Sorry for the delay. My thoughts are that this this will gap down. Set your target for 10 pips and S/L of around 20 pips.
Please keep in mind that gap trades can be very volatile. If you are extremely risk averse, I recommend that you do not take this trade.
Another exciting week in FX has passed and now its time for us junkies to take a break from charting over the weekend (if that’s even possible ;)). Have a great weekend all, cheers!
Good afternoon friends,
It looks like we hit our target for gap this afternoon. Once the gap is recovered, be ready once again with your short orders and set a target of around 10 pips. Good luck all and I’ll update the board in the morning for the 7am trade. Cheers!
Good morning all,
The conditions did not line up for the 7am trade this morning. I will keep an eye open for the GBP/USD trade later this afternoon. If you placed your order once the gap recovered in the EURUSD pair, you should have made at least 10 pips. The max potential of the move was around 50 pips.
In the short term, the US open has been a bit bullish. You will want to take that into account if you plan on placing an order at the open of the session. Good luck!
The conditions lined up for the GBP/USD trade today. Here is the setup:
Entry Price: 1.5993
Exit: at the open of the 5:30pm bar
S/L: 1.5953
TP: 1.6003
Good luck!
The conditions did not line up for the AU open trade today, but we are still in the GBP/USD trade for another hour and a half. I will update the board as soon as this trade is completed.
The GBP/USD trade went the other way on us just slightly today. Here is how the trade played out:
Entry Price: 1.5993
Exit Price: 1.5992
Part of the great thing about this trade is that you will seldom reach your S/L, but it is very possible for you to reach your 10 pip target. If it does not reach your target, your risk is still minimized by exiting the trade at a certain time regardless of what the price action is doing.
Good luck in the overnight session tonight, and I will update the board in the morning for the 7am trade. Ciao!
Good morning all,
The conditions lined up for the 7am EURUSD pre-US open trade this morning. Here is the setup:
Entry price: 1.4063
Exit: at the open of the 11 am CST bar
S/L: 1.4123
TP: 1.4043
Good luck!
The 7am trade did not move in our direction this morning however, it did not reach our S/L either. The next trade today is the GBP/USd long trade. I will update the board later with info on this trade.
The conditions did not line up for the GBP/USD trade today however, the conditions did line up for the AU open trade. Here is the setup:
Entry price: 1.4142
Exit: at the open of the 7:30pm bar
S/L: 1.4182
TP: 1.4132
Good luck all!
The conditions did not line up for the GBP/USD trade today however, the conditions did line up for the AU open trade. Here is the setup:
Entry price: 1.4142
Exit: at the open of the 7:30pm bar
S/L: 1.4182
TP: 1.4132
Good luck all!
The AU open trade did not go our way today…we did not reach our S/L or TP. The recent trend is a solid down move during the AU session, followed by a strong bullish run during the London session. Hopefully this helps as you place your overnight orders. Happy trading tonight, and I’ll update the board in the morning. Cheers!
Good morning friends,
The conditions lined up for the 7am CST trade today. Here is the setup:
Entry price: 1.4093
Exit: at the open of the 11am bar
S/L: 1.4153
TP: 1.4073
Good luck all!
Can you post an hourly chart too? Also do you trade only eur/usd?
Hey Spike,
Yes, the 7am trade this morning was actually for EURUSD. I will post a recap of the current systems later this afternoon (I know the details can get lost after so many pages ;)). Also, plan on posting a solid hourly strategy on the board within the next few days.
Hello
Interesting system, the main issue is that I’m on a totally different time zone, I’m not totally sure (with the daylight time change. etc) you’re entering on Australian session opening candle? or New-York session starting candle? If not can you tell me how many hourly candles behind NY opening or Australian opening, is the entering candle?
For what I saw seems that you trade gpb/usd too or you trade all majors?
On more thing, 10$ per pip is a part of this system? Or is just how you trade? You need a pretty big account for 10$/pip and do you watch the news for this system?
Yes, I know the time zone issue can be a little tricky. The AU open, for instance, is at 4pm CST (my time) and 5pm EST. Generally when I post on the board, that is very near the time that the trade occurs.
I have systems for several different currency pairs, but mostly the majors (they tend to be less volatile). However, I have attempted to add systems to this thread step at a time to give everyone a general idea of what to expect as they trade the system.
In reference to the amount per pip traded, this is entirely up to you. I do not recommend starting with something as high as $10 a pip, but eventually this is a feasible option if your success rate is consistent (by eventually I mean several years of success).
The best way to use these (and any system) is in tandem with a proven money management program. If you begin with small lot sizes and use your money management to grow the account, it will keep from sustaining heavy losses when you reach a “dry” spell in trading.
Hopefully this helps!
The 7am CST pre-US open trade reached our TP today. Here is how the trade played out:
Entry price: 1.4093
Exit: reached TP of 1.4073
Length of trade: 1 bar
Profit: 20 pips ($200)
Barring any major news releases, using support and resistance today should prove to be very successful throughout most of the day in the EURUSD pair. The next trade opportunity will be the GBP/USD trade at 3pm CST. I will update the board near this time. Happy trading!
The conditions did not line up for the GBPUSD trade today. The next one upcoming is the AU open trade. I will update the board later with information on this trade.
The conditions for the AU open trade (4pm CST) lined up today. Here is the setup:
Entry Price: 1.4126
Exit: at the open of the 7:30pm bar
S/L: 1.4166
TP: 1.4116
Good luck friends!
We did not reach our TP or S/L in the AU open trade today, which did not work out to our advantage. However, there will be plenty of opportunities during the overnight session.
Happy trading fellow FXers, have a great night!