Well it turns out to be very good for both EURUSD and GBPUSD with this modified version.
I am impressed.
What modified version are you using?
Early breakout?
Hi gbl83 & Blackswan,
Nice move to catch pips. For the second day in a row I had a power outage right when i wanted to trade. However, today seemed to be very good when i had a look at the charts coming back from work. gbl83: I post all trades both winners and losers in this forum and if you scroll back you will see my losers as well. Yes not many losers as compared to winners But that does not mean I have done very well. Still learning the tricks of the trade. I am going to post my chart for euro now, just to analyze how i would have taken it (Remember I did not trade today)
Ha, How easy it looks in the hindsight to plot entry/exits Well, this is how i would have drawn my trendlines for today. The day’s high at that point of time looked strong and would have played in my mind if price was playing at that area for sometime.
Regards,
Muthu.
Chennai.
India.
Bad luck with the power outage, there is always tomorrow (or today) for another opportunity.
One thing that i have noticed is you can trade this aggressively and enter at the bottom of the candle instead of waiting for it to break, giving you a much better entry. Like yesterday the Euro was in an up trend so it was pretty clear that there was a high probability that it was going to break to the upside.
gbl83
Regards,
Muthu.
Chennai.
India.
Just banked my first 14 pips live trade thanks to all for the help
does this work on any other pairings?
For the record, I lost out on gu last friday and won euro. Sorry I didn’t post charts for that day.
Regards,
Muthu.
Chennai.
India.
On comprehensively forward tested on GU and EU but there is no reason that it should not work on other pairs.
I wanted to throw in my 2cents. If you set up volumes indicator on the GBP pair(s), you get to discern the three most active sessions of a day and when they end, and turning points which emerge especially during London. There is the small volume peak at 0000-0100GMT, the much larger London open peak(s) during 0700-1000GMT, and finally the largest London-NewYork overlap peaks during 1300-1600GMT, at 1700 “prices park for the evening”. Use the volumes ind that shows a green bar for rising and red for falling volume (MT4). Set its visualization such that it is only visible on H1 timeframe. Since one will be hawking the charts at any given time, one observes that as volatility starts to increase (don’t light that ind) prices will move more in the one direction volume increases towards, and if price suddenly turns as it does youll be stopped out and immediately invert accordingly. If London Open/Breakout doesn’t pay, set yourself up for London Rush. Best days are Wed Thu and Fri.
I stopped trading this method as the main strategy, but still employ some of its aspects – it’s the only true indicator on my charts and others ought to switch them off? This works great with PA and s+r.
No trade on Euro today as it made huge moves and broke yesterday’s high ahead of our trend line trade time.
Regards,
Muthu.
Chennai.
India.
Looks like no trades on either pair this morning.