London Breakout 1

SanMiguel · November 3, 2009, 2:23am

I am not taking the Frankfurt break today sue to the intraday support at 1.6330ish and the longer running 1 hr trendline starting from 25th October.
However, I will take a break of that line and support.

muthusai2000 · November 3, 2009, 3:05am

muthusai2000 · November 3, 2009, 3:08am

Duchas · November 3, 2009, 3:51am

Hi muthu, what time framde do you use?

I use 3-8AM(Gmt + 1)/2-7AM(GMT-London Time)

it seems like you use 12-5AM/GMT-LOndon Time)

SanMiguel · November 3, 2009, 3:56am

Just for your info. - London 8AM is now 8GMT.
Clocks changed 1 week ago.

system · November 3, 2009, 4:02am

I am back in… @1.6284…short

muthusai2000 · November 3, 2009, 4:23am

Hi,

I am trading with IBFX. It is in line with GMT. I look for early frankfurt and london breakouts.

Muthu.

system · November 3, 2009, 5:46am

That 2nd entry of mine…short…@1.6284…break lower trendline…was not a good move. I just got out @BE.

I was following EU…because EU keeps dropping.

Disregarding GU PA lower 3:20BB,1h.

Not a good move…that 3:20BB commands respect and want’s attention.

muthusai2000 · November 4, 2009, 2:33am

I did not take this trade at the break of the trend line though.

muthusai2000 · November 4, 2009, 2:34am

SanMiguel · November 4, 2009, 2:36am

Would have been a good trade but that’s a 5amGMT breakout though - is that correct (the 1st black candle above your trendine)?

muthusai2000 · November 4, 2009, 3:06am

Hello,

You are spot on. That small candle just above trendline is 5 GMT.

Regards,
Muthu.

Edit ***Should we call it Too Early London ?***

SanMiguel · November 4, 2009, 3:45am

Are you taking the trendline that has the best fit with price, ie the most bounces? If that doesn’t happen, then presumably you take the breakout at Frankfurt open 7GMT?

muthusai2000 · November 4, 2009, 3:46am

muthusai2000 · November 4, 2009, 3:50am

muthusai2000 · November 4, 2009, 4:01am

If i look back at the rules posted at the beginning of the thread, i can say for sure i am not following it. I draw trendlines based on best fit as you said and yes i am still learning and i thoroughly deserve the right to be wrong

Regards,
Muthu.

SanMiguel · November 4, 2009, 4:12am

I didn’t say there was anything wrong with it, just checking because a few people use slightly different rules so it’s good to see what people are doing. A best fit trendline can work. The only benefit of the opening hours trendlines is it allows you to get a trade in based upon increased volatility at market open.

muthusai2000 · November 4, 2009, 4:14am

I know you didn’t say it is wrong. It is just that i wanted to let you know i am learning

Regards,
Muthu.

system · November 4, 2009, 4:43am

If you trade “best fit” trendlines you need to manage your stops manually.
Also it’s not a good idea to leave your sceens.

EU right now is a classic example of what can happen.

SanMiguel · November 4, 2009, 4:46am

+60 on the GU breakout at present but I really wasn’t sure with all those 1hr resistance lines nearby.

Cas - as most GBP releases are 0930 everyday, what do you do with your trades around that time?