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EU & GU Daily trading Signals

  • #261
  • Jun 14, 2012 8:49am Jun 14, 2012 8:49am
Yes it's a great strategy. Looking at the day before, Price broke upwards (white trendline) after consolidation down overnight from the highs of the 12th June.

I nice thing to notice is how yesterday price action bounced UPWARDS off brn support at 5550 whereas today it broke DOWNWARDS to the BRN support at 5500

Best to look at 5 min and 15 min charts for good support/resistance break areas??
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 15 min chart.gif Size: 25 KB
  • #262
  • Edited 3:43am Jun 15, 2012 2:22am | Edited 3:43am
Lucky trade. Caught the quick GBP/USD drop with the BoE news at 3:01amET, took profits at 1.54875 before touted bids at 1.5475 (see 3:27amET commentary).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD1.png Size: 24 KB
Click to Enlarge Name: news.png Size: 87 KB
  • #263
  • Jun 15, 2012 2:58am Jun 15, 2012 2:58am
Quoting bstay2
Lucky trade. Caught the quick GBP/USD drop with the BoE news.

What news??
  • #264
  • Jun 15, 2012 3:28am Jun 15, 2012 3:28am
Hier again the london opening 10 pips strategy with todays example..

I hope its now easier to understand..

With that strategy, we had only 2 out of 11 days as lossers and the other were 9 were winners..

+50 pips profit MINIMUM!
Attached Image (click to enlarge)
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  • #265
  • Jun 15, 2012 5:27am Jun 15, 2012 5:27am
Quoting fxkiller
Hier again the london opening 10 pips strategy with todays example..

I hope its now easier to understand..

With that strategy, we had only 2 out of 11 days as lossers and the other were 9 were winners..

+50 pips profit MINIMUM!
nice, yes very clear.. just back test for few days, the best is GU..
  • #266
  • Jun 15, 2012 6:01am Jun 15, 2012 6:01am
Quoting a2xm
nice, yes very clear.. just back test for few days, the best is GU..
Yes. It is also only based for GU and not other pairs!

Because its london opening So based for UK pair
  • #267
  • Jun 16, 2012 7:02am Jun 16, 2012 7:02am
Quoting fxkiller
Yes. It is also only based for GU and not other pairs!

Because its london opening So based for UK pair
Yes I see your system.

Another really good strategy is using different areas (or lines) of support/resistance in order to set a trade to be activated at the right time.
Often I find that when one opens a trade willy nilly at a particular moment, because of volatility at these times (as we all know!), price movement can be jerky and either hit our SL (if it's set too close) or scare the faint hearted into prematurely closing out what might eventually become a winning trade.

So what one can do is use the pending trade option. The idea is that is price action succeeds in penetrating one, two or even three lines (or areas) of support or resistance, it's unlikely to move back above (or below) those areas but far more likely to continue up or down and give us the 10, 20 or more pips we are looking for!

A great example is yesterday morning. When I switched on my platform at 7.00am (GMT) price action was banging between 1 hr vegas support and 200 EMA (on 5 min chart) and strong BRN resistance at 5550. So a pending SELL trade put below those 2 dynamic support areas with a SL set nice ABOVE the strong 5550 BRN resistance would have been a nice "safe" trade eventually yielding an easy 50 pips!

Of course these support/resistance areas and lines don't always meet so nicely but when they do it always leads to a significant move either up or down.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 5min.gif Size: 21 KB
  • #268
  • Jun 16, 2012 11:23am Jun 16, 2012 11:23am
Sorry just wanted to mention that for the faint hearted (like me!) the EURGBP trading pair on the 15 min chart is a great option. Price action is slower so huge moves against you are easier to avoid!

Nice thing about the pair is it's co-relation to the movement of cable and the euro.Like yesterday the very bullish pound (as opposed to a stationary euro) meant a no-brainer sell was offered on EURGBP.

Using the same strategy as I mentioned above, one could have put a pending sell order just above 8100 with SL placed above the daily pivot, 200 SMA and daily vegas line around 8110. A nice 50 pips possible!

Of course half the time, price action especially when in a strong trend, does not penetrate the hourly vegas line but bounces off it (which happened about 1.00pm on 14th). One would trade that of course once price action gets back above the daily vegas line but a well set pending order in case of penetration below it does not get activated which means no loss!
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp 15 min.gif Size: 23 KB
  • #269
  • Jun 16, 2012 11:37am Jun 16, 2012 11:37am
Sorry fxkiller, I'm taking over your thread! But I just wanted to mention that using the strategy I outlined above is really nice for the mental side of trading. Using pending trades conquers the fear of pressing that button when it's too late. Also often as soon as we do price action seems to jump in the wrong direction!

Checking the 4 hr chart to get a good idea of direction BEFORE looking at the 5 min or 15 min chart is a must

I do agree with you though that it's probably best to set a 10 pip TP most of the time. Or at least take half your profit at that point and bring up your SL to break even.

With my strategy, one gets a LOT of winning trades so obviously one can keep the leverage as low as possible. Unless you have an account with $100000 or more, I really would keep it down to mini lot. That's my personal view anyway!
  • #270
  • Jun 16, 2012 11:52am Jun 16, 2012 11:52am
Last example!!

AUDUSD 5min on 13th June all day

5 bounces up and 1 penetration down.

No loss on 5 pending sell orders in case of downwards penetration. 10 - 30 pips available on "upward bounce" trades.

Nice 30 pips with pending sell order on final penetration at 8.00pm GMT.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 5min.gif Size: 27 KB
  • #271
  • Edited 3:41am Jun 17, 2012 12:43am | Edited 3:41am
Quoting bstay2
I saw 144ema & 169ema. What EMAs does the other colors represent? How do you calculate F1, F2, F3? What is "BRN support"?

Put your trades on TradeExplorer or myfxbook. It will be impressive!
Here's my template. On backtesting I've changed the 200 EMA to 200 SMA because the EMA simply follows the tunnel. Only occasionally does price action respond to the 200 SMA but it does - have a look at the EURUSD 15 min chart going back to 21st May.

You'll need these indi's: daily vegas, 1 hr vegas, grid builder, FBS pivots - if you haven't got them let me know and I'll post them here or PM them to you

BRN means "big round number"
Attached File(s)
File Type: tpl tunnel system.tpl   35 KB | 207 downloads
  • #272
  • Jun 17, 2012 10:36am Jun 17, 2012 10:36am
Quoting bstay2
Can you start a new thread or lead me to existing thread that discusses this "tunnel" method? I really want to see the real performance on TradeExplorer or myfxbook over time from others who do this strategy. Looks interesting.
Sorry I did but very little interest. You can PM me if you want the indi's that go with the template but that's as far as I'm going with it. I don't really have the time anymore. The strategy actually works really well on the higher time frames too. In fact it works great on the 4 hr chart. Having a pending order trade order under or above the 4hr chart daily vegas support/resistance line can often lead to a successful trade because price action often starts a new trend or counter-trend from this area. The other advantage of rather working with the 4 hr chart is that one can watch a number of different trading pairs because price action usually returns to the 4hr support/resistance line only occasionally which gives one time to find and set a good (hopefully winning) trade. I've attached some examples (EURGBP and AUDCAD)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audcad 4hr.gif Size: 21 KB
Click to Enlarge Name: eurgbp 4hr.gif Size: 19 KB
  • #273
  • Jun 18, 2012 2:42am Jun 18, 2012 2:42am
hi all

we have again a ranging and sideways moves today same as last week

however i am seeing a struggling bullish version on eurusd..

so trying a long here at 2693 with sl on 2645.. trade small in this time period, because both sides can be winning or losing sides
  • #274
  • Jun 18, 2012 2:51am Jun 18, 2012 2:51am
Quoting fxkiller
hi all

we have again a ranging and sideways moves today same as last week

however i am seeing a struggling bullish version on eurusd..

so trying a long here at 2693 with sl on 2645.. trade small in this time period, because both sides can be winning or losing sides
Close trade.

No trades for today. Market still in ranging moves.

I am out of this mess.. just scalping
  • #275
  • Jun 18, 2012 5:38am Jun 18, 2012 5:38am
Quoting fxkiller
Close trade.

just scalping
Hi FxKiller
I am using your London open strategy and getting green pips. Likewise give some proven scalping strategy for 10-15 pips. Thanks for your valuable contribution.
  • #276
  • Jun 18, 2012 6:32am Jun 18, 2012 6:32am
Quoting godwin2002
Hi FxKiller
I am using your London open strategy and getting green pips. Likewise give some proven scalping strategy for 10-15 pips. Thanks for your valuable contribution.
good, glad u making green pips.. todays example

i will show other strategys in future for sure
Attached Image (click to enlarge)
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  • #277
  • Jun 18, 2012 7:37am Jun 18, 2012 7:37am
Quoting fxkiller
good, glad u making green pips.. todays example

i will show other strategys in future for sure
so, is it based on the first reaction on the first candle? not based on the direction of the first whole candle?
  • #278
  • Jun 18, 2012 9:21am Jun 18, 2012 9:21am
Quoting a2xm
so, is it based on the first reaction on the first candle? not based on the direction of the first whole candle?

You have to watch the 4 hr chart for direction. This morning we had a bearish 4.00am candle followed by an equally bearish looking 8.00am candle - so we know we can probably execute a sell set-up with a good chance of success. Right now I was going to try a sell trade set-up (on the 5 min chart) but that's quite a bullish looking 12.00pm bar so buy trades only!!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 4 hr chart.gif Size: 22 KB
  • #279
  • Jun 18, 2012 11:27am Jun 18, 2012 11:27am
Quoting a2xm
so, is it based on the first reaction on the first candle? not based on the direction of the first whole candle?
yes on the first reaction exactly on the london open candle.. and the entry on next candle
  • #280
  • Jun 19, 2012 2:10am Jun 19, 2012 2:10am
Long GU at 1.5691 TP15 pips... let's see..
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