London Breakout 1

[muthusai2000]

Hi muthu - it’s a good idea to edit your pictures beforehand. You have left your account number and other information on that post on a publicly available site.

Edit: Just saw it was demo…

Hi SanMiguel,

Thank you for your valuable tip. Who knows i might do the same way in a hurry when i trade live. So i take your word.

Regards,
Muthu.

[Clint]

The GBP/USD has been in a sharp upswing for the past 4 days.

This short-term upswing is within a medium-term downtrend beginning August 5, as indicated by the channel.

And the medium-term downtrend is within a longer-term uptrend, indicated by the blue curvilinear regression line.

Trends within trends.

I think the 1.6430 level could be important to watch. If it is convincingly breached, the GBP/USD could be on its way to
a test of the 1.6740-1.6750 level.

But, if the channel upper boundary line (currently at 1.6430) holds, we could see a dramatic retracement of the recent upswing.

Or not. The Great British Quid will do whatever it feels like doing.

Clint

[d-pip]

[B]Clint,[/B]
curvilinear regression line… how’s that working out for you?

[antonioforex]

Hi, I just wanted to clarify something and am sorry if I am beating a dead horse. We have 5 candles and they are from 0:00 EDT - 5:00 EDT (NYC) or in other words we start looking for our entrance at 10:01 AM London time. I am just trying to clarify this since it seems that we are looking for moves 3 hours after Frankfurt opens and 2 hours after London opens. Is this correct? Thanks.

Antonio

[d-pip]

Hi, I just wanted to clarify something and am sorry if I am beating a dead horse. We have 5 candles and they are from 0:00 EDT - 5:00 EDT (NYC) or in other words we start looking for our entrance at 10:01 AM London time. I am just trying to clarify this since it seems that we are looking for moves 3 hours after Frankfurt opens and 2 hours after London opens. Is this correct? Thanks.

Antonio

Antonio,

No, you don’t need to wait until 10:01 London time, you can enter “within” the five candle period. that make sense?

[muthusai2000]

This is how i drew today’s chart. Lets see how it goes.

[d-pip]

Antonio,

See how GBP 1.6324 -ish looks like it could now be used as a valid swing low for a break at anytime…

gook luck

[d-pip]

Antonio,

Also, so far this morning I don’t know if there is a good valid textbook swing high

maybe GBP 1.6362 –ish but I’m not sure…

[antonioforex]

I thought that those 5 candles were used as a range and to draw trendlines. How else are you going to find swing high and swing lows if you do not let those 5 candles close? It seems that I am completely off then.

I thought 5-10AM London time is used and then once the price breaks the trend line drawn with the help of those 5 candles and previous day’s lows and highs we would enter the trade.

Antonio,

No, you don’t need to wait until 10:01 London time, you can enter “within” the five candle period. that make sense?

[system]

curvilinear regression line…

[B]d-pip[/B]

Talk the talk and walk the walk.

[d-pip]

Antonio,

See how the swing low breakout around 1.6324 works… I’ve got +40 pips so far!

[muthusai2000]

[Chicokid]

I thought that those 5 candles were used as a range and to draw trendlines. How else are you going to find swing high and swing lows if you do not let those 5 candles close? It seems that I am completely off then.

I thought 5-10AM London time is used and then once the price breaks the trend line drawn with the help of those 5 candles and previous day’s lows and highs we would enter the trade.

As I read the original strategy, you trade any time from the 5th candle on. That doesn’t mean you can’t trade the down trend that just happened (As the last two days show, the break isnt always after the open I suppose) but that is not strictly adhering the the strategy. Just my interpretation of the rules. We will see what happens the next few hours.

[d-pip]

I closed for 40 pips and I’m redrawing my swing low trend line to around 1.6268 hoping for a second run south!

when it works, this is a nice strategy

[antonioforex]

I see but I thought that per rules of this system we had to wait for those 5 candles to close and then draw the trendlines and then wait for the move. It doesn’t really make sense since the 5th candle is 10AM London time. I am still confused since everyone seems to be doing something different. Logically, I would think that we would wait for the move right when London opens or maybe even before when Frankfurt opens like it happened today - the 40 pip move was due to Frankfurt if I am not mistaken.

Antonio,

See how the swing low breakout around 1.6324 works… I’ve got +40 pips so far!

[matlobien]

I closed for 40 pips and I’m redrawing my swing low trend line to around 1.6268 hoping for a second run south!

when it works, this is a nice strategy

When price broke 6324 it became a typical PA trade on the 15 m chart.

Because it was against main trend I only took 30 pips.

[d-pip]

from an earlier post, take a look…

There is a slight discrepancy between the R Carter version and the Ed Revy version.

R Carter version reads: [B]With[/B] those 5 candles look for valid swing high and swing low of the price.

Ed Revy version reads: [B]Within[/B] those 5 candles look for valid swing high and swing low of the price.

[I]Maybe proving in fact that RC didn’t pick pocket Ed in McD’s [/I]

From R Carter’s first post:

[I]The Entry is on the break of either one of the two trend lines and is immediate without waiting for a current candle to close. A protective stop is placed just above/ below the candle that broke the trend line.[/I]

I hope that helps!

[system]

from an earlier post, take a look…

From R Carter’s first post:

[I]The Entry is on the break of either one of the two trend lines and is immediate without waiting for a current candle to close. A protective stop is placed just above/ below the candle that broke the trend line.[/I]

I hope that helps!

@present we have three trendlines with valid SWL.

Two entries so far for me. 1st @6328…2nd @6301.

Closed both trades when PA spiked lower 20BB on 15m chart @6255.

Waiting for re-entries.

Now, that might not be textbook trading but it produces the goods…[B]pips[/B].

[d-pip]

[QUOTE=cas;142771
Now, that might not be textbook trading but it produces the goods…[B]pips[/B]. :D[/QUOTE]

[B]Oh right… nice trading![/B]

I’ve got 4 or 5 trend lines drawn but I never did very well with texbooks…

and don’t ask about them because it isn’t something I can explain without more coffee!

[system]

I’ve got 4 or 5 trend lines drawn but I never did very well with texbooks…

and don’t ask about them because it isn’t something I can explain without more coffee!

[B]d-pip[/B]

Textbooks never fitted what I experienced in practice. So I always took them with a grain of salt to speak.

Just went out for a coffee myself …and what happend ?..GU moved.