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  • #2,161
  • Edited 6:25pm May 12, 2010 4:40pm | Edited 6:25pm
Nobody takes this trade today??

it was a 9 pips candle on 5 sec chart...

i've done something again the rule or this is only a bad trade??

and the first is of yesterday

the first was better because than it goes around 100 pips of profit but take the sl first...:-(..it was made on the 11th of may...

thanks for any advice
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  • #2,162
  • May 12, 2010 6:49pm May 12, 2010 6:49pm
Quoting andrea182
Nobody takes this trade today??

it was a 9 pips candle on 5 sec chart...

i've done something again the rule or this is only a bad trade??

and the first is of yesterday

the first was better because than it goes around 100 pips of profit but take the sl first...:-(..it was made on the 11th of may...

thanks for any advice
you gotta trade the open, after news, or when some support/resistance level is broken. Can't enter randomly when a big bar appears.
  • #2,163
  • May 12, 2010 7:45pm May 12, 2010 7:45pm
Quoting andrea182
Nobody takes this trade today??

it was a 9 pips candle on 5 sec chart...

i've done something again the rule or this is only a bad trade??

and the first is of yesterday

the first was better because than it goes around 100 pips of profit but take the sl first...:-(..it was made on the 11th of may...

thanks for any advice
What time of day was this?
  • #2,164
  • Edited 5:18am May 13, 2010 5:01am | Edited 5:18am
it was 1 hour after the open of ny session i'm gmt+3...

i want only to understand better the strategy...

i'm trying the strategy on eurjpy and i find a signal one hour and 40 minut after london open it takes the be but after takes about 90 pips...

thanks
  • #2,165
  • May 13, 2010 3:28pm May 13, 2010 3:28pm
I downloaded the tick data for both GU and EU from OANDA.

I analysed everything for entire 2009 and some 2010 and found it very difficult to trade this method as a system. Pretty much these >7 pip spike are completely random.

Most of the time they stop you out, when they move your way >10 pips they later on end up stopping you out. Very rarely do you get a large spike at the London/ NY open that ends up working out.

I tried testing this method out under various conditions such as

Trading the Frankfurt, London and NY Open
When a resistance/support level is broken
When it approaches a psychological number.

My findings are completely random.

There are times that a large spike can work however they are rare.

And yes I read this thread from start to finish two times already.
  • #2,166
  • May 13, 2010 10:42pm May 13, 2010 10:42pm
Quoting adaseb
I downloaded the tick data for both GU and EU from OANDA.

I analysed everything for entire 2009 and some 2010 and found it very difficult to trade this method as a system. Pretty much these >7 pip spike are completely random.

Most of the time they stop you out, when they move your way >10 pips they later on end up stopping you out. Very rarely do you get a large spike at the London/ NY open that ends up working out.

I tried testing this method out under various conditions such as

Trading the Frankfurt, London and NY Open
When a resistance/support...
A lot of times you do get stopped out, but that's what the huge risk/reward ratio is used for. Also, a lot of the big 5 second bars are random. That's why you want to focus on the ones around psych levels and breakouts from resistance and support. On top of that, most of the stops are hit at break even, meaning you're risking nothing for a 120 pip gain.

You may have read through the thread, but I don't think you understand all of the benefits of this method.
  • #2,167
  • May 14, 2010 1:43am May 14, 2010 1:43am
Quoting datugman
A lot of times you do get stopped out, but that's what the huge risk/reward ratio is used for. Also, a lot of the big 5 second bars are random. That's why you want to focus on the ones around psych levels and breakouts from resistance and support. On top of that, most of the stops are hit at break even, meaning you're risking nothing for a 120 pip gain.

You may have read through the thread, but I don't think you understand all of the benefits of this method.

I know I typically wanted to just enter at the london/ny open with a large >7 candle. However it seems rare to even get in a trade that lets you out at breakeven.

I will keep anaylsing this data still, maybe I will notice something
  • #2,168
  • Edited 5:01am May 14, 2010 3:57am | Edited 5:01am
Today again bad signal??

i think it was near a resistence but it takes again a sl...:-(

and one more question...what are Psychological level??
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  • #2,169
  • May 14, 2010 5:42am May 14, 2010 5:42am
Hey!
I didn't read the whole thread as its a realy long!
But i am going to! It's an really interesting system or method.

I thought only about one thing during read this thead.

Maybe this system could be improved by using Multi-Tick charts? Because i think you could see the price flying away really fast.

But i ve not tryed it! Only one idea!
  • #2,170
  • May 14, 2010 9:20am May 14, 2010 9:20am
Quoting andrea182
Today again bad signal??

i think it was near a resistence but it takes again a sl...:-(

and one more question...what are Psychological level??
There are like hundreds of those bad signals.

Only a small handful are good signals.
  • #2,171
  • May 15, 2010 12:56am May 15, 2010 12:56am
Quoting andrea182
Today again bad signal??

i think it was near a resistence but it takes again a sl...:-(

and one more question...what are Psychological level??
As you get more experience, you'll learn to filter trades better. You'll see plenty of 8+ pip candles everyday on certain pairs. Only a few will work out.
  • #2,172
  • May 15, 2010 7:06am May 15, 2010 7:06am
Quoting stinger88
As you get more experience, you'll learn to filter trades better. You'll see plenty of 8+ pip candles everyday on certain pairs. Only a few will work out.
i've to study much more in order to undestand better this system...

i've one more question:

we must see the chart only when london open and when ny open or everytime when a >8pip bar appear near a resistence/support?

someone have tried other pair then gbpusd and eurusd??
  • #2,173
  • May 15, 2010 9:38am May 15, 2010 9:38am
Quoting andrea182
i've to study much more in order to undestand better this system...

i've one more question:

we must see the chart only when london open and when ny open or everytime when a >8pip bar appear near a resistence/support?

someone have tried other pair then gbpusd and eurusd??
I prefer to stick to just the london and new york open as I've found these times tend to have more successful moves. Its a personal choice. I consider you the times you trade as one form of a filter.
  • #2,174
  • May 16, 2010 6:03am May 16, 2010 6:03am
Quoting stinger88
I prefer to stick to just the london and new york open as I've found these times tend to have more successful moves. Its a personal choice. I consider you the times you trade as one form of a filter.
if we see the first candle >8 pips on london or ny open we see the direction of the market in the next hour...but sometimes that's not the perfect entry in the market....
  • #2,175
  • May 16, 2010 10:11am May 16, 2010 10:11am
Quoting andrea182
if we see the first candle >8 pips on london or ny open we see the direction of the market in the next hour...but sometimes that's not the perfect entry in the market....
yeah its not as simple as taking the first 8+ pip candle you see in the open of either market.....that's a recipe for trouble.
  • #2,176
  • May 16, 2010 9:41pm May 16, 2010 9:41pm
we are currently witnessing signs of the end of the world on gbp usd
Invest in alarm clocks
  • #2,177
  • Edited 5:47am May 17, 2010 1:54am | Edited 5:47am
Quoting Tony112
we are currently witnessing signs of the end of the world on gbp usd
why???

today there was 2 signal:
-7 minute after london open on gbpusd -->sell
-13 minute after london open on gbpusd -->buy

what was to take??
  • #2,178
  • May 17, 2010 6:25am May 17, 2010 6:25am
Quoting andrea182
why???

today there was 2 signal:
-7 minute after london open on gbpusd -->sell
-13 minute after london open on gbpusd -->buy

what was to take??
did they work out?
  • #2,179
  • May 17, 2010 6:42am May 17, 2010 6:42am
if we put a sl of 3 pips we take always a sl...but if we put a sl of 20 pips on the first sell we take a tp of 70 pips...
  • #2,180
  • May 17, 2010 6:52am May 17, 2010 6:52am
Quoting andrea182
if we put a sl of 3 pips we take always a sl...but if we put a sl of 20 pips on the first sell we take a tp of 70 pips...
Both those trades you identified had no price action follow through, which is what you need to look for. Taking any 8+ pip candle just because it is in the open is a quick way to lose a lot of money.
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