Basket Trading the European Open | Page 8 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

BASKET TRADE Management: Using multiple trade management EA's on basket trades 11 replies

Basket Knights - A Basket Trading Round Table 1,313 replies

TMS basket: Dashboard for a basket of MA-Filtered RSI Signals 135 replies

Current High Low Total Pips basket base on daily open 1 reply

Currency Basket and Carry Trading 51 replies

Attachments: Basket Trading the European Open
Exit Attachments

Basket Trading the European Open

  • #141
  • Edited 2:18am Oct 26, 2017 1:29am | Edited 2:18am
Quoting qFish
Cool strategy hellboy. 7Gmt candle huh. Maybe i can code an EA according to the rules and see hoe it goes. Waking up at 2am my time is a no go :-/. Keep us posted and thanks for the share.
The 7 am candle is an important indicator which shows the 'probable' direction of the continued move. A conservative trader would place a buy stop order above the close of the retracement after the 7 am candle if all pairs continue to show synchronicity. Personally, I don't put much faith into robots, and when I visited the US last year I maintained my sleep pattern and got up at 1:30 Standard Eastern time to catch the European opening.

The charts below show price action at 07:20, and the lower set shows the outcome at 8:15.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-10-26_07-27-50.jpg Size: 1.0 MB


Attached Image (click to enlarge)
Click to Enlarge Name: 2017-10-26_08-16-20.jpg Size: 1.0 MB
Tellboy
  • #142
  • Oct 26, 2017 3:05am Oct 26, 2017 3:05am
Quoting tellboy
{quote} The 7 am candle is an important indicator which shows the 'probable' direction of the continued move. A conservative trader would place a buy stop order above the close of the retracement after the 7 am candle if all pairs continue to show synchronicity. Personally, I don't put much faith into robots, and when I visited the US last year I maintained my sleep pattern and got up at 1:30 Standard Eastern time to catch the European opening. The charts below show price action at 07:20, and the lower set shows the outcome at 8:15. {image} {image}...
market is really slow :/
Work Hard In Silence, Let Your Success Be Your Noise.
  • #143
  • Oct 26, 2017 3:45am Oct 26, 2017 3:45am
I went long EURGBP for 11 pips. Waited forever. Went long pretty much in first 7 minutes of Lon open.
Also went long EURUSD...was stopped out and reversed short. Still in that one. Just going for a scalp. Went short @ 118.18 Going for 12 pips. It's 04:43 NY and I'm slighly in the money. Setting SL and TP and going to bed. Cheers all.

p.s. I know I'm not using this according to the rules...but I do use the Currency Meter and the trading times. I'm still learning but I realize that searching for a trade when there isn't one isn't very smart.
  • #144
  • Oct 26, 2017 4:19am Oct 26, 2017 4:19am
Quoting 4pipsake
I went long EURGBP for 11 pips. Waited forever. Went long pretty much in first 7 minutes of Lon open. Also went long EURUSD...was stopped out and reversed short. Still in that one. Just going for a scalp. Went short @ 118.18 Going for 12 pips. It's 04:43 NY and I'm slighly in the money. Setting SL and TP and going to bed. Cheers all. p.s. I know I'm not using this according to the rules...but I do use the Currency Meter and the trading times. I'm still learning but I realize that searching for a trade when there isn't one isn't very smart.
Simply follow the rules and win. Sometimes one pair will realise a better return than another. Look at the return on EUR/NZD and EUR/JPY in comparison with EUR/USD on this morning's charts.
Tellboy
  • #145
  • Oct 26, 2017 4:37am Oct 26, 2017 4:37am
Been reading this thread for 2 weeks now trying to understand it and finally got to take trades following rules, but couldn't really come up with 4 pairs but only 3.
2 wins and one loss, maybe i still dont fully get it. Below are my results.

Someone mentioned trying to make an EA out of rules. Would be interesting if thats possible also.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2017-10-26_0929.png Size: 83 KB
Click to Enlarge Name: 2017-10-26_1136.png Size: 8 KB
  • #146
  • Oct 26, 2017 4:51am Oct 26, 2017 4:51am
Quoting ptradecalls
Been reading this thread for 2 weeks now trying to understand it and finally got to take trades following rules, but couldn't really come up with 4 pairs but only 3. 2 wins and one loss, maybe i still dont fully get it. Below are my results. Someone mentioned trying to make an EA out of rules. Would be interesting if thats possible also. {image} {image}
I have all my currency pairs pre-set. At 6:30 I page through them to see which pairs are in a synchronised pattern. Check back through this thread and you will see examples. With long trades I have observed that the 6:45 candle, on a 15 min time frame, is a precursor to the 7 am candle and is very useful for catching that 7 am move. Today is a very good example of this and is where I made my profit today. After the 7 am candle the price will pull back, so if you enter the trade at the top of the 7 am candle then you will get stopped out on the pullback. Wait for the pullback and place your buy stop above it. If price continues to move down you will not enter a losing trade. Sometimes price will hold close to the top of the 7 am bar and will continue up after 7:30 which is probably the best time to catch the continuation of the up move. Its very simple really.
Tellboy
  • #147
  • Oct 26, 2017 5:31am Oct 26, 2017 5:31am
Quoting tellboy
{quote} I have all my currency pairs pre-set. At 6:30 I page through them to see which pairs are in a synchronised pattern. Check back through this thread and you will see examples. With long trades I have observed that the 6:45 candle, on a 15 min time frame, is a precursor to the 7 am candle and is very useful for catching that 7 am move. Today is a very good example of this and is where I made my profit today. After the 7 am candle the price will pull back, so if you enter the trade at the top of the 7 am candle then you will get stopped out...

Thanks alot. Will be trying more of these. You mentioned this occurs daily, every morning?
  • #148
  • Oct 26, 2017 5:47am Oct 26, 2017 5:47am
Quoting ptradecalls
{quote} Thanks alot. Will be trying more of these. You mentioned this occurs daily, every morning?
Every morning yes. The strategy works for all major currencies, but the ideal trading patterns do not emerge every day. It is important to recognise the essential criteria for the strategy to work. Do not try to make it work if the criteria are not met. Check out the strategic rules first and then check through the examples posted. There will be some days when trading is to be avoided. Don't get burned by taking chances. Stay out if there is no synchronicity in any of the currency pairs. I'll not wish you luck. Luck has nothing to do with it. Follow the rules and win. Don't follow the rules and lose. Good trading.
Tellboy
  • #149
  • Oct 26, 2017 6:20am Oct 26, 2017 6:20am
Quoting tellboy
{quote} Every morning yes. The strategy works for all major currencies, but the ideal trading patterns do not emerge every day. It is important to recognise the essential criteria for the strategy to work. Do not try to make it work if the criteria are not met. Check out the strategic rules first and then check through the examples posted. There will be some days when trading is to be avoided. Don't get burned by taking chances. Stay out if there is no synchronicity in any of the currency pairs. I'll not wish you luck. Luck has nothing to do with...

Ok thanks. All advice noted. Will post results for days i do take trades with this strategy, also will be looking out for your posts.
  • #150
  • Oct 26, 2017 7:57am Oct 26, 2017 7:57am
Quoting tellboy
{quote} The 7 am candle is an important indicator which shows the 'probable' direction of the continued move. A conservative trader would place a buy stop order above the close of the retracement after the 7 am candle if all pairs continue to show synchronicity. Personally, I don't put much faith into robots, and when I visited the US last year I maintained my sleep pattern and got up at 1:30 Standard Eastern time to catch the European opening. The charts below show price action at 07:20, and the lower set shows the outcome at 8:15. {image} {image}...
Tellboy was today an exception. As you can see above 7 am London eurusd candle was bullish candle, but as the day progressed eurusd was strong down. As a matter of fact all eur pairs 7 am London candles were bullish. Can you explain. Only euraud and eurchf was bullish for some time. That is why I stayed away at 7 am London time. Thanks and
Regards
  • #151
  • Oct 26, 2017 8:11am Oct 26, 2017 8:11am
Quoting goodways100
{quote} Tellboy was today an exception. As you can see above 7 am London eurusd candle was bullish candle, but as the day progressed eurusd was strong down. As a matter of fact all eur pairs 7 am London candles were bullish. Can you explain. Only euraud and eurchf was bullish for some time. That is why I stayed away at 7 am London time. Thanks and Regards
There is a difference between a scalp and a longer term day-trade. I am scalping, which means I'll take the short term scalp and exit. When momentum is strong and there is no resistance you can expect a target of 25 pips to be met on all pairs. However, today the EUR/USD pair reached a significant resistance level and stalled. This is a signal for a potential reversal. Now, when you look at the calendar you will see that there was a scheduled economic news item for the EUR at 12:45. One of the fundamental rules for this strategy is to stay out of the market when there is a news release.

A scalp is when price pops its head above the parapet. Its a bit like being a sniper. This strategy is not for longer term trades, although when market conditions are conducive there is often that possibility, but I don't have the patience for that. I trade from 6:30 until 8 and then I'm out.

Does this help?
Tellboy
  • #152
  • Oct 26, 2017 11:38am Oct 26, 2017 11:38am
Tellboy, Thank you so much for your comments. I understand them 100%. I will say that even when the stars do not allign, your system adds an edge to trades. Last night, I made 3 trades. 2 on EurUsd and one on GBPUSD. 2 out of 3 were successful and pips are in the bank. I used time; Lon, strongest currency, Euro and price action.

Your observations are spot on and your comments have helped me bank some pips. We are all human and all different, however and some will bank 10 pips and some will bank 50. That's what makes it a market. I was aware of the news event, thus the short scalp.

Please continue to comment. I have learned a lot. Cheers
  • #153
  • Oct 27, 2017 12:47am Oct 27, 2017 12:47am
Friday 27th October. There isn't much we can do with a situation like this.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-10-27_06-44-39.jpg Size: 714 KB
Tellboy
  • #154
  • Oct 27, 2017 1:31am Oct 27, 2017 1:31am
Quoting tellboy
Friday 27th October. There isn't much we can do with a situation like this. {image}
Lol. Fridays i tend not to even trade or close all other open trades.
  • #155
  • Oct 27, 2017 1:44am Oct 27, 2017 1:44am
I picked this 3 just to try out. Still finding it difficult to get to my pc at exactly 7a.m
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2017-10-27_0839.png Size: 47 KB
Click to Enlarge Name: 2017-10-27_0840.png Size: 43 KB
Click to Enlarge Name: 2017-10-27_0841.png Size: 41 KB
Click to Enlarge Name: 2017-10-27_0842.png Size: 77 KB
  • #156
  • Oct 27, 2017 6:40am Oct 27, 2017 6:40am
All that talk of european meeting, I was very cautious. Nzd pairs were all up at 7am, gbp pairs were all down at the same time. bought nzdcad and nzdchf, sold gbpjpy. should have also sold gbpusd. Check my explorer. Thanks and
Regards
  • #157
  • Oct 27, 2017 6:42am Oct 27, 2017 6:42am
Ptradecalls what is the above journal. Can you explain. Thanks and
Regards
  • #158
  • Oct 27, 2017 7:29am Oct 27, 2017 7:29am
Quoting goodways100
Ptradecalls what is the above journal. Can you explain. Thanks and Regards
read the tread are just 4 pages

here answer ... I think

https://www.forexfactory.com/showthr...2#post10111332
"Rule No.1: Never lose money. Rule No.2: Never forget rule No.1."... But ..
  • #159
  • Oct 27, 2017 8:00am Oct 27, 2017 8:00am
Today they worked well and the GBP at the open of London.
Attached Image (click to enlarge)
Click to Enlarge Name: D71C569E-775D-4B22-BE08-8914917621C4.png Size: 121 KB
  • #160
  • Oct 28, 2017 5:23am Oct 28, 2017 5:23am
Quoting goodways100
Ptradecalls what is the above journal. Can you explain. Thanks and Regards
https://www.investing.com/currencies...x-rates-majors

Just bookmark this and switch to performances
0 traders viewing now