15 minute opening range Forex

i will make another end of the day breakdown for euro on the opens and closes.

I would also like to address the issue of gambling. Please please if someone tells you that trading isn't, they are not being honest with you.

Trading is a game of chance. Our methods here will only give an edge. But it could still fail.

So

1. Risk mgt, don't move your lot size if you lose or win.
2. Fewer trades means less chances to lose and keeping that winnings
3. If you make money, withdraw it. This way you will be able to see if the broker is legit. Not only the amount you deposited but also the winnings.
4. There is no just one way to trade.

I'll give you an example. One way to see the daily bias is to observe where price goes from opening to the next few mins. You will then see price action will go against that, then return to that passing it, then go against it passing it again making its squigly lines and eventually at the end of the day going there before going against it again.

What we do therefore is to make money in an entry that goes thale way of the bias or against it and stick with it. That is called consistency. If you go long, be a long trader. If you go short, be a short trader only. And you will effectively capture 1/2 of the market over time.

Here is an experiment for you to observe. Euro bias is bullish from opening price already went up and down thru it multiple times and will stay down until around london

https://www.tradingview.com/x/e00MABpI

Update on what i told you to watch

https://www.tradingview.com/x/AqwlGJX0

https://www.tradingview.com/x/P8DqvjoT

Euro london +8gmt 3pm

Trailing stop

Just 1 to 2r. I got stopped out. But i think itll reach 1 to 5

Same rules

15 mins range
15 mins close on top
15 mins goes south. Even if the main bias of the daily is bull.

Market is volatile in the short run.

And so it did a 1 to 5. Uwu. Ehe. Well i gambled on a longer rr if trail stop but 1 to 2 is already ok.

https://www.tradingview.com/x/tNdBFnVn

I assume that you opened a short position, right?

If you notice my rules wasn't as stable then. The 2nd bar didn't pierce the high or low. So i got stopped out. I entered too early.

Now i strictly do the 3 15 mins intervals.

I did a buy on the first then another buy. My method is pure reversals only. So no matter what as long as the elements align, i take the opposing trade.

Is it when london open or not?

That was ny open.

For a more consistent time. Simply follow the babypips exchange schedule

Hi

An easy way to convert Sovy's times to your own times - go to worldtimebuddy and set it up with your place of trading and Manila(+8gmt).
You can then easily use the correct time on your chart.
It even shows the time difference between you and Manila which in my case is 6 hours shown on the left.

Trade well / Mos

New york open must be at 08.00pm based on your local time zone (Manila). Why did you trade at 09.00pm?

This is a good site as it also automatically accounts for daylight saving time (DST) based on the date selected! It's also available as a mobile application (For those weird traders who do everything from their little smartphone).

I find it even more important to know the time of your broker/chart. Especially if you use your chart time as a guide to make time based trading entries, this is the time that is crucial for you.

For example, if you use MetaTrader 4 you cannot adjust the timeline below the chart to match with your own local time. So here you should be aware that there is always a difference between your local time and what the MetaTrader platform shows to you. With many more modern platforms such as TradingView, you can adjust the displayed time of the chart yourself to match your own.

Most MetaTrader 4 brokers use GMT +2:00 / GMT +3:00 (when in DST).

If you use an indicator to automatically display the different Forex sessions, you should definitely make sure that it also takes DST into account and that the sessions are accordingly displayed correctly regardless of the time you watch it.

That said, the author here may be able to re-post a full list of the trading instruments and the exact range times that form the range using GMT+0 for reference and maybe a summary of the rest of the rules of the "system" again. So everyone trying to use the "system" has a better overview of what and when to do or not do.

Maybe you're still allowed to edit post #1.

Something like the following:

Instrument | Range Period

EUR/USD | 07:00-07:15 (First 15 minutes of the London Open)
GBP/USD | 07:00-07:15 (First 15 minutes of the London Open)

EUR/USD | 12:00-12:15 (First 15 minutes of the New York Open)
GBP/USD | 12:00-12:15 (First 15 minutes of the New York Open)

USD/JPY | 00:00-00:15 (First 15 minutes of the Tokyo Open)

Gold | XX:XX-XX:15 (First 15 minutes of ...)

Dow | 14:30-14:45 (First 15 minutes of the New York Stock Exchange Open )
Nasdaq | 14:30-14:45 (First 15 minutes of the New York Stock Exchange Open )

Entry Rules

- Wait for the range to be established
- Wait for price to break one side of the range
- Place buy/sell at x level if price moves back there
- Place SL at x level
- Place TP at x level

Exit Rules

- Exit order at x new level

Risk Management

- Risk 1% per order
- Risk maximum 3% per day.
- Open maximum 3 trades per day.

So everyone knows losing all possible 15 orders in a week would mean a potential -15% drawdown. Simple to understand, no fuss about it.

Trade Management

- Move SL to 0R if the order is in floating profit >= 1R.

IF you get stopped out and you want/need to re-enter then risk x more % for your second, third,... order entering at x same/new level again.

In case of re-entries and placing multiple orders per setup/day some needs to know more about position sizing. Because i could then re-renter 2 more times risking a further 1R (1%) until i reached my daily drawdown limit (3%) or i could re-enter 6 times at 0.5R (0.5%) until i would reach my willing allowed risk for the day (by losing all 6 total orders for the day). Decreasing my position size would in turn mean my potential profit would be smaller too.

Other objective rules

- Don't place a trade if there is x red flagged news event on the calendar x time before/after the range is formed.
- Don't place a trade if there is x bank holiday for that day.
- Don't trade Mondays and Fridays (maybe less volatile days where the setup is backtested for to show less optimal performance).

Other subjective rules

- Wait for some magic chart pattern to show up and then draw x squiggly line around it based on your grandmas's "experience" and call it art.
- Wait for the correct moon phase to first show up before doing x.
- "Maybe" don't do x if x is not "feeling" right today.

Because i ignored daylight savings. But i find it's best to be consistent and choose the time and stick to it.

I haven't checked babypips in like forever i just used the sessions indicator.

Well written. yes, i should edit it pretty soon.

I'm testing if we should be able to follow the succeeding 15 m bars of they keep going down if it doesnt go to our entry.

Example

https://www.tradingview.com/x/GKKh9i77

But i find it only works if the entry is .5 not .3

08.00 am - 08.15 am is your local time zone or platform time? Some of your data that posted in this thread are not valid.
And also, I assume that the trading time in this case should be tokyo open.

Im in +8 gmt

so yes, the earlier post was not valid. The 3 15 min helped sort this. And now im testing if we can actually follow the 15 m bars if it kept going down.

Also that one is invalid.
20.15 - 20.30 (manila time) indeed pierce down, but still closed in the range. I have also checked on pepperstone, the same broker you are using. No such data...

https://www.tradingview.com/x/qCUgQqk8

i dont know what you're looking at but here it is.

+8gmt

8 pm my time or 8 am ny time or ny opening.

https://www.tradingview.com/x/nYE2M3bu

Doesnt have to be pepperstone, any broker would do.

Put it in 1 min

https://www.tradingview.com/x/iBovkuIZ

Here's oanda

You were doing a fake trading.
The 2nd 15min bar was closed inside the range. The 3rd bar 15min bar piercing down and close below the range. No any single trade was taken coz didnt met the trading rule anymore. So, your trading result is invalid for that day.

@sovy
According to my understanding, open a position always on the 3rd candle.

Cant even see the o clock because of the free trading view ad.

I posted.the wrong chart here. Yes. There is no trade at this time based on my rules.

1st 15 mins is the range. The 2nD 15 mins takes the high and or low. Where the close is lay the bias. And the entry is opposite the direction of the bias the 1/3rd of the candle.