Thanks for the replies. But I’m not sure about the time range. You are using 0000-0800 GMT. In the summer months, that means the time from Tokyo open to 1 hour AFTER London open. Now, in the winter months, the same GMT time means Tokyo open to London open. So, that is a bit inconsistent. But, if the same time is still working for you, then thats’s great.
Regardless of whether we are in winter or summer time, the London market still opens at 8:00 am London time.
Sorry for the confusion. London opens always at 0800 BST(British Standard Time). But due to daylight savings, 0800 BST in summer months = 0700 GMT, and during winter 0800 BST = 0800 GMT. If you take 0000-0800 BST, then of course, there’s no need to change the time ever. But if you are taking 0000-0800 GMT, then yes, there should be a change between the summer and winter months.
Yes, you are right. Strategy is based on BST time( London market open ). I will change it at system rules right away. Thanks for the correction.
Hi Kodziro,
I’d like your Idea and I want to trade with you.
I’ve traded U/J today. Here’s my chart, am I use your system correctly?
Hi.
No, you should take candles from 0.00 to 8.00.
In my chart, two vertical lines include candles from 0.00 to 8.00 (BST-GMT). After the second vertical line is the London market time. I begin to find BE. Is that correct? thank for reply
Would you like to show your chart U/J in TF 15m. I can check my chart Again.
Kodziro, excellent strategy! Tried it out the last few days, and it’s been working like a charm.
I am trading it on a demo account right now of course, but so far, so good.
I have 2 questions for you…
Have you tested this on other currency pairs? say USD/CHF? or what about the minor pairs?
And can you give us a chart or something to show exactly how to use the SMA 10 or the BB to get into a trade if we are “late” to the original signal?
Thanks, and keep up the good work!
Greg
Investing in conservative blue chip stocks may not have the allure of a hot high-tech investment, but it can be highly rewarding nonetheless, as good quality stocks have outperformed other investment classes over the long term.
Hi.
No I haven`t tested other currency pairs. Keep in mind correlation between them.
I use SMA and BB to add to trade or/and to jump in trade if I`m late ( when price test/bounce with this lines ). For better picture I recommend you to read Kenneth Lee tread "True PA trading using MA’s for S/R " ( lots useful info about PA and MA ).
Cheers.
Hi Kodziro,
I hope you keep sharing the charts of the trades you take using this strategy. It definitely is a very well-thought out, smart strategy, but it does require a bit of practise to get a hang of. Which is why your charts are so valuable, to get a better idea of the setups. Thanks for all you’ve been doing so far.
Hi.
I know what you mean. Notice that patterns( setups- entry’s ) repeat itself. Practice and you will get feel them. Check today’s G\U and old older one ( 13.10 ). Also add today U\J.
Note : After signal, you should feel comfortable as long as two following candle ( whole ) close under\below SMA(10) and(or) BB(middle). Also when price move to important sup\res take partial profit, move stop to BE or end trade. 1:1 ratio trade is completed so far by 90-95 % probability.
Ps. I will try to keep posting interesting setups.
Cheers.
Hi Kodziro, have a look at today’s U/J chart. In the area I have marked in a white rectangle, that would be a valid signal, right? Has decent price action and divergence, and nice support/resistance area. That would have been a losing trade, but right after that, you get a triple top in divergence formation, which would have been a winner. Not good price action on the 2nd setup though. Your thoughts?
Hi.
No it wasn`t valid signal. We draw a box after close 8.00 BST candle ( including 8.00 candle ). It matter when it make new low or high. However if we trade later on we got clear signal to get out. As for 2nd setup I didnt take it – price action witn no solid base.
Hi Kodziro,
Just wanted to check if this was a valid signal or not. g/u from yesterday. My profit target was 2 times SL. Missed by a whisker. Are you still using 3 times SL as your target? Have you changed your MM rules now?
Also, on average per week, how many valid setups do you see? And how many pairs do you follow for this system?
Hi.
Yes its valid. Very strong trend if price dont test daily high I wouldn’t touch it ( don’t underestimate daily/weakly low/high ). I only trade 2 setup this week so far. Second was day before that ( see picture ). Notice that was long run TP. Daily MACD change color from negative to positive ( see rules for long setups ). Also compare to trade from previous week ( similar trade, one with divergence and SUP, second daily low and SUP ). So in that case my TP is high. If against trend and other I don’t have hard TP= 3*SL. I look to sup/res and sometimes is between 2-3.5. For example if my TP is beyond some important sup/res for 10 pips I cut my TP ( or widen it in opposite case ) or at least try protect trade.
( Although I still test it by TP=3*SL as for set and forget system, and compare results)
Week average is 3-5 setups. I trade on e\u, g\u, e\g , u\j.
Cheers.
