thats actually how i trade, im just surprised at the results, maybe im testing wrong so someone shoudl recheck it, thats all i am saying
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Lets examine another strategy based on the A and C reference points, in this case fading point Cs.
A classic failed C down. The market touched the Point C level, but did not trade there for a period of time. After the market bounces from the failed C down, you could decide to fade taking a long position just above it. Your stop would be Point C at which you'd have to abandon your upward bias. We call this trade a Good A Up, Failed C Down. (opposite Good A Down, Failed C Up)
The importance of time cannot be stressed enough, particularly in these opening ranges.
In the preceding example while the market did touch the Point C level, it did not trade for a sufficient length of time there. The failure to trade at or below Point C for half the span of the opening range is what made it a failed Point C down.
What is the main rule never to forget? To know where and how you are getting out if you are obviously wrong.
Here are the times Mark Fisher recomends for using the ACD method. I'm not so sure about these times and honestly I think the Big Dog times of 0700-0900 NY time may be superior. However, those times he recommends may be worth taking an extra look at.
GBPUSD:Opening Range of 30 minutes (0230am-0300 am NY time)
EURUSD:Opening Range of 30 minutes (0230am-0300 am NY time)
CADUSD:Opening Range of 30 minutes (0830am-0900 am NY time)
USDJPY:Opening Range of 30 minutes (0900 pm-0930 pm NY time)
DislikedThank you for the great thread guys! I believe that the OP mentions that he uses Qclock on his desk top.
Qclock is free, just google it, and the great thing about it is you just need to right click on an icon and choose "When the time is".
For example, choose or create a clock that is equal to your brokers time. Add it and New York time to your desk top.. Right click on New York and input 7:00 AM and your brokers time that is the equivalent will automatically show up.
It's very easy once you learn!
Thanks For The Great Thread!!!Ignored
DislikedSo if I have my settings correct.....
the box closed at 14:00 with a high of 1.4917 and a low of 1.4819. If not worried about the box being too tall at nearly a hundred pips, then we would set buy stop just over the high by our spread or a bit more and just under the low by the same margin and wait for it to come to us. Is anyone else in this trade? Thanks.
FWIgnored
DislikedAnyone tried backtesting with a Forex simulator... like Forex Tester?
http://www.forextester.com/
Then you really can see if it works
I tried.. but somehow.. I can´t sit still and follow the rules!! heheIgnored