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  • #3,381
  • Jul 26, 2010 7:08am Jul 26, 2010 7:08am
Quoting Caillou
Stop at BE.... a good Monday
Yes FFT & London win NY tiny loss, good start
  • #3,382
  • Jul 26, 2010 7:25am Jul 26, 2010 7:25am
Still floating +24 pips from London!
  • #3,383
  • Jul 26, 2010 7:36am Jul 26, 2010 7:36am
Quoting bez3000
Still floating +24 pips from London!
You didn't move to breakeven then?
  • #3,384
  • Jul 26, 2010 7:48am Jul 26, 2010 7:48am
Arrrgh! Both EUR and GBP on both London and NY opens had no momentum at all! WTF?
  • #3,385
  • Jul 26, 2010 8:00am Jul 26, 2010 8:00am
Anyone is going to trade New Home Sales in 1 hour ?
  • #3,386
  • Jul 26, 2010 8:00am Jul 26, 2010 8:00am
Quoting DanUK
You didn't move to breakeven then?
I did but was a little late doing so.
  • #3,387
  • Jul 26, 2010 8:16am Jul 26, 2010 8:16am
Quoting bez3000
I did but was a little late doing so.
Closed out @ BE.
  • #3,388
  • Jul 26, 2010 9:15am Jul 26, 2010 9:15am
Quoting Wolf.
Followed Tonys thread off and on for a long time, so had a go myself this morning.

Live small test account, 5% risk on 2 pips sl, entry 1.29469.

So I'm still in with around +18.

London trade update:

Had to go out this morning so closed the trade +45.

My plan was to move the stop to +50 but missed my chance and felt that price would rise so decided to take the profit.

Anyway nice first trade.
Attached Image (click to enlarge)
Click to Enlarge Name: EU Cbbp 260710.jpg Size: 63 KB
  • #3,389
  • Jul 26, 2010 9:40am Jul 26, 2010 9:40am
If I was lucky enough to have had a floating 23 pips in profit 5 hours after London open by when almost everyone stopped out at b/e then i would close the trade in profit and pay for my subsequent trades.


This system is based on huge momentum from the LO and NY open

Quoting bez3000
Closed out @ BE.
  • #3,390
  • Jul 26, 2010 9:55am Jul 26, 2010 9:55am
How do I use this system on a 1 minute timeframe...I have MT4...plz explain..this is a very interesting system.
  • #3,391
  • Jul 26, 2010 10:16am Jul 26, 2010 10:16am
This is a fantastic thread: you get to see central banks and pigs trading simultaneously. The trough/position sizes keep widening.
  • #3,392
  • Jul 26, 2010 12:22pm Jul 26, 2010 12:22pm
Quoting aponte219
How do I use this system on a 1 minute timeframe...I have MT4...plz explain..this is a very interesting system.
Aponte, as soon as price starts moving (I prefer a little momentum) jump on board, you could open the tick chart as well in the market watch window, or just look at the price turning up or down, you don't really need a chart just go with the direction, the key thing is to try and get the stop to break even (0SL) asap. As soon as I enter I immediately right click on my open order and click the stop loss button, (The stop is saved from the previous trade), then start to adjust as price moves in your direction.

Price moved against me at NY open today quick, so by the time I hit the button I lost -3 but but my spread is 1.6.

PAJ
  • #3,393
  • Jul 26, 2010 2:32pm Jul 26, 2010 2:32pm
I will make it a habit openly to admit the mistakes I make.

Today's mistakes:

  1. I forgot to adjust to 0SL on the London opening, but I was lucky enough to capture 6 pips.
  2. I lost some pips on the New York opening. Why? I didn't treat my trading as a business. When the NY open was a fact, I was sitting on Facebook chatting with a friend. Feelings took control when I realized it had started, and in my desperate attempt to make up for my mistake I lost 2.9 pips.

  • #3,394
  • Jul 26, 2010 3:16pm Jul 26, 2010 3:16pm
Quoting knukk
I will make it a habit openly to admit the mistakes I make.




Today's mistakes:

  1. I forgot to adjust to 0SL on the London opening, but I was lucky enough to capture 6 pips.
  2. I lost some pips on the New York opening. Why? I didn't treat my trading as a business. When the NY open was a fact, I was sitting on Facebook chatting with a friend. Feelings took control when I realized it had started, and in my desperate attempt to make up for my mistake I lost 2.9 pips.


good corrections... don't settle for 6 pip take profit, it will take you hundreds of years to become a millionaire... and that is if you are in profit.... don't try to catch up on a late entry.... let it go and watch it fly in pain, don't worry.... 140 pips run like trains, you may miss one.... catch the next one the next day
Invest in alarm clocks
  • #3,395
  • Jul 26, 2010 3:23pm Jul 26, 2010 3:23pm
Quoting Dael
Arrrgh! Both EUR and GBP on both London and NY opens had no momentum at all! WTF?
it will happen very often, limit your losses and expect an explosive open soon... we haven't had one in a while and it's coming like a storm
Invest in alarm clocks
  • #3,396
  • Jul 26, 2010 3:24pm Jul 26, 2010 3:24pm
Quoting Paj
Aponte, as soon as price starts moving (I prefer a little momentum) jump on board, you could open the tick chart as well in the market watch window, or just look at the price turning up or down, you don't really need a chart just go with the direction, the key thing is to try and get the stop to break even (0SL) asap. As soon as I enter I immediately right click on my open order and click the stop loss button, (The stop is saved from the previous trade), then start to adjust as price moves in your direction.

Price moved against me at NY open today...

1.6 pip is unacceptable sorry
Invest in alarm clocks
  • #3,397
  • Jul 26, 2010 4:30pm Jul 26, 2010 4:30pm
hmmm...

Tony, do you read my backtest ?... If you put 140pips you missed all 4 big moves in last 2 month on London open...
I still cannot understand how you avoid slippage, but I think you push your sl as fast as possible to break even, hoping market won't return to the openprice...so you avoid slippage (and no chance missed on last 4 big moves).

Besides...statistically every 20th trade is a big move... ->chance risk is 1,5 to 2,5... but in practice tony may be make a much better CRR.

Jack
  • #3,398
  • Jul 26, 2010 5:11pm Jul 26, 2010 5:11pm
Quoting Tony112
don't try to catch up on a late entry.... let it go and watch it fly in pain, don't worry
A'ight

Tomorrow is filled with new chances, folks: Frankfurt, London and NY openings + CB Consumer Confidence. I cannot screen the NY opening because of an appointment with the dentist. Anyway, my take on this high reward to risk strategy is to be present at as many of these occasions as possible in order to harvest the true returns. Missing occasions may mean missing the golden ones. However, there is always a new day filled with occasions the following day. Thus, not being present when the strategy would harvest 100+ pips should not discourage us from being present the next time. There will be many more such golden opportunities to come. We will just have to be there as many times as possible and keep our heads cold.

Good night!
  • #3,399
  • Jul 26, 2010 6:19pm Jul 26, 2010 6:19pm
Hi Jackinthebox,

Did you test other pairs or just EU ?

I suppose any pair with USD in is going to move similarly if there is a "big" open move as most strong moves are correlated on all major pairs.

EU does not to retrace/retest as much as GU IMO, GU is always retesting SR points so I think it will retest more than EU.

Have you tested the beast GJ, that can move like crazy, it does have a wider spread but much bigger moves are common.

Interesting details, thanks for sharing
Money grows on the tree of persistence
  • #3,400
  • Jul 26, 2010 6:52pm Jul 26, 2010 6:52pm
Quoting JackintheBox
hmmm...

Tony, do you read my backtest ?... If you put 140pips you missed all 4 big moves in last 2 month on London open...
I still cannot understand how you avoid slippage, but I think you push your sl as fast as possible to break even, hoping market won't return to the openprice...so you avoid slippage (and no chance missed on last 4 big moves).

Besides...statistically every 20th trade is a big move... ->chance risk is 1,5 to 2,5... but in practice tony may be make a much better CRR.

Jack
''If you put 140pips you missed all 4 big moves in last 2 month on London open.....'' are you sure about it? if you feel comfortable of putting smaller TPs it's up to you... as long as you don't go below 80 pips..... the key is moving the SL to 0 as soon as you can
Invest in alarm clocks
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