Basket Trading the European Open

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Hi Telboy, which of the ig platforms do you use, am guessing this is not mt4.......

Thursday 5th October, and for those of you who were watching the GBP pairs today would have captured this: sadly I wasn't one of them.

"" ""..it seems gbp is being sold across board today....

Again there was no synchronicity in the direction of the trend line at 7 am London. Tellboy was not all that wrong missing it. Late entry at 8 Am London was Euro more than gbp across the board. I used to have a teacher who said entry time should not be before 7:30 am London. Last 2 days back to back we had 2 days of no synchronicity at 7 am london. I wonder if tellboy is thinking what I am thinking. May be we should advance entry to 7:30 am London, even though personally I like 7 am better for few reasons. Thanks and
Regards

At the beginning of the Frankfurt Open at 07:00 Gmt, my currency meter had at the top 4 spots: EURGP, EURAUS, EURUS AND EURJP. Yes, Tellboy, I'll take my cod liver oil and go back and review everything...I deserved that. The Time Zones are confusing, especially with Daylight Savings and it's 01:45 a.m. for me right now. Eyes kept open wih toothpicks. It looks to me like the move began at 06:00 GMT. Can someone confirm that for me?

Anyway, I went contrary and shorted the EURCAD at Resistance, (1.4906). I also shorted Eur JP several 15M bars earlier 132.56. 20 point stop on both. As of this post, underwater on Yen 5 pips and have a 5 pip profit on eurcad. We'll wait and see. (Please no one tell me to read the rules again...I will, in MY morning).

But, if someone would be a good lad and confirm if the most important bar to watch, (at least in the beginning), is at the Frankfurt Open?

Cheers.

Yen now moving more against me and EurCAD @ breakeven

My preference for 7 am London entry is that most breakouts happen at this time. Thanks and
Regards

I agree. If there is synchronicity with the 7 am candle on a 15 m chart then enter at 7:30 after the pullback. But if nothing happens at 7 we can go to GBP pairs and wait for 8 am.

Finally closed the day at +291 pips, lots 0.02.1st entry at 7:33 am London. Any one observing can tell I am trying to develop a EA that puts in about 300 trades every day near abouts 7 am London. Today 299 trades, check my explorer. It should be finished in about two to three month. Thanks and
Regards

Do you apply for your 300 trades the same exact strategy as tellboy? You use a grid?

Yes my first priority is the 7 am London strategy. It can go upto 8 am if there is no synchronicity at 7 am london. Only on times when currency strenghts over shoot the mark, I use other times. No I dont use the grid system. Thanks and
Regards

Hey Goodways, Sorry buddy, I don't understand. You said you made 299 trades and made 291 pips. That's less than 1 pip per trade and a losing day. Please clarify.

Cheers

Total pips of all trades, not just one trade. ff counts them total of all 299 trades. Money $ increases if you increase lot size. I will go up to 0.03 lot size starting next week. Thanks and
Regards

Decisions, decisions. nfp day, no trading too much, even though clear is gbpchf down. I sell limited lots, and call it the day. Time to learn and improve. Thanks and
Regards.

By the way at 7 am London 15m usd was synchornized up and gbp was synchronized down, and soon after went into retracement. If it were not for nfp I would have traded both large number of trades. Thanks and
Regards

Cheers from England's most notorious Colony

I would appreciate Tellboy, Goodways and Bala5855 to review and comment, especially where entries/exits are concerned.

I hoped this would be an abbreviated summary but it didn't turn out that way of Tellboy's original Trade Rules. Perhaps I did it for my own good more than anything else. No disrespect to Tellboy's original rules, they are precise and well done. However, this should prove I've taken my Castor Oil and read the original rules. I thought it would also help others new to this thread.

All times are GMT.

06:30 Check currency Meter looking for Strongest/Weakeast currencies or FX pairs. Apply 20/50/100 MA's
Various currency meter links available on the thread.

Next, using the currency meter, we will take the strongest or weakest currency VS. a basket of 4 weak/strong currencies. (For a chart example, see post 8 and others), If we find a basket of top 4 or bottom 4 FX pairs which are paired with a common currency, we then check the 4 charts for uniformity of market movement and MA movement. (Bars Above MA's for bullish. Below for Bearish, especially 50/100 MA's)
Caution: If 50 and100 are near crossing, market may be reversing)

Important: Check for obvious Support/Resistance areas. Market will often reverse at these areas regardless of Currency Meter's bias. Many times, these SR reversals turn out to be excellent trades.

07:00 - (Frankfurt Open)
1st 15M bar is "Truth Bar". This bar should usually confirm bullish/bearish direction of FX pair basket as indicated by Currency Meter.

Entry - If trade direction is confirmed, the trade MAY be entered at the close of the Truth Bar, (07:15 GMT)
One can also wait for a pullback, but of course, this does not always guarantee there will be a pullback.
If entry is near, (within10- 15 pips +/-) an obvious S/R area, wait and see what happens if/when market reaches that area and trade accordingly. (This was not in original rules)
Generally you should see an opportunity for entry from 07:15 up to 08:00. Past that, you've probably missed the boat.

Exits - This is up to you. I would like to hear our mentor's opinions on Exits. There are various thoughts about this on this thread and as we all know, exits are where you make or lose money. Here are my own thoughts:

1, When market moves in your favor, 15 pips, move stop to break even +1 and exit when you see market slowing or go for 25 pip profit.
2. Watch market as things progress. If you get a big bar in your favor, go for more pips. Often times 40, 50+pip moves happen.
3. Once in the market, if a 15M bar goes down one direction strongly, then the next bar reverses and takes out the previous bar's hi/lo, I would exit the market, (and possibly reverse direction).
4. Any suggestions from the pros?

That's my take. I would really love to hear a critique from Tellboy, Goodway or Bala. No one has really explained trade exits in too much detail to my knowledge.

Thanks so much guys, for sharing an amazing thread and for taking the time to read this.

4PipsSake




If entry
to 08:00. Past that, you've probably missed the boat.

Exits - This is up to you. I would like to hear our mentor's opinions on Exits. There are various thoughts about this on this thread and as

All times are GMT.
06:30 Check currency Meter looking for Strongest/Weakeast currencies or FX pairs. Apply 20/50/100 MA's
Various currency meter links available on the thread.
Next, using the currency meter, we will take the strongest or weakest currency VS. a basket of 4 weak/strong currencies.


Not missing the obvious, I am glad you brought this up,
the 1st rule never says any thing about the majors. Thanks and
Regards

Hey Goodways,

Any suggestions on managing the trade? That's where I'm really curious. Thank you. 4 Pipsake

I asked some thing similar in post 93 "Does any one have a decent trade closer that won't close trades that are at a loss, and also close by macd or ma crossing"
You call it trade manager, I call it trade closer. I guess trust in yourself is probably the only trade manager you have. Check my explorer. Thanks and
Regards

Today +441 pips. I removed the explorer as there is no activity in the forum, it was needlessly there. Thanks and
Regards.

Could you share with us a few screenshots related to the 400 pips winning ? That might help a few of us to understand it more deeply thanks