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Trading is as simple as 1-2-3

  • #10,021
  • May 29, 2020 2:57am May 29, 2020 2:57am
Quoting Wizzlebizzle
{quote} Although, my statistics show that on JPY pairs, the first couple of hours (8,9,10,11) London time are not as profitable as later in the day. Might have to do with the fact that I start the day at 6? I'll look into it
I may be wrong on this but my understanding is the trading day starts in the Asian market. New Zealand actually. So I am tracking all my pairs from that time. As in example if you are trading the EJ or JY those highs and lows have been marking since the start of their opening not 6:00 am London. Maybe TooSlow or someone else can weigh in on this.
  • #10,022
  • May 29, 2020 3:24am May 29, 2020 3:24am
Hey Hal, I agree with you and I guess you are right. I do remember TooSlow mentioning that you start your tradingday where your broker starts the new day. I might have interpretted this too loosely, as I have a UK based broker "so therefore my day starts with the London session".

Interestingly, after you mentioned the above, I had a look at my data again. (I have tracked over 500 trades on several pairs over the last 5 months)

For EUR/GBP/USD crosses I have found no significant difference in profitability or W/L ratios weither you start at Asian open or London open. But for JPY crosses there is a markable difference! Interesting!
  • #10,023
  • May 29, 2020 3:49am May 29, 2020 3:49am
Attached Image (click to enlarge)
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Long CF +5 locked
  • #10,024
  • May 29, 2020 11:07am May 29, 2020 11:07am
I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION

Hi TooSlow & Hal7

You both seem to have great success with this and i'm going to give it a trial from next week.

I have looked at many of your trades, but have a couple of questions if that's ok.

1) Do you only trade in the direction of the trend or would you look at something in the opposite direction as I have seen many good opportunities against the trend.

2) I see that Hal7 always seems to take 5 pips from each trade, do you have a set stop loss or treat each trade individually?

Any further tips would be more than appreciated

Thanks in advance

Martin

Thanks in advance
  • #10,025
  • May 29, 2020 1:19pm May 29, 2020 1:19pm
Quoting Wizzlebizzle
Hey Hal, I agree with you and I guess you are right. I do remember TooSlow mentioning that you start your tradingday where your broker starts the new day. I might have interpretted this too loosely, as I have a UK based broker "so therefore my day starts with the London session". Interestingly, after you mentioned the above, I had a look at my data again. (I have tracked over 500 trades on several pairs over the last 5 months) For EUR/GBP/USD crosses I have found no significant difference in profitability or W/L ratios weither you start at Asian...
No, that's not what that meant. Using a UK broker the start is not the start of the UK trading day but midnight, UK time.
  • #10,026
  • May 29, 2020 1:22pm May 29, 2020 1:22pm
Quoting ukmartin
I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION Hi TooSlow & Hal7 You both seem to have great success with this and i'm going to give it a trial from next week. I have looked at many of your trades, but have a couple of questions if that's ok. 1) Do you only trade in the direction of the trend or would you look at something in the opposite direction as I have seen many good opportunities against the trend. 2) I see that Hal7 always seems to take 5 pips from each trade, do you have a set stop loss or treat each trade individually?...
When you are starting out, you follow the rules as set out. Nowhere is following the trend mentioned.

As is mentioned at length through the body of the thread, pretty much everyone who trades this successfully has developed a trade management variant that suits their own style of trading mind. Once you have worked at the method, you will too.
  • #10,027
  • May 29, 2020 1:34pm May 29, 2020 1:34pm
Thanks for your advice lemercenaire

I've done a few test trades that worked out well, but just wanted to check I hadn't missed something.

Admittedly I haven't red the whole thread as its pretty long but have gone the most the most recent pages
  • #10,028
  • May 29, 2020 2:37pm May 29, 2020 2:37pm
Quoting ukmartin
Thanks for your advice lemercenaire I've done a few test trades that worked out well, but just wanted to check I hadn't missed something. Admittedly I haven't red the whole thread as its pretty long but have gone the most the most recent pages
It's not that long - only 10,000 odd posts, lol.

Glad you've had success so far, keep it up.
  • #10,029
  • May 29, 2020 4:01pm May 29, 2020 4:01pm
Quoting Wizzlebizzle
{quote} What do you mean by Drawdown imoveit? Also, the GJ position from yesterday ended at BE
I mean price went directly into profit
No Bias
  • #10,030
  • May 30, 2020 3:51am May 30, 2020 3:51am
Quoting lemercenaire
{quote} No, that's not what that meant. Using a UK broker the start is not the start of the UK trading day but midnight, UK time.
haha dammit, u just gave me a lot of work for the weekend
  • #10,031
  • May 30, 2020 3:51am May 30, 2020 3:51am
Quoting imoveit
{quote} I mean price went directly into profit
ah yes. Just got lucky man!
  • #10,032
  • May 30, 2020 4:57am May 30, 2020 4:57am
Quoting ukmartin
Thanks for your advice lemercenaire I've done a few test trades that worked out well, but just wanted to check I hadn't missed something. Admittedly I haven't red the whole thread as its pretty long but have gone the most the most recent pages
Yes read the entire thread. It will take a while but you may be surprised how much you will learn. Many of the questions are answered over and over. As far as trend, as Lem stated trend really has no consideration. Other than I would say when a strong move is coming at you and you are considering going the other way you might want to consider the chance of getting run over, and maybe just watch it. +5 is my initial target. Once I reach that I may take a percentage off, I may move my stop, I may do a lot of different things or nothing at all. It is my decision point.
  • #10,033
  • Edited 5:06am Jun 1, 2020 3:14am | Edited 5:06am
Attached Image (click to enlarge)
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Short NZ +5 locked, knocked out on the first shot +27
  • #10,034
  • Jun 1, 2020 4:13am Jun 1, 2020 4:13am
Remember the main players in Europe are on holiday today, folks.
  • #10,035
  • Jun 2, 2020 3:27am Jun 2, 2020 3:27am
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Long NZ +5 locked
  • #10,036
  • Jun 2, 2020 3:48am Jun 2, 2020 3:48am
Just missed my alarm on this guy
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  • #10,037
  • Jun 2, 2020 1:07pm Jun 2, 2020 1:07pm
Quoting Wizzlebizzle
Just missed my alarm on this guy {image}
Is the alarm supposed to alert you so you don't miss the entry?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,038
  • Jun 2, 2020 1:14pm Jun 2, 2020 1:14pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,039
  • Jun 2, 2020 1:36pm Jun 2, 2020 1:36pm
Quoting TooSlow
{quote} Is the alarm supposed to alert you so you don't miss the entry?
Yes. I normally set an alarm for when a new high or low is made.

In this case I (wanted to) set a different alarm: price made a new low, but it went straight up from the open. Instead of sitting in front of the screen waiting for price to test the low, I would set an alarm. I just forgot this time

Hope that makes sense
  • #10,040
  • Jun 3, 2020 3:20am Jun 3, 2020 3:20am
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Short EU +5 locked
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