London close trading system for currencies | Page 55 | Forex Factory

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London close trading system for currencies

  • #1,081
  • Jul 27, 2016 12:10pm Jul 27, 2016 12:10pm
make a picture from your settings
  • #1,082
  • Jul 27, 2016 12:16pm Jul 27, 2016 12:16pm
Hi ghostbike
i'm setting your system i have to learn more and more but let me know for the moment if my setting is allright
thanks reagrds
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  • #1,083
  • Jul 27, 2016 12:17pm Jul 27, 2016 12:17pm
i live in Rome so the time should be the same yours
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  • #1,084
  • Jul 27, 2016 12:24pm Jul 27, 2016 12:24pm
plz my setting EA part 1
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  • #1,085
  • Jul 27, 2016 12:25pm Jul 27, 2016 12:25pm
part 2
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  • #1,086
  • Edited 12:57pm Jul 27, 2016 12:35pm | Edited 12:57pm
I mean the settings are OK

- Auto Trading must on
  • #1,087
  • Jul 27, 2016 12:48pm Jul 27, 2016 12:48pm
Quoting ghostbiker
I mean the settings are OK - Auto Trading must on
thaks so much
and...the magic number is the same for every pairs?
  • #1,088
  • Jul 27, 2016 12:52pm Jul 27, 2016 12:52pm
no the different Magic # make the EA with auto (no car

I like Italia especially the Adriatico, Riccione, San Marino, Pescara, Catolica
  • #1,089
  • Jul 27, 2016 12:57pm Jul 27, 2016 12:57pm
Quoting ghostbiker
no the different Magic # make the EA with auto (no car
  • #1,090
  • Jul 27, 2016 1:14pm Jul 27, 2016 1:14pm
Looks like not a good day for this system lol. GBPAUD stop out -800 bucks. The systems risk is way bigger than the reward so loss can wipe out your entire profit for the week hahah. Not a good risk to reward ratio. This strategy seems more like guessing and luck to me now...oh well. we will see lol
  • #1,091
  • Jul 27, 2016 1:26pm Jul 27, 2016 1:26pm
Look at what I have circled in white. The pink line is AUD

I didnt think the EA would perform well when they started opening AUD pairs and trying to counter the trend. The AUD was the weakest currency going below 2 to even 1.1 for all of US session!!! Now you want to counter that?? not a good move. I think the only way to beat the market is either price action or currency strength. London Close seems a little like flipping a coin but it may work who knows.


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Thats why I went long on EURAUD before way before london close because I saw AUD was weakest and EUR was strongest at the time i took the trade and I just traded the pull back as shown below

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  • #1,092
  • Jul 27, 2016 1:30pm Jul 27, 2016 1:30pm
Quoting sharingan9
Looks like not a good day for this system lol. GBPAUD stop out -800 bucks. The systems risk is way bigger than the reward so loss can wipe out your entire profit for the week hahah. Not a good risk to reward ratio. This strategy seems more like guessing and luck to me now...oh well. we will see lol
​not a good day for any system really with a FOMC or any other central bank statement happening.
  • #1,093
  • Jul 27, 2016 1:52pm Jul 27, 2016 1:52pm
Quoting sharingan9
Look at what I have circled in white. The pink line is AUD I didnt think the EA would perform well when they started opening AUD pairs and trying to counter the trend. The AUD was the weakest currency going below 2 to even 1.1 for all of US session!!! Now you want to counter that?? not a good move. I think the only way to beat the market is either price action or currency strength. London Close seems a little like flipping a coin but it may work who knows. {image} Thats why I went long on EURAUD before way before london close because I saw AUD was...
Bro, the system is counter trend by design. it sells at high point of day (100- 73.6) & buys (0 - 23.6) at low point of day so this not news to anybody.

Secondly what did you expect with FOMC (or any other major red news),

One thing is true through the -RR make things tough & also in instances where all you orders (MO+LO for all pairs) go sharply in the opposite direction. the squeezes will be so bad you may end up losing a week or more of gains.
  • #1,094
  • Edited 2:32pm Jul 27, 2016 1:56pm | Edited 2:32pm
@sharingan9: you can't read and you don't understand trading.
I have say trade with caution today bei the FOMC

manually from the Webinar:

- one in SL EUR AUD

- four in profit now

total + 1.3% win yet today (the week now + 5% win)

ExpertAdvisor:

- one in SL GBPAUD

- two in win

total - 0.6% loss yet today (the week + 0.9% win)

what is here bad ??

after more information
  • #1,095
  • Jul 27, 2016 2:13pm Jul 27, 2016 2:13pm
Quoting blade813
{quote} ​not a good day for any system really with a FOMC or any other central bank statement happening.
It was a great day for my other systems. Why was didnt it work for this? Realize that you can trade through news days as news can also help you too and if you are with trend even if news goes against you it may trigger orders that are in the overall trend direction to push price to your TP.
  • #1,096
  • Jul 27, 2016 2:19pm Jul 27, 2016 2:19pm
Quoting DoomTrader
{quote} Bro, the system is counter trend by design. it sells at high point of day (100- 73.6) & buys (0 - 23.6) at low point of day so this not news to anybody. Secondly what did you expect with FOMC (or any other major red news), One thing is true through the -RR make things tough & also in instances where all you orders (MO+LO for all pairs) go sharply in the opposite direction. the squeezes will be so bad you may end up losing a week or more of gains.
Thanks for the input buddy. I understand its counter by design however it isnt wise to counter the weakest or strongest currency. Im trying to set some filters here to prevent losses because this is seeming more and more like a coin toss. As for FOMC, it didnt seem to effect my other trading strategies as they performed well. One is a trend trading strategy and one is countering the trend using price action. But I would never counter the weakest/strongest currency unless there was a major level of s/r there combined with higher time frame s/r and trend.

As for the risk/reward, its awful. 1 bad trade on a gbp pair that is extremely volatile will wipe out 7 good trades as you mentioned in a previous post. The RR needs to be adjusted and to a 1:1 ratio and then we can properly assess the accuracy of it because profitability will depend on the accuracy at 1:1
  • #1,097
  • Jul 27, 2016 2:32pm Jul 27, 2016 2:32pm
Quoting ghostbiker
@sharingan9: you can't read and you don't understand trading. I have say trade with caution today bei the FOMC manually from the Webinar: - one in SL EUR AUD - four in profit now total + 1% win yet today (the week now + 5% win) ExpertAdvisor: - one in SL GBPAUD - two in win total - 0.6% loss yet today (the week + 0.9% win) what is here bad ?? after more information
I can read actually. Also I trade for a living and if you want to compare statements I'd be more than happy to do so. I will even goes as far as recording a video if youd like so to say I dont understand trading is an inaccurate attempt at an insult which I see you love to do. That 1 GBAUD loss was a BIG LOSS thats the point im trying to make. It seems you dont understand how RR plays a huge role. The if your risk is 4 o 5 times your reward 1 losing trade will wipe out 4 or 5 trades!!
  • #1,098
  • Jul 27, 2016 2:38pm Jul 27, 2016 2:38pm
Quoting ghostbiker
- one in SL GBPAUD - two in win total - 0.6% loss yet today (the week + 0.9% win) what is here bad ?? after more information
Also it would be best to also consider currency strength. If the banks and big boys are selling with alot of volume it would be best to avoid countering that currency since it could mean that EVEN THOUGH LONDON BANKS ARE CLOSED there could be other banks selling the AUD as well which would explain why it is so weak. Im just trying to help add a filter and adjust the RR so that you dont get wiped out. Im assuming you have been wiped out which is why you only trade mini lots.

EVERYONE HERE PLEASE LISTEN TO WHAT I AM ABOUT TO SAY:

IF SOMEONE IS TRADING LESS THAN A STANDARD LOT, IT MEANS THEY ARE NOT COMFORTABLE ENOUGH TO RISK THAT MUCH MONEY ON THEIR SYSTEM OR IT MEANS THEY DONT HAVE ENOUGH MONEY IN THEIR BALANCE WHICH MEANS THEY HAVE NOT MADE THAT MUCH MONEY WITH THE SYSTEM.

I'm not saying thats definitely the case here but it is worth taking a bit of caution as I see some people have already gone live on this method
  • #1,099
  • Jul 27, 2016 2:41pm Jul 27, 2016 2:41pm
Quoting sharingan9
{quote} I can read actually. Also I trade for a living and if you want to compare statements I'd be more than happy to do so. I will even goes as far as recording a video if youd like so to say I dont understand trading is an inaccurate attempt at an insult which I see you love to do. That 1 GBAUD loss was a BIG LOSS thats the point im trying to make. It seems you dont understand how RR plays a huge role. The if your risk is 4 o 5 times your reward 1 losing trade will wipe out 4 or 5 trades!!
OK, so you don't like the system, understood and fine. I am sure you are a fantastic trader with lots of experience to share with us. But it only sounds like you want to put other people down and brag about how great you are...At least that's what it sounds like, I could be misinterpreting it. Don't lecture other people please, we did not ask for your opinion...
  • #1,100
  • Jul 27, 2016 2:43pm Jul 27, 2016 2:43pm
Quoting sharingan9
{quote} It was a great day for my other systems. Why was didnt it work for this? Realize that you can trade through news days as news can also help you too and if you are with trend even if news goes against you it may trigger orders that are in the overall trend direction to push price to your TP.
​I agree some strategies will work fine for news events, however during central bank statements, there is too much risk of price going one way for 150-200 pips, then reversing. I find that trading pairs with lower volatility do much better when using a system that is counting on small reversals to hit profit .. GBP/AUD and EUR/AUD can sometime move 300-500 a day very easily. The ATR for those are both very high. I tend to stick with pairs with ATR of 125 or less. They seem to recover much easier after a move thus making it more likely to be profitable.

Today is the first day I tried the EA, and from what I can tell this seems to be a potentially great strategy. I have been trading similarly using S/R points rather than fib levels with multiple entry points if price moved against me. I mostly only trade 3 pairs, AUD/USD EUR/USD and NZD/USD .. I will keep testing and see how it goes in my demo account.

Much thanks to those that have worked to make the EA and strategy available to others.
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