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4h Channel Breakout

  • #21
  • Mar 14, 2015 11:56am Mar 14, 2015 11:56am
Quoting Xaron
Thanks for testing. I don't use it at the moment but will take a second look. Have tested it for EUR/USD only but it should work with other majors as well I guess.
Hello Xaron, yes it is an old thread may I ask you still are you using EA 4HRangeTrader.mq4 as you discribe in the opening post it is simple and look profitable.

Do you have update version please can you post here and also please can you send any image how does this EA performe

Thanks And Regards,
Moti
  • #22
  • Mar 23, 2015 3:58pm Mar 23, 2015 3:58pm
I started using a system I made up very similar to this.

I use the last 3 4H candles high and low instead and it puts my W/L ratio at about 95%

I open up two positions when a new high or low is broken over the last 3 4H candles. The first position I put a 20 pip TP which is hit probably 95% of the time.
Once the first positions TP is hit, I move the second position to break even with a 20 trailing stop.

hears the problem. You need to put your stop loss at the lowest low of the last 3 4H candles which tends to be quite large but, when 95% of your TP are getting hit, one big loss out of 20 wins works itself out.

gbp/jpy
gbp/aud
gbp/nzd
eur/jpy
eur/nzd
eur/aud
  • #23
  • Mar 28, 2015 3:56pm Mar 28, 2015 3:56pm
I can't prove anything that I'm about to say, here, but having traded various methods almost identical to this, for many years, I'm fairly confident of four things:-

1. This will work better on Cable than on the Euro (especially in 2015);

2. It will produce better overall results when used with a trailing stop from the get-go: the reliability-rate will be lower but the net profits higher;

3. The range for the TP and SL can more accurately be derived from a formula involving the ATR than by simply dividing the previous candle's range by three as suggested in the original post;

4. Contrary to what you might guess, USD/CAD is also worth looking at (but taking a different 4-hour range-definition period, obviously).

No criticism implied at all: I mean these comments only helpfully, in case people want to experiment for themselves with what ought to be one of the most realistic and sensible methods ever posted here - in which case those would be good parameters to test.

(I won't comment on the post immediately above this one other than to mention that in my opinion it's somewhat misguided in its approach.)
  • #24
  • Mar 28, 2015 10:47pm Mar 28, 2015 10:47pm
Quoting Xela
I can't prove anything that I'm about to say, here, but having traded various methods almost identical to this, for many years, I'm fairly confident of four things:- 1. This will work better on Cable than on the Euro (especially in 2015); 2. It will produce better overall results when used with a trailing stop from the get-go: the reliability-rate will be lower but the net profits higher; 3. The range for the TP and SL can more accurately be derived from a formula involving the ATR than by simply dividing the previous candle's range by three as...

Yea. After a bit more back testing, the 4h chart is a little too unreliable, but it's working on the daily on the pairs I had stated before.
  • #25
  • Last Post: Mar 29, 2015 6:28am Mar 29, 2015 6:28am
Quoting thelostpip
I started using a system I made up very similar to this. I use the last 3 4H candles high and low instead and it puts my W/L ratio at about 95% I open up two positions when a new high or low is broken over the last 3 4H candles. The first position I put a 20 pip TP which is hit probably 95% of the time. Once the first positions TP is hit, I move the second position to break even with a 20 trailing stop. hears the problem. You need to put your stop loss at the lowest low of the last 3 4H candles which tends to be quite large but, when 95% of your...
Thanks for sharing the idea..... So you use only Trailing Stop for the second trade... right?
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