Tried this today JN, London open and NY open. It was like clockwork. Thank you for sharing this, I’ll continue to play with the system. How long have you been using this strategy?
BTW. When do you usually close the trade? do you wait for the trend to reverse?
pipOY
Ah nice, the first pic from a forum reader! 
Cheers.
The London Open you’ve got there, the entry is about 50 minutes after London Open, the 2nd pink down arrow highlights the weak pullback.
This New York Open is due to the US ADP Non-Farm news, too volatile to trade, just luck that it went that way, beware of high risk news events eh, they can cut you in half.
I did a post a few “posts” ago about trailing a stop, will read back and find it.
Lovely price action on GBPJPY at the high of the Asian range, about 2 and a half hours into the London session. A nice bearish pin bar with reasonable volume, followed by a higher volume bearish candle which broke and closed through a bullish trend line.
Just a shame I missed it.
Cheers
Daxter
Risky business there, 10 minutes before GBP PMI, could have gone either way 
Much better (higher probability) entries is a nice opening range pullback long on UJ around 35 minutes after London Open, or a pullback at 10:30 on EU, both with the trend
This is a beautiful set up on USDCAD, which I believes demonstrates the opening range - in this case London.
Spot on, now match the bullish candles up with “No Demand” Volume and you’ve got yourself a brilliant entry Nice one.
Very excited that you’ve started spotting these opening range breakouts!
One comment though, look at the volume of USDCAD during the Europe Session, and now check it out during NY. It’s quite a low volatility pair as both US and CAD aren’t trading it at the Frankfurt Open, both countries are still fast asleep!
I find the best at the Frank/London Open, are the EU and GU, and the EJ and GJ yen crosses. UJ itself isn’t bad either.
The only reason I had the USDCAD chart open was that I attended a live trading session yesterday, where a trader was demonstrating his scalping strategy. In essence, he was using 15 minute and 1 hour stochastics to confirm price action entries on the 5 minute chart. He demonstrated his strategy by taking a risky counter trend trade which hit its stop half an hour after entry.
EU/USD
I think this is what JN was saying that the 14 and 50 EMA is “flat” on NY open which is not a good entry to do because you’re not sure if the trend is up or down since the 14&50 are stuck together. First move was that it broke down from the opening range but the EMAs wasn’t conving enough then it shot up with volume but had a hard time breaking the resistance from the past Asian high, you can see 4 no demand indicator light up here then broke down the price.
The no demand is actually a good indicator to verify your entry imo. the trend seems to go up but with the multiple no demand lighting up,i would have second thoughts here.
What do you think JN?
One more chart then I am calling it a day. Some excellent low demand volume on virtually every retrace on the down trend on the USDCAD. Kicked off with a some nice price action (increased volume on an inside bar). The yellow band is the opening range (New York)
Cheers and good night
Daxter
This one’s on the EURAUD, getting a bit exotic! Firstly, the EMA’s are fairly flat but down (14 below 50), so we’re slightly bearish, but a session open can always change these things. Massive news announcement due, which breaks us below OR but then shoots us back up.
Let’s talk about the big spike. Huge wick on top of a bullish candle, these are the sellers. BEcause it’s so big, there’s a “range/zone” of sellers for me. I wouldn’t be buying in this area of the big wick.
Price comes down & tests the opening range for a long, then tests our area of stopping volume sellers to reverse. Finally price break below the OR with the trend, tests the 14 ema and offers a lot of No Demand, price takes a while but finally shows us where the safest entry is.
One thing on trading crosses, you have to keep an eye on your base pairs, in this case I’d also be looking at EURUSD and AUDUSD for stopping volume and previous day’s high and low. This is why I don’t trade crosses to much, there’s too much to monitor.
This one’s a cool one to look at, refer to the previous post for more info on stopping volume and the area of sellers. I also want to strip away the chart because I want to be using the EMAs as a guide only. Like, the trend is “flat” not because two lines on a chart are flat, but because price is flat (same for a trend).
When you get a huge spike in price, this throws the EMA’s out (as they’re an average, it’s like making $1 per day, and then one day making $100, it’ll skew your average). Anyway, when there’s a big spike in price, you can be a bit more subjective about trend.
Refering to one of the first into posts about swing highs and lows etc, this is how I read the USDCAD from last night.
I had a good day demo trading with the strategy today. I made 15 pips on GBPJPY, 19 pips on GBPAUD and 27 pips on XAUUSD. I broke even on trades taken on GBPJPY and XAUUSD. With better management (difficult on the 5 minute time frame when juggling with life) all would have been profitable trades, but with a 5 pip stop loss, todays return would have been more than satisfactory.
Cheers
Daxter
Hello,
I thought I’d just post a short note to say thanks to Jalapenoninja for starting this thread - I’ve had a quick read through it but need to spend more time doing so. I definitely will though, very interested - especially as I am based in a similar timezone (GMT +7 / Bangkok).
I’m new to FX - I am also learning futures at the same time, trying to learn how to read the DOM. It’s tricky and requires alot of patience. I plan to continue that journey but I am also very interested to try using Price Action in FX, and I think this thread will help me get started.
Just wanted to say thanks and start to try and participate here instead of being a passive lurker! I have IB as a broker, use NinjaTrader for executions, and have just signed up for an FXCM free trial as it seems MT4 is the tool of choice for most so figured I’d try using this whilst learning to simplify things for me. First task for tomorrow is getting the ‘new’ volume data on my FXCM / MT4 platform, and learning how to use the platform. Brick by brick…
Cheers,
TheBoy
Hi TheBoy,
Please feel free to reach out to me with any questions you have regarding FXCM’s Real Volume and Transactions indicators.
Welcome to BabyPips! :57:
Hi guys,
Here is one I missed and have just taken on the GBPAUD
I missed the initial entry of the break of the opening range (London) but have just entered on the swing low of the break of a daily S/R level. I set a stop loss above the S/R and take profit at yesterdays low.
Hi TheBoy, you’re welcome and feel free to post any charts. ibFX or XM I’ve found are quite good for volume feeds, I’ve not had any experience with fxcm’s “new” real volume feed, but I’m not too sure if anyone has real volume as there’s no central feed. Anywho, best of luck and feel free to join in
Hi Daxter,
could you pls repost that chart. I could’t read the text. I’d really like to read your analysis
Hi pipoy,
I hope this is better.
I entered at the swing low of the no/ low demand retrace (1.81983). I set my stop loss 10 pips above and my take profit just above yesterdays low.
After consolidating price moved into profit territory and I moved the stop loss to break even. After being 17 pips in profit price retraced and the trade was stopped out at break even, for the third time in 2 days.
better,nice analysis Daxter. Thanks for re-posting.
I’ve been closely monitoring AUD/USD today and was analyzing the setup of JN’s system.
The correct entry for this one is the yellow arrow. the retrace from the high, which broke out from the start of the trading range of the NY session. What do you think?that was also the point that the 14 ema and 50 ema crossed.
I was tempted to trade the range back and forth between the opening trading range but to better understand the system, i waited to see what the perfect setup to enter was. I think this captures it,right?
BTW, what software do you guys use to add text to the snapshots?
