session-based trades

My first Rookie post.

Is there a system already in use, where the object is to trade according to what time of day it is?

For example, it's now 11AM EST, so I will look for good Short entries because the London open favor Longs, and the later London hours tend to favor Shorts.

Does this type of trading have a name, and is there already a system dedicated to it?

No help? Maybe it's not such a rookie question after all?

It's best to trade what the charts show you. No need to change your methodology based on the time of day. From market open until market close I trade the exact same way every time. About the only time I will even pause is during NFP and interest rate statements. Other than those nothing changes. Keeps it simple and predictable.

Thanks MF, I appreciate the tip. But I'm still looking for the name of that type of system. I've seen it described in vague terms around here and I wanted to read up on it. It's just me wanting to be as thorough as possible in my education. If it ends up a big waste of time, tell me how that's any different from reading 1000 pages in the Trading Systems section? Or is every system there the Holy Grail after all? Of course not. But I know I've wasted a lot of time there over the past 6 months. We all have. You got to move a lot of rock to get to the gems, right?

Anyway, anybody know what to call the type of system????? Links to threads or web sites are especially welcome!

Sure, there are a few systems like that. Some will open orders at a specific time of day, say 0700 GMT or 1700 EST. I've seen lots of them on this forum but I couldn't tell you any of the names.

Some people like to play the breakouts of the London session, while others will trade ranges during the Asian session (though the past 6 months have probably kicked this strategy in the balls).

Other strategies will place orders at the beginning of the week and close them at the end of the week. There's a guy here named The Real Thing who does that. He says it's profitable, others say no.

As to this one specifically, I don't know. Guys like Larry Williams have tested and supposedly traded strategies like this. You could perhaps back-test it.

A huge part of becoming a trader is back-testing ideas. Like anything, you'll find differing opinions on whether it'll yield a successful system. But that's not its true value. The process of endless back-testing slowly allows you to begin viewing the market in a new way, one in which you begin to understand its nature. I'm not saying you'll become a successful trader simply by back-testing, but you'll begin building your knowledge of what the hell is going on. Then you forward-test any idea that seems to have some validity in a back-test. It's a long, arduous process that takes years, but there really aren't any shortcuts to take.

Good luck.

I just remembered the name of a system. Big Ben. I believe it opens orders when London opens. You should be able to find it here or on some other trading forums.

big ben

Big Ben seems to be a breakout system. That's not the gist of what I'm after either, unfortunately.

Which is that the time of day establishes trend direction. Something like, during the London AM hours the trend should be long, and during the afternoon hours it should be short. Breakouts might be a second part of that, but I'm still looking for the central system.