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  • #5,681
  • Dec 12, 2011 9:53am Dec 12, 2011 9:53am
Quoting rtrs111
Entered at NY open at 3276, stopped at 3274, used 0.8 SL + 1.2 spread, didn't catch the big drop after that. Wondered if I should keep entering on each side of a 2 pip channel from the opening, but I'm sure it could happen that price could range there and kill your account.
Yes, I got the -2SL this morning as well. On to tomorrow! Not sure about the 2-side idea, although I though about that myself as well.
  • #5,682
  • Dec 12, 2011 2:42pm Dec 12, 2011 2:42pm
Quoting SmartGXL
Yes, I got the -2SL this morning as well. On to tomorrow! Not sure about the 2-side idea, although I though about that myself as well.
good idea, I will try it tomorrow morning and post results
Poshcom
  • #5,683
  • Dec 12, 2011 4:16pm Dec 12, 2011 4:16pm
Another thing I noitced today, is that if I had used the 5-pip move (instead of the 2-pip move) to determine entry, then I would have gone in SHORT today at the NY Open and would have easily made the 20 pips.
  • #5,684
  • Dec 12, 2011 4:33pm Dec 12, 2011 4:33pm
Quoting SmartGXL
Another thing I noitced today, is that if I had used the 5-pip move (instead of the 2-pip move) to determine entry, then I would have gone in SHORT today at the NY Open and would have easily made the 20 pips.
And if I had used the 5-pip entry method, there was *possibly* another winner at the London open as well!!
  • #5,685
  • Dec 12, 2011 5:44pm Dec 12, 2011 5:44pm
nice Tony. I've got some time this week so will be re-trying this method.

Just to make sure I've understood the technique...
1) London/NY Open wait for the 5 second candle to complete and trade in that direction (i.e; if red Short / if green Long)

2)Or is it another technique where after 1 second if its green you go long and if its red go short (all within the 1 second?)

3)or do you wait for a 5 pip candle on a 5 second chart and trade in that direction?

4) Wait for a candle to go equal to or greater than 2.0 pips and trade in that direction (as mentioned above)

Sorry I've read through quite a bit of the thread and unsure which one you're using, or even which is your one and what methods here are ones 'customised' by posters.

Thanks

Wish you all merry green pips
  • #5,686
  • Dec 12, 2011 5:47pm Dec 12, 2011 5:47pm
Hi,

I am trying to backtest this strategy in 2008,2009,2010 but I am confused about the London and NY open hours in GMT with the daylight saving time. The data to backtest I have correspond to GMT.

Someone can help me what are the London/NY GMT OPEN HOURS for summer and winter time ?

Thanks !

Van
  • #5,687
  • Dec 12, 2011 6:01pm Dec 12, 2011 6:01pm
Quoting vanhelsing
Hi,

I am trying to backtest this strategy in 2008,2009,2010 but I am confused about the London and NY open hours in GMT with the daylight saving time. The data to backtest I have correspond to GMT.

Someone can help me what are the London/NY GMT OPEN HOURS for summer and winter time ?

Thanks !

Van
Hi Van,

The markets open at 0800am local time, However, the NY summer time begins at a different time of the year (by about a week or so) than the London summer time. This difference based on the fact that one country is on summer time and the other is not, happens twice a year.

For backtesting purposes though, there is another twist to this, in that the US, by law, a few years back, changed the times of the year that Summer Time (called Daylight Savings Time here in the US) actually start and end, and it is still different than what the UK has.
  • #5,688
  • Dec 12, 2011 6:05pm Dec 12, 2011 6:05pm
Quoting SmartGXL
And if I had used the 5-pip entry method, there was *possibly* another winner at the London open as well!!
Hi SmartGXL, not sure which is the 5-pip entry method... you just want to enter after first 5 pips instead of 2? If you refer to what I used was the first 5 sec candle, not 5 pips. I know it's a little confusing. I reviewed Tony's updated rules on the first page and they are very clear imo.
r u ready?
  • #5,689
  • Dec 12, 2011 6:28pm Dec 12, 2011 6:28pm
Quoting rtrs111
Hi SmartGXL, not sure which is the 5-pip entry method... you just want to enter after first 5 pips instead of 2? If you refer to what I used was the first 5 sec candle, not 5 pips. I know it's a little confusing. I reviewed Tony's updated rules on the first page and they are very clear imo.
Yes his rules are very clear, but I am looking at several different variations of the system, one is the "official" system which is the 2-pip entry technique, and another would be to look for 5-pips. I am trading the 2-pip technique with a +20TP level, but have noticed that sometimes, the 5 pips gives a more slear indication of direction in those opening seconds. It is true, you have pointed to looking at just the first 5-second candle itself, but yes, Tony's official entry technique is the 2-pip entry. I am just trying to look at variations while trading with the 2-pip entry.
  • #5,690
  • Dec 13, 2011 7:41am Dec 13, 2011 7:41am
-2 on the LO
Not sure what happened on the NY Open

I opened the trade SHORT on the NY Open, but when I went to move to Break even, I manually moved the red line to what I thought was the breakeven point, and it automatically closed my trade...so I am not sure if I messed it up and accidentally moved it to far, or if that was a natural move up, but if I had NOT moved it at all, I could tell that it would have went all the way to +20...and actually, I went ahead and re-opened a new trade so that I could experiment with it, and caught 8 pips of movement, so at least that makes up for my earlier mistake (I know that is not part of the system, but I "knew" the market was going to keep going down).

So officially, i am calling today as B/E for the NY Open.
  • #5,691
  • Dec 13, 2011 12:34pm Dec 13, 2011 12:34pm
Quoting SmartGXL
-2 on the LO
Not sure what happened on the NY Open

I opened the trade SHORT on the NY Open, but when I went to move to Break even, I manually moved the red line to what I thought was the breakeven point, and it automatically closed my trade...
I entered long today actually (in the direction of the first 2 pips after the open), I got stopped out immediately, I think 2 pips SL total is too tight with this spread, I am going to add 1 pip to give it a little wiggle room (1.8 under trade settings + 1.2 spread, btw spread was 1.3 today - not going to comment about this, I know Tony wouldn't trade it). I saw then the very tight range and went in short, made a 20 pips TP to make me feel good, even though not by the rules.
r u ready?
  • #5,692
  • Dec 13, 2011 6:12pm Dec 13, 2011 6:12pm
Quoting rtrs111
I entered long today actually (in the direction of the first 2 pips after the open), I got stopped out immediately, I think 2 pips SL total is too tight with this spread, I am going to add 1 pip to give it a little wiggle room (1.8 under trade settings + 1.2 spread, btw spread was 1.3 today - not going to comment about this, I know Tony wouldn't trade it). I saw then the very tight range and went in short, made a 20 pips TP to make me feel good, even though not by the rules.
If the spread is higher than 0.9 pips (which it normally is these days due to the Euro problems), then you have to add the increased spread to the SL...so in the case of a 1.3 spread, you would have a SL of 2.4 instead of 2SL. Your method of just adding 1 full pip works well too.

I am surprised you saw 2 pips going UP, since I saw it going DOWN...this to me is interesting, and might be an issue, because the entry technique needs to be clear enough that every person would see the same entry...if it is a "system", then every person should be getting the same entries.
  • #5,693
  • Dec 13, 2011 6:25pm Dec 13, 2011 6:25pm
Quoting SmartGXL
If the spread is higher than 0.9 pips (which it normally is these days due to the Euro problems), then you have to add the increased spread to the SL...so in the case of a 1.3 spread, you would have a SL of 2.4 instead of 2SL. Your method of just adding 1 full pip works well too.

I am surprised you saw 2 pips going UP, since I saw it going DOWN...this to me is interesting, and might be an issue, because the entry technique needs to be clear enough that every person would see the same entry...if it is a "system", then every person should be getting...
I think the difference might come from which price is chosen: ask or bid price, or we should watch each of them at the open, buy and sell and if it goes 2 pips higher than buy price enter long or if it goes 2 pips lower than the sell price go short?! I always looked at the ask price (line on the chart, but I don't know if I'm doing it right, or it doesn't matter probably, that's why Tony didn't clarify it).
r u ready?
  • #5,694
  • Dec 13, 2011 6:49pm Dec 13, 2011 6:49pm
Quoting rtrs111
I think the difference might come from which price is chosen: ask or bid price, or we should watch each of them at the open, buy and sell and if it goes 2 pips higher than buy price enter long or if it goes 2 pips lower than the sell price go short?! I always looked at the ask price (line on the chart, but I don't know if I'm doing it right, or it doesn't matter probably, that's why Tony didn't clarify it).
I have just been watching the line as it forms on the chart; as soon as that candle starts at the open of the hour, I watch it go up and down, and as soon as it actually moves at least 2 pips from the open, then that is the direction I go.

For me, the line never went 2 pips "north", it bounced around between zero and 1 pip or so, before finally going "south" by at least 2 pips, so I hit the Send button (I open two tickets before the hour starts, one set to Buy and one set to Sell, and position my mouse between the two, and as soon as I see which way the market is breaking, I hit the Submit button on the Order and then click the X on the other one, then I prepare to move the red line to breakeven on the screen when my position is at least +2 in profit.
  • #5,695
  • Edited 8:23pm Dec 13, 2011 7:10pm | Edited 8:23pm
Quoting SmartGXL
I have just been watching the line as it forms on the chart; as soon as that candle starts at the open of the hour, I watch it go up and down, and as soon as it actually moves at least 2 pips from the open, then that is the direction I go...
So probably you watched the candles price (bid price)? Because based on the ask price that I used, I was like less than half a pip in profit then stopped immediately (used 0.8 + spread). Had I used bid price (bid didn't go 2 pips up) I would have had a winner today. Anyway, I guess like you said, it's important to define this so we're all on the same page (also for the backtests).
r u ready?
  • #5,696
  • Dec 14, 2011 5:24am Dec 14, 2011 5:24am
Ok, I mised the LO today, but it appears to have been a BE.
  • #5,697
  • Dec 14, 2011 6:18am Dec 14, 2011 6:18am
Hi there,

Found this thread and looks interesting. Can I ask do you only trade this method at the open of each market? Also when going in the direction of the first candle does that mean if it's a green candle then buy and red sell? And it's a 5 second chart right?
  • #5,698
  • Dec 14, 2011 7:05am Dec 14, 2011 7:05am
-2 on the NYO. Went Long and got stopped out immediately. On to tomorrow!
  • #5,699
  • Dec 14, 2011 7:39am Dec 14, 2011 7:39am
Quoting rtrs111
So probably you watched the candles price (bid price)? Because based on the ask price that I used, I was like less than half a pip in profit then stopped immediately (used 0.8 + spread). Had I used bid price (bid didn't go 2 pips up) I would have had a winner today. Anyway, I guess like you said, it's important to define this so we're all on the same page (also for the backtests).
Yes, this is very important to find out. We need to get very clear definitions of this.

Tony - would you be able to explain this aspect of your entry technique?
  • #5,700
  • Dec 14, 2011 9:45am Dec 14, 2011 9:45am
Quoting SmartGXL
Ok, I mised the LO today, but it appears to have been a BE.
yes I took long and short. 1 sl and 1 BE. Missed the NY
Poshcom
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