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Scalping the EUR at the European open

  • #21
  • Apr 20, 2017 4:08am Apr 20, 2017 4:08am
http://www.actionforex.com/markets/top-movers

on this site there is a top10 movers of the day. It can help but a dashboard would be the best for sure.
Everyday better.
  • #22
  • Apr 20, 2017 7:23am Apr 20, 2017 7:23am
how do you handle news at the opening?
Everyday better.
  • #23
  • Apr 20, 2017 7:30am Apr 20, 2017 7:30am
Quoting arlucad
how do you handle news at the opening?
Stay out when there is a pending news release. You will get stopped out.
Tellboy
  • #24
  • Apr 20, 2017 7:32am Apr 20, 2017 7:32am
Quoting Hazza88
{quote} Yeah there are, please let me know if you find one, thanks
I usually use this one http://www.finviz.com/forex_performance.ashx
  • #25
  • Apr 20, 2017 7:33am Apr 20, 2017 7:33am
Interesting! Subscribed.
Thanks TellBoy
  • #26
  • Apr 20, 2017 7:43am Apr 20, 2017 7:43am
Interesting system. Hope make good pips with this one
Risk comes from not knowing what you're doing.
  • #27
  • Apr 20, 2017 7:46am Apr 20, 2017 7:46am
Quoting Hazza88
{quote} Yeah there are, please let me know if you find one, thanks
This might be a solution at the moment. Thanks to the creater.
Attached File(s)
File Type: mq4 -- PairsPercentChange_mod_snowy.mq4   46 KB | 688 downloads
  • #28
  • Apr 20, 2017 8:15am Apr 20, 2017 8:15am
an great example of the euro session trade, waiting for a pullback and get into the trade, as mister Terence says, place a buy stop above the pullback candle.
as this system is so easy and simple you can easily master this and only spend 2 hours max on the chart. which means alot of spare time. Thanks for sharing Mister Terence. Looking forward to use this alot more and share this withl the community.

~Robin van Delft
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad-m5-admiral-markets - Copy.png Size: 50 KB
  • #29
  • Apr 20, 2017 8:30am Apr 20, 2017 8:30am
nice trade! frenchy


Kofix the dashboard is really good.
Everyday better.
  • #30
  • Apr 20, 2017 9:24am Apr 20, 2017 9:24am
where do you take your profit on each trade?
  • #31
  • Apr 20, 2017 10:20am Apr 20, 2017 10:20am
gdwales: Post 5 lists his 20Pip stop loss and 100 Pip target.
  • #32
  • Apr 20, 2017 10:31am Apr 20, 2017 10:31am
5:1 RR is really good but a 100pip target is very big for this kind of strategy. The price reverses a lot of the time
  • #33
  • Apr 20, 2017 10:40am Apr 20, 2017 10:40am
Quoting BBHide1
5:1 RR is really good but a 100pip target is very big for this kind of strategy. The price reverses a lot of the time
When a currency is rallying as fast as this I find it useful to open two positions (with buy stops above a pullback). One position has a 20 pip target and the other a much larger one at perhaps 50 or 100, depending on the pair. In my experience the EUR/AUD, EUR/NZD and EUR/JPY can often accommodate at 100 pips target, as I made today on EUR/JPY. It all depends on the strength of market sentiment with momentum. Today's charts are an excellent example. These rallies are not every day, and when they do come along we need to know how to trade them. I think (guess) that we could see a continuation tomorrow to round the week off. If you are cautious use paper trading. Happy trading to all.
Tellboy
  • #34
  • Apr 20, 2017 10:49am Apr 20, 2017 10:49am
Quoting Hazza88
Thanks for sharing mate, Have you tested this at the new york open on usd pairs?
I am happy to keep my trading to an early session only, as I have other things to do, but try it if you like and see if it works.
Tellboy
  • #35
  • Apr 20, 2017 11:13am Apr 20, 2017 11:13am
the %change for currencies you look at 6.30 a.m is over what time period daily, 4h or hourly
  • #36
  • Apr 20, 2017 1:48pm Apr 20, 2017 1:48pm
I will be looking at this system myself tomorrow morning, As I trade the London open
Always like to contribute so here is an indicator,

Attached File(s)
File Type: ex4 Currency Meter .ex4   55 KB | 724 downloads
  • #37
  • Apr 20, 2017 1:50pm Apr 20, 2017 1:50pm
Quoting gdwales
the %change for currencies you look at 6.30 a.m is over what time period daily, 4h or hourly
It makes no difference what time frame you are using. I am in London time zone, so 6:30 is the same in all charts. I use the 30 M time frame to identify the major trend, then go to 15 M for timing the pull back for entry. You could use 10 or 5 M if that is your preference. The most important factor in choosing your pairs to trade is that they must all be in sync, that is all rising (for long trades) or all falling (for short trades). Don't choose a pair that is out of sync. You could start by going to the 30 M time frame and look at the top four pairs if they are all clumped together for one currency (i.e. EUR). Or you may choose to go with a group of GPB pairs if GBP is the top currency for the day. This will all become clear as we progress. I hope this helps.
Tellboy
  • #38
  • Apr 20, 2017 1:52pm Apr 20, 2017 1:52pm
Quoting redfan
I will be looking at this system myself tomorrow morning, As I trade the London open Always like to contribute so here is an indicator, {file}
What actual time is the London open? Is it 9 am?
Tellboy
  • #39
  • Apr 20, 2017 1:59pm Apr 20, 2017 1:59pm
Quoting tellboy
{quote} What actual time is the London open? Is it 9 am?
As far as I know it's 8 o'clock opening

Attached Image (click to enlarge)
Click to Enlarge Name: 27d1c7dafe18c60bf4055b53287c3d8d[1].png Size: 10 KB
  • #40
  • Apr 20, 2017 2:17pm Apr 20, 2017 2:17pm
Quoting redfan
{quote} As far as I know it's 8 o'clock opening {image}
I thought so. That explains the 8 am spike. Thanks.
Tellboy
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