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  • #1,601
  • Mar 20, 2013 3:50pm Mar 20, 2013 3:50pm
Quoting smittens4212
For 95% of the year, there is a five hour time difference between the US and UK.

London opens at 8AM, which normally translates to 3AM on the East Coast. However the US starts daylight savings before Europe, so there is a three week stretch (we are in the second week) where the time difference is only four hours.

That means from March 11 - March 29, the London open is not 3AM on the East Coast, but 4AM.

I hope most US traders took this into account when setting their alarm clocks, but my post was just a friendly reminder in case they...
.
I got you smitten clear explanation, not that it effects my time zone but understood. that's completely bonkers though isn't it? I know you didn't decide on it not blaming you.
  • #1,602
  • Mar 20, 2013 6:18pm Mar 20, 2013 6:18pm
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  • #1,603
  • Mar 20, 2013 11:22pm Mar 20, 2013 11:22pm
Quoting FOURX
hey Snail,

Where ?
You can use Seneca's way with 15 min candles or find own way. Trade is usually from DO to PDH or PDL and then possible trade in opposite direction.
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  • #1,604
  • Edited 4:34am Mar 21, 2013 1:41am | Edited 4:34am
Quoting Seneca pilot
Nice trade! Pending order at the low of the inside bar after the news...I took the same.
  • #1,605
  • Mar 21, 2013 4:03am Mar 21, 2013 4:03am
Quoting snail69
You can use Seneca's way with 15 min candles or find own way. Trade is usually from DO to PDH or PDL and then possible trade in opposite direction.
Hey Snail

The trade looks like it was taken during the first candle on the new day open, there is no method in this thread that would take that!...

Seneca states there should be seperation from the open by a couple or so candles before you trade a retrace to touch the open!
  • #1,606
  • Mar 21, 2013 5:39am Mar 21, 2013 5:39am
Quoting FOURX
Hey Snail

The trade looks like it was taken during the first candle on the new day open, there is no method in this thread that would take that!...

Seneca states there should be seperation from the open by a couple or so candles before you trade a retrace to touch the open!

Fourx, as I said you can use Seneca's method or find own way. Just wanted to show how price goes from DO to PDH or PDL. Will not go into details of my entries as this is Seneca's thread.

Today's EU was nice example of Seneca's method using 15 min candles.
  • #1,607
  • Mar 21, 2013 6:03am Mar 21, 2013 6:03am
Quoting snail69
Fourx, as I said you can use Seneca's method or find own way. Just wanted to show how price goes from DO to PDH or PDL. Will not go into details of my entries as this is Seneca's thread.

Today's EU was nice example of Seneca's method using 15 min candles.
And that is exactly why good threads like this die,

If its your own method ,start your own thread!
  • #1,608
  • Mar 21, 2013 8:00am Mar 21, 2013 8:00am
Quoting FOURX
And that is exactly why good threads like this die,

If its your own method ,start your own thread!
I thought the purpose of this thread was to let people know that if they work towards thoroughly testing an idea backed by a little research that they too can create profits. He pretty much posted a chart in order to answer your question. All he did was reaffirm the idea that there are other ways to trade the daily open hi/lo combination. It's this ability to be curious about something and then doing the research to find out if it really works that creates profits.

Put the gun back in the holster bud, he's just sharing an idea.
  • #1,609
  • Mar 21, 2013 8:47am Mar 21, 2013 8:47am
Quoting Good Lookin
I thought the purpose of this thread was to let people know that if they work towards thoroughly testing an idea backed by a little research that they too can create profits. He pretty much posted a chart in order to answer your question. All he did was reaffirm the idea that there are other ways to trade the daily open hi/lo combination. It's this ability to be curious about something and then doing the research to find out if it really works that creates profits.

Put the gun back in the holster bud, he's just sharing an idea.
Read his initial post BUD!....he stated that he had used one of Seneca three lines to place a trade, and he had done nothing, other than trade in the middle of nowhere.
  • #1,610
  • Mar 21, 2013 8:48am Mar 21, 2013 8:48am
Inserted Video
  • #1,611
  • Mar 21, 2013 9:14am Mar 21, 2013 9:14am
Nice easy day. News trading combined with sleep is really nice.

There are two blue lines. The blue is my weekly highs and lows. Two here because of the gap. Friday weekly low and weekend weekly low. Normally not an issue but with the gap this weekend I put both to see whick one means something. So far both.
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  • #1,612
  • Mar 21, 2013 9:18am Mar 21, 2013 9:18am
Quoting Seneca pilot
Nice easy day. News trading combined with sleep is really nice.

There are two blue lines. The blue is my weekly highs and lows. Two here because of the gap. Friday weekly low and weekend weekly low. Normally not an issue but with the gap this weekend I put both to see whick one means something. So far both.
Breaking?

Trade of the week?
  • #1,613
  • Mar 21, 2013 9:20am Mar 21, 2013 9:20am
Quoting Good Lookin
I thought the purpose of this thread was to let people know that if they work towards thoroughly testing an idea backed by a little research that they too can create profits. He pretty much posted a chart in order to answer your question. All he did was reaffirm the idea that there are other ways to trade the daily open hi/lo combination. It's this ability to be curious about something and then doing the research to find out if it really works that creates profits.

Put the gun back in the holster bud, he's just sharing an idea.

I am not getting into this debate, it will do no good for the thread.

@Snail:
I know I was a little harsh with you previously. I think part of it was because when you post your charts it's like looking at an optical illusion. I think you are trying to help. You made a good point on daily open with highs and lows. You seem to have a lot going on in them though. I am not saying you can't utilize what you may, but I think you are to getting too much irrelevant data. see below...

@Those Who Need a Push:
I can or someone else can tell you 100 times that you can get rid of all the mess on the chart, but many don't think about why you should do this. There really is no reason to do so (all the lines). If you are having difficulty and you have horizontal lines drawn all over your charts when trading you are creating a cognitive bias and you don't even realize it. There is a lot more to psychology in trading than just accepting losses and not letting profits get to your head. I suggest you look into how your brain functions in perception, making choices, etc. There are lots of different levels that have been discussed in this thread, but you don't need them all. If you haven't done your homework based on your own findings, do it with the information SP wanted you to do. Once you do this you will:

Draw a line in the sand and work from that point only until you can see the simplicity with a profitable method based upon proper philosophy of the markets. When you create two "lines in the sand" you are actually trading multiple charts viewed on one. This is where the cognitive bias comes into play. Lines in the sand would be some of the levels presented here with all the different daily, session and weekly opens or highs/lows. Pick one and work with it, then you can utilize others for boundaries if you wish. It's already been stated...


I am out for vacation for until Easter and I hope you all keep up the good work! Happy trading to everyone and I will be checking in here while I am out. No live trading for me while on vaca, but there are always ideas and psychology to work on...
  • #1,614
  • Mar 21, 2013 9:22am Mar 21, 2013 9:22am
What i'm talking about.

Quoting snail69
If one uses only 3 lines: Daily Open, Previous Day High, Previous Day Low, as Seneca showed, it is sufficient for very successful trading.

Today's price behaviour across various pairs serves as proof.

Daily Open ----> Previous Day High

Daily Open ----> Previous Day Low
Quoting snail69
You can use Seneca's way with 15 min candles or find own way. Trade is usually from DO to PDH or PDL and then possible trade in opposite direction.
Quoting snail69
Fourx, as I said you can use Seneca's method or find own way. Just wanted to show how price goes from DO to PDH or PDL. Will not go into details of my entries as this is Seneca's thread.

Today's EU was nice example of Seneca's method using 15 min candles.
@FOURX Idea here is that he did a little research, came across some interesting stuff, and shared it. How you feel about him based on his previous posts does not change this. If your gonna read anything on FF i suggest you take the emotion out of your opinion forming.

Just speaking, not arguing.
  • #1,615
  • Mar 21, 2013 9:31am Mar 21, 2013 9:31am
OK ,cool
  • #1,616
  • Mar 21, 2013 9:35am Mar 21, 2013 9:35am
Quoting Seneca pilot
Nice easy day. News trading combined with sleep is really nice.

There are two blue lines. The blue is my weekly highs and lows. Two here because of the gap. Friday weekly low and weekend weekly low. Normally not an issue but with the gap this weekend I put both to see whick one means something. So far both.
If that's your DO line it's shifted back an hour - as discussed the other day that's just for a few weeks?

Did you notice the bounce today at 1.2878 was basically at Tuesdays PDL (ie Mondays low). Do you take note of previous previous daily levels? Appears to be the 5th time price returned to that level. But it's also the breakout level from yesterdays 1H range and only the 2nd return to it from that reference point.
  • #1,617
  • Mar 21, 2013 10:01am Mar 21, 2013 10:01am
Quoting stevexyg
If that's your DO line it's shifted back an hour - as discussed the other day that's just for a few weeks?

Did you notice the bounce today at 1.2878 was basically at Tuesdays PDL (ie Mondays low). Do you take note of previous previous daily levels? Appears to be the 5th time price returned to that level. But it's also the breakout level from yesterdays 1H range and only the 2nd return to it from that reference point.
Yes I shift my daily open line to stay with GMT until London and Europe move forward. As I said before the daily open line is really a range including a lot of prices. Today either 00:00 Eastern or 05:00 GMT worked equally as well. They worked equally as well because they also were the same (within a few pips) as the London close from Wed.

The bounce at The Monday low also is around the same price as Last week's low. Monday there was a bounce of over 100 pips from the weekend low. I count the weekend with the previous week. Today price has bounced twice from that same low. One of two things will happen. That low will break and price will drop rather hard, or it will hold and we may close the gap tomorrow.
  • #1,618
  • Mar 21, 2013 10:04am Mar 21, 2013 10:04am
Quoting TantumVerum
I am not getting into this debate, it will do no good for the thread.

@Snail:
I know I was a little harsh with you previously. I think part of it was because when you post your charts it's like looking at an optical illusion. I think you are trying to help. You made a good point on daily open with highs and lows. You seem to have a lot going on in them though. I am not saying you can't utilize what you may, but I think you are to getting too much irrelevant data. see below...

@Those Who Need a Push:
I can or someone else can tell you 100 times...
Your insight into my brain is scary. The reason I wanted people to do the weekend research project was to show the power of only one and maximum three lines. Sadly only two or three responded. They are probably going to be in the five percent. I won't reveal their hard work. They can if they wish, but one trader who responded couldn't believe the percentage and profit factor from just the daily open alone.
  • #1,619
  • Mar 21, 2013 10:13am Mar 21, 2013 10:13am
Quoting Seneca pilot
Your insight into my brain is scary. The reason I wanted people to do the weekend research project was to show the power of only one and maximum three lines. Sadly only two or three responded. They are probably going to be in the five percent. I won't reveal their hard work. They can if they wish, but one trader who responded couldn't believe the percentage and profit factor from just the daily open alone.
I think I should say that if you go back and look at all my trades, most of them are either daily open or daily high/low. I do keep the weekly open and close on my charts but I rarely ever take a trade off them. I use them for targets a lot though. Of course I do keep the weekly high and low on my charts because I want to take the trades off these. The weekly highs and lows are heavy S&R.

I could ignore all of that though and trade the daily open and daily high and low by themselves and do just peachy.
  • #1,620
  • Mar 21, 2013 10:40am Mar 21, 2013 10:40am
"One of two things will happen. That low will break and price will drop rather hard, or it will hold and we may close the gap tomorrow."

Looking like option two may be happening.

I don't trade much on Fridays any more. Good luck to those of you who do.
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