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Trade What You See - Almost Naked Trading

  • #9,461
  • Jan 15, 2011 3:13am Jan 15, 2011 3:13am
Quoting Dehyah
Is the london trading session(which starts 3 am Jamaica's time) the best time to trade breakouts?
So that will be about midnight in Cali for Lawyer Girl.I see some consistent up or down trend (after confirmation of the RSI)after the opening of the london's session where you can capture a minimum of 15 pips.Can you confirm this Lawyer Girl?
IMHO, there are many false breakouts during the Asian session because of the lower volume. I won't go into the cultural reasons for the lack of volume, but it's a fact. I've had limited success at that time, but many traders advise caution. Also the 1st hour of of the London session "stop hunters" routinely challenge S/R levels to take out stops. From the 2nd hour of the London session (when the Brits seem to stop their shenanigans) to the 2nd or 3rd hour of the New York session seems to be the most reliable for true BO's. I live in Japan, so I've learned to look at any possible breakouts usually after 6 pm JST. Often the biggest ones occur at 2 or 3 am after I can't keep my eyes open anymore. (Soooo side-splittingly funny ) I don't know how many times I've fallen asleep at the keyboard waiting for something I'm fairly sure is going to happen. Next thing you know I wake up and the the position has changed 75 pips. Whatever time zone you trade in, be aware that the volume changes with the different sessions. If you go to the OWANDA website, you can get a desktop widget that shows the Asian, London, and NY sessions start and finish times as well as real-time progression. You can set it for your own time zone. This is a free download.
  • #9,462
  • Jan 15, 2011 8:29am Jan 15, 2011 8:29am
Quoting Dehyah
Is the london trading session(which starts 3 am Jamaica's time) the best time to trade breakouts?
So that will be about midnight in Cali for Lawyer Girl.I see some consistent up or down trend (after confirmation of the RSI)after the opening of the london's session where you can capture a minimum of 15 pips.Can you confirm this Lawyer Girl?
Pips can be made in any market session, D. That said, if you can trade the London session, it is probably the most active. I cannot because I have a full time "day" job, but still, I almost always reach my weekly goal.
  • #9,463
  • Jan 15, 2011 8:32am Jan 15, 2011 8:32am
Quoting Hammo
Hi LawGirl,
Thanks for starting this thread. As a nonmember I have been following the posts with much interest. Decided to join to comment. Simplicity keeps me sane and the more I study price action the easier it gets. I'm learning a lot from this thread and post #548 sums it up for me. Thanks
Glad to have you join us, Hammo. We try to keep it simple here..but profitable. Post 548 does sum it up...talk about pips, not indicators.
  • #9,464
  • Jan 15, 2011 8:35am Jan 15, 2011 8:35am
Quoting bobby2
IMHO, there are many false breakouts during the Asian session because of the lower volume. I won't go into the cultural reasons for the lack of volume, but it's a fact. I've had limited success at that time, but many traders advise caution. Also the 1st hour of of the London session "stop hunters" routinely challenge S/R levels to take out stops. From the 2nd hour of the London session (when the Brits seem to stop their shenanigans) to the 2nd or 3rd hour of the New York session seems to be the most reliable for true BO's. I live in Japan, so...
Good information, bobby.I agree with you totally.
  • #9,465
  • Jan 15, 2011 2:50pm Jan 15, 2011 2:50pm
Quoting lawgirl21
Good information, bobby.I agree with you totally.
I do have to admin that I'm experiencing the same. I have the luxery that my time zone differs 1 hour with London, which allows me to trade the London session. I did open a lot of positions in the last month that were at that moment (before London opening) BO's. Many have shown a turnaround at London opening.

As stated in the post, even the first London hour isn't save. Therefore I do not open a position anymore before the London market is open at least 0,5 to 1 hour, depending on the PA a BO shows. This has really increads my winnings on BO's since this change.
  • #9,466
  • Jan 15, 2011 7:57pm Jan 15, 2011 7:57pm
I found this support and resistance indicator, that definitely helps me with BO's and identifying consolidation phases of the market. IT also helps with not having to draw each and every support and resistance line yourself.

Hope this is useful ^_^

http://hubpages.com/_Midasfx/hub/Cus...-For-MT4-Forex
  • #9,467
  • Jan 15, 2011 8:49pm Jan 15, 2011 8:49pm
Quoting KillerAntz
I do have to admin that I'm experiencing the same. I have the luxery that my time zone differs 1 hour with London, which allows me to trade the London session. I did open a lot of positions in the last month that were at that moment (before London opening) BO's. Many have shown a turnaround at London opening.

As stated in the post, even the first London hour isn't save. Therefore I do not open a position anymore before the London market is open at least 0,5 to 1 hour, depending on the PA a BO shows. This has really increads my winnings on BO's...

Hi KillerAntz, is this based on recent data, or over a longer period of time? if the latter, around how long?
  • #9,468
  • Jan 15, 2011 9:21pm Jan 15, 2011 9:21pm
Quoting bobby2
IMHO, there are many false breakouts during the Asian session because of the lower volume. I won't go into the cultural reasons for the lack of volume, but it's a fact. I've had limited success at that time, but many traders advise caution. Also the 1st hour of of the London session "stop hunters" routinely challenge S/R levels to take out stops. From the 2nd hour of the London session (when the Brits seem to stop their shenanigans) to the 2nd or 3rd hour of the New York session seems to be the most reliable for true BO's. I live in Japan, so...
Yeah man.Thank very much for your info.
With God all things are possible.
  • #9,469
  • Jan 15, 2011 9:24pm Jan 15, 2011 9:24pm
Quoting lawgirl21
Pips can be made in any market session, D. That said, if you can trade the London session, it is probably the most active. I cannot because I have a full time "day" job, but still, I almost always reach my weekly goal.
Thanks,really appreciate your input.
Nuff Respect.
With God all things are possible.
  • #9,470
  • Jan 15, 2011 9:32pm Jan 15, 2011 9:32pm
Quoting KillerAntz
I do have to admin that I'm experiencing the same. I have the luxery that my time zone differs 1 hour with London, which allows me to trade the London session. I did open a lot of positions in the last month that were at that moment (before London opening) BO's. Many have shown a turnaround at London opening.

As stated in the post, even the first London hour isn't save. Therefore I do not open a position anymore before the London market is open at least 0,5 to 1 hour, depending on the PA a BO shows. This has really increads my winnings on BO's...
That's very good.If I want to trade the London's session then I would need to wake up 3 am and stay awake until around 6:30 am(Jamaican time).
With God all things are possible.
  • #9,471
  • Jan 16, 2011 1:28pm Jan 16, 2011 1:28pm
Sorry to interrupt here, but I would really like to know if it is a good short opportunity for GBP/CHF, based on the following considerations:

1. The nearly 1000 pips straight rebound from the bottom
2. The price reaching the tough resistence zone
3. An excellent 3 tap signal on the 1H chart
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchfdaily.gif Size: 33 KB
Click to Enlarge Name: gbpchf1h.gif Size: 32 KB
  • #9,472
  • Jan 16, 2011 2:31pm Jan 16, 2011 2:31pm
Quoting Oodr
Sorry to interrupt here, but I would really like to know if it is a good short opportunity for GBP/CHF, based on the following considerations:

1. The nearly 1000 pips straight rebound from the bottom
2. The price reaching the tough resistence zone
3. An excellent 3 tap signal on the 1H chart
We don't trade 3 Tap H1 setups here. You can try it of course, but in my opinion it is not a very reliable setup. H4 and higher 3 Taps are far more reliable because the 3 Taps are really just waves.
  • #9,473
  • Jan 16, 2011 2:59pm Jan 16, 2011 2:59pm
I hope everyone had a great weekend and is rested up for a great trading week, starting with a few extra pips from some gap trades.
  • #9,474
  • Jan 16, 2011 3:14pm Jan 16, 2011 3:14pm
Quoting lawgirl21
I hope everyone had a great weekend and is rested up for a great trading week, starting with a few extra pips from some gap trades.
Look forward to watching you trade this week. I got hung up on the eur/usd last week. So now we wait

Have a great Day
  • #9,475
  • Jan 16, 2011 3:17pm Jan 16, 2011 3:17pm
Quoting gasservettes
Look forward to watching you trade this week. I got hung up on the eur/usd last week. So now we wait

Have a great Day
I moved my stop lose to Margin Call
  • #9,476
  • Jan 16, 2011 3:30pm Jan 16, 2011 3:30pm
what a great way to start the week.
Quoting lawgirl21
I hope everyone had a great weekend and is rested up for a great trading week, starting with a few extra pips from some gap trades.
  • #9,477
  • Jan 16, 2011 3:48pm Jan 16, 2011 3:48pm
Quoting lawgirl21
I hope everyone had a great weekend and is rested up for a great trading week, starting with a few extra pips from some gap trades.

Woke up early for weekly gap trading. Ready to catch some pips
  • #9,478
  • Jan 16, 2011 3:50pm Jan 16, 2011 3:50pm
Attached Image
Always Learning
  • #9,479
  • Jan 16, 2011 3:54pm Jan 16, 2011 3:54pm
Quoting lawgirl21
We don't trade 3 Tap H1 setups here. You can try it of course, but in my opinion it is not a very reliable setup. H4 and higher 3 Taps are far more reliable because the 3 Taps are really just waves.
Thanks, Lawgirl. Your answer gives me better understanding about the principle of the 3 Taps.
This is a fantastic thread, which I have been enjoying for quite some times although I did'nt post anything in the forum until the New Year.
  • #9,480
  • Jan 16, 2011 3:55pm Jan 16, 2011 3:55pm
Quoting Oodr
Thanks, Lawgirl. Your answer gives me better understanding about the principle of the 3 Taps.
This is a fantastic thread, which I have been enjoying for quite some times although I did'nt post anything in the forum until the New Year.
Welcome, Oodr..please feel free to post anytime. Glad you are here.
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