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  • #12,141
  • Jun 16, 2009 11:53pm Jun 16, 2009 11:53pm
bottom of the bucket; eurusd, H1. 70 pip bounce.
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  • #12,142
  • Jun 17, 2009 12:11am Jun 17, 2009 12:11am
Quoting Dropped Onion
bottom of the bucket; eurusd, H1. 70 pip bounce.
took this trade myself
  • #12,143
  • Jun 17, 2009 1:14am Jun 17, 2009 1:14am
Quoting Tori
I am looking to sell eurusd 1.3929 which is a strong area. Am in the buy from1.3803 but was too late to post. I also have sell pegged on eurjpy at 135.22 and am in buy on that at the moment. I dont have anything else I am interested in at the moment so will sit on those.
Nice trade from 13803.
  • #12,144
  • Jun 17, 2009 2:14am Jun 17, 2009 2:14am
Quoting RedCabbage
Nice trade from 13803.
That thing me bit me in the ass the other day dam Euro trash.
  • #12,145
  • Jun 17, 2009 2:18am Jun 17, 2009 2:18am
Tori, Dropped Onion, chazlanning,
Greetings...
nice trade. 1.3930 area was expected resistance.
  • #12,146
  • Jun 17, 2009 2:48am Jun 17, 2009 2:48am
Hi gang ... herewith some assorted notes from the real-time chat this morning, in relation to timings, particularly around the London Open:

____________________________________________

Good old London open

often I see on London opens that price moves in one direction for about 30 minutes only to turn around and thrust back in the other direction
Asian desks closing out their positions before handing the book to London?

Yep, there is a whole trading method, the "Big Ben" system based on this early movement in the London market

I have noticed that too, I think it could be sweeping stops

It gives them more chance of finding buyers to sell their positions to. Adjusting the books.

where can I find out about that system?

http://www.pipholic.com/bigben-strategy-the-logic.html

British Summer Time (BST) is daylight savings time in UK, which is in effect at the moment; BST = GMT+1.

Daily FX Calendar of announcements (www.dailyfx.com/calendar) is set out in GMT times, so it's better to quote GMT for international traders who could be in any time zone.

http://wwp.greenwichmeantime.com/tim...h-summer-time/

Market sometimes just sits in a tight range between 07:00 GMT (London Open) and the UK announcements usually at 08:30 GMT, then the Euro announcements usually at 09:00 GMT, if they are major announcements.

Doesn't mean you can't scalp a few PIPs sometimes between 07:00 GMT and 08:30 / 09:00 GMT, but you probably won't get a new trend until after those times, if it is significant news.

On days when the US puts out significant news at 14:00 GMT, for example, market can range the whole UK day waiting for the US news... major traders unwilling to commit big market-moving hunks of cash until the news is out.

____________________________________________

Best wishes, Loudoniii
  • #12,147
  • Jun 17, 2009 3:00am Jun 17, 2009 3:00am
Graph
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Hope isn't a viable investment vehicle.
  • #12,148
  • Jun 17, 2009 3:01am Jun 17, 2009 3:01am
Quoting loudoniii
Hi gang ... herewith some assorted notes from the real-time chat this morning, in relation to timings, particularly around the London Open:

____________________________________________

Good old London open

often I see on London opens that price moves in one direction for about 30 minutes only to turn around and thrust back in the other direction
Asian desks closing out their positions before handing the book to London?

Yep, there is a whole trading method, the "Big Ben" system based on this early movement in the London market

I...
It's your last three paragraphs that are the most important there loudoniii.

Great comments.
  • #12,149
  • Edited 3:29am Jun 17, 2009 3:27am | Edited 3:29am
Quoting loudoniii
Hi gang ... herewith some assorted notes from the real-time chat this morning, in relation to timings, particularly around the London Open:
Interesting topic that I have been meaning to write about.

The way to understand the London morning session is in terms of dealers at the major dealing banks (Deutsche, Citi, etc) having a book of orders to execute. Some clients want to buy, and some want to sell. The sequencing of orders is then determined by a number of factors such as requested levels, size of orders and clients, etc. The net result you see on the screen is buys going first and then sells or the other way around, often seemingly unrelated to fundamentals and current trends. This is the most predictable part of the day and the best daytrading opportunity you can get.

Even without deal flow information, one may be able anticipate scenarios based on overall technical and fundamental picture. Overnight short-term S/R levels play an important role in gauging what will happen and finding good entries. I trade this session using 5 minute and sometimes 1 minute charts. And one needs to put in a bit of screen time to get the hang of it. Today's cable session was a classic. Buy at 6am and sell right before 8am. And the wonderful net total of this is that one can make a very good living working from 5.30 to 9.30
  • #12,150
  • Jun 17, 2009 3:56am Jun 17, 2009 3:56am
any more suggestions about this kind of trading? some articles or a book maybe? i'm not looking for shortcuts....i just want to find the right direction
i really like your input medici....keep up the good work
  • #12,151
  • Edited 5:14am Jun 17, 2009 4:14am | Edited 5:14am
Quoting prunto
any more suggestions about this kind of trading? some articles or a book maybe? i'm not looking for shortcuts....i just want to find the right direction
i really like your input medici....keep up the good work
Don't expect books or articles on this. Why would the dealing banks share with the world how they control the fx market? Do casinos publish booklets about how they rip off gamblers? Still you can get the hang of it by putting in screen time from 5.30 to 9.30. Do your analysis and scenario planning, and then watch the show unfold on a 5 minute chart and notice chart patterns at reversal points. Focus on cable. Gets very repetitive after a few months or years, which is exactly the point.
  • #12,152
  • Jun 17, 2009 4:22am Jun 17, 2009 4:22am
If the recent USD strength continues we may see a breakout on USD/CAD. The daily chart has had resistance at 1.1355 and the hourly chart has been pushing into that area on the last two days.
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  • #12,153
  • Jun 17, 2009 4:31am Jun 17, 2009 4:31am
Quoting medici
Interesting topic that I have been meaning to write about.
Medici - Great post ! Very illuminating. Thanks ! - Loudoniii
  • #12,154
  • Jun 17, 2009 4:32am Jun 17, 2009 4:32am
Quoting medici
Don't expect books or articles on this. Why would the dealing banks share with the world how they control the fx market? Do casinos publish booklets about how they rip off gamblers?
yeah...i was expecting this kind of response

Quoting medici
Still you can get the hang of it by putting in screen time from 5.30 to 9.30. Do your analysis and scenario planning, and then watch the show unfold on a 5 minute chart and notice chart patterns at reversal points. Focus on cable. Gets very repetitive after a few months or years, which is the exactly point.
5.30 to 9.30 gmt right?
it makes me wonder....why so early? i don't think any dealers in frankfurt or london start their job at 5.30...why not 6.30 or 7?

thanks a lot
  • #12,155
  • Jun 17, 2009 4:34am Jun 17, 2009 4:34am
Quoting loudoniii
Medici - Great post ! Very illuminating. Thanks ! - Loudoniii
My pleasure.
  • #12,156
  • Jun 17, 2009 4:40am Jun 17, 2009 4:40am
Quoting prunto

5.30 to 9.30 gmt right?
it makes me wonder....why so early? i don't think any dealers in frankfurt or london start their job at 5.30...why not 6.30 or 7?
5.30 to 9.30 local time London. Why so early? To be able to clear your mind and focus before that beautiful 6.05 entry this morning. And at that time the dealers in Frankfurt and Geneva were up and running, as well as a good number of London traders.
  • #12,157
  • Jun 17, 2009 5:08am Jun 17, 2009 5:08am
thank you medici...you're appreciated
  • #12,158
  • Jun 17, 2009 6:23am Jun 17, 2009 6:23am
Hi.

I totally missed the AUD/JPY at 76.00 yesterday. Did anyone take this one? I just totally missed it, I wonder how I didn't even here my alarm. :S

I really think it was a good pick. This level has been decent support and resistance. Was almost a sure hit. I was really gearing up for this one but..............

I took the GBP/CHF this morning at 1.7702, moved SL after 20 pips and closed half lots. Got stopped out for tiny profit. Followed my trade plan as usual.

I am now eyeing GBP/JPY at 155.00 level.
  • #12,159
  • Jun 17, 2009 6:39am Jun 17, 2009 6:39am
Using BRV's method of trading, would GBP/USD at 1.6240 level be traded today again as it was yesterday? I am aware that when price visits a certain level too often during a short time it becomes less fruitful.

There was more than 24 hours since price was at 1.6240 level. Is that enough time to trade this level again confidently?

I really need some feedback on this.

Thanks.
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  • #12,160
  • Jun 17, 2009 9:48am Jun 17, 2009 9:48am
Steve, et al -

Have just found this thread, read it and the strategy and am planning to learn more.

Can you recommend which pairs would be best for a new learner of this trading strategy, but not new to forex, would be best to start with?

It is tempting to try to look at 20+pairs to get more trades, but I suspect it would be better to start with a few to learn what is going on.

thanks
"Money is easy to make, but hard to keep" - FWV 1975
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