At what levels it is better to set a limit order?
Update 12.10.2017
I want to share some of my finding and some info collected from good people of FF and will write the "system" again.
- We trade the "reversal of spikes" (mentioned as jumps in other posts)
- 1 min TF
- Trading time 21:00 - 22:00 GMT (17:00 - 18:00 EST) I am GMT +3 so i will from now on mention all times for gmt +3 which is 00:00 - 01:00.
- Between this time spreads are wide, usually sliipage happens but its tradeable. Any pair is fine but i prefer major with good spread. usually EURUSD and USDJPY.
- From time to time a quick spike happens and you get in trade with max lots your account allows on opposite of the spike. you trade reversal.
- So lets say price jumped "up" 5-6 pips you enter a SELL trade and take profit Lengt of Spike - Spread - Commission.
- Usually you go for 2-3 pips but spikes reverse %90 of the time. So good profit potential with max lots.
- DD is quite minimum because there isnt much changes during that time and price usually between a range.
More info on spikes...this is the scalping of banks and insutitions and big players. they cause these spikes. and take profit on spike reversal.
But i still couldnt find what are the key levels of these spikes and what range they move. usually i trade only +4-5 pip spikes when spread is good.
It could have to do something with CFDs which startes after hours trading at 23:15
Maybe low volume spike reverses or it has to do something with correlations.
*** None of the forex indicator I tried works. rsi sto moving average vwap fibo pivot etc. nothing makes the price behave to lines or info given by any indicator.
I dont have access to people who showed me this system. so thats all is my findings.
trying to give all info i have. maybe add more is something comes to mind. just please keep in mind i am not trying to teaching anything. just giving an info and try to do reverse-engineering. my brain couldnt solve this alone
İ still trade this btw. but not now due to need of money in my account. but will continuwe in a short time. so looks like a good oppurtunity to search more.
all the best
Cemil
I want to share some of my finding and some info collected from good people of FF and will write the "system" again.
- We trade the "reversal of spikes" (mentioned as jumps in other posts)
- 1 min TF
- Trading time 21:00 - 22:00 GMT (17:00 - 18:00 EST) I am GMT +3 so i will from now on mention all times for gmt +3 which is 00:00 - 01:00.
- Between this time spreads are wide, usually sliipage happens but its tradeable. Any pair is fine but i prefer major with good spread. usually EURUSD and USDJPY.
- From time to time a quick spike happens and you get in trade with max lots your account allows on opposite of the spike. you trade reversal.
- So lets say price jumped "up" 5-6 pips you enter a SELL trade and take profit Lengt of Spike - Spread - Commission.
- Usually you go for 2-3 pips but spikes reverse %90 of the time. So good profit potential with max lots.
- DD is quite minimum because there isnt much changes during that time and price usually between a range.
More info on spikes...this is the scalping of banks and insutitions and big players. they cause these spikes. and take profit on spike reversal.
But i still couldnt find what are the key levels of these spikes and what range they move. usually i trade only +4-5 pip spikes when spread is good.
It could have to do something with CFDs which startes after hours trading at 23:15
Maybe low volume spike reverses or it has to do something with correlations.
*** None of the forex indicator I tried works. rsi sto moving average vwap fibo pivot etc. nothing makes the price behave to lines or info given by any indicator.
I dont have access to people who showed me this system. so thats all is my findings.
trying to give all info i have. maybe add more is something comes to mind. just please keep in mind i am not trying to teaching anything. just giving an info and try to do reverse-engineering. my brain couldnt solve this alone
İ still trade this btw. but not now due to need of money in my account. but will continuwe in a short time. so looks like a good oppurtunity to search more.all the best
Cemil
- #110
- Oct 13, 2017 3:55am Oct 13, 2017 3:55am
Hi cemilfx
thanks for sharing your idea . correct me if wrong .... as you can see on the first picture we see a jump up and we sell for reversal,is it right??? is this your idea about?
but how about next day? it seems it jumped down and we have to take buy but trend goes down . what happened here ? what should we do in this situation ???
thanks for sharing your idea . correct me if wrong .... as you can see on the first picture we see a jump up and we sell for reversal,is it right??? is this your idea about?
but how about next day? it seems it jumped down and we have to take buy but trend goes down . what happened here ? what should we do in this situation ???
{quote} spread at the beginning of the market is large , how do you take 4-5 pips with this spread in 1 hour ?
leys say usd-jpy. 5pip spike with 2pip spread. 3pip profit with 4 lots is 120 $. minus 28 usd commission. 98 usd net profit. do this 1-2-3..even more times.
there were times that no spikes for one week and there were nights i was +500 usd.
i just sit in front of my computer 5-10min before midnight. check investing for economic calender. rarely there are news at this period.
btw my charts are fully naked. simple because i dont know where to draw a line or range
because none of the indicators i ever tried worked.so i decided i dont need an indicator other then the one shows me volume-price action which i wrote above.
regards
{quote} i trade with 4 lots. sometime 8-9 lots when my account was bigger. leys say usd-jpy. 5pip spike with 2pip spread. 3pip profit with 4 lots is 120 $. minus 28 usd commission. 98 usd net profit. do this 1-2-3..even more times. there were times that no spikes for one week and there were nights i was +500 usd. i just sit in front of my computer 5-10min before midnight. check investing for economic calender. rarely there are news at this period. btw my charts are fully naked. simple because i dont know where to draw a line or range
Please excuse the bad English via Google Translate.
- #120
- Last Post: Edited 6:48pm Oct 27, 2017 6:18pm | Edited 6:48pm
{quote} Based on my observation, one of those horizontal lines in every chart is the open price of 21:00 GMT(17:00 EST）. Check the history chart you would find it. I suppose there should be some statistical analysis to support this trading method. Like how does the price range of every day's 21:00 - 22:00 GMT distributed ? how does the price range of every minute in this specific hour distributed ? I did some analysis and have some results. Data shows a good tendency that over 80% hour range is less than 10 pips. Except for Monday, which...
Nice work and good info. If anyone is confused by the time of this 1 hour trade, its the time when Xau-Usd 1 hour daily break. Maybe it got something to do with gold but i not sure and couldnt find additional info to back this up.
I trade spikes more then 4-5 pips. because this is profitable when we count in spread and commission. +100 $ a trade worth the risk. also sudden spikes of 4-5 pips "almost" always reverses.
I think there are some Key Points/Levels where big players enter their orders or their limit orders being triggered. thats why these spikes happen. but cant remain at that price and reverses. sometimes reverses exactly in the size of spike itself and sometimes minus 1-2 pip.
anyway...i took all my money since i needed it. not trading 4-5 lots now but still trying to find more out with 0.01 lots.
now i mark some key levels and try to find out price reaction at the key levels in this 1 hour. key levels like;
previous day and week high low open close
previous H1 and H4 ohlc
round numbers
key resistance support/resistance and supply-demand levels doesnt seems to work. at least not always.
which i guess banks and big players have their own key levels.
i usually start to take trend-opposite spikes when the h4 and daily trend is strong.
lets say eur-usd trend is up. i wait for a down spike of 4-5 pips. then enter buy trade. its much less risky that way since when markets start to open you got a bigger chance that trade doesnt go against you. but again i rarely had to wait that long to close a trade.
well i will share if i do more findings. please you do the same. as a side note even 0.01 lots i still have 9/10 winning trades
but lost my dicipline because nothing to lose and nothing to win. i miss the exicitement.regards
cemil