0400-0700 GMT Breakout Strategy

Hi Smikester,

It is a little confusing. The author describes the end as the 07:00 GMT candle, but his charts show that he also includes 07:30 GMT candle.

But I believe later in the thread, he does justify this anomaly. I guess, I should include the 07:30 GMT candle also.

I think today isn't good day for this strategy. Market seems to be sideways.

is anyone using the EA, EA_FED_2?

In 1H TF both Ma's lines are crossing. I observed that when Ma lines are crossing the market is sideways

Hi Faxfxfx --- Smikester is of course right in his assertion. However, there have been various London or NY B/O strategies over the last five years or so.

Whilst this thread was initiated by Tasciy as a 4-7 GMT BO strategy I think Fed &Co have centered their thinking on 2-5 GMT (=3-6 BST) see post 698 for latest strategy update (ref Fed) .

People often have some time-zone confusion which is understandable. It's best to keep the thinking simple. At present 8am BST = 4pm Tokyo so this could form the basis of a Tokyo .v. London approach but Paris & Frankfurt one hour ahead of London confound matters. When London is GMT (>25th October) then it harmonises with the classic 4-7 (30) as I don't think Japan does WE/DST moves.

However, if you back test the charts (15m & 1h) it doesn't seem to make a massive difference which time band you choose between midnight -- 7am UK time though incorporating the first 30mins of the London session can do. IMO the important thing is to choose a time band and stick to it and then select your filters and TP's & S/L parameters and monitor performance. As your actually in "the smoke" you might want to think along the lines of when London traders get active (am) and set that as your cut off or do as Smikester says and incorporate the first 30 mins -- there is no right answer but just make sure you are consistent.

g/u looks too spiky I hate that, I might close it if I can get 10 pips at least and leave g/j

I am fine today ... 0-4 works ok.

GE.

do you use a buffer?

No. just 24 TP - green line

4 spread + 20

ge

Since everybody has such a difficult time with market hours here is a nice graphical market hour link..... you can set it to your computer time or to the time zone of your choice.... I hope this helps clear up the time frame issues.
MARKET HOURS

Nothing easier then use Time converter

http://www.timezoneconverter.com/cgi-bin/tzc.tzc


GE.

Oh contraire ..... that time converter is a pain in the ass..... graphics rule
Or you can try this one MARKET HOURS 2
I believe this is one of the main reasons FX is such a difficult market to trade (when it really is not), the lack of a uniform market time concept seems to be a real stumbling block to many. I have noticed this in virtually every thread when systems are talked about and the time of entry and or exits is brought up

hi all, bad day with g/u, I really didn't like the way it looked on my chart in first place based on my prev experience, it was too spiky, g/j made up for my loss, i m traling it now see how far Iwill get with it.

Guys I didn't choose 2-5 timeframe just because I was confused with timezone or can't get up in certain time. I choose it because it showed me that was the best time to break, with 2-5 I am able to catch those early breakouts if that happens that day. However I was confused with time zone where I thought that 5GMT was an 1 hour before London/Euro open, I have tryed the US open and i didn't like it, it would have winners but it would also have alot of failure, with my new rules I need to back test it again, may be I will switch it to that.

fed do you trade with an EA or do you trade manually?

I am mad at myself, I mean I have seen the same scene before, very identical and I still made the same mistake, I should of got out earlier from the g/u trade with a very smaller lose. I will not make this mistake again, I mean how many times can a person really make the same mistake? But when ever I think of then I start making mistakes after all I am still a newbe, I don't think a 5 year experienced trader would not make these stupid mistakes comparing to a 1.5 years.

manually, for some reason I don't trust EAs

Hi Fed -- I took the candle close entry below the box at 11am BST (6am EST) and promptly closed out with a 19 pip loss when the next 15 min candle closed back into the box. GBP/USD. I had reckoned the gap closure,box breech and engulfing candle was sufficient rationale to enter but obviously I was wrong and exited when my thinking was rendered invalid as I always do. Price seemingly could not penetrate the previous days low. I didn't trade the GBP/JPY today.

IMO the gap @ 8pm BST the previous evening( ie window in Candlestick parlance) was a significant factor and had a legacy effect throughout the UK morning session as it provided the floor of the box with the test/spike/hammer at 4am.

I was not implying that you were "confused " about what 2--5 represents and I agree with you that this specific time band seems very promising and I have now also adopted it .

Everyone is learning ... someone by the hard way .. (like me). I lost $5000 within a few weeks of my first trading weeks. Trying to find that amazing Holy Grail!! No money management, no trading plan, ... nothing, just a desire to be a billionaire today!

Someone by the "easy" way ... hehe .. first demo, money management, psychology, etc etc ... and then live.

Don't worry. You are for sure on the good road to become a profitable trader.



GE.

Does anyone know who makes this indicator? I got it off one of the london breakout threads and I like it. But I use ninja trader. I would like to see if the same developer of this indicator has it for ninja trader. any info would be much appreciated.