Looks like the trend reversed. Anyways I closed my trade on 40 pips… Im trying to utilize the silent Tokyo session and close on small profits when London market wakes up…:)… Dunno whether this is as per rules…
I can afford it since Im doing it on a demo account…
That’s not what the rules say. You made up your own rules. 
And I dare say that you are missing out on a lot of pips. This strategy is immensly profitable if rules are followed…not in a stricly speaking sense but with the 8 candles as per rules.
Like today you had two trades already with this strategy for more than 100 pips…and you might get a third opportunity.
if we don’t follow the rules do we have to give the pips back??? :):)
I agree.
On a demo account you can fool around.
Going live is a different story.
You never get them in the first place.
This morning is a perfect example. 
Cas
Appreciate if you could post up your screen shot for GU (this morning).
Am still learning
Any chart supporting this will be extremely helpful…
Hello,
May i ask someone to check if the trend lines and the candles that i have chosen are right ? I am using IBFX. The vertical red lines are the 0400 to 0800 (GMT) Candles. Is there any restriction on the NUMBER of candles i have to wait to see if the trendline gets broken ?
Regards,
Muthu.
Here ya go…
I think muthusai is using the 8GMT end time, which is actually local time 9am at present due to BST, which is 1hr after London actually opens so the breakout has probably already occurred. If we get a bounce off this trendline and another move South, that may be a re-entry signal but is not part of the strat listed on page 1.
The strat says 4am EST but was presumably written during normal London GMT time?
Hi,
Right, I am using 0400 to 0800 GMT. Is it right or should i move forward by one hour on the range that i use ? Pls advise.
Regards,
Muthu.
Cas
Thanks. May I know what timezone is your trading platform in?
Refer to my IBFX MT4 (GMT):
Your down trendline is connected between the high of candle @ 2009.10.11 22:00 (1st point: 1.5869) and candle @ 2009.10.12 04:00 (2nd point: 1.5848)
and your up trendline is connected between the low of candle @ 2009.11.12 01:00 (1st point: 1.5809) and candle 2009.10.12 06:00 (2nd point: 1.5798)
refer to page #1
“Draw a downtrend trend line connecting a found swing high [B]to the most recent swing high of the previous days[/B] (make sure the last one is a valid high to draw a downtrend trend line through it).
Do the same for a swing low: [B]connect it to the most recent swing low of the previous days[/B],”
so, for your up trendline, both the low points are on today. But the rules said connect from the most recent swing high/low of the previous days… 
nevertheless you are making pips
my chart is exactly like muthu’s chart, so no trade yet for today
Bit of confusion all around.
If it’s a breakout strategy then London opens at 0800 local (currently 0700GMT). If it’s a strategy that starts after the 1st main move of the day then 0900 local (currently 0800GMT). Can we be that rigid with the times since the breakout never happens at exactly the same time as cas has noted?
When BST ends, this will change again and 0800 local will also be 0800 GMT.
IMO, the end candle should be London 0800 local - currently 0700GMT, normally 0800 GMT.
Someone correct this if I am wrong.
Might be an idea to put the GMT times on the front page [B]RC[/B] as it lists EST at present
BST changes back to normal GMT time on 25 Oct this year.
EDT
so, for your up trendline, both the low points are on today. But the rules said connect from the most recent swing high/low of the previous days…
From the rules…
[B]If a trader sees, for example, [U][I]no swings high in the 5 candle range[/I][/U], that means there will be no downtrend trend lines this morning.[/B]
You need to connect your previous days SWH & SWL trendline points to one of the 5 candles SWH & SWL.
Otherwise it doesn’t make any sense. You’re waiting forever. 
I see we are getting back into the confusing time zone chat. Can we all agree that any talk on this strat is based on actual london local time?
Based on my candle range after GU breakout, I was following the trade on EU. Looks like it finally launched…
My chart timeline is GMT + 3
Semi holiday in the US today, wonder if we’ve seen the “big move” and the rest of the day will be slow? I think the stock exchange is open but the bond market is closed, right?
[B]yes! yes! yes! Please!!![/B]
Change page 1
0800 London local. Done.
NYMEX & COMEX are open.
