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Less Watch time Method (LWTM)

  • #41
  • Jul 25, 2021 7:48pm Jul 25, 2021 7:48pm
Quoting puregold24
Ok so 8am start NY time . We wait for 1 hr , candle close at 9am . Here we know if candle bearish / bullish and entry in direction of this and hold trade until next day 8am NY time , correct ?
This is pure common sense..........( 8am/9am/10am ) 3hrs price action, as the overlap begins,he said look at those candles....I backtested a lot on this,sometimes the 3rd hr into the session reveals the move. GBPUSD most time begins a trend in this session and holds it for 24hr and I believe he figured it out.There is so much that can be done within this trading period on just 1 pair,notice he does not use a single indicator :-)

http://forex.timezoneconverter.com/
  • #42
  • Jul 25, 2021 11:04pm Jul 25, 2021 11:04pm
Check your time now, set your alarms, 6 or 7 hours from now (candles open, candle closed)

no time converter needed, just know your time, and New York time, simple as

https://time.is/New_York



Attached Image (click to enlarge)
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It takes a lot for me to IGNORE you, but you can try.
  • #43
  • Jul 25, 2021 11:04pm Jul 25, 2021 11:04pm
Fundamentals

Fundamental analysis is not required but to be aware of the upcoming red news of GBP or USD. Stay away from the red news because no one know what figures going to be released and how it will effect the market except for those institutions who release or manipulates these figures. I usually close the trades before the release of big news.
Biggest news in this week is Federal Funds Rate to be announced for USD. It is considered most volatile news of the week.
  • #44
  • Jul 25, 2021 11:36pm Jul 25, 2021 11:36pm
Quoting Wiiikkks
Okay here we add something to this system to reduce the drawdown. This system works perfect in trending market but in consolidation phase it sucks sometime. Here is the solution that I'm going to test from now on.... Consider the range of 1H NY open candle, it must be less than the 4 times of the range of last day ( last day range means starting from opening of last day NY session to the start of todays NY session) E.g, last day (thursday) range is almost 68 pips and if we divide it by 4 (68÷4) we get 17. So last friday NY open 1H candle range must...
Example:
Attached Image (click to enlarge)
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  • #45
  • Jul 26, 2021 3:57am Jul 26, 2021 3:57am
I love this approach. Please go on to share with us your strategy and analysis.
  • #46
  • Jul 26, 2021 4:01am Jul 26, 2021 4:01am
Quoting scsstnt
{quote} This is pure common sense..........( 8am/9am/10am ) 3hrs price action, as the overlap begins,he said look at those candles....I backtested a lot on this,sometimes the 3rd hr into the session reveals the move. GBPUSD most time begins a trend in this session and holds it for 24hr and I believe he figured it out.There is so much that can be done within this trading period on just 1 pair,notice he does not use a single indicator :-) http://forex.timezoneconverter.com/

thank you for clearing this up for me
  • #47
  • Jul 26, 2021 4:41am Jul 26, 2021 4:41am
Quoting Wiiikkks
{quote} Example: {image}
You have a good filter in place,still no indicators,pure price action,outstanding...keep it that way.I have a question,can any other pair that is correlated with GBPUSD be used for your trading system?
  • #48
  • Jul 26, 2021 5:01am Jul 26, 2021 5:01am
Quoting scsstnt
{quote} You have a good filter in place,still no indicators,pure price action,outstanding...keep it that way.I have a question,can any other pair that is correlated with GBPUSD be used for your trading system?
Not tested yet.
  • #49
  • Jul 26, 2021 6:01am Jul 26, 2021 6:01am
No trade day. Its much difficult to hold yourself not to get into a trade than open a trade.
  • #50
  • Jul 26, 2021 6:09am Jul 26, 2021 6:09am
Why no trade?
  • #51
  • Jul 26, 2021 6:10am Jul 26, 2021 6:10am
Quoting IRISH37
Why no trade?
The candle is large. But I still got into the deal
  • #52
  • Jul 26, 2021 6:56am Jul 26, 2021 6:56am
Quoting iDentist
{quote} The candle is large. But I still got into the deal
Yes candle was large and also there is very strong support at 1.38. Now hope that a big player jump into it and push the market down.
It is better to left some $$$ on the table than to absorbe the loss which has dual effect.( Financial and phycological )
  • #53
  • Jul 26, 2021 6:57am Jul 26, 2021 6:57am
Quoting IRISH37
Why no trade?
Post # 38
  • #54
  • Jul 26, 2021 8:32am Jul 26, 2021 8:32am
Thanks.
  • #55
  • Jul 26, 2021 10:29am Jul 26, 2021 10:29am
Quoting Wiiikkks
{quote} Post # 38
i thought the parameters were set out , but they are not fixed ?
  • #56
  • Jul 26, 2021 11:30am Jul 26, 2021 11:30am
Quoting puregold24
{quote} thank you for clearing this up for me
You are welcome my friend....anytime ask anything I will always try to help,Wiikkks will answer too he's very knowledgeable
  • #57
  • Jul 26, 2021 10:41pm Jul 26, 2021 10:41pm
Today's news of USD "CB Consumer Confidence".
In past this news doesn't move the market much. Lets see how this data effect the market today.
  • #58
  • Jul 26, 2021 10:45pm Jul 26, 2021 10:45pm
Quoting puregold24
{quote} i thought the parameters were set out , but they are not fixed ?
Noting is fixed in forex market where market moves with the phycology of the cumulative human understandings. We have to adapt the change to be consistent and profitable.
  • #59
  • Jul 26, 2021 11:02pm Jul 26, 2021 11:02pm
Good that you speak about news,we can relate to this daily,lets see what is driving price later.......economic calendar is set to my timezone GMT -4
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  • #60
  • Jul 26, 2021 11:19pm Jul 26, 2021 11:19pm
Monday's NY session H1 open candle is 27 pips,this means we need a range at least 108 pips to validate this day,to have a trade.
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