Price pattern failure @ London Open

Dear all,

Are there traders experienced in trading classic price patterns?
May I ask it is true that intraday price pattern across London open should not be traded?

I know this question sounds very specific. Nevertheless, if you have relevant experience, please comment!

cheers,

kk007

Can anyone try?

Often during London open the "smart money" will stop-loss hunt and wipe out a lot of traders in the process. Doesn't happen always, but often enough for me to stay out until a clear trend emerges.

Or you could simply widen your stop loss for a short while if your trade direction agrees with the larger trend.

This is truely have to depend on your strategy. Example london breakout works well during 2012 market. However, other year does not. You also could use this potential move for mid term strategy especially you are playing with trend.

View the last few weeks London open fake outs you need to identify when they happen they don't happen everyday sometimes it occurs during the last 3rd of the Tokyo channel. In my view using a stop loss under 30 points unless your a pro for 10 years is asking for trouble imo.