Morning JPR, I didn't enter on that signal due to price reversing, next signal was the 8.06 which was my trade for 7am bias, 8am bias & 8am no bias. My 7am no bias was 7.30 signal. Will post results later.
Hi Rorieu, more or less yes, right trades but different SL & TP.
I use the tightest SL so on the 7.30 trade I used the 7.27 Lo which gave me a difference of 2.7 pips . I don't expand on the Hi Lo's I use the exact figure + spread. I closed that trade at 7.46.
The 8.06 trade I used the hi of the 8.05 bar which gave a difference of 2.3 pips and I closed the trade at 8.13.
My reasoning for this is simple, the method is based on retracements, and using a 1 minute chart that doesn't always give a lot of scope for big moves. The data I've collected clearly shows the best results coming from smaller TP's, not much evidence of getting knocked out by not extending the HI Lo's. Also in these feverish times of the euro I'm not comfortable in long running trades, too many announcements and external influences on the market, so quick in and out for me at present is the order of the day.
What's your thinking on it all?
strada.
I completely understand the benefit of very small spreads.
Your spreads are undoubtedly less than I am seeing on GKFX (MT4 SB), on which EU = 1,5. I don't know what I'd actually get if I was trading live?
Your mental arithmetic must be very good (astute!)?
I agree entirely with your detailed comments, they make perfect sense.
One thing I wondered: do you still apply Paulus' rule re breaks of the previous "Euro session" HI /LOs? if it happens?
Hi Rorieu, more or less yes, right trades but different SL & TP.
I use the tightest SL so on the 7.30 trade I used the 7.27 Lo which gave me a difference of 2.7 pips . I don't expand on the Hi Lo's I use the exact figure + spread. I closed that trade at 7.46.
The 8.06 trade I used the hi of the 8.05 bar which gave a difference of 2.3 pips and I closed the trade at 8.13.
Hi Rorieu, spreads on the accounts I'm using for this are either 1 or 0.8 pips.
Mental arithmetic, used to be very good but getting slower these days so not always accurate so a little bit of guesswork sometimes but works both ways.
Re Paulus rule about the break of the bias period, yes I use that but with some discretion, ie if it breaks but quickly goes back inside the range I'll still consider trades in the original bias direction.
Morning JPR, I was in the same trade but with a smaller TP and actually got a bit of a bonus (extra 3 pips) thanks to the PMI news release at 7.58. My 7am No bias was a loss though, but up for the day overall. Now watching the 8am trade but not in it, doing the first 2 trades at the moment, whichever comes first.
strada.
Morning JPR, I was in the same trade but with a smaller TP and actually got a bit of a bonus (extra 3 pips) thanks to the PMI news release at 7.58. My 7am No bias was a loss though, but up for the day overall. Now watching the 8am trade but not in it, doing the first 2 trades at the moment, whichever comes first.
strada.
Ignored
Cool, thanks for the updates - glad to hear your trading is going well.
Does anybody else get the impression that somebody wants the EUR to go up today?!
Ignored
It looks like there was an economic event, just at London opening.
Does anybody have an Economic News Calendar where a major event was scheduled at 8.00am (London opening) this morning?
Interesting morning.
Vinze, the sudden move at 8 was either due to the Spanish denying that they are preparing for a bailout as rumoured in Germany or Nowotny's speech which started with a comment that ECB were not looking at negative interest rates. More likely the Spanish announcement.
I had the same first trade as you but was in it for much longer and was still in it when the 7am bias signal came through so didn't enter that trade and then fairly soon after got stopped out of the 7 No Bias trade. During that trade I had a couple of touches on my SL but no actual breaks.
I then had the 8am No bias trade for a follow up (8.22, not 8.19 price reversed) and the 8am Bias was also a win.
That little spike this morning is one of the reasons I keep the SL's tight because there are so many EU officials regularly making announcements, I really don't want to be in the market any longer than necessary. As it happens I was in a trade at the time and had already taken some profit and managed to close the rest of the trade without loss.
Will post results later.
strada.
edit: no 8am bias trade yet, 9.01 not a signal, stoch too high, apologies.
