Hi Muthu
How many pips today? I just lost 35 pips. Entered after 5th candle. dammit
If anyone wants to discuss the London breakout live in the morning then have a go here: Chat
This is only a chat session for bollinger bands and London breakout at the moment and it’s a bit quiet at present but there are usually a few in there for these sessions.
Made a very modest ten pips !
I was there for a while yesterday night (my time) and it is a very cool site. I am sure it will be useful for all of us.
Regards,
Muthu.
Hi.Mutu
Where was your stoploss today?
Just below the low of 0300 GMT candle whose bottom wick is touching a fib level at 6194.
Ok, I’ve gone through pages and pages of this thread and I can’t find my answer, and it’s driving me ABSOLUTELY CRAZY. Please everyone go to the VERY first post, the original author’s post of this thread. As you can see, he stresses that you connect the swing high and swing low of the 5 candles in our 0:00-4:00 EST time frame to swing high and swing lows that QUALIFY FOR A DOWNWARD TREND LINE AND UPWARD TREND LINE. I noticed that from the jump people started posting charts that did not follow that rule, and I’m starting to wonder how important it is. Do I just connect to the previous day’s high and low with disregard for the rule? What if there are several days in which I cannot find a candle that makes them qualify for upward and downward trending lines? Am I the only person who even noticed that or what? If so I’m guessing it doesn’t matter?
Hi,
If you had gone thru several pages, I hope you came across handful of posts of mine, where it is stated this is “EARLY” London breakout and i am trying to make use of the movements that happen bit earlier than what is supposed to be the original london breakout. Feel free to stick by the original rule and trade accordingly if that suits you better.
Regards,
Muthu.
I had actually only gone through the first 10-15 pages, which was way back in the early days of the thread. Even THEN, it seems like noone followed that step of the system… I do want to focus on the original post but I will check out your strategy as well.
With due respect to the poster of the original thread and the system he drafted, the reason why i trade this style is it suits me better as i had some other work commitments that comes my way and i will not be able focus on the trade more during that time. If you are new to this sytem, my suggestion is to follow the text book and see how it works out for you. Ofcourse, you can try to tweak it a bit to see how it works after that. End of the day we are trying to make our strategy effective and productive.
Regards,
Muthu.
I understand and respect that. I’m looking for the opinion of someone who is focused on the original system, and I’m hoping someone can answer my question in terms of the importance of the original slopes of the trend lines.
Stopped out of the Cable trade pretty quickly for a loss of 8 pips. Might have a trade on the EUR/USD if the dollar keeps going down.
You mean you had a 8 pip sl on cable ?
Yeah I thought about that after the trade. So I reentered when it broke above again. I set the stop as per the system rules but in hindsight it needs to be wider. I am still a noob.
Yes it is a very tight stop for the monster move that Cable is notorious for. Even if by system rule it happens to let us have a very tight stop, i would think twice on such a tight stop for this pair. Just my thoughts !
Regards,
Muthu.