False London Breakout Strategy

Yes I check them both. MACD is more like a trend-following momentum indicator.
Check today`s E\G setup and compare to last G\U.

Hi

U\J: loss ( or BE if you move your stops after price hit resistant area - about 25 pips )

G\U: without div and against maind trend setup, ADX was indicate breakout ( raise from below 25 level and trending )

Cheers.



I saw GU as having a small bit of divergence yesterday as per the attached chart. Did you take the trade even though you didn’t see any divergence - wouldn’t you wait for a re-test of the area? I haven’t seen the ADX “rule” before, I only thought you used it if you had a good signal i.e. with divergence, but trade was against trend - not without divergence?


Nice GU trade just now - 3 top divergence I believe?


Yes, very nice. On E\U nice short too. Monitor now daily low from yestreday on E\U.

Actually I did wait for retest ( see picture). ADX told me that not to trade in area our SUP line ( with this area, based on that area ).


And GU just hit S1, giving a 1:5 - 1:6 trade. Nice.

Two trade`s today:

E\U:with daily low, trend ,div - TP not reached.

G\U: with daily low ( pivot s1 ), trend - TP hit ( TP defined by pivot R1 also hit with nice amounts of pips).



So a nice EU trade so far, divergence, with trend. Still to reach target of course (and let’s see if it reaches S1).

GU a tricky one. Had divergence at yesterdays high and R1, and a pin bar followed by a doji / spinning top, so could have been a failed short entry. In this situation perhaps best to wait for break of the doji low?



Any chance Kodziro of posting live trades as you take them? Or as you are in them?

Juicyt

EU scuppered by the US GDP news - may have just made the target at 1:3 I guess, dependant on where the SL was…

There wasn’t any valid signal today. Take notice what price ( candle) tell you. No tops to define divergence, candle was ranging. No price action. Series of small candle bodies ( ranging most time ) in area of SUP/RES tell us to avoid a trade until we see clear signal.


Friday`s setup :

E\U: trend + div

E\G: trend + daily high



Two valid singals from yesterday, one from today.




Hi Kodziro,

nice trades again. You were going to post up your results / statistics I think, are you still planning to do so?

Hello

Yes, I will post first 4-week results ( 21.09-16.10) at this weekend.

Today`s setup :


Hi.

Result 4 weeks (21.09-16.10)

Total trades: 24

TP1: WIN 20 LOSS 4
TP2: WIN 10 LOSS 14

Assuming that all trade was taken:

Profit: (TP1) =+910 pips , (TP2)=+998 pips


Notes:

  • only move my stop loss to BE after end of the day if TP2 not hit
  • Most import thing : Patience, Discipline, Consistence ( if you play with BE do it in every trade, if you decide to TP at some level defined by your way always stick with it.
  • Remember I define my TP = 3*SL yours could be different ,important is a valid signal. Later on you can do whatever you want depending what is your trading style.

Cheers.

Hi Kodziro, those are some fantastic results. I have a few questions:

  1. Do you adjust for daylight time shift? You take 0000-0800 GMT, during the summer months, London actually opens at 0700 GMT, now in the winter months, London opens at 0800 GMT. Do you stick with 0000-0800, or change it to 0000-0900 or 0100-0900?
  2. The daily high or low that you take is GMT based? That is, you take 0000-2400GMT as the daily range?
  3. Even after TP1 is hit, you dont move your SL to BE?
    Thanks

Hi

1,2) I live in Europe. My time ( and broker time ) is GMT. So I think that I don`t have to change anything. Daily low/high is based on GMT

  1. Result is based on " set and forget " rule.

Cheers.