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  • #1,281
  • Jan 8, 2010 4:12am Jan 8, 2010 4:12am
The GU hour candle before London open closed just above an R level, so I was looking for a big 5 sec bull candle. 2 minutes into London, an 8 pip bull candle formed, but there was no follow up, so I didn't take the trade at that time. However, because of the hour candle that closed above the resistance, I felt it was very probable that price would continue up, but if I went long it would require a wider stop and not have that amazing RRR Tony's system offers. So after price pulled back to the open, I reduced my lot size to half, entered long and set my stop at 30 pips and tp for 60, i.e. 1:2 RRR. I'm now out with 60 pips profit, but since it was half the lot size, I count it as 30 pips. Ozzy my mate, let's see if next week offers better setups for this system. Nice weekend Tony et al.
  • #1,282
  • Jan 8, 2010 4:46am Jan 8, 2010 4:46am
Nice work, yeah from what I saw it's as choppy as can be but the players are waiting for NFP to take positions
  • #1,283
  • Jan 8, 2010 7:58am Jan 8, 2010 7:58am
i like it, thank you Tony for this nice thread !!
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  • #1,284
  • Jan 8, 2010 11:17am Jan 8, 2010 11:17am
Ideal day today !!!

the first trade whe should take :
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  • #1,285
  • Jan 8, 2010 11:20am Jan 8, 2010 11:20am
the second
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  • #1,286
  • Jan 8, 2010 11:24am Jan 8, 2010 11:24am
the 3rd
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  • #1,287
  • Jan 8, 2010 12:43pm Jan 8, 2010 12:43pm
Mate? 5sec charts here not m1? Did you get the wrong thread
  • #1,288
  • Jan 8, 2010 1:32pm Jan 8, 2010 1:32pm
Quoting Sim
Mate? 5sec charts here not m1? Did you get the wrong thread
My broker doesn't allow 5 sec charts, so i found this method very interesting and tested it today with my 1 min chart.
I think the concept is the same (waiting for a tall candle an go) and it is very promissing.
Sorry if i'm not on the good thread...
  • #1,289
  • Jan 8, 2010 1:56pm Jan 8, 2010 1:56pm
Haha I see I just thought u meant it to be in m1 only thread??

But yeah did you trade them? It's easy to look over and see the good entries but m1 relies a bit more skill..you get ALOT of fakeouts,, yesterday there was a 13pip drop in an uptrend and someone with an orderbook using UBS told me it was a HSBC selloff...with 5sec it's just beautiful and most times you know that odds are of a decent move
  • #1,290
  • Jan 8, 2010 2:34pm Jan 8, 2010 2:34pm
Don't you think with 5sec, you will have only 1 or 2 entry in a day ?

Do you trade only london open ?

I think with 1 min, we 'll have more 10 pips candles, especially with GU.Of course, some will be fake out, but the others can go far if you hold the position untill the break of the trend line , as i show today...
I hope so, i don't really know because it is my first day with such micro TF...
  • #1,291
  • Jan 8, 2010 3:01pm Jan 8, 2010 3:01pm
Yep but problem is a 5sec 10pip candle shows a big player entering, sorta tony's principle here... m1 10pip candle means nothing. 60/5 there are 12 5sec candles within a m1 bar, so it's a different ball game altogether.

I wake up for frankfurt and have m1 and 5sec open yes but haven't looked at 5sec this week because of choppiness
  • #1,292
  • Jan 10, 2010 4:42am Jan 10, 2010 4:42am
Quoting Aaron
Hey mate, please note that I just heard and haven’t verified this to be true. However, it is absolutely true that there is usually more volume in the middle of the week and less on Mondays and Fridays. And correct me if I’m wrong, it’s volume we need to see more of those 10 pip candles. About the middle of the month having more volume, I hope someone knowledgeable can verify, because this first week of the year sucked, at least for me....
Hi Aaron, volume is not necessary to form a 10 pip candle.

In any moment market is moved by difference between sell and buy orders, what we need is a big difference here. 10+ pip candle is considered as an entry of a large order which will move substantially the market.

In periods of low wolume [between sessions for example] even "not so large" order will move the market - this technique is frequently used by central banks during interventions.
  • #1,293
  • Jan 10, 2010 7:23am Jan 10, 2010 7:23am
There must be volume for a 10 pip candle (with follow up) to form at the onset of London open, the time when this system is best applied. Outside market hours is a different story. Without sentiment, few big players will jump in. Sentiment is created by volume and volume is created by sentiment. And then you have the news releases/world events of course. At the beginning of this year, there was not much volume and sentiment, thus we did not experience many 10 pip bars. This week I only saw two big 5 sec candles: one 12 pip candle after a breakout that gave me 11 pips and one 15 pip candle created by thomson reuters subscribers 2 minutes before a news release that resulted in 20 pips. I took some other trades based on chart patterns and S & R, but this specific system did not do well this week for me. Anyway, now the NFP has been released and hopefully there should be some volume next week. Good trading my friend!
  • #1,294
  • Jan 14, 2010 2:32am Jan 14, 2010 2:32am
Its been close to 2 weeks into 2010 and the markets still feel like they're on vacation. Really haven't seen any good setups in January. The GBP and euro just dont seem to be moving with the volatility Im used to. Hopefully this is just a temporary thing or Im going to have to come up with another strategy.
  • #1,295
  • Jan 14, 2010 2:34am Jan 14, 2010 2:34am
Yeah, still fun to trade though as opposed to xmas boredom!
  • #1,296
  • Jan 16, 2010 3:43pm Jan 16, 2010 3:43pm
Hello all

Just my personal insight for the last week.

I watched at least 30minutes of london open everyday (almost 2 hours everyday except wed & fri).

There was no 10 pip movement. Any thoughts on why?

pipEASY
  • #1,297
  • Jan 16, 2010 4:18pm Jan 16, 2010 4:18pm
I heard no big positions will be taken till feb... annoying because the same people were saying NFP would do the trick
  • #1,298
  • Jan 16, 2010 4:28pm Jan 16, 2010 4:28pm
Quoting pipEASY
Hello all

Just my personal insight for the last week.

I watched at least 30minutes of london open everyday (almost 2 hours everyday except wed & fri).

There was no 10 pip movement. Any thoughts on why?

pipEASY
January is probably the hardest month to trade after November and December. Its a new year, not enough economic indicators, election looming (UK), banks and other financial institutions are looking to Asia for market analysis, some Eurozone countries may go bust, nothing major happening on the global interest rate differentials between zones.

The markets are just being over cautious which is normal for January.

Scoobs.
  • #1,299
  • Jan 18, 2010 5:13am Jan 18, 2010 5:13am
Quoting scooby-doo
January is probably the hardest month to trade after November and December. Its a new year, not enough economic indicators, election looming (UK), banks and other financial institutions are looking to Asia for market analysis, some Eurozone countries may go bust, nothing major happening on the global interest rate differentials between zones.

The markets are just being over cautious which is normal for January.

Scoobs.

Thanks for the info.
  • #1,300
  • Jan 18, 2010 5:19am Jan 18, 2010 5:19am
Quoting pipEASY

I watched at least 30minutes of london open everyday (almost 2 hours everyday except wed & fri).

There was no 10 pip movement. Any thoughts on why?
Could it be because 10-pip moves on the 5sec chart specifically at the London open are quite rare?
"If The Fool persists in his Folly he will become wise." - William Blake
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