1 trade a day | Page 34 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The Cable double day / the two day "rule" 14 replies

A Day Traders Day? 7 replies

The best way to trade is one trade a day 76 replies

Day by Day 9 replies

The best Times of day to trade - or Not trade 16 replies

Attachments: 1 trade a day
Exit Attachments

1 trade a day

  • #661
  • Jun 18, 2009 4:40am Jun 18, 2009 4:40am
what does GU stand for? sorry once again for my noobquestion. GU stand for gbpusd
  • #662
  • Jun 18, 2009 4:41am Jun 18, 2009 4:41am
Quote
what does GU stand for? sorry once again for my noobquestion.
GU stand for gbpusd
  • #663
  • Jun 18, 2009 4:43am Jun 18, 2009 4:43am
i asked earlier if you guys cancel the opposite trade when one is triggered. today i forgot to do this and my EU trade got stopped out both ways fast.

i have not experienced TP both ways and price has to travel long to do this... maybe possible after extreme news..... i will cancel oppostite orders from now on.
even with my eyes open i cannot see everything
  • #664
  • Jun 18, 2009 4:50am Jun 18, 2009 4:50am
For me the 6 GMT bar is not reliable.
Today is a perfect example.
  • #665
  • Jun 18, 2009 5:55am Jun 18, 2009 5:55am
Quoting calvk81
GU stand for gbpusd
thanks!
  • #666
  • Jun 18, 2009 7:36am Jun 18, 2009 7:36am
Quoting matlobien
For me the 6 GMT bar is not reliable.
Today is a perfect example.
...so you use 9 bars - from 23:00 GMT to 08:00 GMT (at 08:00 GMT the candle is finished ?

And thx for the reply !
  • #667
  • Jun 18, 2009 3:07pm Jun 18, 2009 3:07pm
Quoting j-pax
i asked earlier if you guys cancel the opposite trade when one is triggered. today i forgot to do this and my EU trade got stopped out both ways fast.

i have not experienced TP both ways and price has to travel long to do this... maybe possible after extreme news..... i will cancel oppostite orders from now on.
jpax i always set the buy order and sell order as oco (one cancels other), so only one order (buy or sell) is triggered. hope this helps.
There's nothing new in trading. You buy, you sell, that's it....
  • #668
  • Jun 18, 2009 3:26pm Jun 18, 2009 3:26pm
Well it looks like the Asian Session is 23:00 GMT to 8:00 GMT.

Which means that, as a london based trader (and using london times), my range includes the 00:00 candle and the 8:00 candle (which finishes at 8:59:59).

this makes sense to me and was how i was originally trading (successfully) until it was suggested that I was trading an hour too late each morning (and then my results were going pear-shaped).

I'll stick with a TP of 161.8% (long), -61.8% (short).

and I'll stick with the most conservative stop loss setting of 0% fib (long), 100% fib (short).

lesson learned - if in doubt, stick with the original plan (especially if it was working)...
There's nothing new in trading. You buy, you sell, that's it....
  • #669
  • Jun 18, 2009 3:28pm Jun 18, 2009 3:28pm
Quoting GeigerB
jpax i always set the buy order and sell order as oco (one cancels other), so only one order (buy or sell) is triggered. hope this helps.
Hi GeigerB

What happens in a day like today if as soon as one trade triggers the other is canceled.

GU triggered buy and went down to hit the SL and went further down, triggered the sell in the opposite and hit the TP thereby BE

but the down side of that is what EU did today, by hitting the SL the two ways

If the opposite sides have been canceled as one side triggers then the loss would have been big.

What I do is this if on order hits SL I leave the opposite cos I know whatever pushes it that far should take it the other side before close of the day

But once on order hits TP I canceled the opposite side

that is what saved me today

kos
John 3:16 - From THIS love no power on earth can me sever.
  • #670
  • Jun 18, 2009 3:40pm Jun 18, 2009 3:40pm
Quoting Kosomolate
Hi GeigerB

What happens in a day like today if as soon as one trade triggers the other is canceled.

GU triggered buy and went down to hit the SL and went further down, triggered the sell in the opposite and hit the TP thereby BE

but the down side of that is what EU did today, by hitting the SL the two ways

If the opposite sides have been canceled as one side triggers then the loss would have been big.

What I do is this if on order hits SL I leave the opposite cos I know whatever pushes it that far should take it the other side before...
Hi kos mate.

i'm confused again. i understand the end of the asian session would be 8:59 london time which would mean that the 08:00 (london) hourly candle (meaning the 7:00 GMT hourly candle) would be in the range/box. So a buy wouldn't be triggered today, as the high of 1.6467 would be part of the asian range. Only the sell order would've been triggered, based on my renewed understanding. so there would not be a "whipsaw" (ie both buy and sell orders triggered).

Do you disagree with this? if so why?

Kind regards
There's nothing new in trading. You buy, you sell, that's it....
  • #671
  • Jun 18, 2009 8:35pm Jun 18, 2009 8:35pm
hi all....

Oh this raises its head again....there is much arguement as to were to set the Block times...I think the idea was to catch the opening of the UK session which most people see as the close of the Asian session which is not quite right....from memory I think the Asian session goes about an hour into the UK session......so where to set you Block range....it just depends on your opinion and where you see it working the best for you..

Do you want to catch the opening of the UK session or would you rather wait an hour and start from the close of the Asian session...its up to you..

the thread starter uses the start of the UK session...but others use close of asian session.....

The whipsaw can happen no matter what times you set your block to....
  • #672
  • Jun 19, 2009 6:27am Jun 19, 2009 6:27am
Took two trades today:

GBPUSD long 1.6406, SL 1.6302, TP 1.6465, +59 Pips,
GBPJPY long 158.91,SL 157.39, TP 159.64, +14 Pips

Second Trade i closed manuel because due gutfeeling.

Total 63 Pips
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 17 KB
  • #673
  • Jun 19, 2009 6:35am Jun 19, 2009 6:35am
Results for this week only trading the GU.

5 Trades

1 BE + 4 TP

320 pips

Tanks Paulus
  • #674
  • Jun 19, 2009 10:36am Jun 19, 2009 10:36am
Hi All,

Would someone be so kind as to provide the MT4 indicator visual for this strategy (yep, I'm too lazy to calculate these levels myself...but purely for back testing..). I downloaded a couple from the links section but nothing appeared on the chart. I got the box one though but would prefer the coloured one.

Thanks

Porkpie
  • #675
  • Edited 7:51am Jun 20, 2009 7:28am | Edited 7:51am
Quoting matlobien
Hi Leo
I am very interested in a chart example of this early fractal breakout when you have time.
Thamks
The Fractal indicator is located in the standard Indicators folder in MT4. My suggestions below are only intended to add to, and enhance the accuracy of the Asian period breakout method.

I'm testing and wondering whether it's possible to use the fractal levels indicated during the Asian session a.) to provide hints as to the strength of the breakouts that occur during the London session, and, b.) to see if they can provide successful early breakouts during the last bar of the Asian session.

Current conclusions are;

1.) Since the fractals mark zig-zag pivot extremes, I think they may be useful to indicate how much movement is left by the time a breakout is cued by the Asian session high or low. If a fractal level is also an Asian session high or low level, the breakout could have some strength and distance potential in it. If, however, there was a fractal breakout before price reaches one of the session high-low levels, then much of the movement could already be over. This could result in a trade entry with the whipsaw reversals we all hate and want to avoid.

2.) I wouldn't use a fractal breakout level during the first seven bars of the Asian period, but might consider taking an early entry if price crosses a fractal level during the last bar of the Asian session.

Examples below.
Attached Images
  • #676
  • Jun 20, 2009 7:35am Jun 20, 2009 7:35am
Attached is an example of my point #2 in the previous post. The possibility of using fractal pivot levels, generated during the Asian session, as early breakout levels for early trade entries during the last bar of the Asian session.
Attached Image
  • #677
  • Jun 20, 2009 7:43am Jun 20, 2009 7:43am
I spent some time processing information on market hours, and the differing server times for three brokers I'm using. The following settings for the Asian session give me matching graphics defining the session for indicators like 'Tokyo' and the 'ant-GUBreakout_V.04 by Andee'.


Alpari (UK) Begin 1, End 9
IBFX Begin 23 (or 0 if 23 not possible), End 7
FxPro Begin 2, End 10
  • #678
  • Jun 20, 2009 7:46am Jun 20, 2009 7:46am
hi all...


Leomeister....I have not looked to much at the fractal indicator ...but my understanding is that depending on the setting a number of bars need to have been completed before a high or low is printed.....so at what point do you know if the breakout is going to be a strong one or a weak one.....The way I see it ...using fractals the move has happened before any points are printed...it wont print on the current bar...am I right in this..
  • #679
  • Jun 20, 2009 8:05am Jun 20, 2009 8:05am
Quoting Angler
hi all...
Leomeister....I have not looked to much at the fractal indicator ...but my understanding is that depending on the setting a number of bars need to have been completed before a high or low is printed.....so at what point do you know if the breakout is going to be a strong one or a weak one.....The way I see it ...using fractals the move has happened before any points are printed...it wont print on the current bar...am I right in this..
The Fractal graphics don't repaint and only require a three bar combination to satisfy the definition and set the graphic. So the breakout of a fractal level would always occur on a fractal hi-lo set more than one bar back.

The strength I was referring to is if price bars cross a fractal pivot 2-3 bars previous to finally crossing out of the Asian hi-lo extremes, then that impulse move may already be losing energy. If the breakout of the fractal level also corresponds to a session hi-lo level, then it seems likely the price movement has just started.

Try them out. Watching their placement and price action, will explain better than I can. I'm just proposing a hypothesis. Might be wrong. But if right, it might help us avoid those whipsaw reversals that steal out profits.
  • #680
  • Jun 20, 2009 8:14am Jun 20, 2009 8:14am
Hi all...


Have you actually watched all this happen on the live charts...or only while the market is closed ( looking Back )...


I dont think you will ever stop those whipsaws.....just the fact the time we are using for the breakouts is right around the UK open and thus plenty of data releases which most of the time cause those whips..
1 trader viewing now