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  • #1,161
  • Mar 7, 2013 4:19am Mar 7, 2013 4:19am
square1, i was initially thrown off when you said 8/9 hours ago that you had been triggered, and yes it broke out of the channel. it was quite narrow too and it looked like it was frankfurt opening, anyway good trade . it would be so good if it was this easy every day. take care. i am going to sleep
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,162
  • Mar 7, 2013 5:10am Mar 7, 2013 5:10am
Quoting square1
Yep. My chart says it all. Except that my LO is at 5:00 GMT (09:00 AM on my chart and 10:00 AM EAT(East African Time))
Hi Square,
are you sure that your LO open is at 5.00 GMT? From your chart it looks 7.00 GMT to me, and in this case it would make sense because it is Frankfurt open?
Not to be negative, just to clarify and learn from each other!
Puma
  • #1,163
  • Edited 5:54am Mar 7, 2013 5:39am | Edited 5:54am
Quoting puma
Hi Square,
are you sure that your LO open is at 5.00 GMT? From your chart it looks 7.00 GMT to me, and in this case it would make sense because it is Frankfurt open?
Not to be negative, just to clarify and learn from each other!
Puma
You are right Puma. Sorry for the confusion.
The Daily open I look at is 00:00 CST or 01:00 EST or 07:00 GMT. I use FxPro platform which is GMT+2 .This would also translate to 09:00 AM/EAT (GMT+2) on my chart. This is the time when Frankfurt opens(FO). London opens an Hr later.

Edit: I also have to change my Session lines on my chart for the Lo Hr.
  • #1,164
  • Mar 7, 2013 7:37am Mar 7, 2013 7:37am
Quoting Seneca pilot
An unusual late day move to the previous week low. I have not taken the long trade as it is not happening in a market time that I trade. I have pending orders to short at yesterday low and the weekly open/close. I will trade my normal intraday stuff tomorrow morning and see what happens with the short orders. I think its possible that the ECB is announcing some type of easing or a signaling a rate cut in the press conference tomorrow. If they do that and the unemployment numbers and NFP are good then look out below.
No cut, out of the shorts at BE. Looking for a new opportunity.
  • #1,165
  • Mar 7, 2013 7:42am Mar 7, 2013 7:42am
If the last week low had been hit during normal market times I would have taken it without hesitation. I may have to look at this as it was certainly a good entry in hindsight. I don't like taking trades at the market close, however trading for weekly moves may require a change of the thought process. I may have to consider trading at times that an intraday trader would not consider. My intraday stuff is going fine but I still haven't gotten the hang of this weekly levels with the four hour timeframe.
  • #1,166
  • Mar 7, 2013 8:44am Mar 7, 2013 8:44am
There have been several side discussions lately about lots of different styles of trading. That's fine, we all are learning new things. I just want to bring everyone back to the meat of the thread. What works?

This!
Attached Image (click to enlarge)
Click to Enlarge Name: what works.gif Size: 15 KB
  • #1,167
  • Mar 7, 2013 8:53am Mar 7, 2013 8:53am
Yep! Also good for long trades. Looking at "Previous Week High and Previous Month High".
Keeping Note of Consumer Credit and FOMC News later in the day.
  • #1,168
  • Mar 7, 2013 8:57am Mar 7, 2013 8:57am
Daily open has not failed this week on EU guys. I am almost done with my two week test of the other method and have come to the conslusion that I am just going to have to stay up and trade my method. I can sleep when I am dead. I have made money this week but nothing compared to what I could have made trading my methods. Back to the normal trading next week. Charts and explainations as normal.
  • #1,169
  • Mar 7, 2013 9:01am Mar 7, 2013 9:01am
Hi Olarian,

Did you have your long pending order for the opening range? I hope this one will hold through tomorrow. Hard to get a runner NFP week.
  • #1,170
  • Mar 7, 2013 9:02am Mar 7, 2013 9:02am
Quoting Seneca pilot
Hi Olarian,

Did you have your long pending order for the opening range? I hope this one will hold through tomorrow. Hard to get a runner NFP week.
No, I cancelled the pending order because the breakout candle was that big and > 15 pips away from the range...bad luck.
  • #1,171
  • Mar 7, 2013 9:03am Mar 7, 2013 9:03am
Quoting Seneca pilot
Daily open has not failed this week on EU guys. I am almost done with my two week test of the other method and have come to the conslusion that I am just going to have to stay up and trade my method. I can sleep when I am dead. I have made money this week but nothing compared to what I could have made trading my methods. Back to the normal trading next week. Charts and explainations as normal.
Seneca, only EU ?. Bottom of that spike is London close.....
  • #1,172
  • Mar 7, 2013 9:10am Mar 7, 2013 9:10am
Quoting snail69
Seneca, only EU ?. Bottom of that spike is London close.....
The green line on that chart is My daily open. If it lines up with London close that is great, another supporting factor. I have only been trading EU for the past two weeks trying out my friend's method. I haven't really looked at any other pairs. I will spend some time with my normal pairs today to see how the week could have gone. I am disappointed in my friend's method. I know it makes money but it misses the highs and lows. I find that using it I am entering too late. I am missing the wick entries I had gotten so accustomed to enjoying. Back to what works best for me.
  • #1,173
  • Mar 7, 2013 9:11am Mar 7, 2013 9:11am
Quoting Olarion1975
No, I cancelled the pending order because the breakout candle was that big and > 15 pips away from the range...bad luck.
It happens...you can count on the remaining hours of the day, at least before the news and London Close.
  • #1,174
  • Mar 7, 2013 9:16am Mar 7, 2013 9:16am
Quoting Olarion1975
No, I cancelled the pending order because the breakout candle was that big and > 15 pips away from the range...bad luck.
The London breakout candle wasn't really that big only about 38 pips. It just looked really big because of the puny range this week.
  • #1,175
  • Mar 7, 2013 9:20am Mar 7, 2013 9:20am
Quoting Seneca pilot
The London breakout candle wasn't really that big only about 38 pips. It just looked really big because of the puny range this week.
Your are right. I remembered one of your posts saying that a breakout of 5 to 15 pips from the range works best, so I decided not to trade the retracement. Wrong decision (in hindsight)...
  • #1,176
  • Mar 7, 2013 9:22am Mar 7, 2013 9:22am
Just curious about GU. why is it not behaving??
  • #1,177
  • Mar 7, 2013 9:27am Mar 7, 2013 9:27am
Quoting square1
Just curious about GU. why is it not behaving??
GU has always been a little harder to trade for me. The rumors right now are that Soros and the BOE are battling again so not a pair I want to get involved in right now.
  • #1,178
  • Mar 7, 2013 9:30am Mar 7, 2013 9:30am
Quoting Seneca pilot
GU has always been a little harder to trade for me. The rumors right now are that Soros and the BOE are battling again so not a pair I want to get involved in right now.
EU and EJ have been sweet for several weeks now. I can't really see any good reasons to get into any other pairs. Did you see the great move on EJ today? Textbook daily open entry.
  • #1,179
  • Mar 7, 2013 9:34am Mar 7, 2013 9:34am
Quoting Olarion1975
Your are right. I remembered one of your posts saying that a breakout of 5 to 15 pips from the range works best, so I decided not to trade the retracement. Wrong decision (in hindsight)...
Five to fifteen is an ideal but not a requirement. I would get nervous above fifty or sixty because a complete retracement that big could mean a fundamental change. The only real hard and fast rule I stick to is not entering a position after London has closed.
  • #1,180
  • Mar 7, 2013 9:39am Mar 7, 2013 9:39am
Quoting Seneca pilot
EU and EJ have been sweet for several weeks now. I can't really see any good reasons to get into any other pairs. Did you see the great move on EJ today? Textbook daily open entry.
Yeah i saw that. I must agree, today was sweet for EJ and EU. Thanks for the heads-up on GU, i used to trade it as a correlated pair, but it trends awkwardly nowadays. I have to let it go. I dont usually take on Yen pairs because am asleep at that time and their spreads are big.
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