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EUR/GBP Trendmagic System

  • #4,701
  • Aug 3, 2010 7:09am Aug 3, 2010 7:09am
During the last few weeks that I've studied and tested this system, I've noticed that the official London open time (7:00 GMT) is not the best time to get in the market as the first move of a swing has usually already started at around 6:30 GMT or in some cases, 6:00 GMT (Frankfurt open). The start of the trading day is something that is an integral part to this and for any other smaller timeframe intraday strategy. Am I alone in this or have others noticed a similar thing? Furthermore, does anyone have any suggestions as to what should or could be done about it? Starting a little earlier would be fine, but when exactly? I would be glad to hear your thoughts on this.

Chris
If you don't risk, you don't ever have to lose.
  • #4,702
  • Aug 3, 2010 7:32am Aug 3, 2010 7:32am
Quoting bug
During the last few weeks that I've studied and tested this system, I've noticed that the official London open time (7:00 GMT) is not the best time to get in the market as the first move of a swing has usually already started at around 6:30 GMT or in some cases, 6:00 GMT (Frankfurt open). The start of the trading day is something that is an integral part to this and for any other smaller timeframe intraday strategy. Am I alone in this or have others noticed a similar thing? Furthermore, does anyone have any suggestions as to what should or could...
It have been like that for some time now trend starts after Frankfurt opens and if you wait till London opens you might miss nice start but again the market will be here today, tomorrwo and day after tomorrow so if you miss first part of trading then wait till you get another change to get into a market. But again I used to start also when London opened but now I start my trading with Frankfurt and I find it easyer to start then.

Kristjan
  • #4,703
  • Aug 3, 2010 7:43am Aug 3, 2010 7:43am
Quoting bug
Starting a little earlier would be fine, but when exactly? I would be glad to hear your thoughts on this.
Chris
I think it depends on the pairs that you trade, too. I trade EY and EU only, and I mostly look for trades during three time periods: 7-8 GMT, 11-12 GMT and 14-15 GMT.
I quit trading between Frankfurt and London open because there were too many false moves.
As my target is 30-40 pips per day, it is not a problem to miss most of the moves. The only important thing is to catch what belongs to me
  • #4,704
  • Aug 3, 2010 11:17am Aug 3, 2010 11:17am
I have noticed the same thing and therefor adjusted my charts to a way that I get alarmed when an hour before Frankfurt it gets time to expect interesting moves.

Then when London opens, it looks to me like tea time there, as the first hour or so there is not really a big move, like the fellows there are doing other stuff then to get open the bandwagon.

One thing I tell my students:
you don't really need more then 20 pips/day, so if you got them, walk away, as there is where the greed starts and the extended swimming with the sharks opens the option to getting bitten and you lose what you already made.
  • #4,705
  • Aug 3, 2010 1:24pm Aug 3, 2010 1:24pm
Quoting bug
During the last few weeks that I've studied and tested this system, I've noticed that the official London open time (7:00 GMT) is not the best time to get in the market as the first move of a swing has usually already started at around 6:30 GMT or in some cases, 6:00 GMT (Frankfurt open). The start of the trading day is something that is an integral part to this and for any other smaller timeframe intraday strategy. Am I alone in this or have others noticed a similar thing? Furthermore, does anyone have any suggestions as to what should or could...
This is a difficult question and one I have looked at long and hard.. we either have to ignore it and start at our usual time mine being 8am Uk time or try to find a fix..

One way is to place a horizontal line on the high of the and low of Frankfurt range..open a trade only when the 1st TM signal breaks and closes above the line today for example was easy as the 1st signal broke and closed above the high of Frankfurt see the 1st chart

We now apply this to yest please see 2nd chart

Paulus
Attached Image(s) (click to enlarge)
Click to Enlarge Name: frankfurt filter.gif Size: 24 KB
Click to Enlarge Name: frankfurt filter 2.gif Size: 25 KB
  • #4,706
  • Aug 3, 2010 1:56pm Aug 3, 2010 1:56pm
as you can see on this day we had no valid 'in' signal as Tm triggered in the Asian session and it just kept going way before our start time

Using the Frankfurt filter we could of entered on the close above the High as long as TM and BB agreed

just a thought and gain 17pips or than zero
Attached Image (click to enlarge)
Click to Enlarge Name: frankfurt filter3.gif Size: 20 KB
  • #4,707
  • Aug 3, 2010 2:20pm Aug 3, 2010 2:20pm
Paulus
Tks for this great thread and for sharing ...
I think I can see some valid entries (vertical green lines)
But may be I am missing something.
Tks
David

Quoting Paulus
as you can see on this day we had no valid 'in' signal as Tm triggered in the Asian session
Attached Image (click to enlarge)
Click to Enlarge Name: 3 aug eu tm.png Size: 29 KB
  • #4,708
  • Aug 3, 2010 4:06pm Aug 3, 2010 4:06pm
hi

yes your right I was talking about the start of the trading session

TM and BB was already blue at 8am uk time we need it to go red then blue in our trading window

cheers
P
  • #4,709
  • Aug 3, 2010 6:00pm Aug 3, 2010 6:00pm
Quoting Paulus
One way is to place a horizontal line on the high of the and low of Frankfurt range..open a trade only when the 1st TM signal breaks and closes above the line today for example was easy as the 1st signal broke and closed above the high of Frankfurt see the 1st chart
I was already in the process of checking ATR to determine an optimal start to the trading day but this looks much better as the ATR really didn't give any consistent results. I will definitely look into this. Thank you for pointing this out.

However, this brings up another question - is it possible to have two GU-breakout indicators on the chart? I tried putting two of them on the chart, but one just cancels the other. I also tried copying the indicator and having the second one with a different name, but to no avail. Any suggestions?
If you don't risk, you don't ever have to lose.
  • #4,710
  • Aug 3, 2010 9:45pm Aug 3, 2010 9:45pm
Quoting bug
I was already in the process of checking ATR to determine an optimal start to the trading day but this looks much better as the ATR really didn't give any consistent results. I will definitely look into this. Thank you for pointing this out.

However, this brings up another question - is it possible to have two GU-breakout indicators on the chart? I tried putting two of them on the chart, but one just cancels the other. I also tried copying the indicator and having the second one with a different name, but to no avail. Any suggestions?
Try one of these:
(You'll have to manually draw in the H/L, as in extend them, but it'll give you right times.)
Attached File(s)
File Type: mq4 i-ParamonWorkTime-3Times.mq4   5 KB | 528 downloads
File Type: mq4 i-Sessions-01.mq4   6 KB | 494 downloads
File Type: mq4 i-Sessions-02.mq4   6 KB | 508 downloads
  • #4,711
  • Aug 3, 2010 10:07pm Aug 3, 2010 10:07pm
Quoting angus
Or you could just save the GU breakout indy under another name, like "ant_GU_breakout[a].mq4" and "ant_GU_breakout[b].mq4" for example.
That's exactly what I did, but it didn't work. Does it work on your MT4?
If you don't risk, you don't ever have to lose.
  • #4,712
  • Aug 3, 2010 10:13pm Aug 3, 2010 10:13pm
Quoting bug
That's exactly what I did, but it didn't work. Does it work on your MT4?
Yes it did. Don't forget to change the "Indy Number".
Attached Image (click to enlarge)
Click to Enlarge Name: ant_gu.gif Size: 21 KB
  • #4,713
  • Aug 4, 2010 3:51am Aug 4, 2010 3:51am
Quoting angus
Yes it did. Don't forget to change the "Indy Number".
I did all that and it still didn't work out. Interestingly enough, it did work on my other MT4 (demo) platform. I'll try to work out a way to solve it. Many thanks for your patience and advice.
If you don't risk, you don't ever have to lose.
  • #4,714
  • Aug 4, 2010 12:21pm Aug 4, 2010 12:21pm
Hello Paulus,

Is the BB macd indicator changing from colour during the day from red to blue and vice versa or must you wait when the new day starts at 00.00 ,
I want to use it at end of day.

dutchsignals
  • #4,715
  • Aug 4, 2010 12:50pm Aug 4, 2010 12:50pm
Quoting dutchsignals
Hello Paulus,

Is the BB macd indicator changing from colour during the day from red to blue and vice versa or must you wait when the new day starts at 00.00 ,
I want to use it at end of day.

dutchsignals
If you want to use this strategy at end of day (ie. evenings) you need to use a longer TF. You might get away with 4hour TF but ideally the daily TF.

P.S Ive been searching for a BB MACD alerter for intraday use - does anyone have one ??

Regards

D
  • #4,716
  • Aug 4, 2010 2:14pm Aug 4, 2010 2:14pm
Quoting dutchsignals
Hello Paulus,

Is the BB macd indicator changing from colour during the day from red to blue and vice versa or must you wait when the new day starts at 00.00 ,
I want to use it at end of day.

dutchsignals
Hi Dutch

If you want to use it end of day then you have to wait untill that days candle has finished before you enter a trade..ie midnight on the day of colour change

here is the last daily signal it may well of changed colour through out the day but at candle close midnight it was blue which matched the TM indicator

P
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 27 KB
  • #4,717
  • Aug 4, 2010 11:52pm Aug 4, 2010 11:52pm
Quoting bug
I did all that and it still didn't work out. Interestingly enough, it did work on my other MT4 (demo) platform. I'll try to work out a way to solve it. Many thanks for your patience and advice.
I'm so stupid... I thought you were talking about the name of the indicator, when you actually meant the indi_number under inputs. Doh! It works fine now, thanks for all the help.
If you don't risk, you don't ever have to lose.
  • #4,718
  • Aug 5, 2010 12:04pm Aug 5, 2010 12:04pm
Ive been looking more and more at the 1min time frame its quick but if your organized and focused you can get the stops moved in time..

there is a product for MT4 called magic lines once your SL is set you simple move it up and down with your mouse to the new position and the coding does the rest and alters you ticket

here is the link http://www.magiclinesforex.com/

Cheers

P
  • #4,719
  • Aug 5, 2010 12:06pm Aug 5, 2010 12:06pm
I may be dropping the EURGBP from my trading

Its not been moving nice for a while now and gains on EUR/USD are being given back on GBP

Cheers

Paulus
  • #4,720
  • Aug 5, 2010 12:15pm Aug 5, 2010 12:15pm
Quoting Paulus
Ive been looking more and more at the 1min time frame its quick but if your organized and focused you can get the stops moved in time..

there is a product for MT4 called magic lines once your SL is set you simple move it up and down with your mouse to the new position and the coding does the rest and alters you ticket

here is the link http://www.magiclinesforex.com/

Cheers

P
Nice Paul I will check that out.

1min chart for EU seems like the way to go for day trading. Not been trading today but just looking back over the EU chart and what a day it has been.

Ive stopped looking at any other chart now and just focus on EU which seems to trend reliably on the 1min.

For me I am paying the main emphasis on the BBMACD colour change rather than the TM.

Regards

Dave
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