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Simplicity is the Ultimate Sophistication

  • #101
  • Mar 14, 2017 9:14pm Mar 14, 2017 9:14pm
Quoting zentrader8
{quote} Thanks for your advice, But im not pirate it. As i wrote in the first page, i said i was inspired by others, but i developed my own strategy. My trading strategy it doesnt wait for london open. and its up to you whether you said its same or not.I dont care. I just show the way to profit in the market.just share to others some edge in the market. and you said that if many people doing it, bank will start to sweep again. I just can laugh bro, if retailer trader like me, who only trade 1-10 lots,can change the way they trade and change how...
You do not have to defend your technique to me. I don't care about it. All good. Just telling you what might happen because it happened A LOT in the past. You are placing pending orders, and that is how the big banks trade. The market makers SEE ALL the pending orders and then play around with them to create panic, activate one direction, and then swing the other to hit the stops. Think about it, just for a mere second. It is all they have. It is all they can do. They create chaos to cause traders to panic, or they activate orders and swing them the other way to activate stops. There is only one remaining thing they do, and that is slow roll orders when there are many on both sides. That creates consolidation areas. Think like a market maker and trade through their BS. For me, this does not trade through them since they can see what you are doing, and it is very common. Best of Luck. You don't have to defend it, just use it and make money and cover your six for when they play games with your targets.
You cannot be extraordinary by being normal
  • #102
  • Mar 14, 2017 9:14pm Mar 14, 2017 9:14pm
Quoting digiff
{quote} Hi Zen, this neat little indy should make life a bit easier (thanks to Gumrai). Just input the desired hourly candle and it will auto draw the high and low. Should make back-testing easier too. I am a little confused about your trade today. You said your first trade hit SL, but I dont see how your buy stop was triggered because the hourly candle before london open never crossed that high, or even came close to it. It did trigger your sell stop which went to TP. {image} {file} {file}
The High Low is dependent on your broker. For Icmarkets the high hit 1.06599 , so thats why zentrader entered buy stop at 1.066. However, if your broker high is 1.06600 and above, then it would be a simple sell stop take profit. Different brokers might end up with different trades due to quote difference.
  • #103
  • Mar 14, 2017 11:03pm Mar 14, 2017 11:03pm
yea the time when to set pendings is not really clear..
Everyday better.
  • #104
  • Mar 14, 2017 11:38pm Mar 14, 2017 11:38pm
Quoting stevox
{quote} The High Low is dependent on your broker. For Icmarkets the high hit 1.06599 , so thats why zentrader entered buy stop at 1.066. However, if your broker high is 1.06600 and above, then it would be a simple sell stop take profit. Different brokers might end up with different trades due to quote difference.
Actually, when you are using hourly time frame [and lower], everyone has the same high/low world-wide (might differ by a pip or two max). Daily and 4Hr candle high/low are broker dependent. What differs is that it might be morning for me when that hourly candle forms, and it could be night for someone, so the exact time differ from broker to broker. But that is not what we are talking about here. I am using ICMarket chart by the way.

Either I am wrong in my understanding of what Zen meant, or he made an honest mistake because of the sudden DST change, which means the 8:00 candle is not valid. Should be 9:00 candle for him. Might change to 8:00 again when Europe changes time in a week.

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Quoting arlucad
yea the time when to set pendings is not really clear..
Actually it is very clear.

1. Mark the high and low of SECOND hourly candle before London Open. [that means you have to wait for it to close]. It can be 8:00 for zen, 10:00 for someone else, 2:00 etc. Just make sure it is two hours before open.

2. Place buy and sell pending orders based on closed hourly candle.

3. Now you wait for the next candle, which is the FIRST hourly candle before London Open [which is also Frankfurt/Europe Open]. This candle will either trigger one or both orders, depending on what breaks first and how far it moves before TP/SL. You manage the trade.
In other news: A ranger was trapped between a bull and a bear
  • #105
  • Mar 15, 2017 12:57am Mar 15, 2017 12:57am
Quoting digiff
{quote} Actually it is very clear. 1. Mark the high and low of SECOND hourly candle before London Open. [that means you have to wait for it to close]. It can be 8:00 for zen, 10:00 for someone else, 2:00 etc. Just make sure it is two hours before open. 2. Place buy and sell pending orders based on closed hourly candle. 3. Now you wait for the next candle, which is the FIRST hourly candle before London Open [which is also Frankfurt/Europe Open]. This candle will either trigger one or both orders, depending on what breaks first and how far it moves...
Actually it's not because Zen has been using the 8:00 candle which is actually the THIRD hourly candle before London Open.
Either Zen has been confused and trading the wrong candle since US daylight savings, or he is confused about when London open is.
Either way, it's not particularly clear. But seeing his actual trades on his charts, I will assume he meant the THIRD hour candle (8.00 ICmarkets) before London Opens..
  • #106
  • Mar 15, 2017 12:59am Mar 15, 2017 12:59am
Quoting OldeStoney
{quote} Actually it's not because Zen has been using the 8:00 candle which is actually the THIRD hourly candle before London Open. Either Zen has been confused and trading the wrong candle since US daylight savings, or he is confused about when London open is. Either way, it's not particularly clear. But seeing his actual trades on his charts, I will assume he meant the THIRD hour candle (8.00 ICmarkets) before London Opens..
-Which is about to close in 1 minute just to clear any confusion..
  • #107
  • Mar 15, 2017 1:06am Mar 15, 2017 1:06am
buy stop at 1.063
sell stop at 1.061
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Zen, please correct me if this is wrong..
  • #108
  • Mar 15, 2017 1:37am Mar 15, 2017 1:37am
Quoting OldeStoney
{quote} Actually it's not because Zen has been using the 8:00 candle which is actually the THIRD hourly candle before London Open. Either Zen has been confused and trading the wrong candle since US daylight savings, or he is confused about when London open is. Either way, it's not particularly clear. But seeing his actual trades on his charts, I will assume he meant the THIRD hour candle (8.00 ICmarkets) before London Opens..
That's what I was trying to say too. What I meant was, Zen's rules are clear but his last trade was probably a mistake, which caused the confusion because of using the third candle high.
In other news: A ranger was trapped between a bull and a bear
  • #109
  • Mar 15, 2017 1:43am Mar 15, 2017 1:43am
Im sorry for late reply.
quite busy today.

yeah , im sorry for any confusion, what i refer is 8 hour chart in ic market.
and yeah you guys are right. right now forexfactory time is 2.30(which is 2 hours before london open is 2)
and the ic market is 9.00.so it means 3 hours before london.

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im sorry for the confusion, and hope you all clear now.
  • #110
  • Mar 15, 2017 1:46am Mar 15, 2017 1:46am
Buy stop:

at 1.0630
TP : 1.0640
SL : 1.0615

lets see
Attached Image (click to enlarge)
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  • #111
  • Mar 15, 2017 1:48am Mar 15, 2017 1:48am
Quoting digiff
{quote} Hi Zen, this neat little indy should make life a bit easier (thanks to Gumrai). Just input the desired hourly candle and it will auto draw the high and low. Should make back-testing easier too. I am a little confused about your trade today. You said your first trade hit SL, but I dont see how your buy stop was triggered because the hourly candle before london open never crossed that high, or even came close to it. It did trigger your sell stop which went to TP. {image} {file} {file}
thanks for the indi, and hope my explanation clarify the confusion.
  • #112
  • Mar 15, 2017 1:58am Mar 15, 2017 1:58am
Quoting zentrader8
{quote} thanks for the indi, and hope my explanation clarify the confusion.
You are welcome Zen. I am still a bit confused because your rule 1 says we have to wait for candle to close (the second candle before London open, which is still forming when you placed a pending buy stop order at 1.0630. We still have one more hour before london opens.

1.Open the EURUSD Pair, then wait the last two candle before the london market open(i use icmarket, so its 8.00 candle time)hourly candle,wait until it close.
2.look at the highest and the lowest that the 8.00 candle made.

[for you, now it would be highest and lowest of 9.00 candle which is still forming, few mins left to close. It's still two hours before LO, just different time]
In other news: A ranger was trapped between a bull and a bear
  • #113
  • Mar 15, 2017 2:00am Mar 15, 2017 2:00am
Good clarification. I've done some manual backtesting and the same method will work when using the 30 min candle on the US open at 1430 GMT. Use high low of that candle (1430-1500 GMT) and set same orders.

Thing is SB firms have their people scour the forums for these methods; this could be easily wiped out with MM games as mentioned above!

Good luck all
Trade less and become more profitable!
  • #114
  • Mar 15, 2017 2:14am Mar 15, 2017 2:14am
Quoting OldeStoney
buy stop at 1.063 sell stop at 1.061 {image} Zen, please correct me if this is wrong..
you are right.
  • #115
  • Mar 15, 2017 2:16am Mar 15, 2017 2:16am
Quoting digiff
{quote} You are welcome Zen. I am still a bit confused because your rule 1 says we have to wait for candle to close (the second candle before London open, which is still forming when you placed a pending buy stop order at 1.0630. We still have one more hour before london opens. 1.Open the EURUSD Pair, then wait the last two candle before the london market open(i use icmarket, so its 8.00 candle time)hourly candle,wait until it close. 2.look at the highest and the lowest that the 8.00 candle made. [for you, now it would be highest and lowest of 9.00...
actually i dont know. last month i checked the ic market and if im not wrong it is 8.00 and it exactly 2 hours before london open.
But for now i think trade for the 3 hours before london open, because i refering on icmarket 1hr chart.
  • #116
  • Mar 15, 2017 2:17am Mar 15, 2017 2:17am
Buy stop triggered already.

lets see how is the result.
  • #117
  • Mar 15, 2017 2:19am Mar 15, 2017 2:19am
so we need to be carefully, if we do the backtesting, because of the timeshift!
  • #118
  • Mar 15, 2017 2:28am Mar 15, 2017 2:28am
Quoting zentrader8
Im sorry for late reply. quite busy today. yeah , im sorry for any confusion, what i refer is 8 hour chart in ic market. and yeah you guys are right. right now forexfactory time is 2.30(which is 2 hours before london open is 2) and the ic market is 9.00.so it means 3 hours before london. {image} {image} im sorry for the confusion, and hope you all clear now.
Thanks Zen for clearing that up. Now I feel confident enough to have a go at this system live.
  • #119
  • Mar 15, 2017 2:32am Mar 15, 2017 2:32am
Quoting digiff
{quote} Actually, when you are using hourly time frame [and lower], everyone has the same high/low world-wide (might differ by a pip or two max). Daily and 4Hr candle high/low are broker dependent. What differs is that it might be morning for me when that hourly candle forms, and it could be night for someone, so the exact time differ from broker to broker. But that is not what we are talking about here. I am using ICMarket chart by the way. Either I am wrong in my understanding of what Zen meant, or he made an honest mistake because of the sudden...
very good digiff, that's exactly the way I trade it
  • #120
  • Edited 2:58am Mar 15, 2017 2:45am | Edited 2:58am
Quoting zentrader8
Buy stop triggered already. lets see how is the result.
yes same at my Broker, and now a little push up to the 1.0640 then it is done.

it was already at 1.06392 so i decide to move my SL to BE +2 and go away, hope we all have a green Day!
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