Less Watch time Method (LWTM) | Forex Factory

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Attachments: Less Watch time Method (LWTM)
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Less Watch time Method (LWTM)

  • #1
  • First Post: Edited Jul 30, 2021 12:49am Jul 24, 2021 4:37am | Edited Jul 30, 2021 12:49am
Less watch time method (LWTM) is for those who can not give much time to screen and have other work to do.

Entry
Enter into a trade by looking 1H candle of NY open.
Buy>>> when
1- NY open 1H candle is bullish with minimum wick or
2- Doji candle appears in NY 1H open candle after down trend or
3- Hammer candle stick appears at NY 1H open candle.

Sell>>>when
1- NY open 1H candle is bearish with minimum wick or
2- Doji candle appears in NY 1H open candle after up trend or
3- shooting star candle stick appears at NY 1H open candle.

Exit
Exit each trade at 1H before the opening of next day NY session. (If in Profit)
Watch for the candle of 1H NY open if trade is in loss and Exit if NY open 1H candle shows opposite trade idea. (Accept the loss) Otherwise give the trade another day.

Money Management
As this method is used only for GBPUSD so,
Trade with full account balance divided by 150 pips.
E.G., if you have 100$ account you must enter with 0.07 lot (Rounded )

-------------Filters -------------
ATR >>>>>> Post # 65 & 66
Fundamentals>>> Post # 43

Ethics
I have to clear some points for this forum that everyone should bear them in mind.
1- No one is oblige to this system.
2- If you seem that it will work, you can follow it.
3- If you think its not going to work, you should not follow it or post in this forum any negativity.
4- I'm not oblige to anyone to share any of my trade here or discuss anything.
5- I will not reply to those who did not read the older posts and ask the same questions that have already been answered.
6- Anyone whose post is insulting, hamulating or make fun of others will be blocked without any intimation.
  • #2
  • Edited 6:16am Jul 24, 2021 4:59am | Edited 6:16am
Entry: Sell
NY 1H: Shooting Star

Open Date: 16 July 2021 (Friday)
Close Date: 19 July 2021 (Monday)

Result: 100 Pips

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  • #3
  • Jul 24, 2021 5:15am Jul 24, 2021 5:15am
Entry: Sell
NY 1H: Bearish with large wick ( Wait for confirmation from candle NY 2H or NY 3H.) In this case NY 3H candle is bearish engulfing.

Open Date: 19 July 2021 (Monday)
Close Date: 20 July 2021 (Tuesday)

Result: 110 Pips

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  • #4
  • Edited 5:55am Jul 24, 2021 5:28am | Edited 5:55am
Entry: Buy
NY 1H: Bullish with large wick ( Wait for confirmation from candle NY 2H or NY 3H.) In this case NY 3H candle is Bullish Hammer.

Open Date: 20 July 2021 (Tuesday)
Close Date: 22 July 2021 (Thursday)
(Didn't closed on 21 July because of loss and NY 1H on 21 July shows Bullish Candle)

Result: 158 Pips

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  • #5
  • Jul 24, 2021 5:54am Jul 24, 2021 5:54am
Entry: Sell
NY 1H: Doji after up trend ( Confirmed by shooting star in 2H)

Open Date: 22 July 2021 (Thursday)
Close Date: 23 July 2021 (Friday)

Result: 32 Pips

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  • #6
  • Jul 24, 2021 5:57am Jul 24, 2021 5:57am
400 pips in last week.
Great week.
  • #7
  • Jul 24, 2021 6:14am Jul 24, 2021 6:14am
Quoting Wiiikkks
Entry: Sell NY 1H: Shooting Star Open Date: 16 July 2021 (Friday) Close Date: 16 July 2021 (Monday) Result: 100 Pips {image}
How can Friday and Monday have the same date?
All you touch and all you see, is all your life will ever be.
  • #8
  • Jul 24, 2021 6:16am Jul 24, 2021 6:16am
Quoting Loftboy
{quote} How can Friday and Monday have the same date?
Corrected
  • #9
  • Jul 24, 2021 6:21am Jul 24, 2021 6:21am
No stop loss right? In case it goes oppsite then we loss $100 for 0.07 lot? Then I reload the money.
  • #10
  • Jul 24, 2021 6:32am Jul 24, 2021 6:32am
Quoting pollylin576
No stop loss right? In case it goes oppsite then we loss $100 for 0.07 lot? Then I reload the money.
yes no stop loss or take profit.
In case it goes opposite, as i have studied the daily range of GBPUSD which is around 100 to 120 pips per day and of course it will ruin your account but for larger profit larger risk is required.
BTW i am using this method since last 3 months and it only happened 7 time in history when my trade goes against me and i have take the loss. my maximum loss in last 3 months is 50 pips. which didn't blow my account.
this is forex and anything happen here.
even money management is personal thing. Everyone should use the lot size where he feel comfortable.
I know i use much larger lots because i feel comfortable with them. and i withdraw the profit time by time and i have no shame to deposit again if any trade ruin my account.
  • #11
  • Jul 24, 2021 3:59pm Jul 24, 2021 3:59pm
Very interesting, let's see how it goes

One comment I have, why do people constantly confuse the TIME issue with references to GMT?

Obviously, as you stated, this method uses New York TIME to base the 1-hour candle open.

Therefore, why not simply state, use the 1-hour candle from 8 am to 9 am New York local time?

New York time is the same for everybody, all around the world; no need to consult the time in Reykjavik.

In the case of noobs, 8 am local time in almost all countries is the generally accepted time that bank traders and such are at their desks and begin trading.

Japan is the exception with the opening at 9 am local time, pretty clever the Japanese.

New York stock market open time is 9:30 am local time; often there will be news at that time and a jump in the Forex market is possible.

To confirm the exact time in New York and compare it with your local time, simply to go this website:

https://time.is/

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If you need even more help to understand the concept of time around the world, there are great apps out there:

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It takes a lot for me to IGNORE you, but you can try.
  • #12
  • Jul 24, 2021 4:16pm Jul 24, 2021 4:16pm
Quoting Wiiikkks
Less watch time method (LWTM) is for those who can not give much time to screen and have other work to do. Entry Enter into a trade by looking 1H candle of NY open. Buy>>> when 1- NY open 1H candle is bullish with minimum wick or 2- Doji candle appears in NY 1H open candle after down trend or 3- Hammer candle stick appears at NY 1H open candle. Sell>>>when 1- NY open 1H candle is bearish with minimum wick or 2- Doji candle appears in NY 1H open candle after up trend or 3- shooting star candle stick appears at NY 1H open candle. Exit Exit each trade...
Asalamualaikum brother........thank you for for sharing.I will work with your research and see how best the research can be use to exploit GBPUSD in this manner.

Be Safe and happy trading.
  • #13
  • Jul 24, 2021 4:25pm Jul 24, 2021 4:25pm
Quoting Wiiikkks
Entry: Buy NY 1H: Bullish with large wick ( Wait for confirmation from candle NY 2H or NY 3H.) In this case NY 3H candle is Bullish Hammer. Open Date: 20 July 2021 (Tuesday) Close Date: 22 July 2021 (Thursday) (Didn't closed on 21 July because of loss and NY 1H on 21 July shows Bullish Candle) Result: 158 Pips {image}
Some things that are not clear to me:

Exactly which candle you are referring to, please mark on the chart.

Also, the price is missing, please include it in the screenshot.

And if the entry price was quoted, that would be of great help.

For instance, you say the trade wasn't closed because of loss?

I don't really see where it would be in drawdown the next day.

Thanks for sharing your ideas.

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It takes a lot for me to IGNORE you, but you can try.
  • #14
  • Jul 24, 2021 10:12pm Jul 24, 2021 10:12pm
Quoting Erebus
Very interesting, let's see how it goes One comment I have, why do people constantly confuse the TIME issue with references to GMT? Obviously, as you stated, this method uses New York TIME to base the 1-hour candle open. Therefore, why not simply state, use the 1-hour candle from 8 am to 9 am New York local time? New York time is the same for everybody, all around the world; no need to consult the time in Reykjavik. In the case of noobs, 8 am local time in almost all countries is the generally accepted time that bank traders and such are at their...
Great to understand the foreign times.
But i think, others who have time difference from NY, it has to bear the same hustle either to compare the local time with NY or GMT. And the strategy is the same for both time dilations.
  • #15
  • Jul 24, 2021 10:14pm Jul 24, 2021 10:14pm
Quoting Erebus
{quote} Some things that are not clear to me: Exactly which candle you are referring to, please mark on the chart. Also, the price is missing, please include it in the screenshot. And if the entry price was quoted, that would be of great help. For instance, you say the trade wasn't closed because of loss? I don't really see where it would be in drawdown the next day. Thanks for sharing your ideas. {image}
Noted for next post.
  • #16
  • Jul 24, 2021 10:42pm Jul 24, 2021 10:42pm
Quoting Wiiikkks
Entry: Buy NY 1H: Bullish with large wick ( Wait for confirmation from candle NY 2H or NY 3H.) In this case NY 3H candle is Bullish Hammer. Open Date: 20 July 2021 (Tuesday) Close Date: 22 July 2021 (Thursday) (Didn't closed on 21 July because of loss and NY 1H on 21 July shows Bullish Candle) Result: 158 Pips {image}
Hi I have a doubt. Why didn't you take trade on NY 2H candle it was a good bearish one?
  • #17
  • Jul 24, 2021 10:45pm Jul 24, 2021 10:45pm
Quoting pundit78
{quote} Hi I have a doubt. Why didn't you take trade on NY 2H candle it was a good bearish one?
Read the post # 1 again. The method is to trade in the direction of 1H NY open. 2nd and 3rd may be used for confirmation only.
  • #18
  • Edited Jul 25, 2021 12:11am Jul 24, 2021 11:53pm | Edited Jul 25, 2021 12:11am
Quoting Wiiikkks
Entry: Buy NY 1H: Bullish with large wick ( Wait for confirmation from candle NY 2H or NY 3H.) In this case NY 3H candle is Bullish Hammer. Open Date: 20 July 2021 (Tuesday) Close Date: 22 July 2021 (Thursday) (Didn't closed on 21 July because of loss and NY 1H on 21 July shows Bullish Candle) Result: 158 Pips {image}

The candle on 20 July 2021 that you have used to go long is the 16 hr candle. The NY open candle, 15hr, is clearly a down candle. Can you advise why you changed signal candles?
  • #19
  • Jul 24, 2021 11:58pm Jul 24, 2021 11:58pm
[quote=Wiiikkks;13641032]{quote} Read the post # 1 again. The method is to trade in the direction of 1H NY open. 2nd and 3rd may be used for confirmation only.[/q
Thats what my question is, NY trend is down still you took the opposite trade.
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  • #20
  • Jul 25, 2021 12:28am Jul 25, 2021 12:28am
so NY open is just a price value ? How do you know its bearish or bullish ? When to enter trade ?
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