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London close trading system for currencies
OK guys, i think the problem is: - How clock when market London Open and Close ? (which is on this thread are from any country) - how about ukraine ? how clock market london open and close ? - italia ? - Indonesia ? - sweden ? - belgium ? etc. maybe we should discuss about diferent clock for diferent country
The way I see it:
The idea is that the big players in Europe are driving the price direction in several currency pairs (see post #2 for GB's list). These big players are banks and forex brokers, often based in London, hence the name "London Close". These banks are buying and selling forex on behalf of their clients, big companies that need to buy and sell currency for their daily operations. When the banks close in London, a large portion of the trading volume disappears, which is clearly visible in the attached screenshot.
London Close Strategy: if the big players were the driving force for the day's trend (down in the example for EURUSD), this driving force disappears after about 16:00-16:30GMT (when the banks are closed). The price will often move in the opposite direction, retracing to the 23.6 Fibo level because the remaining market players (the little guys) are now driving the market. This only occurs if the little guys are trading in the opposite direction, if the little guys were also selling, the price would continue to drop and we would hit the SL. In reality, a retracement occurs about 80% of the time according to GB (if I remember correctly). The system is not perfect, there are no guarantees in Forex...
Since my broker is on GMT+3, I need to set my indicators and EA's to 19:00. It does not matter where I am personally, in the UK, India or the US, I only need to know my broker's time and calculate the offset versus GMT 16:00. If you don't understand, simply load a chart with volumes and visually inspect at what time volumes drop and the price retraces. That's probably the London Close.
- #624
- Jul 20, 2016 2:48am Jul 20, 2016 2:48am
- | Commercial User | Joined Jul 2015 | 4,729 Posts
@Dominick1982: it is right so 
thank you
NOTE: the EA work with GMT time 16:00 not with your own time zone
thank youNOTE: the EA work with GMT time 16:00 not with your own time zone
- #625
- Jul 20, 2016 3:17am Jul 20, 2016 3:17am
@Dominick1982: it is right so
Just a quick a question.. Which is most reliable to used Fibo indicator. Your Indi or Swingman Smlondon Indi? also is ît fine to apply this strateg aside from þe list you given on your post#2?
Thank you in advanced
- #626
- Jul 20, 2016 3:32am Jul 20, 2016 3:32am
- | Commercial User | Joined Jul 2015 | 4,729 Posts
NOTE: Users for the today's webinar please make all the needed Charts with SwingMan's Fibo Indicator
we will work today only with SwingMan's Fibonacci Indicator
we will work today only with SwingMan's Fibonacci Indicator
- #627
- Jul 20, 2016 3:36am Jul 20, 2016 3:36am
- Joined Nov 2015 | Status: Trader | 2,976 Posts
Success is a Journey Not a Destination....... kind regards ramzam
- #629
- Jul 20, 2016 3:41am Jul 20, 2016 3:41am
- | Commercial User | Joined Jul 2015 | 4,729 Posts
@ramzam: you are on the false ship with your time 
@giugra: you are too on the false ship which Broker you have?
you must give in only the GMT time 16:00 the GMT time overall on the world the same
the GMT time is in India or China or in Estland the same not a other time
The EA is programmed for GMT time !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@giugra: you are too on the false ship
which Broker you have?you must give in only the GMT time 16:00 the GMT time overall on the world the same
the GMT time is in India or China or in Estland the same not a other time
The EA is programmed for GMT time !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
- #630
- Jul 20, 2016 3:48am Jul 20, 2016 3:48am
- Joined Nov 2015 | Status: Trader | 2,976 Posts
Success is a Journey Not a Destination....... kind regards ramzam
- #631
- Jul 20, 2016 3:49am Jul 20, 2016 3:49am
NOTE: Users for the today's webinar please make all the needed Charts with SwingMan's Fibo Indicator {file} we will work today only with SwingMan's Fibonacci Indicator
To anybody that used this system, it is quiet easy to understand. Just read carefully the author '' Ghostbiker '' instructions. First thing you have to do is to learn how read the fibo .. as i've seen on her history trades report. she is sometimes break the ruled by exiting her positions. i guess she based sometimes on the recent high'low candle bars. support and resistance.
On my opinion i sometimes placed my tp a little bit lower to the fibo level. 23.6 if buy and a little bit higher on 76.4 level if sell.
same on SL zone ...add a few pips higher and lower ...
anyway thank you miss Ghostbiker
- #632
- Jul 20, 2016 3:49am Jul 20, 2016 3:49am
- Joined Nov 2015 | Status: Trader | 2,976 Posts
@ramzam: you are on the false ship with your time
Success is a Journey Not a Destination....... kind regards ramzam
- #633
- Jul 20, 2016 3:52am Jul 20, 2016 3:52am
All orders closed with profits 
Faced some draw down, but i think it can avoid by reducing lot sizes, I'm trying on demo 2-3 weeks and hope to run on my live account
Faced some draw down, but i think it can avoid by reducing lot sizes, I'm trying on demo 2-3 weeks and hope to run on my live account 
Failure is not failure if you learn from it...
- #634
- Jul 20, 2016 3:54am Jul 20, 2016 3:54am
- | Commercial User | Joined Jul 2015 | 4,729 Posts
hehehehehehehehehehehehehehehe
the EA Orders from yesterday: all closed now total + 141 Pips
the EA Orders from yesterday: all closed now total + 141 Pips
- #635
- Jul 20, 2016 4:00am Jul 20, 2016 4:00am
ok i will try my best to find this time issue.. because it made me fun over here... but any how thanks for all
Ram do yôu have a smartphone? there is many apps on googleplay that allow you to monitor the open and closed fx market in real time .. use it then compare to your local time zone
- #636
- Jul 20, 2016 4:01am Jul 20, 2016 4:01am
- Joined Nov 2015 | Status: Trader | 2,976 Posts
yes that only now i am doing ... i post one pic. now only london market open i think..
please any one confirm the london open and close with GMT hours.. with this 2nd pic. then i can manage
as of now
please any one confirm the london open and close with GMT hours.. with this 2nd pic. then i can manage
as of now
{quote} Ram do yu have a smartphone? there is many apps on googleplay that allow you to monitor the open and closed fx market in real time .. use it then compare to your local time zone
Success is a Journey Not a Destination....... kind regards ramzam
- #637
- Jul 20, 2016 4:04am Jul 20, 2016 4:04am
hehehehehehehehehehehehehehehe the EA Orders from yesterday: all closed now total + 141 Pips
Wow that's awesome! We know that you are a pro and experienced trader. GB can you please also update us regarding on the currencies pairs that you are adding on your trading list? please
post it on your post #2
- #638
- Jul 20, 2016 4:07am Jul 20, 2016 4:07am
- Joined Nov 2015 | Status: Trader | 2,976 Posts
Success is a Journey Not a Destination....... kind regards ramzam