Record price action between 7 and 9 gmt. Focus your trades around the 8 gmt 1 hour candle. If price breaks the oposite way go to break even at 20 pips take profit at 30 to 50 pips. Or if you want to hold run extentions to 127 and 162 respectively. If price does not go the opposite way of the 8gmt candle your can expect price to continue in that direction. Keep your stop losses tight. I like the Fiber for this method. Don't trade after 9 gmt. You should find success with this method if you are disciplined. Remember check your Support and resistance. I know ICT moved on and it lookes like he failed his challenge, but he did show some great concepts if you break them down and focus on time of day. I think you will be very happy. Best of luck to you.
Just wondering if you could give a bit more insight on how you enter the trade, you have said to focus on the 8 GMT 1Hr candle and not to trade after 9 GMT so i'm just wondering at what stage do you enter the trade and how you determine to buy or sell & on what timeframe.
I am in Australia so the LO is a great time for me to trade and i am only looking to start off grabbing 25-50 pips p/w but i have been racking my brain to try and fully grasp where to enter, your information is great and i may be just thick but I just need your description explained a little further if that is ok!
Any light you could shed would be greatly appreciated.
It only normally relates to Eur/USd and Gbp/Usd. If you change to either the M5 or M15 TF for either of these @ 8:00 am GMT, when London Opens, you will normally see price change direction from being say bullish to bearish. They try to take out the Asian range top or bottom first before they then resume the previous trend, sometimes it works, other times it doesn't. Some people enter pending trades on the break of both the high and the low of the H1 candle which closes @ 9:00 am GMT. When price takes up one of them, cancel the other and see where price takes you. You can normally take around 20 to 30 pips quite easily.
Looking at a 1H Slow Stoch last night would have shown a bullish divergence setting up between the indicator and price, with a couple of different opportunities to get in the market on Fib retracements. Not a lot of pips, but there were pips to be made.
You could also use 7GMT to get more trades. I like 8GMT to limit losses. You could also set it and enter a trade after 9
gmt to get some of the big moves in NY. Lots of possibilities. I personally like the 8GMT candle as my focus.
Hope you can see and read the attachment. This was last weeks and todays action. Two winners, lots of no trades, and no losses with the rules I listed. This is only focusing on time of day and expecting a reversal to form in LO. No HTF or SR analysis. You can greatly improve stats with those in mind. But I found this is a great 2 to three hour window to focus on. Take the easy pips usually 20-30. I never had any luck holding out for the big wins.
Interesting LO tactic.
Im also looking at possible trades to take on the days that the 0900 candle closes and does not trigger a trade.
These would have to have a reasonable 0800 candle - but definately not running the Asian range as per your filter for these type of trades. You would then trade in the same direction of the 0800 candle. Any thoughts on alternative trades?