Sunday Breakout Strategy

[Clint]

Originally Posted by aaron3719

I got a question, if i live in New York, at what time would the closing Sunday candle be for me?

Hi, Aaron

The correct time for the key 4-hour candle is 8pm-midnight GMT (London time), which is 3pm-7pm EST (New York time).

If your broker's trading platform doesn't open before 3pm on Sunday, you have two choices: (1) get a demo account with a broker that does, or (2) find the numbers you need on this thread, here on the forum (people always post and discuss the numbers they have determined).

Even if your trading platform opens before 3pm EST on Sunday, you might not have a 3pm-7pm candle on your 4-hour chart --- it's a really odd time period for a 4-hour candle. If that's the case, here's a perfectly good work-around: Use any convenient time-frame (1-hour, 15-minute, whatever), draw vertical lines at 3pm and 7pm (just for reference), and find the highest HIGH and the lowest LOW between the lines, in that time period. These are the correct HIGH and LOW for the Sunday Breakout Strategy.


Clint

[aaron3719]

alright i'll do it this way if you guys can help me out. Go back to November 1 which is last Sunday, I'll tell you the High and Low and you tell me if I'm correct, if im right then i'm looking at the right candle.

Closes at 8PM Eastern

High - 1.6446
Low - 1.6344


Also, how do you turn on the period separater in MT4? showing the begining of the week and end of week

[seans]

Originally Posted by aaron3719

alright i'll do it this way if you guys can help me out. Go back to November 1 which is last Sunday, I'll tell you the High and Low and you tell me if I'm correct, if im right then i'm looking at the right candle.

Closes at 8PM Eastern

High - 1.6446
Low - 1.6344


Also, how do you turn on the period separater in MT4? showing the begining of the week and end of week

All the answers are on this thread. Go back a couple of pages and do some work yourself. The values you mention are different to mine. I use IBFX demo

[sk0ll]

There is no problem with the time, since this strategy is all based on gmt...

you guys could all look at wwp.greenwichmeantime.com , and check it out, just make the calculations with your broker and you will be fine!!

[Clint]

Originally Posted by aaron3719

alright i'll do it this way if you guys can help me out. Go back to November 1 which is last Sunday, I'll tell you the High and Low and you tell me if I'm correct, if im right then i'm looking at the right candle.

Closes at 8PM Eastern

High - 1.6446
Low - 1.6344 .............

The correct 4-hour period closes at 7pm eastern time, not 8pm.

Furthermore, your HIGH doesn't match the 8pm close you say you're looking at. The GBP/USD made a high of 1.6465 at about 7:40pm last Sunday. So, if you're looking at an 8pm close (which you should not be doing), you would be seeing a high of 1.6465.

I think you need to start over, and try this again.

[Clint]

Originally Posted by sk0ll

There is no problem with the time, since this strategy is all based on gmt..

Yeah, we understand GMT, and time conversions.

[aaron3719]

Ok I got it 7 o'clock thank you!

[sk0ll]

Originally Posted by Clint

Yeah, we understand GMT, and time conversions.

so there is no need for confusion here

[aaron3719]

Alright I just wanna clear this up and make sure: Candle 1 is my sunday candle correct? The data window says High is 1.6436 so I got confusee

[dusktrader]

Originally Posted by aaron3719

Alright I just wanna clear this up and make sure: Candle 1 is my sunday candle correct? The data window says High is 1.6436 so I got confusee

Yes I believe that is right. I use IBFX also and last week my trigger candle was high 1.6435 and low 1.6386 (those 5th digits confuse me so I have them turned off)

The way to tell on Metatrader is to select the crosshair tool and then position the mouse over the candle, then look along the bottom of your screen and verify that its on the 20:00 candle.