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  • #41
  • Jun 11, 2017 12:15am Jun 11, 2017 12:15am
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  • #42
  • Jun 11, 2017 4:34am Jun 11, 2017 4:34am
Hi PriceJ58,

Assuming the range of EURUSD during asian session is 25 pips today and it's lower than the average range during the asian session. So for long order, you place a buy stop 10 pips above the high and sl is 10 pips below the low. For short order, you place a sell stop 10 pips below the low and sl is 10pips above the high right? Does this mean that you are risking 25 pips + 10 pips (buffer above) + 10 pips (buffer below) + spread in total? Then you tp would be 90 pips away assuming RR of 1:2?
  • #43
  • Jun 11, 2017 6:44am Jun 11, 2017 6:44am
Quoting fanatics
Hi PriceJ58,

Assuming the range of EURUSD during asian session is 25 pips today and it's lower than the average range during the asian session. So for long order, you place a buy stop 10 pips above the high and sl is 10 pips below the low. For short order, you place a sell stop 10 pips below the low and sl is 10pips above the high right? Does this mean that you are risking 25 pips + 10 pips (buffer above) + 10 pips (buffer below) + spread in total? Then you tp would be 90 pips away assuming RR of 1:2?...
Assuming the range of EURUSD during asian session is 25 pips today and it's lower than the average range during the asian session. So for long order, a buy stop 10 pips above the high-Correct and sl is 10 pips below the low- no just below the low plus spread. For short order, you place a sell stop 10 pips below the low and sl is 10pips above the high right?- no just above the high plus spread. This means that we are risking 25 pips + spread ( the buffer is the pending order room to ensure there is no false triggering of order due to spread and wicks...

It is the adr that would help us to determine the possible reward that we could likely get based on the total movement already made. So if the pair moves 90 pips on average and so far it has only moved 20 pips. There is a high probability that we would be able to achieve the mininum 50 pips. Even though our aim would be 1:2 or above like a 1:3, or 1:4. However in this case the remainder is possibly a 1:3. So i would close out a portion of my trade at 1:2, leaving the rest to run above breakeven.
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  • #44
  • Jun 11, 2017 7:26am Jun 11, 2017 7:26am
“SUBSCRIBE” “silent follower” On the right path, with more R&D, e.g.: correlation with news data, false trigger etc. many trial & error before getting the perfect sequence.
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Self discipline It is a practice
  • #45
  • Jun 11, 2017 8:25am Jun 11, 2017 8:25am
Quoting PrinceJ58
{quote} Assuming the range of EURUSD during asian session is 25 pips today and it's lower than the average range during the asian session. So for long order, a buy stop 10 pips above the high-Correct and sl is 10 pips below the low- no just below the low plus spread. For short order, you place a sell stop 10 pips below the low and sl is 10pips above the high right?- no just above the high plus spread. This means that we are risking 25 pips + spread ( the buffer is the pending order room to ensure there is no false triggering of order due to spread...
Thanks for the clarification. So my understanding was wrong. However, something still puzzles me. For a range of 25 pips, the total risk is 35 pips plus spread right, since we place our pending 10 pips above the high.

Also for a long order, should stop loss be below the low of the range or at the low exactly? In this case, to close a long order we use the bid price, so there is no need for the spread right?

Criteria for trade entry would therefore be

  1. Range of session below average of say last 10 sessions
  2. ADR has room from entry to target of at least 50 pips (or min 1:1 RR - my preferred way of calculation)

Do you use say London range to determine an entry during new York session? I was think for example USDJPY, this pair should be more active during Asian and US sessions. So can we use London range to get an entry during US session?

  • #46
  • Edited 9:33am Jun 11, 2017 9:22am | Edited 9:33am
Quoting fanatics
{quote} Thanks for the clarification. So my understanding was wrong. However, something still puzzles me. For a range of 25 pips, the total risk is 35 pips plus spread right, since we place our pending 10 pips above the high. Also for a long order, should stop loss be below the low of the range or at the low exactly? In this case, to close a long order we use the bid price, so there is no need for the spread right? Criteria for trade entry would therefore be Range of session below average of say last 10 sessions ADR has room from entry to target...

Yes, any session that has a range prior to the next session open maybe used to place pending orders for high impact data to be released. We must realise that each pair is different, has its own characteristics and ranges during varying sessions.

Think of it this way, the US session data release often times tend to move and affect most if not all markets. This is so for the reason that most pairs are inter-correlated with the USD.

When a market is closed we expect their dominant curency or index to lose volatilty/volume, since their business day is closed and everyone goes home to sleep. When their session re-opens in the their morning which is their regular business day,
news releases is an inevitable factor within their business day. So while these are being released their local businesses/ coorperate community can participate in these activities. Therefore the banks and multinational coorperations will respond to the data, such as interest rate which will affect investments, business deals, money value-loans and assets etc.

Therefore these ranges are due to the waiting period and suspense leading up to the news item. The breakout is usually the response and reactions to these fundamental releases. Other situations being political and social stimulants will drive the price higher or lower through the institutions that are able to pump millions into any particular direction to capitalize on the present situation in the business arena.

These are the things that will sometimes overide technical based strategies existing in our trading world. Remember that trading has 3 facets- Like a stool/three legged chair...technical, sentiment and fundamental. If a foot is missing we cannot sit.

To answer your question on stoploss. It is placed on the opposite side of the range almost on the very line. However we should make room for the testing of that support or resistance should price reverse to trigger stops and orders, setting it too close to the breakout level may also trigger the stoploss prematurely, that leaves one out of the trade, with loss of capital, only to see the trade continue in our.initial favour.

From this moment load the template use virtical lines for entry on a candle and place horizontal lines for entry of the 10-15 pips and the opposite side of the box on the line for the stoploss and see how many times it will get triggered prematurely or observe how many times price comes back to test the opposite side of the breakout. It hardly does, so i would say it is safe to place it on the line. So on a buy order just place it at the support level of the range. I will post a picture later to higlight this with illustration as a visual perspective to display my description.

i acknowledge and respect the fact that we all learn differently: through the use of audio, visual, kinestic and the combinations of 2/3.

I might not be able to do the audio, so for those persons, you may read aloud what is written so you may hear yourself, record it and play it back, write it down in your trading journals. Practice on the chart, do whatever it takes, you have to be ready and hungry to set your future on the right path.

Cheers!
R:R "Percentage Focus"
  • #47
  • Jun 11, 2017 9:36am Jun 11, 2017 9:36am
Quoting fanatics
{quote} Thanks for the clarification. So my understanding was wrong. However, something still puzzles me. For a range of 25 pips, the total risk is 35 pips plus spread right, since we place our pending 10 pips above the high. Also for a long order, should stop loss be below the low of the range or at the low exactly? In this case, to close a long order we use the bid price, so there is no need for the spread right? Criteria for trade entry would therefore be Range of session below average of say last 10 sessions ADR has room from entry to target...
IMO, I agree with PrinceJ58 every pair have its own characteristic, e.g. UJ is fuel by the Tokyo open like GBP on London etc, but it must be correlated with news data pattern.
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  • #48
  • Jun 11, 2017 10:31am Jun 11, 2017 10:31am
Quoting okshop
SUBSCRIBE silent follower On the right path, with more R&D, e.g.: correlation with news data, false trigger etc. many trial & error before getting the perfect sequence. {image} {image}
Can you expound in detail on that spreadsheet Data, how it is generated and is it able to help in this system? Based on what is required to take a more favourable position in the markets?
R:R "Percentage Focus"
  • #49
  • Jun 11, 2017 10:41am Jun 11, 2017 10:41am
Quoting PrinceJ58
{quote} Can you expound in detail on that spreadsheet Data, how it is generated and is it able to help in this system? Based on what is required to take a more favourable position in the markets?
The main driver for your system is volatility/momentum it’s the heart the keeps your system alive. Hence the vessel for the system correlated purely on the historical data patterns on news release (high impact) by doing analysis on historical data say 3 years data on correlation on news release to your strategy you will fine days or weeks that you should entry or not hence improving on the winning ratio.
Self discipline It is a practice
  • #50
  • Jun 11, 2017 10:48am Jun 11, 2017 10:48am
eg EUR on frankfurt, this does not mean next month it will be good again, a pattern on news data is important.
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  • #51
  • Jun 11, 2017 10:49am Jun 11, 2017 10:49am
EG, GBP on london but the future months again depends on news data.
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  • #52
  • Jun 11, 2017 10:55am Jun 11, 2017 10:55am
Quoting PrinceJ58
For a simple but effective dashboard I think "CJA" and others had made a similar indicator in the past. Oh good, I just did a quick search and saw one. Those that already exist would probably need a slight adjustment to fit the criteria that would be best suited for this information. {image} {image} {image}

Need the indicator for this range dashboard =D thanks!
  • #53
  • Jun 11, 2017 10:55am Jun 11, 2017 10:55am
Quoting okshop
{quote} The main driver for your system is volatility/momentum its the heart the keeps your system alive. Hence the vessel for the system correlated purely on the historical data patterns on news release (high impact) by doing analysis on historical data say 3 years data on correlation on news release to your strategy you will fine days or weeks that you should entry or not hence improving on the winning ratio.

Yes i must agree on the momentum and heart beat comments in relations to fundaments. Apart from paid subscriptions to research driven institutions like reuteurs, bloomberg and others is there any other way of doing this? Otherwise i bring no pressure or request... I am wired to find a way. ;-)
R:R "Percentage Focus"
  • #54
  • Jun 11, 2017 11:00am Jun 11, 2017 11:00am
Quoting PrinceJ58
{quote} Yes i must agree on the momentum and heart beat comments in relations to fundaments. Apart from paid subscriptions to research driven institutions like reuteurs, bloomberg and others is there any other way of doing this? Otherwise i bring no pressure or request... I am wired to find a way. ;-)
Historical data (research) brings a pattern which you can use like a road map. E.g. historical OIL/NFP/CPI/PPI/ECN/FOMC/RATE at time bar XX:XX u will notice a pattern when it start to move etc; human behavior wont change so easily hence this pattern can be use
Self discipline It is a practice
  • #55
  • Jun 11, 2017 11:17am Jun 11, 2017 11:17am
Quoting CliffyC
{quote} Need the indicator for this range dashboard =D thanks!
I would really appreciate that too CliffyC, that would really help out in a simple and unique fashion filtering our trades.
R:R "Percentage Focus"
  • #56
  • Jun 11, 2017 11:20am Jun 11, 2017 11:20am
Quoting okshop
{quote} Historical data (research) brings a pattern which you can use like a road map. E.g. historical OIL/NFP/CPI/PPI/ECN/FOMC/RATE at time bar XX:XX u will notice a pattern when it start to move etc; human behavior wont change so easily hence this pattern can be use
Yes this true...
The aim here in this strategy is to do so effortlessly without all the emotions and scratching of head... cheers!
R:R "Percentage Focus"
  • #57
  • Jun 11, 2017 7:59pm Jun 11, 2017 7:59pm
What to expect this week in trading, any thoughts? Yes Based on the system here...
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  • #58
  • Jun 11, 2017 8:01pm Jun 11, 2017 8:01pm
There is the farmer, the reaper and the consumer, which one are you?
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  • #59
  • Jun 11, 2017 8:05pm Jun 11, 2017 8:05pm
Earlier you mentioned that you place your orders 3 hours before London opens. So in this case, not the entire Asian range is considered. Or should you place your orders at London open?
  • #60
  • Jun 11, 2017 8:11pm Jun 11, 2017 8:11pm
Quoting PrinceJ58
What to expect this week in trading, any thoughts? Yes Based on the system here... {image}

Agreeing with okshop's and princej58's volatility and momentum principles, I have special attention towards yen and chf this week.
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