London Breakout 1

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London opened 20mins ago so it depends on what strat you’re trading.
Are you trading the London open breakout or waiting for a confirmation trendline later?

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I only draw the tredlines of the 04-09AM London Time. That image was just before opening.

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My euro lines look like this. Looks like I missed cable:rolleyes:

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What do ya waiting for…?

First trendline break @1.6465, 3rd candle has produced +103 pips @present.

PA is just below S1 @1.6374.

The London Breakout is in full swing since two previous candles. :smiley:

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Do eur/usd and cable tend to break to the same side?

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From what I have observed in the past couple of weeks…no, they don’t tend to.

But that is not to rule out that it might happen in the future.

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THanks Cas!

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Did you take your 2nd chance with GU…?

Entry was just below 1.6400…lower trendline break.

FX always comes back to ya and gives you a second chance.:smiley:

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I just did! :cool:

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news related, you might have to watch PA carefully there and hope it doesn’t blast upwards.
Where Cas was talking about was around 0900MGT I believe.
If it moves past the next are of SR (1.6430ish) then it’s probably in trouble if you shorted.

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Yes, realized that and closed the trade with a very small profit. I was trading the fourth candle after the breakout so not a good choice.

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Where Cas was talking about was around 0900MGT I believe.

[B][I]SanMiguel[/I][/B]

That’s correct. Thx.

Looks like GU is back on track after that news spike.

PA is having a go @S1 for the third time this morning.

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So what candles do you use? i thinked we have to use that 5 candles for drawing the trend lines, and the wait to the next 3 candles to make a break on the lines.

Can You post how your Graph look like? At 1.6465 the was only one line at it was the buy line. !

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Cas
Do you set an order for these or are you entering on the 5min chart based on 1hr trendlines to finetune it?

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If you trade the Frankfurt open then you can do 1hr earlier.
But if you trade the London open then it’s the 0800 GMT candle (watch for the breakout from 0800 onwards unless you are trading confirmation of trendlines as per someone else’s post a few pages back).

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Every red circle is a entry point for a possible trade.

I took three of them…all short…

I closed my last trade @1.6348…outer 2:20BB/1h.

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[B][I]SanMiguel[/I][/B]

I have no set rule. Sometimes I set orders…sometimes I enter manually. The deciding factor is always PA…meaning what is PA doing.

If I have entered a trade using this strat I don’t leave the screen…so I don’t trade this strat “set and forget style”.

I manage those trades using 5m,15m,1h and 4h charts.

That’s how I trade this strat.