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  • #1,921
  • Apr 2, 2013 8:29am Apr 2, 2013 8:29am
Quoting Tech10Ken
I didn't take that one as I had already gone short on that pair at 1.5230, yesterday's London close. I had just got out of that trade at +48 before it hit yesterday's low, so was not keen to enter another trade long at that point.
Can I ask why LC? It worked really well only 8pip drawdown. Did you have a SL positioned above DO and PDH to prevent stop out?

The thing I just noticed about being able to cover a lot of levels with your Stop is it gives you a really good chance. It's like having 3 chances of a bounce on your trade.
  • #1,922
  • Apr 2, 2013 8:31am Apr 2, 2013 8:31am
Quoting kk007
It would be a loser if taken, isn't it? My indicator for Oanda MT4 taken "Sunday" Low and it is 1.5177. Do your indicator takes Monday or Sunday low?
I do the lines manually, I probably always will. I have 1.51802 but I am sure that is just the broker difference. Yes the long at the Monday low would have been a loser today. Lets keep it in context though. EJ, GJ, and EU were all winners from the daily open and GU offered a short retest trade off the London close from yesterday. This is why I have mentioned in the thread several times to diversify your entries. Take a smaller position and enter two or three pairs. You rarely have losers across the board. the winners will outrun the losers if you diversify your efforts by at least taking one pound pair and one euro pair.
  • #1,923
  • Apr 2, 2013 8:36am Apr 2, 2013 8:36am
Quoting Tech10Ken
Hi Seneca, Wanted to thank you for a brilliant thread. About 1/3 of the way through reading it all. You've been very generous with everything you've shared. Are you mostly looking at EUR/JPY and GBP/JPY now? Kicking myself for not that EUR/JPY trade earlier. Oh well... Anyway, here is a GBP/USD short I took off of yesterday's London close. A nice 2:1. +48 pips {image}
I normally take the entries that come first. I like to have one pound and one euro trade and those triggered before anything else. You sort of had a bit of a clue that GU was going to go down because it didn't have the power to make a retracement to the daily open while all the other pairs did. The yen and dollar have been taking turns driving the bus but either set has been good lately. I like the yen pairs because they typically get where they are going more quickly but they don't always play nice.
  • #1,924
  • Apr 2, 2013 8:38am Apr 2, 2013 8:38am
Quoting stevexyg
Can I ask why LC? It worked really well only 8pip drawdown. Did you have a SL positioned above DO and PDH to prevent stop out? The thing I just noticed about being able to cover a lot of levels with your Stop is it gives you a really good chance. It's like having 3 chances of a bounce on your trade.
I am sure he will have his own answer but I will say that London close is often the most reliable way to trade GU. It is lightly traded outside London and, of course, London is, by far, the most important market for the pair.
  • #1,925
  • Apr 2, 2013 8:43am Apr 2, 2013 8:43am
The opening range breakout is paying off again.
I entered short on the retest with 2 positions, 1 half closed for 0.5%, stop at BE, other half running...

Made 2.3% earlier with some level trades...so 2.8% gain today is safe.
  • #1,926
  • Apr 2, 2013 8:47am Apr 2, 2013 8:47am
Quoting Seneca pilot
I do the lines manually, I probably always will. I have 1.51802 but I am sure that is just the broker difference. Yes the long at the Monday low would have been a loser today. Lets keep it in context though. EJ, GJ, and EU were all winners from the daily open and GU offered a short retest trade off the London close from yesterday. This is why I have mentioned in the thread several times to diversify your entries. Take a smaller position and enter two or three pairs. You rarely have losers across the board. the winners will outrun the losers if you...
Thanks a lot!
Yes, GU today seemed ignoring all the possible support/demand and ran south all the way...
  • #1,927
  • Apr 2, 2013 8:47am Apr 2, 2013 8:47am
Quoting Olarion1975
The opening range breakout is paying off again. I entered short on the retest with 2 positions, 1 half closed for 0.5%, stop at BE, other half running...
If it will break the close from last week, next stop will be weekly open, then last week low. Maybe we can get a multiday trade out of this one. I finally entered on the third test.
  • #1,928
  • Apr 2, 2013 8:49am Apr 2, 2013 8:49am
Quoting Seneca pilot
I am sure he will have his own answer but I will say that London close is often the most reliable way to trade GU. It is lightly traded outside London and, of course, London is, by far, the most important market for the pair.
Yes I was just a bit sceptical that it was going to retrace back up to the daily open. So entered at the London close which I remembered you mentioning GU reacts to. Entered with a 17 pip stop so would have covered me up to the daily open as well if it had gone that far.

I did also take the EU short at daily open, 1.2867. Still in that one....
  • #1,929
  • Apr 2, 2013 8:49am Apr 2, 2013 8:49am
Quoting Olarion1975
The opening range breakout is paying off again. I entered short on the retest with 2 positions, 1 half closed for 0.5%, stop at BE, other half running... Made 2.3% earlier with some level trades...so 2.8% gain today is safe.
Risking 1% ?
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #1,930
  • Apr 2, 2013 8:50am Apr 2, 2013 8:50am
Quoting Seneca pilot
I am sure he will have his own answer but I will say that London close is often the most reliable way to trade GU. It is lightly traded outside London and, of course, London is, by far, the most important market for the pair.
Ah OK so you would be taking a position based on the LC only after London opens to provide the orders on current day then? For example today you could have gone long on the LC at 5:45GMT but makes no sense as London still closed. It's like London coming back to the table and saying, what's happened here? Well as we were saying....
  • #1,931
  • Apr 2, 2013 8:51am Apr 2, 2013 8:51am
Quoting Seneca pilot
If it will break the close from last week, next stop will be weekly open, then last week low. Maybe we can get a multiday trade out of this one. I finally entered on the third test.
Nice.

So let's see if we can ride the Euro down together...
  • #1,932
  • Apr 2, 2013 8:53am Apr 2, 2013 8:53am
Quoting fisheggs
Risking 1% ?
Thank you.

Yes, 1% risk.
  • #1,933
  • Apr 2, 2013 8:53am Apr 2, 2013 8:53am
Quoting stevexyg
Ah OK so you would be taking a position based on the LC only after London opens to provide the orders on current day then? For example today you could have gone long on the LC at 5:45GMT but makes no sense as London still closed. It's like London coming back to the table and saying, what's happened here? Well as we were saying....
Yes, in fact the whole market today has been London saying: Ok we are back from holiday, what the f were you guys thinking, we're going this way. The London close was tested from below in the first fifteen minutes of the London market.
  • #1,934
  • Apr 2, 2013 8:54am Apr 2, 2013 8:54am
Quoting Seneca pilot
Yes, in fact the whole market today has been London saying: Ok we are back from holiday, what the f were you guys thinking, we're going this way.
LOL
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #1,935
  • Apr 2, 2013 8:55am Apr 2, 2013 8:55am
Quoting Seneca pilot
If it will break the close from last week, next stop will be weekly open, then last week low. Maybe we can get a multiday trade out of this one. I finally entered on the third test.
But if it doesn't this bad boy could make a run for 2900, lets see how this plays out.
  • #1,936
  • Apr 2, 2013 8:56am Apr 2, 2013 8:56am
Quoting Good Lookin
But if it doesn't this bad boy could make a run for 2900, lets see how this plays out.
Yes, but with stop at BE I do not care...
  • #1,937
  • Apr 2, 2013 8:58am Apr 2, 2013 8:58am
Quoting Good Lookin
But if it doesn't this bad boy could make a run for 2900, lets see how this plays out.
You could be 100% right. It would mean half the position gets stopped at BE and maybe a new long entry tomorrow off that day's OR. That's the beauty. I would actually expect a big rally (if it happens) off the weekly open. If the trade reaches that point I may decide to go long there.
  • #1,938
  • Apr 2, 2013 9:02am Apr 2, 2013 9:02am
Nice conversation today. Lots of little nuggets being thrown out by everyone.
  • #1,939
  • Apr 2, 2013 9:02am Apr 2, 2013 9:02am
Quoting Olarion1975
The opening range breakout is paying off again. I entered short on the retest with 2 positions, 1 half closed for 0.5%, stop at BE, other half running... Made 2.3% earlier with some level trades...so 2.8% gain today is safe.
Just to check I have it right are you bracketing 1.2845-1.2870 - 10pip drawdown?
  • #1,940
  • Apr 2, 2013 9:04am Apr 2, 2013 9:04am
Quoting stevexyg
Just to check I have it right are you bracketing 1.2845-1.2870 - 10pip drawdown?
I have 28709 and 28463.
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