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  • #301
  • Nov 10, 2006 1:35pm Nov 10, 2006 1:35pm
I've heard of several. But, would you spell out the one you are talking about? Thanks for any advice.
Don Life is expensive, but includes a free trip around the sun.
  • #302
  • Nov 10, 2006 2:08pm Nov 10, 2006 2:08pm
If you are talking about Big Ben, there is a Pdf file in this thread about it. You can find it and learn all about it...



Quoting aec68fx
I wanted to know if anyone heard of the 00:00 GMT strategy for GBP/USD, Daily charts? It is very well spelled out.
  • #303
  • Nov 10, 2006 7:05pm Nov 10, 2006 7:05pm
Quoting max77
Using the London open 8am price and setting the trades +20 and -20 pips away with a TP of 14.
What timezone is this 8:00 am based off of? Trying to match up your numbers to mine. I am using 3:00 AM EST time.

I have been playing with this concept in Tradestation (not a MT4 guy at this time). I have most of a strategy in place using this +20/-20 concept, with 14, 30 and 80 as targets. Trying to filter out some of the whipsaw that occurs (am finding some interesting methods at this point).

David
  • #304
  • Nov 11, 2006 4:52am Nov 11, 2006 4:52am
DavidH

I'm referring to 8am GMT and I think that is 3am EST, although there are several time zones which I find confusing. For example, is EST (Eastern Standard Time?) the same as Eastern Time? My charts state Eastern Time and being in the UK I always have to recalculate everything.

I usually set the trade before I go to work and would need to change brokers in order to catch the longer trades to make the system profitable.

Previously I tried using 00.00GMT as the base with +/- 20 pips but found I was getting whipsawed out of trades. Using the London open price is much closer to the pivot of the previous days high/low and (so far) seems to be more successful for me.
max
  • #305
  • Nov 11, 2006 12:55pm Nov 11, 2006 12:55pm
Quoting max77
Using the London open price is much closer to the pivot of the previous days high/low and (so far) seems to be more successful for me.
Don't forget the Frankfurt open price. It's one hour before London opens.
  • #306
  • Nov 11, 2006 3:37pm Nov 11, 2006 3:37pm
I just want to settle this for everyone that isnt' clear including myself,

Is londen open 8amGMT, this is what I think it is, but not sure.

Is there a website anyone knows of, that shows correct market open times.

THanks
  • #307
  • Nov 11, 2006 3:44pm Nov 11, 2006 3:44pm
Have a look here, it might help you:

www.worldmarkethours.com

FT

Quoting Westie
I just want to settle this for everyone that isnt' clear including myself,

Is londen open 8amGMT, this is what I think it is, but not sure.

Is there a website anyone knows of, that shows correct market open times.

THanks
  • #308
  • Nov 11, 2006 4:49pm Nov 11, 2006 4:49pm
Quoting max77
I'm referring to 8am GMT and I think that is 3am EST, although there are several time zones which I find confusing. For example, is EST (Eastern Standard Time?) the same as Eastern Time? My charts state Eastern Time and being in the UK I always have to recalculate everything.

Previously I tried using 00.00GMT as the base with +/- 20 pips but found I was getting whipsawed out of trades. Using the London open price is much closer to the pivot of the previous days high/low and (so far) seems to be more successful for me.
max
Yes, EST is Eastern Standard Time, also stated as Eastern Time. So, we are looking at the same time. My broker has different open prices (Tradestation) then the ones you listed.

One thing I have been noticing is that Frankfurt opens an hour early, this causes early movement somedays. So, as a filter, I have been taking the close as of 1:00 AM EST (one hour before Frankfurt, two hours before London). If the price has moved more than 10 pips, I don't take the trade in that same direction.

ie: If the price dropped 15 pips since 1:00 AM EST, then don't take the first sell signal. If the price breaks through the buy signal (20 pips over the London open), then take that trade.

This seems to filter out some of the whipsaw. And it also seems to make the buy trade much stronger as it is on the rebound, in the above situation. Am working on making some screen shots with examples.

The 14, 30, and 80 targets seem to work out pretty well. Once it breaks the 30, seems to have about a 50/50 shot of breaking 80. Otherwise it overs around the 30 mark. Not too often it drops back to the open (unless there is news involved). I did find that the 25 SL worked out a bit better too, as there would be times the price would just break the Londen Open price and rebound.

David
  • #309
  • Nov 12, 2006 1:19pm Nov 12, 2006 1:19pm
does anyone in this forum know where i can find forex charts that can show me historical 15 min data going back months even years my current charting package will only go back 20 days. anyone
  • #310
  • Edited Nov 13, 2006 3:05am Nov 12, 2006 3:00pm | Edited Nov 13, 2006 3:05am
This thread may help. I haven't downloaded the data - but it seems that 1 min data going back several yrs may work.
http://www.forexfactory.com/forexfor...ad.php?t=10047

Quoting 62a94
does anyone in this forum know where i can find forex charts that can show me historical 15 min data going back months even years my current charting package will only go back 20 days. anyone
In trading, there is no bullshit. You either make money or you don't.
  • #311
  • Nov 12, 2006 9:18pm Nov 12, 2006 9:18pm
This thread seemed to slow down quite a bit. Anyone want to give some updates?

I am very seriously considering using this as a system but may alter the TP levels to my own liking. I need to get excel to analyze the system the way I want to.

Anywho, how's everyone doing with it? Matt
  • #312
  • Nov 12, 2006 9:43pm Nov 12, 2006 9:43pm
I've paid close attention to this thread and love the idea of mechanical trading. I trust both Micardo and Markj's systems. I am currently using Markj's system, because the higher opportunities for trades better suits my personality. I moved on to write my own journal so I haven't been posting here, but wanted to send a great thanks to Micardo for starting the thread, and for paying attention to mine.
  • #313
  • Nov 13, 2006 2:59am Nov 13, 2006 2:59am
I have a dumb question im sure,

If mark or anyone else who knows answer can pls answer for me.

Relating to markj system. Im a little confused.

Buy or sell +- 20 pips from london open,
ok i'll give today as example, london open on pound was

1.9121 bid

so if shorting trigger will be 1.9101
now if going long, this is where i get confused,
do we long at bid 1.9121 which will be 1.9121 plus spread, so fill price
would be 1.9126 in my case as i have a 5 pip spread.
or do we long at 1.9116 bid + spread which would be filled at 1.9121

any help understanding this appreciated.

thanks stricko
  • #314
  • Nov 13, 2006 4:09am Nov 13, 2006 4:09am
Quoting stricko108
I have a dumb question im sure,

If mark or anyone else who knows answer can pls answer for me.

Relating to markj system. Im a little confused.

Buy or sell +- 20 pips from london open,
ok i'll give today as example, london open on pound was

1.9121 bid

so if shorting trigger will be 1.9101
now if going long, this is where i get confused,
do we long at bid 1.9121 which will be 1.9121 plus spread, so fill price
would be 1.9126 in my case as i have a 5 pip spread.
or do we long at 1.9116 bid + spread which would be filled at 1.9121

any help understanding this appreciated.

thanks stricko
Today I set my sells at 1.9101 and my buys at 1.9141, right now we are in the short positions, 1st and 2nd targets hit and the 3rd target running

howard
Regards
  • #315
  • Nov 13, 2006 6:21am Nov 13, 2006 6:21am
Quoting stricko108
I have a dumb question im sure,

If mark or anyone else who knows answer can pls answer for me.

Relating to markj system. Im a little confused.

Buy or sell +- 20 pips from london open,
ok i'll give today as example, london open on pound was

1.9121 bid

so if shorting trigger will be 1.9101
now if going long, this is where i get confused,
do we long at bid 1.9121 which will be 1.9121 plus spread, so fill price
would be 1.9126 in my case as i have a 5 pip spread.
or do we long at 1.9116 bid + spread which would be filled at 1.9121

any help understanding this appreciated.

thanks stricko
why would your long be the same price as the open? You should add 20 to it also, making the bid 1.9141 (meaning if you have 5 pip spread, the price you place your order at will be 1.9146 because the bid will be here at that time)

Yes, congrats guys, you are almost at the +80 as well. I can't wake up (or don't want to yet) to do that strategy.
  • #316
  • Nov 13, 2006 10:30am Nov 13, 2006 10:30am
Sorry People I haven't been able to keep uptodate over the last week... Work has got quite demanding so not to much time to pay attention to the markets, or all of the strategies rather.

But Brick911 has been keeping a journal of the systems which is very entertaining.

Today we hit all 3 profit targets on Markj's system and both on mine to.

Profitability wise I feel markj's is a better syetm but it takes more time to monitor.

Regarding the EA we had some issues where the reults of the back test EA did not tally with my actual forward testing results so am not to confident to let an EA do the work.

I guess even though mechanical systems do work.... You still need a human to manaully execute or set the orders just for piece of mind.

They are looking like good consistent profitable strategies.
  • #317
  • Nov 13, 2006 10:33am Nov 13, 2006 10:33am
is it the belief of most of the writers in this thread that 00:00gmt entry is best for a 50 pip straddle and 8:00 gmt (open) is best for a 25 or 20 straddle or am i make wrongful assumptions.
GREG.
  • #318
  • Nov 13, 2006 10:51am Nov 13, 2006 10:51am
Quoting 62a94
is it the belief of most of the writers in this thread that 00:00gmt entry is best for a 50 pip straddle and 8:00 gmt (open) is best for a 25 or 20 straddle or am i make wrongful assumptions.
GREG.
Greg, that is the way I understand it. Not sure if the +50 is better on the London open or not. Pretty sure the +20 is because I tried and tried to make it work using a more convenient time frame for me.. but it won't.
  • #319
  • Nov 13, 2006 11:39am Nov 13, 2006 11:39am
Yup thats correct. If you follow the rules to the letter then the 00gmt is the 50 pip straddle and the London open is the 20 pips straddle.

Both have been working well so far but it seems as though if you have more screen time then Markj's strategy is the more profitable one.
  • #320
  • Nov 13, 2006 2:09pm Nov 13, 2006 2:09pm
thanks for pointing that out, that was a typo, i really looked like a fool there,

so it seems some of you would enter at 1.9146 adding the spread, and some of you will no add the spread when going long, in this case when not adding spread, means that if we have a 5 pip spread, then if it moves 15 pips up we go long, or 20 pips down, i think i'll chose to add spread.

thanks guys. i made bank off the pound short , nice to get a win on my first entry using this system.


Quoting llambert3
why would your long be the same price as the open? You should add 20 to it also, making the bid 1.9141 (meaning if you have 5 pip spread, the price you place your order at will be 1.9146 because the bid will be here at that time)

Yes, congrats guys, you are almost at the +80 as well. I can't wake up (or don't want to yet) to do that strategy.
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