London close trading system for currencies | Page 13 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

HYBRID: trading system within a trading system 31 replies

London Rush - Breakout Trading System 18 replies

Trading from NY close to London open 14 replies

London close trading system for currencies is not reproducible 0 replies

Price Levels - Weekly High/Low, NY-Close, London Close 6 replies

Attachments: London close trading system for currencies
Exit Attachments

London close trading system for currencies

  • #241
  • Jul 14, 2016 11:20pm Jul 14, 2016 11:20pm
Quoting diamonddbw
{quote} ++++++++++++++++++++++++++++++++ Right. 50 pips not bad for a short time. I lost 70 on the one pair. GB are you willing to talk about your ECad & UCad trades from NY today? I only took ECad, as per rules in post #1. Both positions hit stop. OK, I traded the plan. You managed to turn ECad & UCad into winners. Would you mind expanding on how?
Interesting!

I'd like GB to elaborate a little on these trades too.

Masterrmind............ :nerd:
Master your Mind then Master your Trades
  • #242
  • Edited 2:52am Jul 15, 2016 1:56am | Edited 2:52am
to all: read rules Page 1 Post # 1

- 1 x Marketorder if the pricing minimum 10 Pips from the 23.6 / 76.4 line

- 1 x Limitorder 1 on the 0 / 100 line or minimum 10 pips from pricing if the pricing near by the 0 / 100 line

- 1 x Limitorder 2 on the 123.6 line or - 23.6 line (normally for EA or manually if you have time)

here the both Marketorders I make first on 16:00 GMT USDCAD and EURCAD GMT 15:59 / 16:01

and the both LimitOrders for USDCAD and for EURCAD

Attached Image (click to enlarge)
Click to Enlarge Name: ZZ_UCADECAD_LOC.JPG Size: 59 KB


the message of this system is, many many traders worldwide work with this System on London close 16:00 GMT
with TP 23.6 Fibonacci without more Indicators, only with Fibonacci and wait for the Retracement after London close,
then is lower money in the market
  • #243
  • Edited 2:20am Jul 15, 2016 2:00am | Edited 2:20am
Quoting ghostbiker
@Retlaw: it is OK for me, I will test your EA too (I've 2 London close EA that work) but I trade London close manually too for learning if the EA's must work better and better I will give you tipps for your EA the next days here my closed orders from today: I have made a second limitorder by USDCAD and EURCAD like the ExpertAdvisor {image} not bad for a short time + 50 Pips now
Hi GB,

I am always impressed by your ability to pick the right trades, good job...

You keep saying "read rules in post #1", but then you show us trades that seem to be contradicting your own the rules (like your 19:15 and 19:47 EURCAD trades.) That's why we keep asking questions...

But I do see you followed the rules initially at 19:00. I assume the trades from 19:15 and 19:47 are the 123.6 / -23.6 limit orders...
  • #244
  • Jul 15, 2016 2:28am Jul 15, 2016 2:28am
Quoting Jakepuia
In my opinion, to have a better and strong chance to win, there should be at least one reverse candle before we pull the trigger. Last night when I pull the trigger in EURCAD there is no rejection yet so, i lost the trade. What do you think guys?
​


I agree with you, it's better to look at PA before entering the trade. Yesterday I did something in the middle, I opened a first trade a few pips below the 0 line and a second trade at the round number and closed both at the 0 line (I could have waited more..). No market orders at London close, no pre-set limit orders. Both for EC and UC.
Of course there's always a trade off, you lower the risk but if you fail to read the chart you might miss the train.


@ Ghostbiker: what about rule #5? It seems you don't follow it
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD_140716.png Size: 7 KB
  • #245
  • Jul 15, 2016 2:39am Jul 15, 2016 2:39am
Hi Ghostbiker to you have the EA file?
  • #246
  • Jul 15, 2016 2:39am Jul 15, 2016 2:39am
@Jakepuia:

- you can trade Reverse trades 24 hours and wait for the Reverse candles, but this is not the "London close system 23.6"
London close is every day 16:00 GMT not 17:00 GMT or 19:00 GMT or in the morningtime
  • #247
  • Jul 15, 2016 2:41am Jul 15, 2016 2:41am
Quoting kbharunt
HI, ghostbiker what is the logic behind this system.can u please explain.what is the idea behind this system.
kbharunt, think about this:
you are working in the office of a bank and your working day is over, hence 16:00 gmt), what is going to happen is you clean your desk and go home if your bank was one of the driving factors behind price movement then price can change its course. the remaining currency orders will wait until next day. Other london close systems(forexmentor) require a move that is greater than atr and then a retrace trade for a scalp.

I have one more remark for stoploss referring to davits thread: here it states -23.6 fibo for buys. I entered manually eurgbp limitbuyorder yesterday at .83007 with stoploss at -23.6% .82611. I removed the order later at night. now back at screen i see that .82611 is almost exact where it turned. Davit states .382 as mayor place.

running a backtest with the expert, i'm not so sure if im going to look at jpy and usd crosses. the aud crosses did much better. can the mq4 be shared also?

I would like to have a webinar, ghostbiker, thanks for sharing(looks promissing), will try to look for more manual experience
  • #248
  • Jul 15, 2016 2:42am Jul 15, 2016 2:42am
Quoting Waterkloof
Hi Ghostbiker to you have the EA file?
look in Post # 200 here is the ExpertAdvisor from Retlaw
  • #249
  • Jul 15, 2016 2:45am Jul 15, 2016 2:45am
Quoting Masterrmind
{quote} Please confirm if the screen shot is correct. {image} In white color font I have marked TP for Buy and TP for Sell are these correct? Previous chart deleted since the thread Op draws Fibs opposite to how I would draw them but levels will remain the same in either case just the Fib ratio numbers would be reversed. ps. if correct chart then perhaps it is useful for other traders too! pps. Why limit the TP pips? Masterrmind............
very nice explaining picture thank you
  • #250
  • Jul 15, 2016 2:47am Jul 15, 2016 2:47am
@clint2008: you talk all right. This system must training 1 month 20 day's then you see more clear
  • #251
  • Jul 15, 2016 3:50am Jul 15, 2016 3:50am
ok, here is my small input:
I ran the expert on all instruments including metals with the default settings over a period from 2015.12.01 until 2016.04.25 and saved the reports, in the zip. I like a structured approach.
the less active currencies tend to do good. (crosses for:aud,nzd, cad)
there is a subfolder for losing pairs.
I wonder if I had to adjust something for wintertime.
Attached File(s)
File Type: zip londonclose.zip   346 KB | 689 downloads
  • #252
  • Jul 15, 2016 3:54am Jul 15, 2016 3:54am
Most NZD and CAD pairs are difficult, but you have enough pairs for this LO close system to trade

XAU, GER30, US30 I hav'nt test
  • #253
  • Jul 15, 2016 3:58am Jul 15, 2016 3:58am
Quoting Masterrmind
{quote} Please confirm if the screen shot is correct. {image} In white color font I have marked TP for Buy and TP for Sell are these correct? Previous chart deleted since the thread Op draws Fibs opposite to how I would draw them but levels will remain the same in either case just the Fib ratio numbers would be reversed. ps. if correct chart then perhaps it is useful for other traders too! pps. Why limit the TP pips? Masterrmind............

​Hi Mastermind, the 10 pips distance refers to how far the price at London close must be from the 23,6/76,4 levels and not to the distance between 0/23,6 and 76,4/100 as shown in your chart.
  • #254
  • Jul 15, 2016 4:07am Jul 15, 2016 4:07am
@Mastermint: after a time 1.5 hours or so I look for the orders in win and close the orders or I reduce the TP for all orders
with the same currency pair to the same TP
  • #255
  • Jul 15, 2016 4:16am Jul 15, 2016 4:16am
Quoting dreambig
In this one. {image}
Trades,

Not sure about the highlighted GJ...price action never went the stoploss set by EA yet trade was closed at 142.440....rest of the trades turned out good.
Attached Image (click to enlarge)
Click to Enlarge Name: LO2.jpg Size: 119 KB
  • #256
  • Jul 15, 2016 4:33am Jul 15, 2016 4:33am
Quoting clint2008
ok, here is my small input: I ran the expert on all instruments including metals with the default settings over a period from 2015.12.01 until 2016.04.25 and saved the reports, in the zip. I like a structured approach. the less active currencies tend to do good. (crosses for:aud,nzd, cad) there is a subfolder for losing pairs. I wonder if I had to adjust something for wintertime. {file}
Nice

Here some links for "wintertime":
http://www.babypips.com/school/presc...-sessions.html
https://www.gov.uk/when-do-the-clocks-change

So you should set "LondonCloseTimeGMT" to "17" at 2am on the last Sunday in October and back to "16" at 1am on the last Sunday in March.
For back testing I don't know, you should check somehow.
In the Strategy Tester, the GMT time = Server time, hence the "BrokerGMTOffset" setting.
Tip: Use your computer clock (add extra clocks) to find out.
  • #257
  • Jul 15, 2016 4:52am Jul 15, 2016 4:52am
Quoting Retlaw
{quote} Nice Here some links for "wintertime": http://www.babypips.com/school/presc...-sessions.html https://www.gov.uk/when-do-the-clocks-change So you should set "LondonCloseTimeGMT" to "17" at 2am on the last Sunday in October and back to "16" at 1am on the last Sunday in March. For back testing I don't know, you should check somehow. In the Strategy Tester, the GMT time = Server time, hence the "BrokerGMTOffset" setting. Tip: Use your computer clock (add extra clocks) to find...
Retlaw,

thanks for getting back on this and for your work on the ea. i think what this means is that the posted results can be off a little. but for me it is more a confirmation of a)how often does it trades, i thinks i've seen round 26to 29 times in a five month period and likely to tp of round 70%. for me that means i'm willing to invest time in the ea forward testing and put time in manually testing and follow whatever we come up with in the thread. I've lost much valuable time in trying non-meaningful material in the past, but that is also what gets me here, so not a total waste, but i need to be selective. i don't mind doing work but it needs to get me and others somewhere. i will setup the ea on all uinstruments that tested succesfully and let it run hopefully as of tonight, then i will post the results here hoping that others will do that also. I leave all settings default. would it be possible the ea gives each instance a unique id automatically? I know I have code for that, will try to find.
  • #258
  • Jul 15, 2016 4:58am Jul 15, 2016 4:58am
Quoting clint2008
{quote} ...... would it be possible the ea gives each instance a unique id automatically? I know I have code for that, will try to find.
I will put in Order Comments in the next update.
  • #259
  • Jul 15, 2016 5:11am Jul 15, 2016 5:11am
Hi Retlaw,
once more thanks for hard work.

v1.2 and following EAs
- default market order is 0,1 and limit 0,15
- could you implement LondonCloseHour "Now" ? (I will try out different Profiles, for instance 06:20 London Time)
- could you check which underlying is running (MinDistPoints, LotsForMarketOrders, LotForLimitOrders are now not suitible if broker wishes for Ger30 min 1,0 Lot)
- could you in comment implement EA and time used?
  • #260
  • Jul 15, 2016 5:41am Jul 15, 2016 5:41am
Quoting ghostbiker
@Retlaw: for EA with true / false - reduce the TP after X minutes (for change) to BE + X (for change) -for faster close-
I am not sure if I understand correctly.
Can you give an example?

Or I can just put in: Set Break Even after X bars (X may be 4 bars = 1 hour on M15).
Break even would be Entry +/- minimum distance (Stops level) which is 30 points with my broker.
So if BE (SL) gets hit you have 3 pips profit.
1 trader viewing now