London Close Retracement - My Results

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1

Hi Guys,

I have been following a scalping technique and found it very consistent with very few losses. I thought I better begin a journal so I started recording the results 4 weeks ago.

These are the basic rules I follow:

  1. Observe the 5 day ATR on Forex majors

  2. Identify qualified pairs that have exceeded the ATR

  3. Check for key Support & Resistance levels on higher time frames

  4. Wait until the London Close time window 4pm GMT

  5. Enter at the 79% retracement line on a Fibonacci

  6. Exit at profit targets which is the top/bottom of the Fib depending if it was a buy/sell.

The spreadsheets only shows the number of pips made and doesn’t take into account the cost of spread.

I have noticed that a lot of the time price exceeds the Fibonacci. I am trying to see if there is any way of predicting a more precise close position.

Any ideas would be greatly appreciated.

2

Can you give me more information about your system?

3

Hi there thanks for what you outlined here. Can you please give us a little bit more information bout this system?

4

Hi there thanks for what you outlined here. Can you please give us a little bit more information bout this system?