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Attachments: Trading from NY close to London open
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Trading from NY close to London open

  • Post #1
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  • First Post: Edited Jun 6, 2014 11:58pm Jun 2, 2014 3:07pm | Edited Jun 6, 2014 11:58pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
I've been trading for several years, and during that journey I have found that you have to find your own style and comfort level.
I live in the Pacific time zone, and hate getting up at the crack of dawn to trade the NY session, and similarly I refuse to stay up all night to trade the London session. I know that everyone says that those are the times you must trade to be successful, but I hope to challenge that thinking.
I also believe in relative simplicity, i.e. no complex indicators or deep analytical thinking.

My methods are not new and are straight forward. I like to see some confluence if possible, but in general I use trend line breaks and indicator divergence (that is the only thing I use indicators for).
I trade off the 15 minute charts (I have never been proficient with higher time frames).
At the moment I am trading only one pair - EUR/AUD

I am attaching last nights chart to give you a better view of my methods. After the NY close I try to put on a trend line with an alert that texts my phone when price crosses. Then I go about my normal activities until I receive an alert. The blue lines on the chart are trend lines and the red lines indicate divergence. There is a small circle on the chart where the first alert occured. There was also a confirming Stochastic divergence.

When I enter a trade, I do so in 2 halves - one with a 20 pip SL and 30pip TP, and the other with just a 30 pip trailing stop and a 20 pip SL.

Last night was exceptional, and a second trade set up which I will explain in the next post.
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Name: June 1 trade002.png
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  • Post #2
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  • Jun 2, 2014 3:44pm Jun 2, 2014 3:44pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
I said I would explain the second trade shown on the chart.
There is a phenomena that occurs quite often and that is:
If there is a run up just before the London open, price will usually reverse right away. If I see that, I will put on a second trade with only one position and a 20 pip TP and SL and go to bed. Last night's also had another divergence.
By the way, the green blocks show London session until the NY in orange. I also pay attention to Round numbers and daily pivots (adjusted to NY close)
  • Post #3
  • Quote
  • Jun 2, 2014 4:28pm Jun 2, 2014 4:28pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
Today's first trend line set with alert
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Name: June 1 trade003.png
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  • Post #4
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  • Jun 2, 2014 4:46pm Jun 2, 2014 4:46pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
Executed
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  • Post #5
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  • Jun 2, 2014 5:01pm Jun 2, 2014 5:01pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
Woops, I just noticed a second lower trend line. We'll see what happens. For now, I'll stick with the trade
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  • Post #6
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  • Jun 2, 2014 10:54pm Jun 2, 2014 10:54pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
Well that was nasty.
8 pips away from take profit, and I get spiked out. It seems to happen after a very good day.
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  • Post #7
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  • Jun 3, 2014 1:07am Jun 3, 2014 1:07am
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
I think I'll call it a day, and wait for the Aussie volatility to settle. Tomorrow I have a tee time after lunch, so unless I get an opportunity to trade on the golf course from my phone, or a setup occurs when I get home, I may not be trading.
  • Post #8
  • Quote
  • Jun 4, 2014 7:47pm Jun 4, 2014 7:47pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
I took the trade today based on the trend break, but waited for an hour until the spreads came back to reasonable. The market has really slowed more than normal, and my stop is tighter. We'll wait and see if it picks up in the right direction when Tokyo opens.
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Name: June 4 trade.png
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  • Post #9
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  • Jun 5, 2014 12:22am Jun 5, 2014 12:22am
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
Well that's 2 trades in a row that would have been winners if my TP was 20 pips instead of 30. I may adjust my expectations and lower the TP levels as well as tighten the stops. I'm a bit reluctant to put in a break even level, since I have used it in the past and had it backfire. Today I guess the Aussie news spiked the market, but I really felt that it was negative and the Euro should have continued to gain ground. Fundamentals always puzzle me.
  • Post #10
  • Quote
  • Jun 6, 2014 6:42pm Jun 6, 2014 6:42pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
Sorry I didn't have time to post last nights trade live, but it was a good one. Due to the previous 2 tradess, I reduced my TP on position 1 to 20 pips. Of course it screamed to approx 70 pips. The second position with a trailing stop netted about 40 pips. Overall the week was quite profitable.
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Name: June 6 trade.png
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  • Post #11
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  • Jun 6, 2014 11:56pm Jun 6, 2014 11:56pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
Week's summary:
Sunday: First 2 position trade - 30 pips TP
58 pips TP (with trailing stop
Second 1 position trade - 30 pips TP
Monday: Stop out 20x2 - -40 pips SL
Tuesday: golfing no trade
Wednesday: Stop out 20x2 - -40 pips SL
Thursday: 2 position trade - 20 pips TP
- 40 pip TP

Total 98 pips for 4 days of trading
  • Post #12
  • Quote
  • Oct 18, 2017 11:33am Oct 18, 2017 11:33am
  •  doxfom
  • | Joined Jul 2017 | Status: Member | 6 Posts
thanks for the thread, 3 years later, are you still using this method?
  • Post #13
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  • Dec 25, 2017 2:22pm Dec 25, 2017 2:22pm
  •  staassis
  • | Joined Aug 2016 | Status: Member | 49 Posts
Which "method", Doxfom? The guy writes: "Today I guess the Aussie news spiked the market, but I really felt that it was negative and the Euro should have continued to gain ground. Fundamentals always puzzle me."

It seems like profitkeeper thinks that we will be able to "guess" and "feel" the way he "guesses" and "feels", without any system. Or he just wants to share what he's done.
  • Post #14
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  • Dec 25, 2017 10:56pm Dec 25, 2017 10:56pm
  •  profitkeeper
  • Joined May 2010 | Status: Member | 377 Posts
I am surprised that anyone replied to my thread after 3 years of no posts. The thread is a journal and I believe that I mentioned how I was trading at that time at the beginning of the thread. It was not a "system" but more of a commentary using various tools to find a way to profitably trade the Asian session. I still come back to this session occasionally, but I spend more time trading the first couple of hours of the London market. The Asian session is difficult if you are looking for more than 5 or 10 pips consistently, however with the drop in spreads over the last three years or so it may be worth another look.
  • Post #15
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  • Last Post: Dec 26, 2017 1:52am Dec 26, 2017 1:52am
  •  staassis
  • | Joined Aug 2016 | Status: Member | 49 Posts
Thank you for the clarification.
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