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Ramblings of a Forex Junkie

  • #2,761
  • Apr 28, 2013 5:16pm Apr 28, 2013 5:16pm
Quoting biDc
{quote} For now, I'm going to experiment with the globex close at 4PM CST. I backtested a little bit (not too much since I can only go back 20 days on 15min time frame) on /ES, /YM, and /TF. One thing I noticed is how often price will bounce off the daily close at the open of Asia and London sessions...that's definitely something to keep in mind as I go through this.
That is the correct close. I wanted to make sure you didn't try to use midnight for the close. It works, you will like it.
  • #2,762
  • Apr 28, 2013 5:22pm Apr 28, 2013 5:22pm
Quoting twrayner
Hi all! I was trying to backtest earlier on MT4 on how price would react to the different levels, london close, lond open, ny close ny open etc. However my MT4 on M15 allows me to go as far till early March only. Is there any software out there that has data that allows to go as far as 5 years back? Thanks!
Your broker will probably have the data available to you if you have a live account. Oanda will give you any data you want as long as you have a one thousand dollar account. If you are on demo you may not be able to get much history. A forward test will be much more valuable to you in the long run.
  • #2,763
  • Apr 28, 2013 5:48pm Apr 28, 2013 5:48pm
Quoting Seneca pilot
{quote} That is the correct close. I wanted to make sure you didn't try to use midnight for the close. It works, you will like it.
Thanks for the lookout
  • #2,764
  • Apr 28, 2013 6:07pm Apr 28, 2013 6:07pm
By the way, this method really reminds me of the ACD method written in The Logical Trader by Mark Fischer. Are you familiar with it SP?
  • #2,765
  • Apr 28, 2013 6:27pm Apr 28, 2013 6:27pm
Quoting biDc
By the way, this method really reminds me of the ACD method written in The Logical Trader by Mark Fischer. Are you familiar with it SP?
I saw one of his webinars a few years ago. I thought it was pretty good but never really tried to practice it. I didn't have access to the book and the webinar didn't really give all the specifics. I do know that PTJ wrote the forward to the book and anything he endorses would probably have to be worth a look.
  • #2,766
  • Apr 28, 2013 8:24pm Apr 28, 2013 8:24pm
How's this for the first demo trade? I have the gap fill on my side too. Risk was 2.0 and was going for 3.5 profit.
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  • #2,767
  • Apr 28, 2013 8:24pm Apr 28, 2013 8:24pm
Quoting biDc
{quote} The close from Thursday and the reaction on Friday towards it was the first one I tested. From that alone I was already almost convinced this will work lol By the way, did you have a script for those close or did you draw them in manually?
I don't use scripts. I draw all my levels manually.

I should note I don't use these levels in the same way as SP so if your going to use them under the rules he has outlined I can't comment on the win/loss ratio. Although it's important to note where price is in relation to the daily open regardless of what technique your using.
What is any ocean but a multitude of drops?
  • #2,768
  • Apr 28, 2013 9:27pm Apr 28, 2013 9:27pm
Quoting biDc
How's this for the first demo trade? I have the gap fill on my side too. Risk was 2.0 and was going for 3.5 profit. {image}
  • #2,769
  • Apr 29, 2013 3:42am Apr 29, 2013 3:42am
Quoting Seneca pilot
{quote} Your broker will probably have the data available to you if you have a live account. Oanda will give you any data you want as long as you have a one thousand dollar account. If you are on demo you may not be able to get much history. A forward test will be much more valuable to you in the long run.
Thanks for the advice! I will do just that.

However i recalled you asking us to do a mini project over the weekend backtesting with data to see how the different levels hold up.

Thus i thought i would like to try that out and come up with some stats of my own.

PS: I'm still at page 100 of the thread and catching up with you guys
  • #2,770
  • Apr 29, 2013 4:08am Apr 29, 2013 4:08am
Another question here as im confused regarding the time zones.

For the daily openings, are we on 0400 GMT or 0500 GMT?

Thanks!
  • #2,771
  • Apr 29, 2013 5:09am Apr 29, 2013 5:09am
Quoting twrayner
Another question here as im confused regarding the time zones. For the daily openings, are we on 0400 GMT or 0500 GMT? Thanks!
Hi to all, and thank you SP for this wonderful thread, there are some talented traders here and I would like to thank you all for your input, the gold nuggets of trading experience freely given is much appreciated, I have been trading (unsuccessfully) for just over 3 years, and like most I have tried all the indicators, paid for trading courses etc etc following guru teachings only to loose money time after time, with the odd success.I was at the point of giving up, don't know how but I found Ramblings of a Forex Junkie, I thought yeh, that's about the cut of it, I'll see what it's about, so glad I did, you guy's are awesome I am rejuvenated, my charts are clear of junk and I am working through this thread like a demon,up to page 100 so far, I know there is a long road ahead, but I am so inspired.

twrayner I believe it is 0500GMT
good trading every one
  • #2,772
  • Edited 5:44am Apr 29, 2013 5:22am | Edited 5:44am
Quoting Piprader
{quote} Hi to all, and thank you SP for this wonderful thread, there are some talented traders here and I would like to thank you all for your input, the gold nuggets of trading experience freely given is much appreciated, I have been trading (unsuccessfully) for just over 3 years, and like most I have tried all the indicators, paid for trading courses etc etc following guru teachings only to loose money time after time, with the odd success.I was at the point of giving up, don't know how but I found Ramblings of a Forex Junkie, I thought yeh, that's...
"I trade the daily open (I use three hours before London open you can test anything you like) The rules for this are simple I wait for at least two full fifteen minute bars not touching the open price then I fade the return to the open."

Ok so i think i found my answer. So now 3 hrs before london open is 0400 GMT.

Did i get that right?

Thanks!
  • #2,773
  • Apr 29, 2013 5:49am Apr 29, 2013 5:49am
Quoting twrayner
Another question here as im confused regarding the time zones. For the daily openings, are we on 0400 GMT or 0500 GMT? Thanks!
The daily open is always three hours before London open. The GMT can change because of the change to summer time in Europe and the UK. I always make it three hours before London open. I cannot change the old posts at this point.
  • #2,774
  • Apr 29, 2013 5:50am Apr 29, 2013 5:50am
Quoting twrayner
{quote} "I trade the daily open (I use three hours before London open you can test anything you like) The rules for this are simple I wait for at least two full fifteen minute bars not touching the open price then I fade the return to the open." Ok so i think i found my answer. So now 3 hrs before london open is 0400 GMT. Did i get that right? Thanks!
London opens at 0800 GMT, 3 hours before is 0500.
  • #2,775
  • Apr 29, 2013 5:59am Apr 29, 2013 5:59am
Quoting hollowhead
{quote} London opens at 0800 GMT, 3 hours before is 0500.
London is on GMT during standard time. Currently it is on BST which is one hour ahead. Please lets not go down the time zone road, it will derail the thread for two pages. I am much more concerned with the closes these days for a number of reasons. The open is really a better trending trade and right now we are not trending.
  • #2,776
  • Apr 29, 2013 6:08am Apr 29, 2013 6:08am
Ok thank you all!

So in short our daily open is simply 3 hrs prior to london open, period.

The time zone stuff is confusing the heck outta me. Ok peace!
  • #2,777
  • Edited 6:19am Apr 29, 2013 6:11am | Edited 6:19am
Quoting Seneca pilot
{quote} London is on GMT during standard time. Currently it is on BST which is one hour ahead. Please lets not go down the time zone road, it will derail the thread for two pages. I am much more concerned with the closes these days for a number of reasons. The open is really a better trending trade and right now we are not trending.
morning Chris, hope you had a good weekend!
when you say closes, do you just mean London and New York or is Tokyo worthy of note?
I see EJ closed at 127.81 London friday; interesting been watching PA around this level this morning....
Do you plot the levels manually or do you use a broker/website resource?
Thanks and good luck this week
  • #2,778
  • Apr 29, 2013 7:16am Apr 29, 2013 7:16am
Quoting jonnypants
{quote} morning Chris, hope you had a good weekend! when you say closes, do you just mean London and New York or is Tokyo worthy of note? I see EJ closed at 127.81 London friday; interesting been watching PA around this level this morning.... Do you plot the levels manually or do you use a broker/website resource? Thanks and good luck this week
London and NY closes.

EJ is the pair I am watching today also. EU is taking off and EJ is not. EU really gave nothing in the way of entries this morning it just took off and went straight through the Friday high. Mondays can be this way sometimes, I have been trading Tuesday through Thursday lately and it has increased my accuracy a bit.
  • #2,779
  • Apr 29, 2013 7:33am Apr 29, 2013 7:33am
Quoting Seneca pilot
{quote} London and NY closes. EJ is the pair I am watching today also. EU is taking off and EJ is not. EU really gave nothing in the way of entries this morning it just took off and went straight through the Friday high. Mondays can be this way sometimes, I have been trading Tuesday through Thursday lately and it has increased my accuracy a bit.
Did you catch a short on EU from the prev weekly high?
  • #2,780
  • Apr 29, 2013 7:39am Apr 29, 2013 7:39am
Quoting twrayner
{quote} Did you catch a short on EU from the prev weekly high?
I am not trading today just watching. I am watching the yen pairs today, looking for patterns.
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