First trade:london open candles
setup:1)open a 15 min. chart on gbp/usd(u can do it on 5 min. candles too!)
2)trace horizontal lines on both hi and low of the 6h45am gmt(2h45am new york time)we will name this candle …the '‘reference candle’'
3)buy order:entry at upper horizontal line plus 1 pips(don’t forget the spread);put a trailing stop of 15 pips;stoploss at the 61% fib retracement of the reference candle(the precedent one of your entry usually,or the one you traced before!)why 61% fib instead of bottom of the reference candle bottom line? for not giving too much pips on a losing trade,don’t worry because when market retrace 61% on a candle,by experience it will continue further,then i propose to accept the loss and re-setup again for the next probable entry,if there is another one!
very important!.. the stoploss must always be a mental one(except if you use an hidden targets utility software),so you must always be there managing the trade(stophunting proof!)except for trailing stop!
4) for a sell order,same pattern but inversed!
second trade:
1)if there is some economics gbp or euro orange or red at 8H30am gmt(4h30 am ny time) apply same pattern again on the 8h45 am gmt closed candle…and this setup is valid till 11h30 am gmt(half an hour before new york pre market stock opening, at 12h00 gmt)because we will apply this stategy also on the us market!
us market open candles:
first trade: the 7h45 am us eastern time(11h45 gmt)if no important us economics reports coming at 8h30 am us eastern time(12h30 gmt)if some reports red or orange,then apply the setup on the 8h45 am us eastern time closed candle(12h45 gmt)
second trade:the 9h15 am candle us eastern time(13h15 am gmt)if no red or orange us reports coming at 10h00am us time…if there is ,so apply the setup on the 10h15 am us time closed candle!
Importants rules to follow:
-never overtrade this strategy on the same period,only 1 buy or 1 sell possible per period(first or second one)never run after the market or trying to play casino in purpose of recovering a losing trade!!! each time you get in a trade ,you must say to you that you never want to get in a losing one ,but i is possible that this one will be a losing one,for being mentally ready not only when you win,but when you lose also,at the condition you are winning more than you lose(reconsider to read again the thread if it is your case!
-never get in a trade 15 min. before an important economic reports no matter the period you are trading(orange and red reports ffcalendar)and wait 30 min.after for an eventual entry!
-never trade more than 2% of your account balance(depends on your mental stoploss calculated with 61% fib retracement on reference candle)
-if your potential entry is under 20 pips(a buy) of a solid resistance traced line, it could be a logical target to reach,depends if you want to close half the position and retarget the next one with the position balance,depending on your risk tolerance…will not propose anything about this…be confortable in the way you decide to trade
if the entry for a buy is 10 or less pips from a solid resistance,i suggest you to wait for a close(15 min chart) above or avoid the trade if the risk reward is not good depending on next resistance to reach!
apply same precautions on the sell orders versus the supports area!
I CALLED THIS THREAD’‘The reaper’s trades’’ BECAUSE IT IS USUALLY IN THESE PERIOD THAT THEY ARE MAKING AND APPLY THEIR STRATEGY IN WAY TO MOVE THE MARKET IN A WAY OR IN AN OTHER,DEPENDING ON ECONOMICS REPORTS OR WHATEVER THE ECONOMIC WORLD IS BRINGING US EVERY DAY!
PERSONNALLY I PREFER TRADING THE LONDON SESSION,BECAUSE LONDON IS THE WORLD BIGGER CURRENCY MARKET WITH 50% OF DAILY CURRENCY TRADES,SO WE ARE TRADING CURRENCIES AND THIS PERIOD IS A LOT MORE TRENDY THAN THE NEW-YORK SESSION,THAT IS MORE A STOCK MARKET THAN A CURRENCIES MARKET(25% OF DAILY CURRENCIES)…SO THIS MARKET IS A LOT MORE CHOPPY THAN THE LONDON ONE!
I AM STILL WORKING ON THE US SESSION FOR FIND A BETTER TUNNING SETUP BUT REALLY HAPPY WITH RESULT OF THE LONDON SESSION!
SO MAY THE PIPS BE WITH ALL OF YOU! General poussin
… .+ 20 pips yesterday on 5 minutes trading’s time investment with ‘‘The reaper’s trades’’;u can do it on 15 or 5 minutes time frame,the one you prefer!..be back at 9h30 am eastern time for next trade…will give a call if i have time to!..take care! General poussin
… .other variation with great result is to apply this thread to the last 5 minutes candle before london open(TRADE # 1) and the second 5 minutes candle after the london open(trade # 2)
and for us stocks market open: last 5 minutes candle before us stock open(trade # 1) and the second 5 minutes candle after the us stocks market open(trade # 2);if you trade all opportunities,it is possible to trade up to 6 trades every day on london and us sessions,depending of where you live,but you can apply the strategy to others pairs,japenese ones at the asian session open (usd/jpy and gbp/jpy) good results too but a lot less liquidity and volumes! so i prefer trading gbp/usd on london and us session! so happy trading time! General poussin
markets very choppy this morning…Obama’s fault,but + 12 pips anyway,target of 20 not reached on trade # 1…let’s see trade # 2;
trade # 2 closed at +20 pips on target reached at 1.3917…2 trades on us session and + 32 pips in 20 minutes of trading time!!! not bad!!!you also usu the high-low of 2 precedent candles + spread for stoploss,but never use a bigger than 40 pips of mental stoploss,and never enter stoploss or target on the platform if you do not want to live with some stophunting by the brokers…manage manually or use an utility hidden target software!
…you will have to live with some losing trades eventually,but i can testify of a 87% of winning trades versus losing ones! the most important is that you can made a lot more than you loose so you are increasing your gains and equity account balance!
1241 pips in gains(last 2 months)had not trade all entries because of christmas holidays,but good percentage anyway! …happy trading to all of you! General poussin
hi everybody!..ok for london session open,trade# 1 and trade # 2 were both winning at +20 pips each of them so we will wait for us session opening…till there happy trading time all of you! General poussin;)
ok…nyse premarket opening (always and only 1 trade);you can trade the last 5 minutes candle before premarket us session opening but a lot less liquidity available than the official nyse opening at 9h30 am eastern time;so this morning the premarket trade gave us another 20 pips!..see you at 9h30 am east.
ok let’s trade the us nyse stocks opening…trade # 1 target reached for +20 pips and trade # 2 target was reached too for another +20 pips;so a total of 100 pips today for 5 trades,no losses…so happy trading time to all of you!
OH! BY THE WAY…ALWAYS ENTRY AT HIGH-LOW OF THE REFERENCE CANDLE + SPREAD +1…SO 3 OR 4 FOR GBP/USD(BROKERS?) AND STOPLOSS AT HIGH-LOW OF THE REFERENCE CANDLE + 5;STOPLOSS SHOULD BE AT A MINIMUM OF 25 AND MAX OF 40…AND NEVER FORGET TO TRADE ON MENTAL TARGETS,STOPS, OR HIDDEN ONES,NO STOP AND TAKE PROFIT ON THE PLATFORM! SOME UTILITY SOFTWARE FOR HIDDEN TARGETS ON THE WEB FOR MT4!..SO SEE YOU TOMORROW! GENERAL POUSSIN
thanks Mr.Johnnykanoo!!!..this strategy is steadily amazing me each time i am trading it,yes there is some losses,but an average of 2/25 losses,then 23 winning trades;on normal basis we are supposed to launch a minimum of 5 trades /day with ‘‘The reaper’s trades’’,then 25/week…so with a minimum of practice,people will make some respectables gains without a lot of experience neither a lot of time in front of screens!..each trade require about 10 minutes of trading time!..happy trading time to all of you! General poussin;)
ok…let’s trade london session; trade # 1 was not taken because of French Consumer Spending m/m reports at 7h45 gmt…a good thing because that should be a loss of 41 pips! trade # 2 was taken 30 minutes after report for a +20 pips and target reached at 1.3830! if you look carefully,you will see that i had not choose the original reference candle because this candle was too long(58 pips)and longer than 40pips,you must take the next one only if it is an inside bar to the original previous reference candle;so this trade was taken because the next one was under 40 pips of lenght and was an inside;if not ,just skip the trade and wait for us premarket.No reason to play casino here! just wait for ideal setups…if no correct setups,then let’s trade tomorrow!!! market will be there too! …see you at us premarket open!till there ,an happy trading time to all of you! General poussin;)
so no premarket trades today …and maybe i will not trade us premarket open anymore,because of many red flag and orange ones each morning,and when i look at past results,75% of my losses came with my premarket open’s trades… and when they are winning ones,each time almost hit by stoploss…so it is too much risky for me to trade and in purpose of increasing winning trades % ratio (87% so far) i will focus my mind on the london session and official nyse us stocks market open,then 4 trades/day if no reports within 15 minutes security range .Also… this strategy is supposed to get a trade closed within a 3 candle’s range,and while i am writing you this posts,i am now to the 10th 5 minutes candle and if i had trade the 7h55 am ref.candle,then the trade should not be closed yet! so i cannot say i am reaching my initials goals by trading this period,and i will never accept to be prisoner of a choppy ranging market while more than 3 candles of 5 minutes each! for more details about what i mean,then just take a look to the joined attachment!..see you at us stocks open at 9h30 am east. General poussin;)
ok …finally us session trade # 1, target reached for +20 pips…and trade # 2, auto programmed trailing stop of 5 pips on at 1.3724 and get me and trailing hit at 1.3719,for + 15 pips; trailing of 5 pips was activate at +15 pips reached because support line price above the initial target price of price 1.3704 and was not affread of taking these 2 shorts because of the great pinbar down trend pattern…so gu should go down trend for the rest of the euro session i think! gu went to 1.3714 on this trade but trailing got me in till hit at 1.3719…so 3 trades today for a total of 55 pips! so happy trading time to all of you! General poussin!
3:00am EUR French Flash Manufacturing PMI
3:00am EUR French Flash Services PMI
3:30am EUR German Flash Manufacturing PMI
3:30am EUR German Flash Services PMI
4:00am EUR Flash Manufacturing PMI
4:00am EUR Flash Services PMI
4:00am EUR Italian Retail Sales m/m
4:30am GBP Prelim GDP q/q
4:30am GBP Retail Sales m/m
4:30am GBP Index of Services
just for let you know that with a so busy morning reports in europe,there will be no possible setup for secure entry with the reaper's trades strategy!! see you at NYSE us stock market open(9h30 am east) for us trades # 1 and 2
happy trading time to all of you...till tomorrow morning in usa!
General poussin;)
hi everybody…first loss in 2 weeks today for - 28 pips (attachment # 1) and
and trade # 2 was a + 20 pips winning trade for a daily loss of -8 pips…but a positive weekly result of +387 pips like i said you in my thread ,there will be some losses but at last alot more gains than losses! so see you next monday for london session if not too many reports!..happy trading time to all of you! General poussin!
if you look carefully…the first losses of mine in 2 weeks was a great mistake of me!!! there was an important trend line(1.3719) that must had been my target or avoid this trade and only take the next one!!!..no one is perfect and we always trade on a very carefull way!..sorry! and see you next monday! General poussin!
Good strategy General poussin, simple and no indicators. I will camp here and see how the results go after a few months. It looks similar to trading the Asian High and low strategy when apply to London session, anyway good work and wish you a profitable week ahead.
thank you Ray…it is appreciated ,coming from a senior member it is a bit more! try to do my best every days God is bringing us! 2 others strategies to come further if only i could have more time…strategies based on candlestick pattern,specially pinbar,inside bars and trend lines;first i have to go to hospital for a delicate chirurgical operation that will get me KO for a while and will be out of town(vacancy to punta cana) next week ! so will be on trading station on the 9 of february!!! thank you and happy tarding time to all of you for the coming week!
Hi general hope you get well and continue to contribute to the thread. By the way I am also using IB strategy together with SR levels to trade. Looking forwards to your other strategies too.
…by the way Ray…are you girl or boy??? ib system is a great system and you should continue to use it; for my self i want to focus on a simple good strategy that bring me steady gains(respectables) without passing all day and night on tading alert for entries and exits!!! keep on trading !! General poussin;)
total of +287 pips this week…instead of the + 387 post earlier! excuse me!! General poussin!