Help Me Establish The GbpUsd After Dinner Club

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I used the thread title just to be a little catching. But what I have found is that around 10am or so the GbpUsd either tops out, bottoms out, or it is a key pivot point. Knowing this would help you possibily exit your trade saving you time thinking that there is a lot more pips to get. It can also help you enter a trade and get in on a few pips when the pound dollar begins to retrace. What I am looking for is 3 or more people who trade during that time to see if this little bit of information is really that valid in the heat of the battle. I work during the day so I am not able to test it out consistently. Sure on paper, back tested it almost looks like a no brainer. But as some would say this is a battle and when emotions are involved, well that’s what separates the 5% from the 95%. You can test on a demo account or ever how you want. Then after the day add some in put on the thread. Hey if it is just another tool that you can apply even once a week (I think it can be more helpful ) to your trading and help you either save or get 10,20,30, or more pips in a week. Well 10 pips a week is 500 more pips. I have posted the retracements probability for the gbpusd and a lot of these retracements happen during this time. I also posted charts from the last few days here, not picking and choosing any one’s paticular but just going back in a chronological order showing on a day to day basis how this time frame can be used to our advantage.

The GbpUsd has retraced to these fib levels with in that day of establishing the high and low or with in the following days 24 hour trading schedule. I have just recently gone over all of the 2006 charts up to the present for assured accuracy.

23.6 Fib level has been retraced to 272 out of 280 days for a 97.1% probability of retracement to that level after the days high and low are established.
38.2 Fib level has been retraced to 241 out of 280 days for a 86.1% probability of retracement to that level after the days high and low are established.
50.0 Fib level has been retraced to 215 out of 280 days for a 76.8% probability of retracement to that level after the days high and low are established.
61.8 Fib level has been retraced to 175 out of 280 days for a 62.5% probability of retracement to that level after the days high and low are established.

As I have mentioned before these retracements happen more commonly around the 10am eastern to 12pm eastern time. Most of the time (again most is pretty generalized ) it is 10am to 11am. Looking at the charts and hopefully will be getting some useful information together on that subject. But if you go back and look at the highs and lows of the day you will see this is commonly so.

I frequently trade during those hours, as long as there has been some useful trading earlier and I have open trades. Those hours are usually the end of my trading day (when it has not ended earlier due to market inactivity or total unpredictability).

I am not sure how I can help, but I am at least some of the time available.

I have been looking more carefully at the posted charts and in hindsight it is easy to see what occurred. When I look at the 10EST area and gradually look to 12 with the pips ahead of the area I am looking at covered, I find it very difficult to see how I would act on this information proactively. I will keep an eye on what occurs in cable during this time period.

Just let me know if the information is helpful in you making your trading decisions . To me if I was in a trade during that time it seems like it would influence my exit and reenter strategy . I mentioned earlier I am not around at the time so I either exit out when I head out the door at around 7am eastern or stay in with a target price. It seems it would help a person to not be hanging around his computer for an excessive amount of time waiting for more pips when on the most part it is close to a low or high or going to retrace therefore maybe lose wanted pips. Just interested in feed back. If I come home for lunch which I rarely do I will check and see if it has retraced to the 23.6 level it hasn't I will place a trade with that or the 38.2 fib as a target. Only able to do it occasionally but it has worked. Last week I set a target at half way between 23.6 and 38.2 and missed my target by 3 pips. Then readjusted again to 23.6 then missed that by three pips. Closed the trade at 0 pips.

I am retired so I make my own hours (usually all night long) but I think you should reconsider the name of your group unless you are trying to attract people in eastern Europe and Asia. In my time zone, calling it the breakfast club would be more appropriate (0600 to 0800).

Should have included daily retracements with the previous posts. Also I will need to mention this when I post retracement statistics is that when it retraced to with in 7 pips of a fib level I counted that as a hit. For instance in this case it is 6 pips with in the 50.0 fib mark, which I call a hit.

After dinner club just seemed catching it really should be the GBPUsd After 10am Club (eastern time)

Breakfast is more appropriate in my time zone too.

In this chart, I would like to know how you would have handled this. I can see the first point to start your fib retracement lines at the low (red bar) on the 22nd. As 1000 arrived, what would you have done? Would you have drawn your retracement based on the price at 1000? You show the high, appropriately at 1100. But how would you know this in advance, in hind sight it is obvious, but I do not see how I would have deduced this would occur at that time.