Hi
Does anyone have a PDF on this
Many thanks
Jim :rolleyes:
I’ve got a pdf about this on one of my drives, when I find it I’ll upload it.
cheers4now
Many thanks
To both of you
JIM
cool many thanks
hi has any one try-ed this system?
Yep, I think it’s great. The Big Ben that is. I never saw the “wide range variation” in figure 3 however until this document. Sometimes I think I see the set-up happen, but it’s not as clean as the document, the times are a little off, so I’m not sure if it is the strategy, or a coincidence. Plus, I’m not even sure how often this happens. When I first heard about this, it happened just about everyday for the week. Lately I hope to see it and I don’t.
But if I see it once in a while, it’s good enough to me. I hope we see it tonight, I’d post an image if I catch it again. 
30th January 2007 (Oanda fxgame)
Trying out the “Big Ben System” today, so woke at 6:45am (UK time) set up the charts for GBP/USD and noticed there had been little movement throughout the night. at 7:00am on the dot I initiated a buy of 10000 units($1/pip) trade @1.96284 over the next couple of minutes the price dropped down as low as 1.96252 then at 7:03 am it started a gradual climb peaking at 7:20 at 1.96619. I set a couple of stop losses as it climbed locking in my profit, at 7:21 it dropped and hit my stop loss @ 1.96498 releasing a 21 pip gain.
For the next 20 mins it fluctuated between its 7:20 high and to just below my stop loss and at 7:39 it started to rise again peaking @ 1.96813 at 7:47 am, a potential profit of 53 pips.
+21 pips
From 7:47 to 8:00 the trend was downwards bottoming at 1.96560 at 7:55 with the trend going down I initiated a sell of 10000 units @ 1.96562, unfortunately it started to rise again and if I was using a live account I would have cut my loses but for the purposes of experimentation I decided to stick it out (had done a bit of research on the chart history of the GBP/USD and noted that it sometimes took up to 10am to settle down again) it peaked at 8:30 @ 1.96967 (a possible 40 pip loss) the trend then reversed and I set a take profit of 1.96501 only a 6 pip profit but rather than sit all day at the computer and run the risk of it changing direction again I would be happy with 6 pips on top of the earlier 21. it hit the take profit at 9:40am giving me the 6 pips price continued to drop reaching 1.96360 at 10:15am.
+6 pips
Total + 27 pips over less than 4 hours input
Summary: personally happy with overall result, on the first trade I am pleased with the initial entry, the exit could maybe have been raised to release more pips. On the second trade it would have been nice to delayed the entry till when the price had been higher there was a possible 40 pip difference, but hindsight is a great thing. And I think I exited at around the correct time going with the chart history of when the charts start to balance out.
As a noob to forex I am delighted with this result. And will continue to practise on this system.
Note: looking at the history charts this range of movement does not happen everyday but when it doesn’t its only a small change and not enough in the opposite direction were you would lose your shirt. The wins would hopefully more than cover the loses.
Looks like there was an up first-then-down Big Ben move this morning…take a look at the attachment. I’m going to start paying more attention to this play. Sorry…no times are on the chart…30 min…look at the last spike up and then move to the downside.
Looks like a really good play last night. I’m not sure if I would’ve gotten stuck in the 2:15 candle or the better candle which was 3am perfect, almost. To me there was a fake out at 2:15 with a slight retracement.
I’m just mad that the first time in probably 2 weeks I decided not to check or watch, and it happened perfectly!:mad:
Doh!..and I mistakenly was talking about a perfect setup THIS morning, but I was referring to the morning of 1/30…which was being discussed already…though this morning looked good too…a down first then up, followed by the true down move…
If you can stay awake, this “system”…or this market behavior…appears to happen quite often…like this morning also…
In the documentation they use 5 min charts but this morning’s move looks great on a 15 min chart. Is there a rule of thumb as to what time frame works but with this method?
I personally haven’t made a trade with this one yet…but it appears that the rules talk about absolute moves of a certain number of pips going up and and coming down…which would trigger a trade on most time frames under 30 minutes…it looks to me like the moves can last at least 30 minutes…so I would think you could use a 15-min bar…try it out and let us know…I like this one…but, I need my sleep…:o
Nameless, just reading your experience of this trading method and had a quick question. Why was it that you entered a long trade at 1.96284? I was under the impression that for Big Ben trades should be entered once a new range high or low has been breached. Or was it simply that you were trying to catch the wave up to the new high after seeing that the new low had already been set?
It happened again…range low of 1.9689 made around 0130 EST(although the move down wasn’t 25 pips)…and then a move up to 1.9722…and then broke the range low bar on the 0430 EST bar(30 min chart)…and went down to a new low of 1.9672. After about 3 hours of staring at the screen, you would made a whole 17 pips if you caught the entire move down below the range low.
I’m sure someone can come up with a better way to take advantage of this frequent occurrence, i.e., catch more of the move…or ride the retracement back up after the low is made.
I may be mistaken but my understanding on the “bigben system” and my random checking of historical charts gives me the impression that with the Frankfurt opening an hour before London, activity starts at around 7am and the general trend is usually long for the first hour until London session opens then around 8am (sometimes slightly later) the trend heads back down, my observations so far show the down trend to take anything from 10minutes to 2hours before it starts to settle down.
being new to Forex and because i am using a demo account and not real money i had the comfort of just messing around practising setting stop losses and was a bit to eager in setting a stop loss too close to the current price on the initial longtrade with a bit of afterthought i should have set it a bit lower and would have released more pips on the rise.
p.s traded this system again today making 12 pips on the long trade between 7am and 8am (gmt) and 5 pips on the short trade between 8am and price action hiting the emergency stop loss at 9:15 am (locking in the 5 pips) allthough it had been lower and again went down lower still.
but as a noob im happy with 17 pips for these trades.
p.s im unsure of why the market behaves this way if anyone could clarify why the long trade 7am-8am and then short 8am>10ish
Does this system work for the New York open too?
Is there someone who is using Big Ben strategy regularly?
Please say something. How do you do it?
I’ve been using the London Forex Open system which is akin to the Big Ben system. Looks pretty much worth the investment and you can modify the indicator in the settings to trade at other market opening times too (though I haven’t worked out the best settings). I’m planning to look into this over the coming weeks so if you are still interested then drop me a post and I’ll share what I find. 