Right Euro is struck at this level for a while while Cable shoots up. I hear you about managing stops.
Regards,
Muthu.
SanMiguel - high impact newsâŚI close them beforehandâŚno matter whatâŚno matter where PA is.
All other GBP releases I close 2/3 of my lot sizes beforehand and leave 1/3 open. I watch 5m,15m and 1hâŚdepending on PAâŚI counter trade and/or hedge retracements.
Watch the daily S&RâŚand the daily Pivots aka RâŚSâŚPP. 1h S&R ainât matter that much if there is enough speed and momentum of price.
Very short wicks and/or no wicks on top of previous candles within those up to 5 candles is a pretty good indicator that PA got plenty of momentum and will blast through those 1h resistance lines/support lines.
Also the angle of PA is another good pointer. 
[B][I]SanMiguel[/I][/B]
Did you manage to hang onto those pips of yours �
51 of them, yes.
Price is just kind of hanging around in this area
[B][I]Muthu[/I][/B]
My E/U London breakout entry @1.4752/8th candle made it to S2 @1.4906.
In fact I almost nailed it to the pip with my projected T/P.
When my order got hit this morning GMT I had my stop 10 pips below previous candle. That stop was never in danger in this move because it was below 63ma. The 63ma is a priceline that PA respects most of the time. Another suitable stop would have been below daily PP.
All what I didâŚall dayâŚwas moving my stop up following PA. And let the PA run itâs course.
The tricky part this morning GMT was to find a suitable stop with this entry. In my book it is not sufficent to have set stopsâŚlike say 20 pipsâŚno matter what PA conditions are like.
The placement of stops is as important as entries. Sometimes even more important.
Early and sweet this morning GMTâŚ
GU went south right @PP 1.6516âŚbreak lower trendline.
Were you in this trade?
YeahâŚ:)âŚand Iâm still in it.
I entered it at the Frankfurt open, 9pips ($9) down at this point. Why were you looking for a break before Frankfurt opened?
Because it happened in the past.
Just scroll back 1h for a couple of weeks and you can see the breaks.
I bailed out @1.6467.
Yes I see it, but do we know why is this happening?
WhyâŚ? Donât know.
Perhaps pre-news day PA�
There are a lot of news coming up todayâŚGBP,EURO ect.
SM,
What is the time to trade this London Breakout now for these of us in US with EST since Nov 1?
I am still struggling to understand better way to trade this system.It seems i have not got better way to do it.
Cas:
Thank you for your explanation. Appreciate it. Sorry for the delayed reply.
Regards,
Muthu.
IMO most of the moves so far start just before Frankfurt open or at Frankfurt open (this was the same in the Win Ratio thread) so you should be looking for a breakout anywhere between 6-9GMT. Usually happening at around 6-8GMT.
I usually wake up in time for the Frankfurt open, if I see momentum has moved price too far by that time then I donât trade a breakout unless I get a 2nd chance from a retracement. I try to look at the momentum move on the 5min chart breaking the 1hr trendline.
Anyone in the GBPUSD breakout today?
Not me.
USDCAD looked a better pick.
And it was.
