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  • #5,801
  • Mar 6, 2013 4:31am Mar 6, 2013 4:31am
eur usd short - itll probably be a winner 20+ at the moment but whats you opinion of the cz - it met the edge of my discretionary approval.....

full disclosure I am trading with a demo account currently
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  • #5,802
  • Mar 6, 2013 4:36am Mar 6, 2013 4:36am
also this happend - correlation much!
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  • #5,803
  • Mar 6, 2013 4:43am Mar 6, 2013 4:43am
Quoting fexitrade
eur usd short - itll probably be a winner 20+ at the moment but whats you opinion of the cz - it met the edge of my discretionary approval.....

full disclosure I am trading with a demo account currently

Here's my euro chart using latest indi - didnt trade it was busy with cable. Looks to me your on the right track.
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  • #5,804
  • Mar 6, 2013 5:00am Mar 6, 2013 5:00am
Quoting fexitrade
also this happend - correlation much!
these ones you have identified are much better than some of the others you had before. You're on the right track...
  • #5,805
  • Mar 6, 2013 5:03am Mar 6, 2013 5:03am
practice makes prefect
  • #5,806
  • Mar 6, 2013 8:52am Mar 6, 2013 8:52am
I'm sure all us SSBO fans are well practiced in regularly zooming out to a higher timescale so I'm possibly not bringing any news to anyone here but check out your Yen crosses folks as there is a massive consolidation going on right now. Chart depicts EURJPY H1 currently looking at 70 or so bars (3 days for the sake of argument) in a 90 pip range (for the sake of argument).

I've loaded these parameters on my indi to see what has happened in the past with these situations but alas there doesn't seem to be precedence for a cz of this length and range in the past few hundred days. So for the time being I'm ignoring any signals on my M15 until this major CZ has broken. However, even though there is no precedence I can find (which might be a limitation on loading MT4 history, but i would welcome news from anyone who tries the same) I will play this break, probably on a half size position and maybe looking for a 3:1 RR on a break upwards and 2.5:1 on a short as there is 300 pips and 230 pips respectively to any significant support level on the H4 chart.

As you should be able to determine this cz is roughly in the middle of a 650 pip 2 day move from a couple of weeks ago. In conjunction when it does break there could also be further opportunities on my M15 chart on the way up or down to these levels. BoJ rate decision tonight I doubt will shift it unless theres significant commentary, ECB rate decision tomorrow is when I think its more likely to break.

using the H1 timescale on this instead of M15 should reduce any false break risk as I will be looking for a H1 bar close.

Anyone else looking at this?
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  • #5,807
  • Mar 6, 2013 9:22am Mar 6, 2013 9:22am
Quoting hxtrader
Anyone else looking at this?
yes i am i just started watching this pair yesterday if this move breaks i think its got potiential - given how the boj works the yen there words might move the market
  • #5,808
  • Mar 6, 2013 11:47am Mar 6, 2013 11:47am
I love waking up to this!...
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To improve is to change. To perfect, is to change often.
  • #5,809
  • Mar 6, 2013 12:10pm Mar 6, 2013 12:10pm
Quoting C345
Hi Ben

Perhaps I gone off track a bit there. I'm in the UK and mainly trade from London open at 8 am and look for break outs of the overnight session. That's where the box comes from. Today was a perfect example - not strictly ssbo but the principle is the same. Hope that makes sense.
I also trade these time-based CZ's, when I can find the time... The principle is the same, and every other day the Asian session is a CZ in SSBO anyway. The entry is not the same, though.
  • #5,810
  • Mar 6, 2013 12:33pm Mar 6, 2013 12:33pm
Price has reached the old CZ from last week, making a very nice revenge arc along the way. 3 CZ's so far this week, 3 successful trade sets, 2 of which went straight to QTP. My bank for this week is already in the bag. Anything more is pure gravy.
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To improve is to change. To perfect, is to change often.
  • #5,811
  • Mar 6, 2013 2:26pm Mar 6, 2013 2:26pm
...and we're off. I'll post a screenshot with a greater range in a few hours, just that it's hard to see the break if I zoom out. So if it can chew through the treacle over the next few hours it will begin to run to my TP. SL is 50 pips TP 150. I dont often trade with such wide parameters which is why I've kept it to half size so in effect its the same as full size on a 25 pip cz.
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  • #5,812
  • Edited Mar 7, 2013 4:41am Mar 6, 2013 2:30pm | Edited Mar 7, 2013 4:41am
my first post in FF
thank you Forexhard for this great tool! I saw this thread only a few days ago (just in the middle of reading the whole thread) and it improved my trading alot. the best thing it did to me, is to stop overtrading.
i use the box quite differently, and i want to know if its ok to post my charts in here.
i use S&R, and when i see a long consolidation i put a box to mark it (so my box height for one pair, in one timeframe is not allways the same). also, i'm searching the 15m and the 1h timeframes for consolidations, and if i see consolidation in both timeframes, then my target for the 15m breakout will be the 1h high/low.
so this is my 15m chart for the eur/gbp:
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and this is my 1h chart for the same pair:
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so my question is if i can call it consolidation box by your definition (Forexhard)?
  • #5,813
  • Mar 6, 2013 2:36pm Mar 6, 2013 2:36pm
Quoting hxtrader
I'm sure all us SSBO fans are well practiced in regularly zooming out to a higher timescale so I'm possibly not bringing any news to anyone here but check out your Yen crosses folks as there is a massive consolidation going on right now. Chart depicts EURJPY H1 currently looking at 70 or so bars (3 days for the sake of argument) in a 90 pip range (for the sake of argument).

I've loaded these parameters on my indi to see what has happened in the past with these situations but alas there doesn't seem to be precedence for a cz of this length and...
I saw this too, and entered after the breakout... +20 pips for now, hope it will reach my TP
  • #5,814
  • Mar 6, 2013 2:37pm Mar 6, 2013 2:37pm
Quoting hxtrader
...and we're off. I'll post a screenshot with a greater range in a few hours, just that it's hard to see the break if I zoom out. So if it can chew through the treacle over the next few hours it will begin to run to my TP. SL is 50 pips TP 150. I dont often trade with such wide parameters which is why I've kept it to half size so in effect its the same as full size on a 25 pip cz.
Just a heads up that we should not be posting non-SSBO trading such as you have described... I've been warned not to do so.
  • #5,815
  • Mar 6, 2013 2:53pm Mar 6, 2013 2:53pm
Next up GBPCHF. Screenshot is H1 but I trade off the M30. Anyway this is 30 hourly bars and 35 pips.
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  • #5,816
  • Mar 6, 2013 3:03pm Mar 6, 2013 3:03pm
Quoting Jayf19
Just a heads up that we should not be posting non-SSBO trading such as you have described... I've been warned not to do so.
I'm not sure I understand. what I'm posting is naked SSBO without the indi. I do use the indi (a previous version for the time being, I'll move over to the newest one in due time) so I'm not posting my indi charts until I do. It's the posting of charts with the old indi which is not allowed isnt it?
  • #5,817
  • Mar 6, 2013 3:11pm Mar 6, 2013 3:11pm
Quoting hxtrader
I'm not sure I understand. what I'm posting is naked SSBO without the indi. I do use the indi (a previous version for the time being, I'll move over to the newest one in due time) so I'm not posting my indi charts until I do. It's the posting of charts with the old indi which is not allowed isnt it?
Per definition of SSBO, 150 TP is not a realistic target.
  • #5,818
  • Mar 6, 2013 3:56pm Mar 6, 2013 3:56pm
Quoting Jayf19
Per definition of SSBO, 150 TP is not a realistic target.
More accurately, per definition SSBO is a breakout system, and 150p is not a realistic breakout TP target.
To improve is to change. To perfect, is to change often.
  • #5,819
  • Mar 6, 2013 4:07pm Mar 6, 2013 4:07pm
Quoting forexhard
More accurately, per definition SSBO is a breakout system, and 150p is not a realistic breakout TP target.
Think they get confused with 5 digit broker - 150 pip is really 15 pip in our world.
  • #5,820
  • Mar 6, 2013 4:27pm Mar 6, 2013 4:27pm
Quoting forexhard
More accurately, per definition SSBO is a breakout system, and 150p is not a realistic breakout TP target.
"This system will work for any pair on any TF", this a quote from the first post in the thread... i think it depends in the timeframe you're looking at, doesnt it? my TP for this trade is 80 pips, and i think its ok for h1 timeframe with 60 pips consolidation.
just to clarify, i dont mean to argue with you, i think that your way of trading is great, and i appreciate your work in this thread! i just want to understant why 150 pips is not realistic in this situation? its only 2.5 the box size in this case, and from what i have seen after folowing the steps in the first thread, 60 pips box in EUR/JPY H1 is ok (sorry if my question has been answered, i'm just on page 60 by now)
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