Extracted Thread (per thread starter's request)

Hi

Firstly I have only been studying this thread over the weekend and appreciate that I have got a lot of reading and demoing ahead of me. I am more than happy to put in the neccessary time and effort but before doing so would like someone to cast their eye over the attached chart please.

I have been playing around with different settings in the SSBO indicator and have noticed something which does not make sense to me. Again if it is glarringly obvious then I will gladly take any flak that comes my way and go straight to pre school without further notice!

It is a 15m GBP/JPY chart, looking back a couple of days you will see that a "buy" trade was triggered. Unfortunatly the price retraced against us and we were stopped out at the opposite side of the CZ for -25p. I would have expected the second "sell" trade to have triggered 2 bars later (at the bottom of the big white down candle)? However the indicator is showing a winning "sell" trade for 51p which was taken at the top of the CZ AND the top of the candle that we just got stopped out on? How is this possible or am I just being stupid?

Please accept my apologies if this is conceived as a noob question but, I really would like some confirmation that it is me or the indicator giving false information before investing a lot of time and energy in what appears to be a very interesting concept.

Thank you in advance.
Kevin.

Doh, sorry forgot to attach the chart.

is anybody else having this problem where my table is "scrambled"?

+ i have been tweaking the indicator, but with this type of table, there is no way i can tell if it's a good tweak or not

Of anybody can take a printscreen of their settings, that'll be great..

thank you,
Kev

Yep.

Indy doesnt save to well, especially if placing onto a different pair.

Close the chart and load up fresh, shoud be fine.

M.

Thanks, i changed the colors too..

I have seen that Forexhard uses different QuickTakeProfits on GBPUSD: +26 / +30 / +35

Is there a consensus on what the best settings are (Boxsettings) for the different pairs?

Thanks,
Kev

There are now 5 guys that can no longer post in here. This is what happens when you skip over 200 pages of mandatory reading to the end where the cool new indicator is located. If, after repeated warnings, you are still too lazy and disrespectful to follow the directions found in the first post, then you only have yourself to blame for what comes next. Unlike some other thread starters I do NOT like taking this action, but that still won't stop me from doing it when I need to.

Bottom line, if you can't follow my simple directions... and if you can't dedicate even 3 weeks to your Forex education... then you probably shouldn't be wasting your time with Forex anyway.

One of the markets I'm keeping an eye on at the moment is Wall Street, I've got some solid settings for it and today I happened to notice that its latest zone had 2 failed signals today.

Don't worry, I couldn't care less about retracements etc etc...if anything I noticed today the complete lack of emotion when my first two trades did just that. My trust in the system is absolute.

My observation is that, through looking at all markets, trade 3 and 4 tend to be high conversion ratio which makes sense of course...market building pressure until direction is determined...

As I only look at Wall Street in the afternoon when the spread is lower on my platform, I missed the two previous retracements....and theoretically could have traded the next signal (trade 3) at normal stakes with a greater edge.

I didn't because I was happy enough with my pips in the bag and didn't want to overtrade. It was more an observation than anything else, not a question needing an answer. I hope this post doesn't tread on any toes, I merely saw this today and hadn't thought about a scenario like this.

No point in using anyone elses settings.

You have to find the sweet spot for each pair for your own platform and account size, risk aversion, whether you want to complete on one trade or complete a set, happy to martingale or not and that sweet spot will change slightly over time.

The indy will not make any sense without reading through the complete thread.

M.

Listen up, I've found a bug with the Quick Take Profit setting. I've already reported this to Xux99. Please keep an eye open for anything that doesn't look right, and report it to either myself or Xux right away.

Thanks for the heads up Forexhard...

dojirock

I'm gonna take a crack at answering my question (http://www.forexfactory.com/showthread.php?p=5923020#post5923020)!

In a similar spirit as FxH's post here (http://www.forexfactory.com/showthread.php?p=4963178#post4963178) for the old breakout indicator and his basic instructions here (http://www.forexfactory.com/showthread.php?p=5921719#post5921719) for the newer indicator, this is how I would tweak the new indic to show me (what I hope to be) quality CZs.

(The following is my way of doing it for M5 charts. So BoxTimeFrame=5. YMMV of course)

1. I would reset BoxLength to 30 bars as my starting point and then tweak BoxRange lower until my CZ count per week comes down. BoxRange=11 pips is my absolute minimum.

2. If I still can't bring my CZ per week low enough to below 3.0 boxes, then I would tweak BoxLength upwards to 40 bars maximum.

3. Assuming my CZ count target is met, then I would compress the chart and eyeball the CZs as far back as I'm inclined to, to see if they look good and any pullbacks look manageable.

4. Only after this, I would tweak BoxBufferPips (the buffer line) to see if it makes any difference to the Trade Set Win Ratio (good concept, this).

5. If I already think the past CZs look ok, I won't even bother with that last statistic, but Trade Set Win Ratio =100% and a positive Net Pips is definitely a "nice to have".

6. Martingaling is turned OFF in all cases, and I also try to bring maximum reversals to 4 and below, although I'm not sure if this last one even matters much since my post-breakout and MM post-trade decisions are largely discretionary.

The following is a snippet of my GBP setup. This particular trade set implies a net profit of 12 pips (loss of 12 and consequently a profit of 24). In actual fact I only made 10pips from this trade set, and that's just fine!



Questions or comments?

26 pips in the bag on EU...

http://img705.imageshack.us/img705/9609/14thb.jpg (http://img705.imageshack.us/i/14thb.jpg/)

It might be worth rechecking, Trade set loss 1, and keeping to 4 max trades.

M.

Don't know about anyone else but fiddling with the indicator on different pairs can be soooo addictive, especially when you hit a little sweet spot using unusual settings!

Take the AU for instance...my settings on the old indicator were completely different....now I've come up with this! No closes outside the CZ, just pure pending order heaven.

[/url][url=http://img840.imageshack.us/i/auexample.jpg/]http://img840.imageshack.us/img840/486/auexample.jpg (http://img341.imageshack.us/i/auexample.jpg/)

You can learn so much from a pair just by the indicator. Many thanks for this great learning tool guys!

I trade full time a very similar system/strategy and have done so for 5 years + - looking for break outs of the Asian session from 7 am UK time onwards. Have been through the whole thread and ran the indicator on a live account (don't like demo's).

Trade 3 currency pairs USD/CHF, GBP/USD, EUR/USD.

The indicator is very impressive and saves me drawing boxes at 6.30 am each day!

As pointed out by FXH you need to make this your own - it is a starting point not a holy grail.

Great bit of work guys and thanks for sharing.

Hi all

I've been ffg this thread and very grateful for the work that has been placed into it.

With this new system does the indi use 1,2,5x lot size etc in terms of martingale system

Thanks

Hello FH and others. I am currently upto post 600 in your thread and would like to thank FH for his work in on CZ's and explaining it to us. I would like to share what I have learnt so far, and hope you can correct me if I am wrong. I am and will be manually drawing boxes for the time being and may move to the indicator at some point, but I believe I will only get a true feel for this tool/system by doing the ground work.

So what I have learnt:

 

1. The longer (in time) and shorter (in pips) the CZ the bigger the breakout
2. CZ's appear in sweet spots i.e. they may appear at the same levels more than one - hence the use of the bigger box
3. False breakouts don't exist as they have broken out of the CZ just not as much as we hopefully would like them too
4. The box height and length is not static - but should be resized for each timeframe and symbol AND to how percieve the chart as an individual trader
5. There are only 4/5 decent (what I personally would class as ((greater then 25 pips)) breakouts per week per symbol
6. Not every swing has a CZ

I have traded the method a couple of times and have to say all the trades so far have generated profit. I can currently see breakouts forming on EU and GU

Please correct me if I am wrong with anything I have mentioned

Matt

http://img717.imageshack.us/img717/1291/92586565.png

Simple , Dependable , Repeatable ............

What more could you want in a method ?

Thank You FH and Team !!!!!!

For the new indi and for all the hard work put into it
Thanks Forexhard and Xux99

This is one of the most sensible first posts I have ever read!
I am not a guru but a long time follower/believer of SSBO's.

Here is my story...
I was and still is for the most part someone drawing boxes by hand.
It really keeps you in touch with market rather than following the "great tools" blindly. I have downloaded the new indi and it is awesome to play around with and tweak settings.
I have just started reading all important posts again..probably 4/5th time after we had some very elementary questions on the thread. Hope to find bits and pieces to help me with tweaking settings to find even better sweet spots.
Guys, treat it as a marathon! It's not a sprint race... Go through all info!!

Well done Matt! That's the way to take it step-by-step..