Win ratio

[SanMiguel]

Originally Posted by daydreamer65

The reason was that Trev traded this on different time periods &
found that he had best results from the 1900hrs to 0500hrs London
time, when the markets were at there quietest.

As has been implied it is up to you personally to find the best trading
strategy for yourself, if that means getting up at unearthly times or
staying awake into the night & it brings a profit then so be it.

I have no quarms in getting up at 4 am doing some early morning
analysis then making my profit by 10am. I can then spend the rest
of the day doing what I want, 6hrs work :lmao: work it can hardly
be called that.

Get a profitable system stick to it.

PS I do not mean to imply that trading is easy, it has taken me some
very late nights & very early mornings to get to where I am now.

:wishes: daydreamerforex

Of course, each to their own
What I meant was whether we include the 5am candle or not, ie do orders go in at 5am GMT or 6amGMT.
Backtested from March with a 10pip trailing stop, there's not much difference. Just trying to save you lot some sleep

Originally Posted by fed

just woke up and this monster went up almost 100 pips, if I didn't had the day off I could of been with it for more pips which I had to go back to bed.

You mean you wouldn't have got your 15pips and closed with a SL of 120 It was a news spike, risky trading.

[daydreamer65]

What I meant was whether we include the 5am candle or not, ie do orders go in at 5am GMT or 6amGMT.
Backtested from March with a 10pip trailing stop, there's not much difference. Just trying to save you lot some sleep

Inclusive of the 1900 & 0500 candles, but as you say "each to their own"

[SanMiguel]

Originally Posted by daydreamer65

Inclusive of the 1900 & 0500 candles, but as you say "each to their own"

Inclusive means the order goes in at 6am so we're talking the same thing thing then
6am GMT, 8AM european time, open of Frankfurt session.

[daydreamer65]

Originally Posted by SanMiguel

Inclusive means the order goes in at 6am so we're talking the same thing thing then
6am GMT, 8AM european time, open of Frankfurt session.

The order goes in a close to the 0500 candle as you can put it,
I wait for the 0515 candle to appear, but I saw somebody looking
at the 1M TF, so 0501.

You are only placing a buy stop & a sell stop after all.

[Clint]

Originally Posted by SanMiguel

Inclusive means the order goes in at 6am so we're talking the same thing thing then
6am GMT, 8AM european time, open of Frankfurt session.

Hey, SanMiguel

Trev's time period, 7pm-5am London time, means that you INCLUDE the 7pm candle, but NOT the 5am candle.

The time period ENDS at 5am. But the 5am candle BEGINS at 5 am.

This is true, no matter which charts you're using --- 1 min, 30 min, 1 hr, etc.

You can place your orders anytime after 5am London, 4am GMT, 6am Europe.

Clint

[TalonD]

looks to me like you could place your orders ahead of time if the price has clearly already made it's high and low for the overnight period.

[Clint]

Originally Posted by TalonD

looks to me like you could place your orders ahead of time if the price has clearly already made it's high and low for the overnight period.

You are right. You could probably do it tonight. I have done this several times.

[Clint]

Notes for the Thursday/Friday Overnight Period:

(1) Tonight we have another sloping channel, with the Period HIGH and Period LOW close to the beginning and end of the Period. Not exactly the pattern we would like to see.

An ideal pattern would be a horizontal channel, with a tight range (say less than 75 pips), with the HIGH and LOW in the middle third (or half) of the Period.

But, we'll work with what we've been given.

The actual Period HIGH (on the 18:20 GMT candle) is obviously no good. But, the intraday high (on the 16:30 GMT candle,
Line 106 on the chart) will work for this strategy.

We'll use the LOW we've been given (Line 107 on the chart), on the 02:30 GMT candle.

(2) The only important economic data release scheduled in the next 12 hours is the U.S. Producer Price Index, to be released at 8:30am New York time, eight and a half hours after the close of the Overnight Period. I do not expect this report to affect our trading opportunities tonight.

(3) Resistance and Support:

R: 1.6545 (July 1)
R: 1.6500 (July 1)
R: 1.6420 (July 2)

S: 1.6245 (July 9) ---- weak support
S: 1.6194 (July 9)
S: 1.6169 (July 9)
S: 1.6132 (July 9)
__________________________________________________ __________________________________________

On my chart, the intraday high --- which I am using instead of the Period HIGH --- is 1.6381
I will add 9 pips (that's 6 pips plus 3 pips for the average spread) to get my Buy Entry Price.

The Period LOW is 1.6270. I will subtract 6 pips from that, to get my Sell Entry Price.

Here are my ENTRY ORDERS for tonight:

Buy 1.6390, SL 1.6360, TP 1.6415 (note: my usual 10-pip TP has been increased to 25 pips tonight)

Sell 1.6264, SL 1.6294, TP 1.6234 (30-pip TP tonight)

With the larger TP's I'm putting on tonight, I will be actively managing my trade.
__________________________________________________ _________________________________________

Do I need to keep repeating this?

This post is intended for general guidance only.

This is not a signal service. Be very careful, if you choose to trade my numbers.

You should learn this strategy, do your own analysis, and trade your own numbers.

Clint

[Oskar]

Morning, 1HR later today and did not miss a thing

IBFX demo High 1.6369, Low 1.6268, +6pips and spread.

Clint, question, I don't get your "obvious no good" for the high candle?
Why?

BTW I don't think you have to repeat your disclaimer, everybody should know how to loose his money without blaming anybody.
Thanks for your "Signal Service"

Just noticed that I "diddled" around for a other hour since I got up and still did not miss anything

[Clint]

Originally Posted by Oskar

Clint, question, I don't get your "obvious no good" for the high candle?
Why?

Morning, Oskar

The intraday high, which occurred 90 minutes before the opening of the Overnight Period, will likely be STRONG RESISTANCE,
if the pair trades up to that level.

If you were to set a BUY ENTRY ORDER at the Period HIGH plus 9 pips, your Entry price would be right at the intraday high. You could easily get filled and then see the price stall right there at the intraday high (resistance level). Then the price could easily retrace to your SL, taking you out, before making another run at the intraday high.

Since the Period HIGH and the intraday high are so close to each other, it just makes sense to place your Buy order above the intraday high.

Clint