Hi all,
So being on Pacific Standard Time…PST…is this the correct time to determine the high & lows and set the pending orders…here it’s 9:31pm so I suppose I’m past if 9pm is equivalent to 4am…is it 4:30ish am for you Trevpick…or 5:30ish am …or anyone else…
Talon could be a long one since it looks more like a long order then short order. 
Leemo got the same, except I watch so no auto trade.
Correct, 9 is your gmt 4.
Notes for the Tuesday/Wednesday “overnight” period:
(1) The downward channel is clear. The HIGH for the “overnight” period (Line 90 on the chart) was made on the 18:45 GMT candle. The LOW (Line 89) was made on the 00:30 GMT candle. I have marked a third line, Line 91, to show Monday’s intraday Low, which is now acting as Resistance.
(2) There is no urgent world news affecting the GBP or USD tonight. The G8 meeting in Rome will begin today (Wednesday). The economic “stimulus” in the U.S. seems to be failing, and there is talk of a second “stimulus” bill.
(3) Sometime between now and Friday, the Halifax Bank of Scotland will release their House Price Index. This is a high-impact report, showing percentage change in the prices of houses in Britain, mortgaged through Halifax. They never announce in advance the exact day or time that this report will be released. If it comes out at 8:30am London time on Wednesday, that would be less than four hours from now, and it could move the market.
The big economic data release this week will be the Bank of England Rate Statement on Thursday.
(4) Resistance and Support:
1.6296 (July 6)
1.6287 (July 7)
1.6260 (July 7)
1.5985 (June 9)
1.5936 (June 7)
1.5900
1.5800
On my chart, the period HIGH is 1.6163 Bid. I will add 9 pips to that to get my Buy price.
The period LOW is 1.6061 Bid. I will subtract 6 pips from that to get my Sell price.
Here are my ENTRY ORDERS for tonight:
Buy 1.6172, SL 1.6142, TP 1.6182
Sell 1.6055, SL 1.6085, TP 1.6045
[B]This post is intended for general guidance only.
This is not a signal service. Be very careful, if you choose to trade my numbers.
You should learn this strategy, do your own analysis, and trade your own numbers.[/B]
Clint
Morning Clint,
taught you are going to skip on us. Glad to see you.
Looks like the sideways trend start to brake (M30) and going up.
Hi Clint…I see you use FXCM too…I’ve been away on holidays for that past week or so, and upon return I’ve been reading bits about certain order types no longer being available come Aug 1st?..will that affect the placing these kinds of orders do you know? Some have said they rec’d emails from fxcm offering to go UK, but I haven’t…then again I have a Canadian account so maybe it’s different.
Thanks
Morning Oskar,
I wouldn’t skip out on you guys.
Looks like we broke that pretty channel. But, I’m guessing we’re headed lower again tonight.
Good morning, Sweet Pip (or Good evening, I guess, in your case),
Several days ago, I posted the email I received from FXCM, but the Mods deleted it — I guess they thought it looked like advertising for FXCM. I can PM a copy to you if you want it.
Possibly it doesn’t even apply to you in Canada. You should call FXCM and find out.
Clint
[B]Halifax House Price Index will be released at 9am London time. That’s 08:00 GMT, 4am New York.[/B]
This could cause the G/U to meander in a narrow range for the next two hours, while traders wait to see this report.
My Sell Entry order was triggered.
But, I didn’t like the price action around 1.6050, so I closed the position manually for a +3.2 pip profit.
I’ll probably stay out of the market for the rest of the night.
If you’re still in, Good Luck.
A loser for me this morning. I had my sell order at 1.6045 hoping gain 12 pips. I was tired this morning and went back to bed. When I next looked the price had come down to 1.6046 on my chart and that was the lowest it got before stopping me out later.
Looks like 12 pips was too greedy this morning
You know I backtested Wednesday the other week and it was break even over the last 3 months. I can’t see any logical reason for that so just put it down to coincidence over a small sample size.
…if you’re being superstitious.
A losing day for me as well. Thinking afterwards, maybe it would have been best to stay away altogether. The low was not at the end of the overnight period, but the price was ranging and pretty close to the low anyway. Moreover, the entry and target prices were around x.xx50, which can be another price-based support level. But on the other hand, that kind of a ranging period hints for a breakout, so the chances were there. Ok, that’s the name of the game, you can’t always win. (This time I did not intervene the trade manually - and now of course it would have paid off.)
Yes, very frustrating. It looks like Clint has a successful approach. Going for a relatively small tp and managing the trade taking little risk. I guess I could up my stake and get out at a smaller gain of say 5 or 6 if the price looks choppy.
Clint, on your charts you have an entry order and entry limit. What is the entry limit for ? what does it do? I read about order types but not sure I realy understand or why you have that there?
P.S. looks like I was wrong in my prediction of the the trend continuing down, it leveled out.
All fizzled out :rolleyes:
Opportunity knocks again
Now I go and cut the grass. What does cutting grass has to do with trading?
Absolutely Nothing
Ok, 3rd win in a row, I got 15 pips and I am out. It was a scary ride this morning went down to -80pips but the price managed to get back on track, before I entered I was expecting the price would retrace and that is why I did risk about 100 pips, again this is scalping and again I am trading to my plan, I have done alot of backtesting and that way I made my scalping plan.
This is what I mean, pairs like g/j, e/j, g/u are monsters and 30 pips SL it is nothing, just a small breath you will see your order at -50, 60 pips easily. I might be wrong for the long run and that is why I am using a mini live account to be cautios, but again I am following my rule all depending on the backtesting.
Hey Fed,
Seems like you are doing well. Are you just trading the pairs mentioned above and what time periods are you trading in? I assume you are using the same breakout rules as mentioned by Trev at the beginning of the thread.
Hi, yes the same breakout rule thanks to Trev, I think it is great. I am using g/j, g/u and e/j that is because they all have greater amount of movement. if you look today’s break out for g/j and e/j, I got my 15 pips in no time. I am using the same time frames, it could be an hour off though, 19:00 - 5:00 GMT.