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1 trade a day

  • #681
  • Jun 20, 2009 10:22am Jun 20, 2009 10:22am
newbies i suggest try ur luck with simple "horizontal line" (s/r) complex systems will ruin ur trading career.
  • #682
  • Jun 20, 2009 10:29am Jun 20, 2009 10:29am
hi all..


newbies....who are you refering to...


And the method here is trading a breakout of the high and low of the Asian session.......how can it be more simpler...
  • #683
  • Jun 20, 2009 2:47pm Jun 20, 2009 2:47pm
nice one
  • #684
  • Jun 20, 2009 9:50pm Jun 20, 2009 9:50pm
Hello

Another great thread, i will try this method when forex open ...




Petar,

Serbia (Team)
"Buy on fear, sell on greed !!!
  • #685
  • Jun 21, 2009 8:57am Jun 21, 2009 8:57am
Leomeister your hours for the asian session are wrong!
  • #686
  • Edited Jun 22, 2009 2:14am Jun 21, 2009 9:08am | Edited Jun 22, 2009 2:14am
Quoting matte
Leomeister your hours for the asian session are wrong!
Hmmm. Its always possible. Please post a chart shot showing your preferred session times.

The first place to start is determine the open and close times for markets in GMT. Would you agree with the chart? Next is to get an accurate fix on how many hours your broker's server is shifted, relative to GMT. Use the attached clock indie on your chart. Subtract the 'broker time' from the 'UTC_GMT'.

For example if UTC-GMT is 06:00, and broker time is 09:00, then broker server is +3. You'll add this to the Asian session start and end times.

If your Asian session is 00:00 - 09:00, that's nine hours, or nine hour bars. The session indicators vary a bit in how they define their start and end times. If they just read start and end, it likely means the time for the beginning of the bar. So 0 - 8 would be nine bars and start at midnight and the bar beginning at 8am would end at 9am. Some indicators will say start time, and end time, which for the same session the settings would be 0-9. Just count the bars displayed by your settings.

For Asian session if the broker server time is 0 like IBFX, then the bar range is 0-8. If FxPro, the server is at +3, so settings would be 3-11.
Attached Image
Attached File(s)
File Type: mq4 P4L Clock.mq4   37 KB | 414 downloads
  • #687
  • Jun 21, 2009 1:55pm Jun 21, 2009 1:55pm
Quoting Leomeister
You probably noticed that on Monday the GBPUSD broke out south to a pip shy of -.5%, then reversed to jump up and hit the 76.8% SL . Nasty!!

I thought, 'So much for my theory'. Then looked closer. I think the Asian session hi-lo works for a breakout most of the time because it encloses a fractal hi-lo pivot, plus has a big boost in volume. The break of the session hi-lo may provide a profit even though it's actually a late entry.

The 23.6/76.8% retracement levels should be safe for a SL level after a breakout, but ONLY if the fibo retracement...
Newbie question I'm afraid Leo - What's a "fractal pivot" range, in the context of an Asian hi/lo range being encompassed by one? I don't use metatrader, so I cannot use the 'FRACTAL MT4 indicator' as you suggested in the above post. Thanks in advance...
There's nothing new in trading. You buy, you sell, that's it....
  • #688
  • Jun 21, 2009 4:15pm Jun 21, 2009 4:15pm
Quoting GeigerB
Newbie question I'm afraid Leo - What's a "fractal pivot" range, in the context of an Asian hi/lo range being encompassed by one? I don't use metatrader, so I cannot use the 'FRACTAL MT4 indicator' as you suggested in the above post. Thanks in advance...
The fractals represent the high and low extremes, zig-zags, or pivot points in market movement. There are various definitions for them, but basically you'll see that turning point bars have a lower bar before, and after, if they are a high point, and a higher bar before, and after, if they mark a low point. The turning points are significant as they represent a temporary ebb and flow in the buying-selling. These price levels become support and resistance levels for future market movement. When they're broken the market moves.....

In the first chart I posted above in #676, you can see that the high and low of the Asian session are marked by Fractal icons. On that day the high and low of the session corresponded to a fractal high low range. I think that had something to do with the strength of the movement when the breakout occurred.

You might want to download a free demo of MT4 from a broker and just drop the Fractal indicator on a chart. You'll begin to understand as price zigs and zags and the extreme points are marked by the little fractal icon.

I only mention the fractal indicator in this thread as it corresponds to and supports the high-low session levels that we use for session breakout levels. Don't let it confuse the basic trading strategy here which is trade the Asian session breakout, and take profits at +.5, or +.618 levels. If after losses, you can make 30 pips a day on a regular basis, you're on your way to trading success. Paulus' simple strategy offers that possibility.
  • #689
  • Jun 22, 2009 1:38pm Jun 22, 2009 1:38pm
Quoting Leomeister
I only mention the fractal indicator in this thread as it corresponds to and supports the high-low session levels that we use for session breakout levels. Don't let it confuse the basic trading strategy here which is trade the Asian session breakout, and take profits at +.5, or +.618 levels. If after losses, you can make 30 pips a day on a regular basis, you're on your way to trading success. Paulus' simple strategy offers that possibility.
Top man Leo. Thanks very much for that. I agree that this strategy is a great way of getting a regular, positive trading return - I just need to keep disciplined in order to achieve the trading success that you refer to as possible.

Im trading GJ, GU, EJ, and EU so as to determine a pattern on those four currencies as quickly as possible, using GE and UJ (i.e. which of the four currencies are strong, which are weak and which are middling). Invariably 2 of the 4 crosses provide the TP relatively early, and then it's a matter of managing manually the last two pairs to break-even or a possible profit (it would be unrealistic to expect all the 4 pairs to hit TP every time - giving the risk/reward ratio, it takes only one pair to hit SL to potentially BE or be down on the day).

I'll bear in mind that if I can aggregate 30 pips from the 4 crosses daily (post active management of trades 3 & 4 in particular), then I'll be in a really good zone, longer term.

Thanks again.

GeigerB
There's nothing new in trading. You buy, you sell, that's it....
  • #690
  • Jun 22, 2009 2:14pm Jun 22, 2009 2:14pm
Hi all

today is rough with GU and EG but EU went fine

there is always one like today and then another and another.....good day

If you just started it, hang on its not always like this

kos
John 3:16 - From THIS love no power on earth can me sever.
  • #691
  • Jun 22, 2009 2:18pm Jun 22, 2009 2:18pm
I have two questions Leome

First, i am from Serbia and London ses opens at 9.00 that means that i sholud took a trade from 9am to 4pm ?

And if i see breakbox 10 up from higher (buy), 10 lower then low price (sell) ?


All the best,

Petar ( Serbia team )
"Buy on fear, sell on greed !!!
  • #692
  • Jun 22, 2009 5:26pm Jun 22, 2009 5:26pm
Quoting Petar_Serbia
I have two questions Leome
First, i am from Serbia and London ses opens at 9.00 that means that i sholud took a trade from 9am to 4pm ?
And if i see breakbox 10 up from higher (buy), 10 lower then low price (sell) ?
All the best,
Petar ( Serbia team )
Petar,
Local times can be confusing so the critical period to determine is the beginning and end of the Asian session on your charts. This sets your session high and low breakout levels. These are 00:00 GMT - 09:00 GMT; nine, one hour bars.

I find it best to keep all my time computations in GMT as it can get very confusing otherwise. As seen on the market chart I posted earlier, the Asian market ends at 09:00 GMT. But currently London time is one hour earlier, so if using London time, the Asian session ends at 10:00. If your local time is GMT +2 your local time may be 11:00 when the Asian session ends.

The short answer would be you would begin to look for a breakout at 09:01 GMT ( = 10:01 London time). Paulus and others, suggest adding a 10 pip buffer beyond the session hi-lo for the buy/sell stop levels. I personally find that adding 13 pips on GBPUSD and GBPJPY helps me avoid spikes and whipsaw trades.

As to how long to wait to take a breakout; I think different people here have different preferences as to how long into the trade day they will take a new breakout. Usually the breakout happens soon after the end of the Asian session, but on today's GBPUSD it was five hours before a sell breakout occurred.

Even if you don't trade with MetaTrader it might help to have a visual aid provided by a demo. I'd suggest downloading a demo from IBFX as they use 0 GMT for their server which makes time computation easy. Then load the Breakout indicator attached below (& posted elsewhere on the thread) and input the settings seen in the screen shot. These settings are accurate for any broker server that is 0 GMT.

This should give you nine hour bars, with the session box starting and stopping at the correct times. I'd suggest also adding the PL4 clock indicator on your chart. In my setup I use an IBFX chart first, then visually match my other broker demo charts to it.

Hope this helps.
Attached Image
Attached File(s)
File Type: mq4 P4L Clock.mq4   37 KB | 512 downloads
File Type: ex4 ant-GUBreakout_V.0.4.1.ex4   13 KB | 524 downloads
  • #693
  • Jun 22, 2009 6:35pm Jun 22, 2009 6:35pm
Thanks bro, i will try
"Buy on fear, sell on greed !!!
  • #694
  • Jun 23, 2009 12:47am Jun 23, 2009 12:47am
Yesterday's result.

Note: As I previously stated, Trading hours in Japan end at 8AM GMT for my trading.
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  • #695
  • Jun 23, 2009 4:17am Jun 23, 2009 4:17am
Quoting Leomeister
Petar,
Local times can be confusing so the critical period to determine is the beginning and end of the Asian session on your charts. This sets your session high and low breakout levels. These are 00:00 GMT - 09:00 GMT; nine, one hour bars.
The correct period for me is 00:00 GMT and 7:00 GMT the begin London session.
I work on 1 hour chart then I put 6:00 GMT
  • #696
  • Edited 9:00am Jun 23, 2009 8:40am | Edited 9:00am
Quoting Pierre
The correct period for me is 00:00 GMT and 7:00 GMT the begin London session.
I work on 1 hour chart then I put 6:00 GMT
It's a legitimate ongoing discussion as to which is most profit producing; to start trading at the beginning of the London session, or one hour later at the end of the Asian session. It would be beneficial to have a record kept of P/L for 0-6 GMT, versus 0-7 GMT, or 0-8 GMT. Paulus began the thread by using nine bars for the Asian session but opened it up for experimentation. Someday's its better to start looking for a breakout at 8, and on others you get whipsawed, and better to have waited till 9 GMT to begin.

For example today on the GBPUSD, you were better off to include the 7-8 GMT bar in the session range. If you stopped the session at 08:00 GMT (eight bars), the lower breakout level would had you enter a sell position which was then stopped out for a loss on a reversal to the 0% level.

IMO the bottom line is which session length produces the most pips. I don't know. I'll be interested in anyone's end of week comparison of P/L between the two session options. (7 bar vs. 8 bar vs. 9 bar, all beginning at 00:00 GMT).

Part of the confusion about when the Asian session begins and ends is due to the fact that the Forex runs 24/5. So it doesn't necessarily follow exactly the hours for the stock or commodities market. Since we're primarily interested to jump on board rising volume for this breakout method, the attached chart showing Forex activity on the EURUSD might be more helpful than using the stock/commodities market times.

If the major pairs follow the EURUSD, it would appear that the drop in overnight trading volume, begins to pick up beginning on the 6 hour GMT bar. The black numbers are EST, New York time.

In the end, comparing the trading records of P/L, will tell us which are the optimal session times, and length.
Attached Image
  • #697
  • Jun 23, 2009 9:41am Jun 23, 2009 9:41am
Nice chart...very helpful...thanks
  • #698
  • Jun 25, 2009 4:15am Jun 25, 2009 4:15am
Though week so far, but overall still profitable.

Just keep going and stick to the rules.

Do not try to do more than one trade per day. It will bite you in the back over time.

The pips will follow you.
  • #699
  • Jun 25, 2009 4:19am Jun 25, 2009 4:19am
Quoting matlobien
Though week so far, but overall still profitable.

Just keep going and stick to the rules.

Do not try to do more than one trade per day. It will bite you in the back over time.

The pips will follow you.
which pair are u trading?!
  • #700
  • Jun 25, 2009 5:11am Jun 25, 2009 5:11am
GU
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