4H Box Breakout | Foreign Exchange EA Download- MT4/MT5 Resources
I've seen daily and weekly breakout strategies. I've never seen anything like the one I'm about to describe.
Draw a box connecting the high and low of the first 4-hour candle (00:00) of the week, with a 20 pip buffer on each side.
The week begins with the opening of the Australian session.
If I had a penny for every time someone asked what candle this is...I wouldn't need to make money trading Forex. For the next person to ask, please follow the instructions below.
Download the FXDD platform. Press Ctrl+y on the 4 hour chart. The lines will magically pop up, and the first 4-hour candle should form on the lines at the beginning of each week. This is the candle used to represent the highest and lowest prices.
Box making time:
GMT - 21:00 to 01:00
Eastern Time - 17:00 to 21:00
FXDD Time - 00:00 to 04:00
Use time zone conversion to find out your exact time.
Don't ask when the bar forms and when it closes as it has been answered many times. I post every week when the bar is closed. If you're not willing to browse this thread or wait a week to see my post when the bar is closed, then this system isn't for you.
Sorry, it's gotten to the point where people ask every time.
Some brokers open an hour earlier or later than FXDD. If your first 4 hour bar closes at 00:00 GMT, then this is not the correct candle. The best thing to do is to download the FXDD demo platform and use it as a reference.
rule:
- Add 10-20 pips of buffer to each end of the candle
- Buy on breakout above weekly box (includes buffer + spread)
- Sell on breakout below weekly box (including buffer)
SL - The other side of the box
TP1 - 1x box size
TP2 - 2x box size
TP3 - 3x box size
TP4 - 4x box size
This system works on many Japanese Yen currency pairs.
GBP/JPY EUR/JPY AUD/JPY CHF/JPY CAD/JPY
**GBP/JPY is the best currency pair.
May work with other pairings, but needs to be tested.
I like to use 3x-4x box size for TP.
I wouldn't profit on 1x the size of the box because the bigger reward is the key.
After the 1x is hit, I move my stop to BE.
Risk Management (Find Your Position Size)
(Account Balance * Risk Percent) / Stop Loss = Minimum Lot Size
advantage
- 30 minutes per week
- Don’t worry about charts full of indicators
- The reward per trade is higher than the risk
- Easy to backtest
important:
Probability
Q&A (thanks to fxann)
The indicators are as follows, thanks to fx2248 for the help.
Feedback from all Forex experts would be great, good luck!
Draw a box connecting the high and low of the first 4-hour candle (00:00) of the week, with a 20 pip buffer on each side.
The week begins with the opening of the Australian session.
If I had a penny for every time someone asked what candle this is...I wouldn't need to make money trading Forex. For the next person to ask, please follow the instructions below.
Download the FXDD platform. Press Ctrl+y on the 4 hour chart. The lines will magically pop up, and the first 4-hour candle should form on the lines at the beginning of each week. This is the candle used to represent the highest and lowest prices.
Box making time:
GMT - 21:00 to 01:00
Eastern Time - 17:00 to 21:00
FXDD Time - 00:00 to 04:00
Use time zone conversion to find out your exact time.
Don't ask when the bar forms and when it closes as it has been answered many times. I post every week when the bar is closed. If you're not willing to browse this thread or wait a week to see my post when the bar is closed, then this system isn't for you.
Sorry, it's gotten to the point where people ask every time.
Some brokers open an hour earlier or later than FXDD. If your first 4 hour bar closes at 00:00 GMT, then this is not the correct candle. The best thing to do is to download the FXDD demo platform and use it as a reference.
rule:
- Add 10-20 pips of buffer to each end of the candle
- Buy on breakout above weekly box (includes buffer + spread)
- Sell on breakout below weekly box (including buffer)
SL - The other side of the box
TP1 - 1x box size
TP2 - 2x box size
TP3 - 3x box size
TP4 - 4x box size
This system works on many Japanese Yen currency pairs.
GBP/JPY EUR/JPY AUD/JPY CHF/JPY CAD/JPY
**GBP/JPY is the best currency pair.
May work with other pairings, but needs to be tested.
I like to use 3x-4x box size for TP.
I wouldn't profit on 1x the size of the box because the bigger reward is the key.
After the 1x is hit, I move my stop to BE.
Risk Management (Find Your Position Size)
(Account Balance * Risk Percent) / Stop Loss = Minimum Lot Size
advantage
- 30 minutes per week
- Don’t worry about charts full of indicators
- The reward per trade is higher than the risk
- Easy to backtest
important:
Probability
Q&A (thanks to fxann)
The indicators are as follows, thanks to fx2248 for the help.
Feedback from all Forex experts would be great, good luck!
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