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The London Progressive Strategy

  • #21
  • Jun 3, 2009 10:47am Jun 3, 2009 10:47am
if 15minutes matter, then there will be too many holygrail in this world.

on the other hand, if the idea earns, it will ignore 15minutes mostly.

Quoting billbss

0400 until 0700?

OR

0400 until 0715?
  • #22
  • Jun 3, 2009 7:22pm Jun 3, 2009 7:22pm
Okay, just as I was hoping the Murrey lines wouldn't be much of an issue, it might be unreliable because it seems it will recalculate way too often on the 15 minute timeframe. I did not stay up for the trade last night as I had an early appointment but it looks like the price drove through the -2/8 Extreme Overshoot level which forced the recalculation. If you didn't use the Murrey lines you made two successful trades that both closed out at your TP 4 with 64 pips each (see pic).

I may look into making a few small changes as the TP 1 & TP 2 seem way too close and I may adjust my TP 1 to enter a little earlier, I will keep everyone updated.
Attached Image (click to enlarge)
Click to Enlarge Name: london.gif Size: 52 KB
  • #23
  • Jun 3, 2009 8:17pm Jun 3, 2009 8:17pm
I've made a few changes in the strategy for testing. I am no longer going to use the Murrey indicator as I feel the timeframe is too small for reliable use. I will be using the Trend Magic indicator to help with filtering out the direction. I've also added a separate entry level on the fib tool at -.236 and 1.236. The old entry levels of -.382 and 1.382 will be used as a stop for TP 2. When price hits TP 2, you will now move your stop to this point. These changes will allow for an earlier entry but not sacrifice those pips back when we do get stopped out. All changes I've made are now on the 1st post along with a new zip file with the indicators and template.
  • #24
  • Jun 4, 2009 6:57am Jun 4, 2009 6:57am
Thanks for your work on this, now testing.

I have a question. TrendMagic didn't filter out the bad trade on the 2nd of June. Are we maybe looking at the trendmagic on a longer timeframe, H4/D1?
  • #25
  • Jun 4, 2009 7:49am Jun 4, 2009 7:49am
Quoting GeoffT
Thanks for your work on this, now testing.

I have a question. TrendMagic didn't filter out the bad trade on the 2nd of June. Are we maybe looking at the trendmagic on a longer timeframe, H4/D1?
2nd of June:
Short did not trigger and long played out nicely in line with trendmagic
Attached Image (click to enlarge)
Click to Enlarge Name: eu 15m.gif Size: 19 KB
Regards
  • #26
  • Jun 4, 2009 8:29am Jun 4, 2009 8:29am
Thanks for that Howard.

You seem to have the box drawn differently from me. Post #2 has something similar to what i'm seeing. My broker is GMT+2
Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 113 KB
  • #27
  • Jun 4, 2009 9:07am Jun 4, 2009 9:07am
Geofft your box is correct



Quoting GeoffT
Thanks for that Howard.

You seem to have the box drawn differently from me. Post #2 has something similar to what i'm seeing. My broker is GMT+2
  • #28
  • Jun 4, 2009 9:31am Jun 4, 2009 9:31am
Quoting GeoffT
Thanks for that Howard.

You seem to have the box drawn differently from me. Post #2 has something similar to what i'm seeing. My broker is GMT+2
The box should be from 4 to 7 GMT or 5 to 8 UK time or 00 to 3 EST

Is yours drawn as above?

The idea is to catch the breakout at the open of London session which is at 8:00 UK time
Regards
  • #29
  • Edited 8:01pm Jun 4, 2009 7:27pm | Edited 8:01pm
Yes GeoffT, you are correct. 8:00 GMT is the London open, not 7:00. We are setting up the box 1 hour before the London open at the Frankfurt open. When I'm up at 2 am Central time (3 am Eastern) my time on my world clock shows 08:00 for London.

Quote
I have a question. TrendMagic didn't filter out the bad trade on the 2nd of June. Are we maybe looking at the trendmagic on a longer timeframe, H4/D1?
You have to remember that this is a new variation on lucashammer's original strategy and we are still looking for the best filters. You are not going to win every trade but you still would've made money on the second trade later that morning (see below). I may see about adjusting the box forward an additional 1/2 hour to see if that makes a difference. I really don't want to push the box all the way to the London open at 8:00 GMT because we will still sometimes see moderately heavy movement in the hour before that the Frankfurt session is active and our box would start getting to large to make profitable trades.

I'm also going to change the way we take our profit because when the price hits our TP 1 and we close out 40% of the trade, we are getting hammered when the trade reverses back and stops us out because the distance from the entry to TP 1 is roughly half of the original stop difference. Our goal is to make it to TP 1 and make money on the trade no matter what happen after that. From my calculations we will now close out progressions at .7 lots at TP 1, .1 lots at TP 2, .1 lots at TP 3, .1 lots at TP 4. If we get to TP 1 you will not lose money!!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: london.gif Size: 57 KB
  • #30
  • Edited 10:29pm Jun 4, 2009 10:10pm | Edited 10:29pm
Quoting mer071898
Yes GeoffT, you are correct. 8:00 GMT is the London open, not 7:00. We are setting up the box 1 hour before the London open at the Frankfurt open. When I'm up at 2 am Central time (3 am Eastern) my time on my world clock shows 08:00 for London.
No.

0700 GMT is the London open.
0600 GMT is the Frankfurt open.

London is GMT+1, during Summertime.
Central Europe is GMT+2.



This will change when Daylight Savings Time ends.
  • #31
  • Jun 5, 2009 12:32am Jun 5, 2009 12:32am
You know what Bill, after a little research, you are correct! I guess I will have to change my settings back another hour and re-evaluate a few things, thanks. I have made the appropriate changes in post #1.
  • #32
  • Jun 5, 2009 12:05pm Jun 5, 2009 12:05pm
No trading this morning due to the NFP. We will see you all on Monday morning.
  • #33
  • Jun 7, 2009 8:21am Jun 7, 2009 8:21am
Mer,

This GMT becomes confusing in the context of broker data feed and session starting times. Just to be clear I would like to ask this question. Like you I am using Alpari US and I am in the Central Time Zone US. So should my I-Sessions S1 be programmed as 03:45 and 07:00?

Thank you
  • #34
  • Jun 7, 2009 12:06pm Jun 7, 2009 12:06pm
Yes, I have changed my start times from 03:45 to 07:00 and it definately makes a difference. Hopefully, I can get someone on the forums here to program an indicator to draw the box and the fibs together.
  • #35
  • Jun 7, 2009 2:25pm Jun 7, 2009 2:25pm
Quoting mer071898
Yes, I have changed my start times from 03:45 to 07:00 and it definately makes a difference. Hopefully, I can get someone on the forums here to program an indicator to draw the box and the fibs together.
Thank you mer! That would be great if one of the fine MT4 coders on this board can do that. I have added the additional time in I-Sessions 2 to correspond to lucashammer's original thread for the New York session. I already notice an interesting (non statistical) observation. If the pre-market I-Sessions box for the US pre-open has expanded too far you may find nice trades using the pre-market box from the London open. Anyway, I am going to watch this moving forward as well as some additional back testing to see if there is any consistency. Thank you for your system and input.
  • #36
  • Jun 7, 2009 9:39pm Jun 7, 2009 9:39pm
Guess what, thanks to the awesome work of one of our very own, hanover, we now have a Box/fibo indicator. The indicator's times will need to be set from 04:00 to 07:15 to be able to include to 07:00 candle. The indicator will also draw the fibs for you automatically from the high to the low of the box as describe in post #1. You also have the option to go back however many days you want as well, 30 is default.
Attached File(s)
File Type: mq4 BoxFibo.mq4   5 KB | 698 downloads
  • #37
  • Jun 8, 2009 12:52am Jun 8, 2009 12:52am
Quoting mer071898
Guess what, thanks to the awesome work of one of our very own, hanover, we now have a Box/fibo indicator. The indicator's times will need to be set from 04:00 to 07:15 to be able to include to 07:00 candle. The indicator will also draw the fibs for you automatically from the high to the low of the box as describe in post #1. You also have the option to go back however many days you want as well, 30 is default.
Mer, this indi only shows up when the bar that starts 7:00 close. Am i right? Thanks for great work.
  • #38
  • Jun 8, 2009 1:07am Jun 8, 2009 1:07am
Quoting mer071898
Guess what, thanks to the awesome work of one of our very own, hanover, we now have a Box/fibo indicator. The indicator's times will need to be set from 04:00 to 07:15 to be able to include to 07:00 candle. The indicator will also draw the fibs for you automatically from the high to the low of the box as describe in post #1. You also have the option to go back however many days you want as well, 30 is default.
mer071898
Hi, seems this indie doesn't update in real time. Please post a chart, i need a compare with my and check my settings
  • #39
  • Jun 8, 2009 2:46am Jun 8, 2009 2:46am
Quote
Mer, this indi only shows up when the bar that starts 7:00 close. Am i right? Thanks for great work.

Yes, you must include the whole 7:00 candle, that's why the settings should be 7:15.

Quote
mer071898
Hi, seems this indie doesn't update in real time. Please post a chart, i need a compare with my and check my settings

Yeah Tenax, I noticed that as well, I will see if hanover can fix it.
  • #40
  • Jun 8, 2009 2:46am Jun 8, 2009 2:46am
Mer071898, could you upgrade the indicator so that it can start to draw from the very first bar of the period in the settings? The box will change gradually according to next bars during the period. Coz the price action during this time before London opens is very important for the next hours in London. Great thanks.
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