1 trade a day

Hi Paulus,

I understand that you take out 50% of the position at 161.8 and the rest at 200.

Now doesn't that mean the risk reward is less than 1:1 ?

What are your views on that?

Cheers
D

Hi,

Perhaps this question have come up before, but I can't seem to find the answer in the thread.

The range is supposed to be 0 to 7 GMT. Which 1H bars should I include, it should be the 0, 1, 2, 3, 4, 5 and 6 bars, right?

I have noticed that often the big move starts at 8 GMT. Have anyone tried using that time as end of the range instead?

Regards

Archie

Yes guys, for the GU normally the big move starts at 8.00 GMT

bad trades today.. eur/usd still in range..

short g-j @143.75

short g-u @1.5087

anyone with me?

I'm arround ... for now it seems that we have to wait and see what will happen

i hope this is just a pullback..

i'm out il loss on both position. uff

I have decided to stay away from today's trades...too many whipsaws! 'Tis like bulls and bears have equally matched strengths today. got hit two times on each pair i traded and all i could do was laugh and close my trading platform

I am out too...It seems that the news are afecting our system...

Its always dangerous to generalise as someone will always find the exceptions, however, having seen todays performances with losses on both pairs I have gone over the settings and this is what I see. I have not included any 10 pip +/- to the high low values.

Notes are for Long positions. Shorts are opposite.

1) if a break doesn't hold above the high of the 8hr on a 15 min chart then it seems to come back into the range. Spikes galore!!
2) both pairs seem to make 25 pips without to much problem from the break points possible point to go to break even.
3)Once a break out is in force attention can be given to MM and by using the LOW swing points it may be possible to reduce any major reversals. I hate the idea of seeing a profitable trade retrace all the way back to the opposite side for a major loss.

I am not looking to change the basic Opening Range method just trying to improve on the MM side.

All comments welcome

Yes 2 losses today but be careful things dont go like other threads...ie

A nice system a couple losers and all intereste dies.

I know its been said many times before but it is true there is no holy grail ..all we can ever do is stack the odds in our favour.

Both trades went very close to taking a profit at the 1.618 level ..now i dont use TA in any form in relation to subjective decsion makingI can se a 4 way bottom with the lows of 11th 12th 13th and today the 14th even so given this I still would not of changed my 1st TP.

You shouldn't be taking 2 losers per swap only one I only trade once a day on this.

I agree it does often move 20 -30 pips when a break occurs but there needs to be a very efficient way of taking smaller profits perhaps scaling in and out other wise as high lighted by another poster our RR is effected.

If news is an issue then we shouldnt trade around the news or we should at least close out some time before if we are in profit.

If your using MM then the losses today wouldnt of effected your account...
p

Hi Paulus,

I've just read through this whole thread. I want to let this run over a week or so to get a feel for it - to do so, I'm going to throw together an EA. Can you please confirm I'm understanding the rules (as you are trading them) correctly?

 

1. Trade two pairs - GBP/USD and GBP/JPY
2. H1 time frame (but, time frame really shouldn't matter here)
3. Determine the high and low of the Asian session
4. At the open of the London session start watching for a breakout of the Asian session hi/low
   1. The London session opens an hour before the Asian session closes - start looking as soon as London opens, or wait until Asia closes which is one hour in to London?

5. When price breaks the hi/lo plus 10 pips plus spread, enter.
6. Stoploss is the other side (so, if we enter long, the stop would be the low of the Asian session, again plus 10 plus spread?)
7. Close half out at 1.618 Fib Level and move the other half to B/E
8. Close the second half at 2.0 Fib level
9. At the end of the day (end of London session, or.... ??) close anything that is open. If there hasn't been a breakout by now, stop watching for one until the next day when we start over again.
10. Only take one trade per day, per pair. Win or lose, stop trading that pair for the rest of the day once a trade triggers.
11. Repeat the next day.

Am I missing anything, or have I misinterpreted any of the rules?

Thanks!

Hi Paulus and all,

I placed 6 trades last night and I have 1 loss and 3 wins. I traded the E/P, E/J and G/J. As you can see this is about bunts and not home runs.

I traded a similar strategy about a year ago and I can tell you this has many advantages over that one. In fact, to many to go into.

Hi all..
Has anyone tried this on GBPCAD?
I got stopped out this morning. The broker 15 pip spread doesn't help matters either.
Should the only pairs be GBP/USD and GBP/JPY as suggested above by cgrey ?

Cheers

Two wins today using standard Paulus but with TP at the 2.618. Due to the ranging activity of yesterday and close range in todays Asian session, I guessed there would be a big move today.

+67 on GBPUSD, +131 on GBPJPY

Paulus, I think there is a problem with GMT in the hour TF.

I start tokyo to 0 GMT and this is ok
I end tokyo at 6 GMT and I start my london rush at the same time (6 GMT)
But if I put 6 GMT on the hourly chart the time on this chart is from 6:00 to 6:59, then I have to put 5 gmt if I wish my london rush start at 6

Pierre, there still seems to be some confusion over the times and time zones!
I'm sure I'll be corrected instantly if I'm giving false information here.
But to my knowledge the Tokyo session runs from 23:00-07:00 GMT.

The server my Mt4 connects to, i.e it's 'marketwatch time' is showing London time (BST). London is NOT in GMT at present it's in BST, which is one hour ahead of GMT.

Therefore the candles spanning 00:00-07:59 BST are 'Tokyo session'.

However, 07:00BST is the opening of Frankfurt and 08:00BST is London's opening (i.e the 'London Rush' begins).
I therefore exclude the 07:00-07:59BST candle. That particular candle today on GBP/JPY spanned ~129pips.

So my 'Tokyo session' is marked as 00:00-06:00BST (or 23:00-05:00GMT if my marketwatch time was in GMT).

I'm probably doing this totally wrong, but when I read the notes on Al Russell's 'London Forex Rush' he mentions something about excluding the Frankfurt opening when looking at the Tokyo session hi/low.
Anyone else do this?

Ok

2 wins one trade on eaxh both short

GBPUSD
GBPJPY

Both hit thier 161.8 fib level..this may be confusing to some but all it is is the high and low of the Asian session which in fib terms goes from 0 to 100

So the low will be 0 the high will be 100 so thats 100% of the asian session..we then get a long signal so I want to close out 50% at the 61.8 fib level thats 61.8% of the 100% value,so if the high low is 100 pips then when we get to 161.8 pips I want to close.

I call this the 161.8 fib level and you can see it marked on my fib tool and charts