The London Progressive Strategy | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

London Open Strategy 358 replies

The SwingSpot Progressive System 50 replies

Looking for a formula to open progressive orders 7 replies

Progressive lots sizing based on account balance and tracking balance 3 replies

London Calling . . . Various strategies focusing on London Open 58 replies

Attachments: The London Progressive Strategy
Exit Attachments

The London Progressive Strategy

  • #1
  • First Post: Edited Mar 22, 2010 10:42pm Jun 2, 2009 3:50pm | Edited Mar 22, 2010 10:42pm
Okay, I'm going to post my variation of lucashammer's "New Variation on 7 am to 9 am breakout strategy" thread which is more designed to work with the Frankfurt and London trading sessions. This is just "my variation" and not to construed as trading advice nor is it set in stone. You may use one or the other or use whatever aspects from either strategy together to make it fit your style of trading. Feel free to use for your enjoyment and hopefully make a few bucks in the process.

A 15 minute time frame for this thread. You may use any pair you wish.

***Update*** A new box indicator has been made and can be found starting on post #89 or can be downloaded below.

The box will be from 04:00 GMT to 07:00 GMT, 1 hour before the London session begins. Choose your color for your box and fibs. I will include my template so you won't have to change it unless you want to.
Attached File(s)
File Type: mq4 London Box.mq4   5 KB | 1,419 downloads | Uploaded Mar 22, 2010 10:42pm
File Type: tpl london progressive.tpl   14 KB | 1,288 downloads | Uploaded Mar 22, 2010 10:42pm
  • #2
  • Jun 2, 2009 4:06pm Jun 2, 2009 4:06pm
The first thing is the load the indicators and or the template provided to draw your box. Click on your fib tool at the top and pull the fib tool from the box high to the box low or vice-versa. If you put in the levels correctly it will look like the picture below. Both sides of the fib tool will be labeled the same so it doesn't matter which way they are pulled.
http://www.forexfactory.com/%5BURL=h...G%5D%5B/URL%5D
http://i86.photobucket.com/albums/k1...98/london2.gif

http://www.forexfactory.com/%5BIMG%5....gif%5B/IMG%5D
http://s86.photobucket.com/albums/k1...nt=london2.gif
  • #3
  • Jun 2, 2009 4:25pm Jun 2, 2009 4:25pm
progressive positioning?

thanks for your system, it looks creative and complicated, care to elaborate entry procedure?
  • #4
  • Jun 2, 2009 5:02pm Jun 2, 2009 5:02pm
Here is how the strategy will work. Before placing any pending orders, look at the Murrey Levels near your box. If the upper or lower box edge is near an overbought levels (8/8, +1/8, or +2/8) or oversold levels (0/8, -1/8, or -2/8), do not place any pending orders on that side of the box. Last night was a great example (see pic) how Murrey lines can help us filter out trades as the lower box edge was deep in an overbought area (in between the -1/8 and -2/8). After seeing this, I would not have placed any pending short orders, only long orders.

After we place the fib levels and we check our Murrey lines, place your short, long, or both pending orders at the "Entry" level for 1 lot (or use .1 lots or 10 lots, or whatever you choose, but make it a factor of 10, you'll see why in a minute). We'll just use 1 lot for the sake of argument. If you have two pending orders and one is triggered, don't forget to close the other one immediately. The inital stop is the middle of the box and we will move it as we hit certain Take Profit levels.

With regards to Take Profit targets, I follow this:

TP 1 hit- Close .4 lots (.6 lots remain), Initial Stop is not moved (this is to allow retraces without getting stopped out to soon)

TP 2 hit- Close .3 lots (.3 lots remain), Initial Stop is moved to TP 2 Stop level +1 pip which would be your original "Entry" level.

TP 3 hit- Close .2 lots (.1 lot remains), TP 2 Stop is moved to TP 3 Stop level which was your first Take Profit level (TP 1).

TP 4 hit- Close .1 lot. You have the option to close this out completely or let this run and place a trailing stop on it.

Now, once you've hit your TP 4 or you get stopped out, you have the option to place new pending orders and look for another trade. If you do, I suggest closing all open trades by 23-00:00 GMT. As you can see last night was a perfect setup as we hit all four Take Profit levels.

http://i86.photobucket.com/albums/k1...898/london.gif
  • #5
  • Jun 2, 2009 5:05pm Jun 2, 2009 5:05pm
Which bar ends your box (to the right)?
  • #6
  • Jun 2, 2009 5:07pm Jun 2, 2009 5:07pm
If you look at 6/1/09 you could've had multiple entries using this system. It all depends on how long you want to sit and trade.


http://i86.photobucket.com/albums/k1...98/london3.gif
  • #7
  • Edited 5:21pm Jun 2, 2009 5:10pm | Edited 5:21pm
Quote
thanks for your system, it looks creative and complicated, care to elaborate entry procedure?
You just enter your pending orders at the price shown on the "Entry" Level which was long at 1.4197 and short would have been placed at 1.4105 if it wasn't filtered out. Just don't use lots like 1.59 lots or .74 lots, because it can't be progressively closed out with any sort of organization and difficult to divide easily. If you wanted to use 5 lots to start for example you'd be basically closing out 2 lots, 1.5 lots, 1 lot, and finally .5 lots (5 lots total). I hope that helps.


Quote
Which bar ends your box (to the right)?
07:00 GMT as stated in the first post, but you'll need to adjust the inputs to match your broker. I had to change the input to 08:00 GMT because my Alpari US is GMT+1.
  • #8
  • Jun 2, 2009 5:14pm Jun 2, 2009 5:14pm
Quoting mer071898
07:00 GMT as stated in the first post, but you'll need to adjust the inputs to match your broker. I had to change the input to 08:00 GMT because my Alpari US is GMT+1.
That's not what was stated in the first post.

Quote
The box will be from 04:00 GMT to 07:00 GMT

If the 7:00 (or 8:00) bar ends the box, the time runs from 04:00 until 07:15.

The 07:00 bar ends at 07:15.
  • #9
  • Jun 2, 2009 5:29pm Jun 2, 2009 5:29pm
Quote
The box will be from 04:00 GMT to 07:00 GMT. The i-sessions-02 indicator is a little funny as you need to set the "S1 Begins" time to 03:45 GMT to be able to include the 04:00 candle. You will obviously need to adjust the S1 start and end times for your particular broker's GMT time. I'm using Alpari US, which is GMT +1, so my times are 04:45 and 08:00.
I'm afraid I did state this in the first post. If you look at my example. my box is drawn from 04:45 to 08:00 which if you take off the +1 hour GMT from my broker it would be 03:45 to 07:00 GMT. I warned that the i-session-02 indicator for some reason will not include the 04:00 candle unless you set it 15 minutes earlier. It does include the 07:00 as you can see in my pic otherwise the low would not have been made there.
  • #10
  • Jun 2, 2009 5:39pm Jun 2, 2009 5:39pm
Quoting mer071898
I'm afraid I did state this in the first post. If you look at my example. my box is drawn from 04:45 to 08:00 which if you take off the +1 hour GMT from my broker it would be 03:45 to 07:00 GMT. I warned that the i-session-02 indicator for some reason will not include the 04:00 candle unless you set it 15 minutes earlier. It does include the 07:00 as you can see in my pic otherwise the low would not have been made there.
That's not my point.


1. There is not sufficient detail visible, in your image, to see exactly which bars you are using. That's why I had to ask.


2. I understand the +1 time offset. That isn't an issue.



We'll use 0400 until 0700, for clarity.


If you're box begins at the 0400 bar and ends with the 0700 bar, your time window is from 0400 until 0715.

IF you want the time window to end at 0700, you need to end the box at the 0645 bar.

The 0645 bar begins at 0645 and ends at 0700.


Just forget the bars for a second and tell me what time period you want to encompass.

0400 until 0700?

OR

0400 until 0715?
  • #11
  • Jun 2, 2009 6:26pm Jun 2, 2009 6:26pm
billbss, thought you read every thread.

Did you miss the http://www.forexfactory.com/images/misc/paperclip.gif 7am-9am Big Dog thread and all the ruckus about the time frame there?

It was decided that the 7am-9am time frame consisted of 2 hours and 15 minutes (7:00-9:15) and if you did not understand that you were a fooking idiot.

I understand you are simply trying to clarify the intended time frame, but for whatever reason that is a sensitive subject for the followers of that thread.

Really don't understand why the OP considers your question bashing.

I'll shut up now.
  • #12
  • Jun 2, 2009 6:51pm Jun 2, 2009 6:51pm
All we want is the high and low from 04:00 to 07:00. I know the candle ends at 07:15, when the candle ends is irrelevant. We are looking for the high or low of the whole candle. I'll use my pic as an example, the 05:00 candle is the high for this box, it does not show it as the high because you set the S1 Begin Time at 05:00. As you can see the box is correctly drawn on the 08:00 candle.

http://i86.photobucket.com/albums/k1...98/london4.gif


When we change to the proper input parameter of 04:45, we now have the correct highs and lows drawn on the chart. That is all we need, the correct high and low from the start of the 05:00 candle to the end of the 08:00 candle. (Remember, 05:00 and 08:00 are what I have to use for my broker and are used for this example only)

http://i86.photobucket.com/albums/k1...98/london5.gif.
  • #13
  • Jun 2, 2009 6:57pm Jun 2, 2009 6:57pm
Quote
billbss, thought you read every thread.

Did you miss the http://www.forexfactory.com/images/misc/paperclip.gif 7am-9am Big Dog thread and all the ruckus about the time frame there?

It was decided that the 7am-9am time frame consisted of 2 hours and 15 minutes (7:00-9:15) and if you did not understand that you were a fooking idiot.

I understand you are simply trying to clarify the intended time frame, but for whatever reason that is a sensitive subject for the followers of that thread.

Really don't understand why the OP considers your question bashing.
You're right, I shouldn't consider it being bashed, my apologies. I'm just trying to explain it as best as I can but there is always a few who don't catch on as quickly as everyone else or that have questions. billbss has been a member for a while and I respect that and appreciate any comments. If anyone has a better indicator to draw the box without any confusion, I'm all for it!
  • #14
  • Jun 2, 2009 7:15pm Jun 2, 2009 7:15pm
Thanks for sharing if u feel free pl post the timing indi of the world mkt which is on the rt hand top corner of your chart goodluck goodbless u for goodpips
  • #15
  • Jun 2, 2009 8:00pm Jun 2, 2009 8:00pm
Thanks, the clock is from www.qlock.com. I just use the free one towards the bottom.
  • #16
  • Jun 2, 2009 8:09pm Jun 2, 2009 8:09pm
Thanks and regards sir goodluck
  • #17
  • Jun 2, 2009 8:57pm Jun 2, 2009 8:57pm
You are welcome.
  • #18
  • Jun 3, 2009 1:23am Jun 3, 2009 1:23am
Ok here's make take on tonight's trade. As we can see in the pic, the Murrey lines have redrawn (and yes, they will do that frequently on a 15 minute timeframe) and it is showing an identical setup as last night with the short side in the oversold areas between 0/8 and -1/8. So I will be looking to go long at 1.4349 with Take Profit targets at 1.4361, 1.4381, 1.4401, and 1.4413.
Attached Image (click to enlarge)
Click to Enlarge Name: london.gif Size: 51 KB
  • #19
  • Jun 3, 2009 4:11am Jun 3, 2009 4:11am
Quoting redhouse
billbss, thought you read every thread.

Did you miss the...
The time window which mer uses in this thread for the purposes of breakout is from 4:00 to 7:00, therefore on a 15 min chart the last bar to be considered is the 6:45 bar; it seems as if you are fooking yourself
Regards
  • #20
  • Jun 3, 2009 10:40am Jun 3, 2009 10:40am
if not due to these few days quite suitable for this system, i'd gratefully say thanks for showing us such a wonderful system.

I had some problem with a similar system (like the 7am~9am breakout, the other thread on FF), and I am wondering if you had such problem:
someday(more than profitable days), the price range between the box edges, and gives 3 or 4 stoploss for one day. and there is no way to avoid it, isn't there?

Please teach us your insights on this issue? or the profit can well cover such ranging days?


Quoting mer071898
Ok here's make take on tonight's trade. As we can see in the pic, the Murrey lines have redrawn (and yes, they will do that frequently on a 15 minute timeframe) and it is showing an identical setup as last night with the short side in the oversold areas between 0/8 and -1/8. So I will be looking to go long at 1.4349 with Take Profit targets at 1.4361, 1.4381, 1.4401, and 1.4413.
0 traders viewing now