 11:04pm
Hey guys I have just finished reading through the thread over the last week and planning to start trading at 0.02 lots next week with the system to test it out. Its great to see that the system remain basically identical from day one except the introduction of the box drawing indi that makes it a bit more user friendly.

I have just got all my chart manually set up with fixed pip range at 30 pip length to get about 2 box a week on each pair. SL will start from opposite side of box, unless it's a pair with larger box like AUDUSD then it will be a max 35pip SL. I will trail the SL as price move past fib levels until it get stopped out or new box.
  • #2,094
  • Mar 11, 2012 9:49am Mar 11, 2012 9:49am
Quoting hxtrader
Today I traded USDCHF, EURUSD, GBPUSD, EURAUD (closed early as I wanted an afternoon off) & EURGBP (which took a small hit as I moved my SL too early). 5 trades for 5.2%, I wasn't using a full 1% risk factor more like .7-.8, so it could have been more but hey, I'm not upset about it.
Congrats hxt on your Friday results. Just to remind you trading USDCHF, EURUSD, GBPUSD, EURAUD at the same time on the same time frame with 1 lot is almost equal to trading any of them with 4 lot because of the strong correlation of these pairs. So it's a kind of "double or nothing" trade. Very few time you can get different results on the above mentioned pairs with this strategy.
  • #2,095
  • Mar 11, 2012 1:11pm Mar 11, 2012 1:11pm
Hi ForexHard

As you can see from my time of joining the Forum and my number of posts, it is clear that I am not in the habit of cluttering up treads.

First, I only started reading your tread a few days ago and I can recommend the system, not knowing about your system, I have been trading this breakout system for some time and find it very profitable. Obvoiusly I used different lengths and hights for the boxes. I usualy trade from the 60min and 4Hr charts and I have many trades that gives me R:R of at least 1:3 and in some case up to 1:5.

Secondly, for those who slander a system that they do not use, or have never use, or think that it can not work for what ever reason, I can only say that you are waisting your time since you can not convince me of your opinion since the system already makes money for me.

Thirdly, my opinion of why it is so difficult for many traders to make money is that the concept of MM goes against every grain that they were taught in school, college and university. What do I mean by this? In school you only get marked correct if in fact you got the correct answer. In trading to make money, you have to get out of a losing trade to save money (loose less money) So you have to admit that you were wrong in order to be better off and this concept is strange to your brain. So propper MM requires you to admit that you were infact wrong in some cases and also requires you to let good trades run as far as possible and again here is another problem for us, we want to close the trade asap when we are in profit incase it retrace. Please reprogran your sub-conscious mind to accept these shifts in your ingrained believes and you will make more money immediately.

Hope that heps someone.
  • #2,096
  • Mar 12, 2012 11:17pm Mar 12, 2012 11:17pm
Here is what I did monday.
The eurusd short was a 43 pip loss, the long I closed at BE +4pips when I stopped trading.
Cable I managed a better entry by waiting for the first candle after the signal, but it went nowhere and I closed at BE +2 pips when I stopped trading.
The euraud
I entered once immediately and again after the small retrace, exited with +49 pips and +34 pips when I stopped trading.
Stop loss marked in pink, profit/BE exits marked in green.

Happy with the day about 40 pips all only .01 lots and live account.

Larry
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  • #2,097
  • Mar 13, 2012 11:27pm Mar 13, 2012 11:27pm
Yesterday Cable a small loss, because I saw I could put my stop above the previous mini cz, if it closed above that I reckoned it was going all the way, which it did. -20 pips

The usdchf was a beauty, I didn't watch the big retrace and was happy to close quite late for me with +60 pips

Another good day.

I don't see others posting any trades, it sort of proves to doubters that the system works.

I passed on the eurusd because it went too far on the BO, if I had would probably have been BE at best.

Larry
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  • #2,098
  • Mar 14, 2012 2:25pm Mar 14, 2012 2:25pm
These pix show the very same G/U M15 chart. One is plain, and the other one has my SSBO indi attached and nothing else.

Even though this breakout was already profitable for me, this is probably the messiest set of candles I have seen in many months. Simply stated, there is just no way to use these candles to predict what will happen next. I realize that there are "systems" and "mentors" here at FF that will state otherwise, but in my professional opinion they don't know what the hell they are talking about.

At least in our case we have an artificial horizon that provides us with some meaningful context. The SSBO indi provides us with a base line consolidation zone, which price is clearly reacting to. But without the indi present, this zone is extremely difficult to pick out, even with my trained eyes.

For those of you wondering, I pulled my pips out of the 2nd breakout, the one to the North. The 1st breakout to the South cost me some pips, which I made back with a sizeable profit a few bars later. I am now done with this (very messy) zone. I won't be trading G/U again until this Bear/Bull fight has a declared winner.
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To improve is to change. To perfect, is to change often.
  • #2,099
  • Mar 14, 2012 4:05pm Mar 14, 2012 4:05pm
check this out, same period different cz's. I tweaked my settings over the weekend to reduce the number of losses (my 40 day chart now indicates 12 straight 50 pip wins and one loss). So I was kept out of the loss this week but not for why you might think. I notice that FH your cz is 22 pips x 52 bars. If it hadn't been for the fact that my brokers range for those same bars was 29 pips I would have been in the same trades. Not often I thank my broker but it just goes to show how much of an influence brokers can have on trading.

This cz has given me 2 more 50 pip wins, though the messy way that price has returned to the cz means I'm not going to trade any more longs from this one.

Anyway, I've got a lot on at the minute so I will dissapear again now for a few days.
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  • #2,100
  • Edited 11:14am Mar 15, 2012 10:47am | Edited 11:14am
So just for fun, can anyone guess which pair posted a cz 325 bars long this week? shouldn't be too hard.

playing about i got it up to 1173 bars on a 15 min chart on 25 pips. Anyway, back to the serious business of making pips.
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