No Indicator Setup

Beginner Questions
1

Following my previouse thread

here is my post for 25 mar 2009

gmt time sone

following over night asian highs and lows

chart a shows my setup

top red line = asian highs pending buy order set 5 pips above stop loss 10 pips

bottom red line = asian highs pending sell order set 5 pips below stop loss set 10 pips

you will seel from the setup a break out happened resulting in 15 pips profit

to be honest this is normally good for double the pips but i think the market was a bit unsure as it the first time asian lows have been hit for many days

so the market was a bit uncertain but it still resulted in a ok pip profit

if the market comes back into the mid range i will set up the sell order again

the buy order was not breached so it is still live, i do not expect this to be breached today

Chart A (setup before Break out)

Chart B (break out)

this is not a demo account i trade real money based on this break out stratergy

setup A.jpg700×467 52.6 KB

breakout.jpg700×449 64.3 KB

2

Thanks for posting Trev. I read your other thread and thought that i’m going to try this method as it makes sense and is so dang simple…

My main problem though is converting all types of timezones, broker offset etc.

Just to be clear you use this method using the highs and lows from the Tokyo market only. Is that right?

3

well yes time things always a issue

im in gmt thats london time

my broker is european time that +1 hour from london so if its 6am there its 5am here

i take the time line from 21:00-06:00 european time so that would be 20:00-05:00 my time

if you are in london time your broker might be in european time so just use the same as me

it might be worth checking out what time our broker works in (then convert the times)

the time is taken from the over night asian market were there is hardley any price movement

also for today if you were testing it out i have moved my stoploss to 25 pips because there was a little bit of noice passing the overnight lows this morning but you should still be up for the day even if you have 1 hit

im finished now for the day i had 1 loss of 10 pips because i had my stop to tight and a 2 win totalling 35 pips so im 25 up over all, not my best day but im happy with that,id rather be 1 pip up than 10 down

4

Thanks…with just a brief read through it still doesn’t make sense. I will concentrate and figure it out later. I’m USA est for what it is worth. I will modify the included overlay to help me identify the right time period once i get it sorted.

What overlay are you using to help you identify your time period?

thanks for sharing.

i-Sessions pst.zip (4.53 KB)

5

the over lay is a indicator i adjusted to suite

if you open this up in meta editor and simply type in the times you want it to spread across that should be ok

you will need to convert the european time into your local brokers time

the time period will have the lowest volume (during the asian session)

hope that helps

6

ive been testing out this strategy for a few days and cant seem to get my buy stop’s and sell stops to enter when i place the mark.

great strategy though i missed out on some pip gain because of my problem with the enteries.

thanks again for posting such a simple and effective trading strategy =)

pip out~

7

there was a lot of noise today around the asian lows it was clear using a 10 pip stop loss was just to close, after the first trade i halved my stake but put a 25 pip stop loss instead to keep in line with my Bplan