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  • #2,461
  • Jun 24, 2010 6:51am Jun 24, 2010 6:51am
Quoting mannai70
thanks for the reply and thanks for clearing that up.

so if I understand that correctly Tony basically enters in the direction of the first 5 sec candle during each of the london and new york sessions?

Now say for example you enter in the direction of the first 5 sec bar on the london session and your SL gets taken out, when will you enter again if you are going to? will it be back at the opening price level or something else?

thanks again
Hi mannai70;


The way I play it is to draw a horizontal line on the chart for the open of each of the main trading periods that is a line for Frankfurt 07.00BST, London 08.00BST & New York 13.00BST


Take for example the next opening of the day due in approx 10minutes (New York) draw the opening price line then add a pip buffer to both the buy side & the sell side of this line.

Only you can decide the buffer, as this dictates your stop loss as well as your re-entry in the opposite direction.

Regards,

BabeFX
  • #2,462
  • Jun 24, 2010 6:57am Jun 24, 2010 6:57am
I traded the London open off the first 15pip candle which came in around 1.4960, I entered at 1.49735 it then immediatly shot down to 1.4955, so I decided to use a 22 pip sl because it usually goes back up which it did for 29 pips and I checked out at around 1.5002, just as well because it shot back down again.
I tend to find these 15 pip candles on the open pretty reliable, however, they either continue fast in the same direction or you get sharp temporary reversal. Initially, on a 15 pip candle I hold off the sl until I'm in profit and then a trailing stop. For now this seems to work out quite nicely.
  • #2,463
  • Jun 24, 2010 7:07am Jun 24, 2010 7:07am
Hi Folks

Now New York Open.

I am already short Eur/Usd stop loss will be moved to B/E for a free trade.

If price starts to reverse I will either get out in profit or wait for a retest of my entry.

Simply.


Regards,


BabeFX.
  • #2,464
  • Jun 24, 2010 7:17am Jun 24, 2010 7:17am
Quoting morfisher
I traded the London open off the first 15pip candle which came in around 1.4960, I entered at 1.49735 it then immediatly shot down to 1.4955, so I decided to use a 22 pip sl because it usually goes back up which it did for 29 pips and I checked out at around 1.5002, just as well because it shot back down again.
I tend to find these 15 pip candles on the open pretty reliable, however, they either continue fast in the same direction or you get sharp temporary reversal....

Hi morfisher,

Yes I have tried placing my stop after entry. However,with this method it requires a stronger will & I can find I am in a losing trade that is quickly reducing my bottom line.

For me placing a stop loss & Take profit prior to entry is the safer method, small stops larger take profits Return to Risk ratio of at least 2/1 should keep me safe.

Regards,


BabeFX.
  • #2,465
  • Jun 24, 2010 8:54am Jun 24, 2010 8:54am
babefx

thanks for sharing your thoughts, they are very helpful

its very interesting to see the market move through the eyes of five second bars. it removes candlestick patterns and i feel that it is plausible to actually see orders placed by institutions on this time frame

in addition to the spread of the candle, if price is consolidating and is moving to one extreme of the range in a sharp direct manner and is just "floating" over to the other, could this illustrate professional accumulation?

some swing traders use breakout pull back continuation to place entry orders. if a retracement trend line breaks, wait for the pullback and place an entry just past the breakout extreme

does anyone do this on small time frames?

additionally, does anyone try to profit from profit taking? if price has been moving down without retracing to a confluence of say a round number and a pivot point, you place an order in the opposite direction of the move to catch profit taking, with a 10 pip sl and tp

just trying to brainstorm as i watch these 5 second bars
  • #2,466
  • Jun 24, 2010 11:35am Jun 24, 2010 11:35am
look at this guys this is amazingly beautiful it makes me wanna scream in joy like a faggot
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Invest in alarm clocks
  • #2,467
  • Jun 24, 2010 11:47am Jun 24, 2010 11:47am
yes I'm an currently screaming in joy like a faggot yes. indeed
Invest in alarm clocks
  • #2,468
  • Jun 24, 2010 11:47am Jun 24, 2010 11:47am
Inserted Video
Invest in alarm clocks
  • #2,469
  • Jun 24, 2010 1:44pm Jun 24, 2010 1:44pm
Anyone try using the high and low of the London and NY open on the 1 minute TF?
  • #2,470
  • Jun 24, 2010 2:28pm Jun 24, 2010 2:28pm
Quoting BJ1
Anyone try using the high and low of the London and NY open on the 1 minute TF?

Hi BJ1,

Yes. Take a look at my previous post ( 2461 I think) the one minute bar Hi/Lo formed in the first minute could make a sensible entry & stop level.


Regards,


BabeFX.
  • #2,471
  • Jun 24, 2010 3:04pm Jun 24, 2010 3:04pm
Quoting BabeFX
Hi BJ1,

Yes. Take a look at my previous post ( 2461 I think) the one minute bar Hi/Lo formed in the first minute could make a sensible entry & stop level.


Regards,


BabeFX.
Thanks for the reply BabeFX. I'm testing the method on E/U using the 1min TF for the three openings. I'm currently using a 3 pip buffer which still keeps the SL tight. If the SL is 10 pips and above, it's a "no trade" for me. My minimum TP is twice the amount of my SL to allow for at least a 2:1 R:R ratio but I'm really looking for 3-4x the amount of my stop.

Are you trading G/U using the method? I'm interested in the results using the first 5 sec bar as I haven't been able to test it yet.
  • #2,472
  • Jun 24, 2010 3:34pm Jun 24, 2010 3:34pm
Quoting BJ1
Thanks for the reply BabeFX. I'm testing the method on E/U using the 1min TF for the three openings. I'm currently using a 3 pip buffer which still keeps the SL tight. If the SL is 10 pips and above, it's a "no trade" for me. My minimum TP is twice the amount of my SL to allow for at least a 2:1 R:R ratio but I'm really looking for 3-4x the amount of my stop.

Are you trading G/U using the method? I'm interested in the results using the first 5 sec bar as I haven't been able to test it yet.

Hi BJ1,

I tend to stick with Eur/Usd.

Regards,



BabeFX
  • #2,473
  • Jun 24, 2010 3:53pm Jun 24, 2010 3:53pm
Hi BabeFx,

With your system, you place your orders (buy and sell) at the high/low of the first minute at the opening (Frankfurt, London, USA) + buffer (ie 3 pips) or only opening price + buffer ?

Thanks. I want to try it as soon as possible
  • #2,474
  • Jun 24, 2010 4:17pm Jun 24, 2010 4:17pm
notice a non-volatile time to trade
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Invest in alarm clocks
  • #2,475
  • Jun 25, 2010 1:27am Jun 25, 2010 1:27am
Mmmmm.. high/lows of the 1 minute. Well at ny close 24/06 the daily high eur/usd was 1.2388 and the low was 1.2261 therefore a short trigger would be around the 1.2388 and the long trigger around the 1.2261. I picked this up on FF and Merlin who is a pure genius explains alot about this theory, which tends to hold true. I nearly always make a note of high/low close everyday.
  • #2,476
  • Jun 25, 2010 4:37am Jun 25, 2010 4:37am
here is the trade gbpusd in mt4 m5 timeframe
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  • #2,477
  • Jun 25, 2010 7:00am Jun 25, 2010 7:00am
did you take that trade purely because it was a down bar and the first five minutes after open or? did you use the top and bottom of the five min bar as entry and stop?
Limitation is a creation of the mind
  • #2,478
  • Jun 25, 2010 11:00am Jun 25, 2010 11:00am
if there is a nice price action and rsi shows crossed means i will take trade
and not after 5 min ,but with 1 hour of london open
  • #2,479
  • Edited 1:42pm Jun 25, 2010 1:31pm | Edited 1:42pm
Oh my ... finally. Last two weeks were horrible , just 0SL's and SEVERAL stopouts that hurt my pocket. I guess I had bad luck or wasn't focused on what I was doing and day by day you loose your faith slowly.
No wonder forex is the hardest market , it can really stress you out if you let it get to you

So my result:
70 pips. Made a good profit and refreshed my faith and my bank roll.

Edit: Ahh yes and decision was made on 5 sec chart on my broker (not this MT4 demo window) because price traveled through the
top , that was built by the NY open that day pretty fast and powerful.

http://i46.tinypic.com/30kad69.jpg
  • #2,480
  • Jun 26, 2010 12:49pm Jun 26, 2010 12:49pm
I think this system that Tony has developed and shared with everyone is a little gem for newbie traders, newbie traders like myself tend to look at indicators and/or software, many give false signals that slowly nibbles away your money. For months I traded on demo using god knows how many different MA crosses alongside the rsi and cci etc. It all became stressful and so frustrating, I only use this method of Tony's alongside the daily high/low strategy, but I will only enter when I see these candles as descbribed by Tony. Great stuff, Tony, really thanks for this method.

I have just increased my amount with Oanda to £3,500 and will be trading this every day now whilst becoming a member elsewhere to learn the 'art'.

Phew!! At last I have a job, cheers Tony, trust you are well my friend.
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