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30 minute hi/low strategy

  • #1
  • First Post: Aug 9, 2010 2:58pm Aug 9, 2010 2:58pm
Good evening,

a strategy based around the 30 min chart with no inicators. A trade will be taken every 30 mins and will only be closed via TP or SL.

Trade eur/usd as you will have multilevel trades through the day so a low spread is key

first candle can be what time you decide but best to wait for some movment and direction so normally first 30 min candle will be 07:00gmt when things start moving. This candle will give you the basis of where the first entry will be.

First trade will be taken which is the break of either the high or the low of the previous candle. SL is opposite end of the previous candle or 15 pips max if the previous was a large candle. TP is 10 pips.

Next 30 min candle: repeat process. Leave any previous trades open to either hit tp or sl. You will have mutiple trades running at one time but will be moving with trend each time a trade is opened.

I'm hoping someone could create an EA as I'm sure it's very mechanical and straight forward to code.

Reagrds

Rump.

Next 30 min
  • #2
  • Aug 9, 2010 8:16pm Aug 9, 2010 8:16pm
What is the TP?

TK
IH - B221 Return Today: -0.2%
  • #3
  • Edited 10:55pm Aug 9, 2010 10:07pm | Edited 10:55pm
Quoting Vicente
What is the TP?

TK
He tells you in his post.http://www.forex-tsd.com/attachments...gif?no_thumb=1
  • #4
  • Aug 10, 2010 2:57am Aug 10, 2010 2:57am
Quoting rumpfunk
Good evening,

a strategy based around the 30 min chart with no inicators. A trade will be taken every 30 mins and will only be closed via TP or SL.

Trade eur/usd as you will have multilevel trades through the day so a low spread is key

first candle can be what time you decide but best to wait for some movment and direction so normally first 30 min candle will be 07:00gmt when things start moving. This candle will give you the basis of where the first entry will be.

First trade will be taken which is the break of either the high or the low...
do you have any results ?
  • #5
  • Aug 10, 2010 3:00am Aug 10, 2010 3:00am
Quoting rumpfunk
Good evening,

a strategy based around the 30 min chart with no inicators. A trade will be taken every 30 mins and will only be closed via TP or SL.

Trade eur/usd as you will have multilevel trades through the day so a low spread is key

first candle can be what time you decide but best to wait for some movment and direction so normally first 30 min candle will be 07:00gmt when things start moving. This candle will give you the basis of where the first entry will be.

First trade will be taken which is the break of either the high or the low...
yes, but when will you enter long and when short ?
  • #6
  • Aug 10, 2010 3:17am Aug 10, 2010 3:17am
Enter at the break of the high/low of the previous 30 min candle.

Yesterday was a good start in the morning session with 50 pips however finished with +20.

Will provide today's results at the end of the London session.
  • #7
  • Aug 10, 2010 10:57am Aug 10, 2010 10:57am
in ranging market it will keep hitting stops
  • #8
  • Aug 10, 2010 11:16am Aug 10, 2010 11:16am
I found this indicator in an Arab forum.
have the hability to alert when it touches the line.

I do not speak English, so I do not understand what the tp. if you could explain it with some graphics.

Thank you for your attention
Attached Image
Attached File(s)
File Type: mq4 MR.dollar_H-L-Av-O-C indicator WithAlert.mq4   3 KB | 2,137 downloads
IH - B221 Return Today: -0.2%
  • #9
  • Aug 10, 2010 11:29am Aug 10, 2010 11:29am
correct it will as yesterday afternoon showed, which is why I have revised the SL to the opposite end of the 30 min candle or 10 pips, whichever is less, giving a risk/reward 1:1.

Assuming it is breaking the previous high/low 10 pips should be adequate!

I would consider todays movements quite average.

Todays result EUR/USD 40 pips.

P.s i guess it would be quite a simple EA to create, is there someone willing to have a look at it?

Regards

Rump.
  • #10
  • Aug 10, 2010 12:02pm Aug 10, 2010 12:02pm
I've also read your 1 minute open breakout thread as well since I primarly trade the e/u off the 1 min chart.

I was wondering if you could post each individual trade for this 30 minute method instead of just posting the total pips for each day. If this is too much trouble then don't bother.

Also, what time(s) do you trade this method? I know you mentioned 7:00gmt as a start time but when do you end and do you trade other sessions?

Thanks.
  • #11
  • Aug 10, 2010 1:20pm Aug 10, 2010 1:20pm
Quoting zeldazu
I've also read your 1 minute open breakout thread as well since I primarly trade the e/u off the 1 min chart.

I was wondering if you could post each individual trade for this 30 minute method instead of just posting the total pips for each day. If this is too much trouble then don't bother.

Also, what time(s) do you trade this method? I know you mentioned 7:00gmt as a start time but when do you end and do you trade other sessions?

Thanks.
Hi Zeldazu,

Yes no problem, im currently trying to trade this alongside my day job so I will post a chart at the end of the day with entries if thats ok, but im sure if you look into it as its quite a clear system that cant be left up to the users discretion you can probably see the available entries.

Have you used the 1 min open? how are you finding it? today was an ideal day, minimum risk!

Last trade for me is 16:00.

Regards

Rump.
  • #12
  • Aug 10, 2010 1:57pm Aug 10, 2010 1:57pm
Rump

Thanks for info - a chart at the end of the day would be great!

I don't trade your 1 min strategy but I do trade the 1 min chart during the first few & last few hours of the London session.
  • #13
  • Aug 10, 2010 2:21pm Aug 10, 2010 2:21pm
Quoting rumpfunk
Enter at the break of the high/low of the previous 30 min candle.

Yesterday was a good start in the morning session with 50 pips however finished with +20.

Will provide today's results at the end of the London session.


i still dont get it. break of high/low of previous candle ? how would that work.

say we start at 7.00 am gmt. we wait for the first 30 min candle to finish. say that candle was long. and then the next candle opens at the close of the first 30 min candle and goes long also. in which case there is no break of high/low of the previous candle right ? in such a case there is no trade ? if there is, then when did the break occur ?


the other scenario could be that after the first 30 min candle opens long, say the next candle opens short and closes short, but does not close below the low of the first candle . so again there is no trade right ? in fact it could take several hours for several candles to form and then go below the low of the first candle before a trade occurs ? or have i misunderstood something ?
so one has to be glued to the computer all day ? or can one just place an order to open on previous high / low ?

lastly, what times of the day is it best to trade ? is it 7.00 gmt ? and how many trades can occur each day ?
it could be the case that several candles hit previous candles high/lows consequetivly and therefore several positions are open at the same time, in which case when do you close them out ?

how long have you been trading it and how has it been for you (% success)?

some chart examples will help.


regards
  • #14
  • Aug 10, 2010 2:25pm Aug 10, 2010 2:25pm
also, it appears that this system requires you to enter trade every 30 min throughout the entire day, therefore one has to be glued to the pc all day ? what time is the last trade ?
  • #15
  • Aug 10, 2010 2:42pm Aug 10, 2010 2:42pm
Hi whatfx,

correct a trade will be taken every 30 mins if the price moves past the previous 30 min candle. If it is an inside candle then there will be
no trade we then wait for the next trade. We are only using the previous 30 min to move with the current intraday trend.

The trade will only be closed via SL or TP.

I will strive to post a chart tommorrow.

Thanks for taking the time to read and reply.

Regards

rump.
  • #16
  • Aug 12, 2010 3:09am Aug 12, 2010 3:09am
Quoting Vicente
I found this indicator in an Arab forum. have the hability to alert when it touches the line.
I do not speak English, so I do not understand what the tp. if you could explain it with some graphics. Thank you for your attention
Hi Vincent, they seem to have forgotten you. tp is 'Take Profit' in this case 10 pips. I will do a picture for you.

If there is anything else that you want explained, just ask.

Thanks for the indicator.
  • #17
  • Aug 12, 2010 3:32am Aug 12, 2010 3:32am
Here we are Vincent, today's first trade.

I have taken the outside marks, high and low of the first candle and where the next bar crosses the lower blue line there we sell.

The candle actually goes down to 33 pips.

Hope that this helps you...but having trouble with pic. may have to do this later
Attached Image
  • #18
  • Aug 12, 2010 3:51am Aug 12, 2010 3:51am
Interesting thread, Rumpfunk.

Looking at todays £$, just to see the run, I find that I would have a trade running to the next bar. It just need a few more pips. Then this new bar also triggers a trade. Don't suppose that there are any special rules about this.

I am also concerned about FIFO and the 'no hedging' rules. do we have to use multiple accounts?
  • #19
  • Aug 12, 2010 3:58am Aug 12, 2010 3:58am
Here's the state of play at 10am. Win 40 lose 10 if we just do it mechanically. If we watch the trades we might make a few more. All rather depends on how the price behaves within the current bar.
Attached Image
  • #20
  • Aug 12, 2010 4:28am Aug 12, 2010 4:28am
[quote=rumpfunk;3936257]Hi whatfx,

correct a trade will be taken every 30 mins if the price moves past the previous 30 min candle. If it is an inside candle then there will be
no trade we then wait for the next trade. We are only using the previous 30 min to move with the current intraday trend.

The trade will only be closed via SL or TP.

I will strive to post a chart tommorrow.

Thanks for taking the time to read and reply.

Regards








sorry rumpfunk, but some more questions.


1. do you count the wicks as a part of the high and low of the candle ? what if the candle is a doji and has no body but has wicks ?

2. first 30 min candle opens then closes at say 100.5. the next 30 min candle opens say at 100.9. i.e. it opens 'above' the previous candle. will that still be classed as a break of the high of the previous candle, as strictly speaking there has been no 'break' through the high of the previous candle ?


3. say the first 30 min candle opened and closed. the next (second) candle opens and closes but there has been no break of high and low. the 3rd candle opens. now do we look at the break of high and low by the 3rd candle of the FIRST candle, or the SECOND candle ?


4. what are the best times to trade and the last entry of the day ? and do you have a results table you can put up ?


regards


jjjjjj
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