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London Open Strategy

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  • First Post: Edited Jul 29, 2014 8:33am Jul 27, 2014 3:24pm | Edited Jul 29, 2014 8:33am
Hi traders,

here is a very simple strategy that I’d like to share, test and develop if possible.

I have a demo account set-up with 3000€ in it to forward test the idea, starting Monday, and I’d like to publish the results here in this thread at the end of the trading week for general discussion and possible improvements.

All levels of trading competence are welcome to participate and let’s keep it friendly please.

I’ll be trading EURUSD 5min chart only at the moment.

My chart is set-up like this, a 15 period Exponential Moving Average and i-ParamonWorkTime, (just goggle it and you’ll find it)

EMA is there to trade against, and the iPWT shows a 15min warning (grey area) finishing at the London Open time, the moment to take a trade or not :

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This is the time the trade is opened :

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This is last Fridays trade, can’t believe how utterly perfect it is.... maybe fortune is smiling.

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Joking aside, here are some charts that I hope will explain better than words the strategy I’ll be testing and the different kinds of Open we can expect.

Thanks for reading.

EDIT: here is the LONDON OPEN v1 template as of 29-07-2014 :
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File Type: tpl LONDON OPEN v1.tpl   21 KB | 2,113 downloads | Uploaded Jul 29, 2014 8:33am


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Could you explain the main difference(s) to the other endless LO/NY-BO systems out here in FF.com and nether giving a continous success ?
Quoting DerBerliner
Could you explain the main difference(s) to the other endless LO/NY-BO systems out here in FF.com and nether giving a continous success ?
This isn't a Breakout system.

If anything it's more like the 'coin flip' thread.

I'm not trying to be different, I just want to test out an idea clearly, show results and come to a conclusion.
Quoting Quidsey
Hi traders, here is a very simple strategy that I’d like to share, test and develop if possible. I have a demo account set-up with 3000€ in it to forward test the idea, starting Monday, and I’d like to publish the results here in this thread at the end of the trading week for general discussion and possible improvements. All levels of trading competence are welcome to participate and let’s keep it friendly please. I’ll be trading EURUSD 5min chart only at the moment. My chart is set-up like this, a 15 period Exponential Moving Average and i-ParamonWorkTime,...
Quidsey:

Excellent technique for consistent profitable trades. This also occurs at the European Market open, 1 hour before London, and I have several trading partners who take this trade everyday with a high success rate.

For me, the time is too early so I generally look for the same types of patterns you detail here after red news clears during the US session.

Nice post, thanks for your thoughts, this is a great way to trade.
Hi Quidsey,

Nice little section on the opening, have you experimented with any other pairs such as Cable for the London Session? I'm goign to try it myself starting tomorrow!

keep posting with your results!
Quoting pipster1
{quote} Quidsey: Excellent technique for consistent profitable trades. This also occurs at the European Market open, 1 hour before London, and I have several trading partners who take this trade everyday with a high success rate. For me, the time is too early so I generally look for the same types of patterns you detail here after red news clears during the US session. Nice post, thanks for your thoughts, this is a great way to trade.
That's good to hear pipster1 . Please feel free to share your experiences with this type of trading method.
Quidsey, thanks for putting up this thread.
My first question: Why did you not move your SL to 10 pips on your thursday example, or putting it another way, under which scenario would your full 20 pips SL be hit?
Thanks

edit: the one with 13 pips drawdown
Quoting Go5
Quidsey, thanks for putting up this thread. My first question: Why did you not move your SL to 10 pips on your thursday example, or putting it another way, under which scenario would your full 20 pips SL be hit? Thanks edit: the one with 13 pips drawdown
Hi, yes I see what you mean. I put those charts up just as examples of different scenarios, in reality you're right I would have been stopped out -10. Sorry for the confusion.

I hope never to be stopped for -20, if we've got the direction right price should move away quickly as London kicks off and we can reduce our risk straight away. Same if things don't go our way at the open. A 20 point move can happen of course but it's very rare and is often news based which we would be aware of in advance.

There is a balance that we always need to keep an eye on between keeping losses small and getting stopped out of good trades.
Quoting billbss
Here's what Friday actually looked like. The blue field ends at the London open. {image}
You're wrong, Quid is right.
Quoting Quidsey
{quote} Hi, yes I see what you mean. I put those charts up just as examples of different scenarios, in reality you're right I would have been stopped out -10. Sorry for the confusion. I hope never to be stopped for -20, if we've got the direction right price should move away quickly as London kicks off and we can reduce our risk straight away. Same if things don't go our way at the open. A 20 point move can happen of course but it's very rare and is often news based which we would be aware of in advance. There is a balance that we always need to...
Thanks for the clarification, no trades with upcoming news of course...
Quoting Anusragger
{quote} You're wrong, Quid is right.
You are both right. I am wrong.
My apologies.
Quoting billbss
Quidsey, Your times are incorrect in all your examples. You have your charts set up to trade 1 hour after the British open.
Hi Bill, could you explain why you think that.

For me the London open is 8am British summer time.

The charts are Alpari uk which are normally set to GMT+2. However, during British Summer Time (BST) platform time is GMT+3.

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Quoting billbss
{quote} You are both right. I am wrong. My apologies.
Oh ok..... you had me going there billy boy
Quidsey,
I was wrong.
My mistake- I apologize for any confusion I may have caused.
Probably won't have the time to do this everyday but here's how today panned out.

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it seems like you always move your sl to 10 pips after price goes against you why don't you put it at 10pips in the first place?
Quoting Kilian19
it seems like you always move your sl to 10 pips after price goes against you why don't you put it at 10pips in the first place?

Probably guarding against spikes on the LO
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