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1 Minute open breakout

  • #21
  • Aug 3, 2010 2:47am Aug 3, 2010 2:47am
Quoting Islander
....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....

and I did, TPs 5959 & 5975....http://cdn.forexfactory.com/images/icons/icon12.gif

Remember that the big players always Buy Low and Sell High and that's what this morning's London Open move was all about...
Trading Levels with WRBs
  • #22
  • Aug 3, 2010 3:25am Aug 3, 2010 3:25am
[quote=G-Man;3917532]
Quoting rumpfunk

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...
Correct,

I guess its based on the activity which usually kicks off a 07:00GMT so it may be an idea to use this as the start.
  • #23
  • Aug 3, 2010 3:36am Aug 3, 2010 3:36am
Sorry guys I was away in meetings this morning so only had chance to enter the Frankfurt open but after a discussion with my broker he confirmed that it it cant really be split into specific open times e.g Frankfurt/London so we potentially have have an issue defining where we are looking for the market to make a big move from the off.


Looking at EUR/USD we were able to take a BE trade.

GBP/USD gave a BE trade at 07:00 and allowed us to bank some pips at 08:00.

But i am now questioning which 1 Min candle we use as out boundries.
  • #24
  • Aug 3, 2010 4:34am Aug 3, 2010 4:34am
[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.

I'm posting Tony's rules, below.

As you can see, he says London opens at 3 AM EST.

3 AM EST = 8 AM London time

8 AM London = 0700 GMT during the Summer.

In short

London open (according to Tony) = 0700 GMT.
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  • #25
  • Aug 3, 2010 4:42am Aug 3, 2010 4:42am
[quote=billbss;3918153]
Quoting rumpfunk


I'm posting Tony's rules, below.

As you can see, he says London opens at 3 AM EST.

3 AM EST = 8 AM London time

8 AM London = 0700 GMT during the Summer.

In short

London open (according to Tony) = 0700 GMT.
Apologies that is my mistake then by seeing people trading there at 08:00gmt.

So we are safe to aasume trades are only to be taken 07:00GMT

Regards

Rump.
  • #26
  • Aug 3, 2010 5:27am Aug 3, 2010 5:27am
[quote=rumpfunk;3918178]
Quoting billbss

Apologies that is my mistake then by seeing people trading there at 08:00gmt.

So we are safe to aasume trades are only to be taken 07:00GMT

Regards

Rump.
It will always open 8AM London time.

During the Winter that will be 0800 GMT.
During the Summer, it will be 0700 GMT.
  • #27
  • Aug 3, 2010 11:28am Aug 3, 2010 11:28am
Hi everyone, great read and great strategy.
My only issue, is the 8:00 GMT time. I live in EST time zone, and 8:00GMT is like 3:00am for me...when I have to get up for work at 5:30am, there's no way I'd be up to trade either the FF or the UK.

Saying that, how about coding an EA that will take into account all those rules?
Is something like that even remotely possible?
  • #28
  • Aug 3, 2010 12:01pm Aug 3, 2010 12:01pm
Quoting windsorftw
Hi everyone, great read and great strategy.
My only issue, is the 8:00 GMT time. I live in EST time zone, and 8:00GMT is like 3:00am for me...when I have to get up for work at 5:30am, there's no way I'd be up to trade either the FF or the UK.

Saying that, how about coding an EA that will take into account all those rules?
Is something like that even remotely possible?
yes to be honest I was hoping someone could code an EA although I am not a fan of using EA's to trade it would provide some backtest results.

i find the 08:00 is a key time for the trade however you could possibly adopt the strategy to Indicies e.g trade the Dow 1 Min open but this is another subject.

Regards

Rump.
  • #29
  • Aug 6, 2010 12:06am Aug 6, 2010 12:06am
here link time converter : http://forex.timezoneconverter.com/i...?timezone=GMT;
  • #30
  • Aug 6, 2010 5:04am Aug 6, 2010 5:04am
No Offense Brothers !!! I appreciate sincere workout !!! BUT the harsh truth is that This strategy will also give you losses ... WHY ? Because I have seen and applied I think more than 200 strategies found here on FF ... All have the same problem ...

WHAT is the BIGGEST Problem in making profit ?

Have we ever thought about it?

Why we switching and making new and new strategies ?

What is the SUPER CHAOS? What is the hidden Rhythm in markets ?

What is the solution in One Line?

If there is any strategy that gives you atleast 100 pips in average monthly ... It would be consider as a near to HOLYGRAIL ...

WHY WHY WHY ??????

Why We cannot find average consistent profit with 70% Success ?

I am sick of trying, switching, applying strategies .... Is there a single strategy ??????????

BOTTOMLINE >>> Is there any single Strategy that is very popular and giving really 70% average profit ? NO NO NO NO NO !!!!! WHY WHY WHY ?

MAY BE YOU ARE NOT !!! BUT I AM STILL A LOOSER !!!
The HolyGrail is within your BRAIN ... Activate that Indicator !!!
  • #31
  • Aug 10, 2010 2:25am Aug 10, 2010 2:25am
Eur/Usd long trade +10 pips (risk was 6 pips)

back at 13:00 gmt.
  • #32
  • Aug 10, 2010 7:27am Aug 10, 2010 7:27am
Eur/Usd short +10 pips (with a 2 pip risk).

See you tommorrow.
  • #33
  • Aug 12, 2010 9:03am Aug 12, 2010 9:03am
Quoting rumpfunk
Eur/Usd short +10 pips (with a 2 pip risk).

See you tommorrow.

this appears to be the same as your 30 min high / low system ?

if we trade at 8.00am london time, is that the same as london open (7.00 am gmt) ?

so we look for the first 8.00am 1 min candle. after that closes, we enter trade on the next 1 min candle provided that breaks either the high / low of the last 1 min candle. is that correct. but when do we close the trade ?

after this, when will we enter the next trade ?
  • #34
  • Aug 12, 2010 10:42am Aug 12, 2010 10:42am
The swing low/high of the day is often created within the first 60minutes of the euro session. Big positions are created and managed later on. Now..how can you use this information? Can the low/high be anticipated? Is momentum the strongest within the first 15minutes? Should you trade the fade/flip/breakout? Given those are the three most common scenario's, a 2 pip sl is counter-productive as perfectly valid p.a. can take you out of a winning trade.

Hope this helps. Have fun.
  • #35
  • Aug 13, 2010 12:21am Aug 13, 2010 12:21am
Quoting randomperson
The swing low/high of the day is often created within the first 60minutes of the euro session. Big positions are created and managed later on. Now..how can you use this information? Can the low/high be anticipated? Is momentum the strongest within the first 15minutes? Should you trade the fade/flip/breakout? Given those are the three most common scenario's, a 2 pip sl is counter-productive as perfectly valid p.a. can take you out of a winning trade.

Hope this helps. Have fun.

Thanks,

However I only look for 10 pips from each open so risk/reward is great!
  • #36
  • Aug 13, 2010 12:45am Aug 13, 2010 12:45am
Iīll be ready for Frankfurt Open, letīs see.....
  • #37
  • Aug 13, 2010 1:02am Aug 13, 2010 1:02am
Very big candle at Frankfurt Open with news, letīs wait to London Open....
  • #38
  • Last Post: Aug 13, 2010 1:04am Aug 13, 2010 1:04am
I will be trading the london open in 1 hour.

Be aware Euro econoomy figures are out this morning so we could see a few spikes, dont get caught out.
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