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1 Minute open breakout

  • #1
  • First Post: Aug 2, 2010 1:12pm Aug 2, 2010 1:12pm
Hi Guys,

First of all i would like to state this is insprired by Tony's "big players" strategy however i didnt want to clutter his thread with variations as it happens often enough.

Entry is based after the first minute of either Frankfurt or London open in which ever direction the price breaks. SL is the opposite end of the 1 minute candle which is often never more then 10 pips! TP as ever this is still a work in progress but the theory is the same as tony's, we are looking for the market to move from the off and never return to your SL. It is possible to move you SL to BE very early leaving you with a free trade.

Currently I have been trailing my SL but as I dont have to time to constantly monitor the trade I am considering the idea of setting a TP of say 50 or possibly a daily support/resistance giving a great Risk/Reward.

You will be surprised how often it happens. Take a look at today london open GBP/USD, that is what Tony would call an epic win.

Anyway I look forward to any input.

Happy Trading!

p.s I have been taking 4 trades a day with this: Frankfurt and London open using Cable and EUR/USD.
  • #2
  • Aug 2, 2010 1:21pm Aug 2, 2010 1:21pm
rumpfank,

Thanks for your view of the London and Frankfurt opening strategy. Could you please explain what is the time that you are considering for London and Frankfurt opening? Is that exact time of opening or pre-market action, or ...? Many people considering differently, so I would like to know what is the time you are using in your strategy?

Thanks.



Quoting rumpfunk
Hi Guys,

First of all i would like to state this is insprired by Tony's "big players" strategy however i didnt want to clutter his thread with variations as it happens often enough.

Entry is based after the first minute of either Frankfurt or London open in which ever direction the price breaks. SL is the opposite end of the 1 minute candle which is often never more then 10 pips! TP as ever this is still a work in progress but the theory is the same as tony's, we are looking for the market to move from the off and never return to your SL....
  • #3
  • Aug 2, 2010 1:45pm Aug 2, 2010 1:45pm
Quoting rumpfunk
Hi Guys,

p.s I have been taking 4 trades a day with this: Frankfurt and London open using Cable and EUR/USD.
But for how long?
  • #4
  • Aug 2, 2010 1:55pm Aug 2, 2010 1:55pm
Great idea! I also thought variations on Tony's ideas would be of interest.

For what it's worth, you may find it interesting to take a look at my threads (one joint with Islander, both now asleep) on the same topic.

In my experience it isn't always the minute after the hour that is crucial and provides the perfect entry, but rather the period around the hour, say +- 5-10 minutes and sometimes more. And sometimes, in particular with cable you will have to wait until half an hour after FO for the "perfect entry."
  • #5
  • Aug 2, 2010 1:57pm Aug 2, 2010 1:57pm
Quoting glynnt
But for how long?
It is a new strategy for me as I am unable to monitor my trades throughout the day so it works well for me only trading the open.

I have been watching for the past few weeks only and last week was my first week live with it. The TP is still the issue last week I was taking 10 each trade or moving my stop to BE when + 10 for a free trade.

This is something that has a lot of logic as you are going with the inital volatility with minimum drawdown and potentially big gains which is why I brought the idea to the forum as hopefully we can move things forward together.

The open time I use are 07:00 gmt for FF and 08:00 gmt London.

Regards

Rump!
  • #6
  • Aug 2, 2010 2:01pm Aug 2, 2010 2:01pm
Hi Rumpfunk,

So you enter in the direction of the first min candle at the open of the second min candle ? And SL is the High/Low of the first candle or the open of the first candle?
  • #7
  • Aug 2, 2010 2:10pm Aug 2, 2010 2:10pm
Quote
You will be surprised how often it happens. Take a look at today london open GBP/USD, that is what Tony would call an epic win.

The 0700 GMT 1M candle closed down.
Beginning the next candle price broke upwards.
  • #8
  • Aug 2, 2010 2:13pm Aug 2, 2010 2:13pm
Quoting Caillou
Hi Rumpfunk,

So you enter in the direction of the first min candle at the open of the second min candle ? And SL is the High/Low of the first candle or the open of the first candle?
Hi there,

sorry I was in rush before when typing so probably didn't explain too well.

Here we go:

first trade of the day :- wait for 07:00 gmt 1 min candle to close, enter on the break of the high/low with SL the other side. Usually price is moving fast so it will normally be the next 1 min candle so you have to be fast especially trading 2 pairs. My broker doesn't allow a SL with 10 pips to current price so if I need to close I will often do it manually or when +10 stop will go to break even.

Same applies for london open. If the Frankfurt trade is still open I will close before London opens and begin again.

All the best.
  • #9
  • Aug 2, 2010 2:16pm Aug 2, 2010 2:16pm
[quote=billbss;3916664]The 0700 GMT 1M candle closed down.
Beginning the next candle price broke upwards.[/QUOT

I'm currently not at a screen but from memory it was the London open 08:00 gmt. Price broke above the opening 1 min and never returned, cha ching!
  • #10
  • Aug 2, 2010 2:19pm Aug 2, 2010 2:19pm
Quoting rumpfunk
Hi there,

sorry I was in rush before when typing so probably didn't explain too well.

Here we go:

first trade of the day :- wait for 07:00 gmt 1 min candle to close, enter on the break of the high/low with SL the other side. Usually price is moving fast so it will normally be the next 1 min candle so you have to be fast especially trading 2 pairs. My broker doesn't allow a SL with 10 pips to current price so if I need to close I will often do it manually or when +10 stop will go to break even.

Same applies for london open. If the Frankfurt trade...
Thanks Rumpfunk, IŽll try tomorrow on Frankfurt Open.....
  • #11
  • Aug 2, 2010 2:27pm Aug 2, 2010 2:27pm
Quoting Caillou
Thanks Rumpfunk, IŽll try tomorrow on Frankfurt Open.....
No problem good luck. I'm hoping to be around for both opens but may only make 1 tommrrow. To all who are Reading please observe for some time and hopefully you will see see some great risk/reward opportunities!
  • #12
  • Aug 2, 2010 2:29pm Aug 2, 2010 2:29pm
[quote=rumpfunk;3916674]
Quoting billbss
The 0700 GMT 1M candle closed down.
Beginning the next candle price broke upwards.[/QUOT

I'm currently not at a screen but from memory it was the London open 08:00 gmt. Price broke above the opening 1 min and never returned, cha ching!

London doesn't open at 0800 GMT, during the Summer.

It opens at 0700 GMT.

Frankfurt opens at 0600 GMT.
  • #13
  • Aug 3, 2010 12:22am Aug 3, 2010 12:22am
[quote=billbss;3916688]
Quoting rumpfunk


London doesn't open at 0800 GMT, during the Summer.

It opens at 0700 GMT.

Frankfurt opens at 0600 GMT.
Morning Guys,

Lets see what today brings,

As I said I had been following the trades with Tony's group who had maintained the London open at 08:00 GMT, I will look into this.

Volumes and movement seem very thin at 06:00.

I will be looking to open trades in 40 mins.
  • #14
  • Aug 3, 2010 1:03am Aug 3, 2010 1:03am
[quote=rumpfunk;3917447]
Quoting billbss

Morning Guys,

Lets see what today brings,

As I said I had been following the trades with Tony's group who had maintained the London open at 08:00 GMT, I will look into this.

Volumes and movement seem very thin at 06:00.

I will be looking to open trades in 40 mins.
Long on E/U, 0SL hit, a good begining......
  • #15
  • Aug 3, 2010 1:14am Aug 3, 2010 1:14am
[quote=rumpfunk;3917447]
Quoting billbss

Morning Guys,

Lets see what today brings,

As I said I had been following the trades with Tony's group who had maintained the London open at 08:00 GMT, I will look into this.

Volumes and movement seem very thin at 06:00.

I will be looking to open trades in 40 mins.
Hi RF,

I have to say that I am always a little confused about these 'open' strategies as what does 'open' mean? Given the time-scales I assume that it refers to the equity markets, as the London open is at 8-00 local time, (that is 8-00 GMT in the winter, or 7-00 GMT (8-00 BST) in the summer. However, unless it has changed all major European equity markets open and close at the same time, irrespective of the local time. Therefore the FF open is the same time as the London open.

If it refers to what time the main players enter the currency markets, then there is no 'fixed' open, it is mearly an approximate time the majority of traders are in the office.

Hope this helps and hasn't made extra confusion anywhere.

G-Man
  • #16
  • Aug 3, 2010 1:27am Aug 3, 2010 1:27am
Closed part GU +10 and EU +1.

Tony's thread also piqued my interest and likewise, that of my old partner Medici, who has already suggested that you may find useful ideas in our thread Islander and Medici trade the European open

http://www.forexfactory.com/showthread.php?t=214628

If you do your own research about the typical Price Action around the Frankfurt and London Opens, you should be able to improve on the results obtained from the ideas already suggested.

FYI I had slightly wider stops on my entries and was therefore able to hit my initial target in GU - the days open level - and manually exit EU for a small profit
Trading Levels with WRBs
  • #17
  • Aug 3, 2010 1:45am Aug 3, 2010 1:45am
Quoting Islander
Closed part GU +10 and EU +1.

Tony's thread also piqued my interest and likewise, that of my old partner Medici, who has already suggested that you may find useful ideas in our thread Islander and Medici trade the European open

http://www.forexfactory.com/showthread.php?t=214628

If you do your own research about the typical Price Action around the Frankfurt and London Opens, you should be able to improve on the results obtained from the ideas already suggested.

FYI I had slightly wider stops on my entries and was therefore...
The more I trade the opens, the more I like it. IŽll read your thread with lot of interest.......
  • #18
  • Aug 3, 2010 1:59am Aug 3, 2010 1:59am
Quoting Caillou
The more I trade the opens, the more I like it. IŽll read your thread with lot of interest.......

....as posted elsewhere....

LOL - didnt you just love the little stop sweep in the Euro - and the marubozo buy that followed http://cdn.forexfactory.com/images/s...im/winking.gif As for the Higher Low in Cable - that had Buy Me Now all over it, so it was rude not to! I closed the last part at the 5925 level and I'll buy the retrace - hopefully ~the 900 level....
Trading Levels with WRBs
  • #19
  • Aug 3, 2010 2:09am Aug 3, 2010 2:09am
Short at 1.3179, now SL at +2....free ride.....
  • #20
  • Aug 3, 2010 2:33am Aug 3, 2010 2:33am
Today, only E/U:
- FF: 0
- London: +2

IŽll try NY too, seems good.....
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