4H Box Breakout

Hi Steve,

I will try the 8am to 1pm candles on the 1H chart and see what happens.

Just need to work out time differences to get it all right Current time here is 2.00pm GMT, 1am in OZ, 13 hours difference

So 1pm OZ time will be 2am gmt

That should be right

Hi minipips...don't lose any sleep...I am here in Oz and am ready and waiting to note the highs and lows,

I will post them after 1 pm Oz time, which is 2 am UK...cheers..

hi all

forgive me for asking

im a newbie to trading altho reading most of this thread i understand what is being said

could some one pls email me at [email protected]

explain how to setup this box

how far to set the stop loss etc

basically in simple terms please?

im in the uk and im really interested in this method

so if anyone could explain step by step and to why stops are placed where they are exactly

thankyou guys
jason

Hi again Guys, I have realised that in order to track this thing accuratel we need to decide when the Oz session open...

I am taking it, this week, as 8 am...so the end of the 4 hr candle will be 12 pm or 1 am UK time..

I have read that they do pre trading in oz up to 10 am....!!

Am feeling slightly confused but will persevere anyway,

thanks, Steve

DEVONTRADER... thanks for your posting, I think you should look at http://www.informedtrades.com

or study what you can on this and many other sites...this 4 hour thread blows a bit hot and cold and MAY not be profitable in the long term,

I have just been on the 3 ducks course and I will stick with that for a while,

learn what you can but don't let it all do your head in...what does anyone else think???

Hi Guys,

GB/JAP Entry order buy 146.73 Stop loss 71

GB/JAP Entry order sell 145.63


US/JAP Entry order buy 92.96 Stop loss 42

US/JAP Entry order sell 92.14


EUR/JAP Entry order buy 124.26 Stop loss 56

EUR/JAP Entry order sell 123.30

Feel free to add your views and advise Guys, Thanks, Steve

OK, Here goes for this week

GBP/JYP

Box upper 146.764 (include 20 pips + spread)

Box lower 145.617 (includes 20 pips)

Based on first 4 candles, to coincide with Oz opening 8am and closing 1Pm

Adding EMA's of 20, 30 and 50 to aid in decision making process

The MACD indicators show both daily and weekly are overbought

The EMA's for the H1 and H4 charts are in conflict, H1 shows downtrend and H4 shows uptrend

I therefore expect a move to the downside this week

But this is all about price action, so will wait and see what the prices show

Hi, well done for your posting and trades, we seem to have the same times....!!!

8-9
9-10
10-11
11-12


Your figures match mine , so let's go...!!!!

What stop loss are you at..???

Hi, made a quick 50 pips on the eur / jpy. Entered at 123.98 long. Too bad that i did not let it run, or had made the double amount. I am not taking any trades at gbp / jpy because the box high is in a resistance level. I found the chart pattern of the eur / jpy more interesting.

Thursday there will be some news concerning the development of the yen as for now it is holiday. The market is awaiting the news on thursday and will act on how the japanese will set their monetary policy. So I think i get the guns out on friday.

For now I have only set a sell order at the box low of the eur / jpy combo. will see if it will hit this week.

Hi, the Buys have been hit,,,,This timed at 8pm UK time

GB/JAP -48

US/JAP +40

EUR/JAP +77

So far, so good, cheers, Steve

ok guys this is my first attempt lol
ive done this in the evening of the 11feb at 2220hrs

ive got the box around the first 4hour candle of the day on the gby/jpy
as you see i have then put a 20 pip buffer above and below coloured red and green
price has moved above the green to indicate a long and has made a high up to the black line at the top
the box depth is 40pips so the dotted brown line being my trailing profit has moved up to shadow the 40 pips below the high

any further advice on mistakes im making etc pls email me
[email protected]

jason

just a thought guys for what its worth
gby/jpy price on 15min chart broke out and is retracing a little.

could we be seeing a pull back down to 147.00-147.10 being a support area and then maybe a spring up to the long side


jason

Nice work Jason,

If you focus on the first four one hourl candles of the Australian session you will be complying with the rules set out on Page 1 of this thread,

The Oz session starts at 8am Oz time ( I think, and for this thread we are using the first 4 hour candles. )

8 am Oz time is equal to 9 pm UK time ...

We are not using the first 4 hour candle as it doesn't start at 8 am...!!!

You take the prices on Sun night (uk time)

I have posted them as above...if you can't sit up on sunday night , then I would say just take the first 1 or 2 hours and add your 20 pip buffer,

This system is speculating on price breaking out from the start price on the first session of the week,

I am pretty sure you don't have to be too scientific...keep it on demo account and keep your stop/loss adjusted with your profits..!!!

Cheers, Steve

Hi again Guys, I have checked at 10:15 Oz time on Tuesday morning,

GB/JAP +80 STOP/LOSS ADJUSTED TO 71

US/JAP +127 S/L ADJ TO 42

EUR/JAP +203 S/L ADJ TO 56

Stunning performance, let's hope it lasts...remember to stick to the rules and KISS...!!!

Cheers, Steve

thanks steve for the advice

ive now posted a 1hour chart with the 4 (1hr) candles highlighted in a box starting 9pm sunday uk time till midnight.
ive applied the high and low
andive also applied the 20pip buffer
Q. why a 20 pip buffer?

ive marked in black at the top the current high point
the green long line is the current position of the trailing profit stop which is trailing the box width from the current high.

Q. once price break out the advice given is to trail the width of the box,,,,at what point and why do you then reduce your trailing stop to say maybe 20pips or 10pips?

jason

Hi jason, well done for posting a chart, nice work

I am looking at your box and you haven't included the low, you have a wick, or shadow, sticking out..!! Take a look,,,

a 20 pip buffer has been stated by ACE on page 1 to avoid trading a fakeout..

The stop loss is the difference, in pips , between the hi and the lo...ie this week GB/JAP is stop/loss 71

The stop/loss is always 71...if price goes up to any level, s/l always 71.

The 71 may decrease if the trade goes against you, but don't reduce the stop/loss manually

Cheers , Steve

It's 6 am UK time...

GB/JAP CLOSED +8

US/JAP +94

EUR/JAP CLOSED +148

Still got some sell trades to be hit...watch and wait...

Cheers, Steve

Hi guys

New to the thread. I love breakout strategies and I stumbled upon this gem.

I've been reading through as many pages as I can, but I would just like to make sure the strategy is more or less the same as the first page?

Will look to others for advice and help.

Thanks

Welcome to this thread, I have tried to revive this thread with a lot of help from the other Guys,

We can keep working this method so long as we all post sensibly and keep focussed..!!

Cheers, Steve