Be aware of NEWS coming out of Britain at 08:30 GMT: Preliminary GDP figures, quarter-over-quarter.
HIGH 1.6532 BID on the 19:05 GMT candle. LOW 1.6464 BID on the 20:30 GMT candle.
I didn’t like the look of the upside last night, and I don’t like the look of it tonight, either. I hope the price breaks to the downside. I have more confidence in a short trade, rather than a long trade, tonight. I will split my position, and go for larger profits on a downside breakout.
I will place Entry Orders, as follows:
BUY 1.6541, SL 1.6511, TP 1.6581 (I’m not very confident about this trade; I will watch it closely)
SELL 1.6458, SL 1.6488, TP 1.6428 (for one-half of my position) — I am aware of strong support 3 pips below my entry
SELL 1.6458, SL 1.6488, TP 1.6398 (for one-half of my position)
I have removed my Buy Entry order, just prior to 07:20 GMT, before it was triggered.
The GU exceeded tonight’s Period HIGH by about 7 pips, and then the momentum died completely, and the price began meandering.
There is a resistance level just 4 pips above my (now canceled) Buy Entry point, and with market momentum dying, I have no business messing around that close to a resistance level. So, I’m out (on the buy side).
My Sell Entry orders are still in place, but major news comes out in less than an hour, so I think it’s time to cancel those orders,
as well.
I hope you guys haven’t gotten hurt this morning.
On a brighter note, while the GU was futzing around this morning, I was able to restore some more of the charts I accidentally deleted a few days ago.
That’s it, for this week. We’ll hit it again Sunday night.
looks like a good night for the strategy and also a textbook example from the book Ive been reading! false breakout up and big move down and everything.
It’s called “Day Trading the Currency Market” published in 2006 so it’s kind of old . One strategy it mentions is this. the night range is narrowed down to just one hour before market opens. and last night is a good example. The book says 1am to 2am eastern time but I think 2am is a little too late. I like the time range in this thread better. so the book says the big banks will push the price in one direction (up in this case) at least 15 pips above the nightly range and that is a false breakout then the price plumets below the nightly range and that’s the real move so you should have a sell order just below the nightly range. then the reverse for a bull move where the first false breakout is down and then a big move up for a buy order. if we are going with the nightly range in this thread then the false break up was within the horrizontal lines of the range high. but using the range discussed in this book the move up that happend at 5:15 gmt was the false breakout from the smaller range high of 1.6495
hopefully I’m saying all that right, it’s early and I haven’t had my coffee yet!
Hi All,
Got triggered by 1 pip long just to be killed at the SL50 :eek:
Glad I reduced my units, I am still ahead for this week.
I was digging yesterday in the forum and posted on SanMiguel EA (Master Candle) to bring it to the first page. It is NickB extended S&R system and SanMiguel (Thanks) made the EA for it. (read more on 4noobs NickB site).
It’s a breakout system just like this one. NickB does not use it under 1H chart but I was looking and trading it down to M15 charts and it made me money too.
Last night on M30 it triggered (which is not often) but since I was sleeping and I was in for the ride already… :rolleyes:
It actually showed a good trade (hindsight from my end this morning) but you guys where watching and could have taken it with profit, or at least it would have been a additional confirmation tool.
So check it out, DL the EA, put it on the chart (It’s always on mine) in all time-frames and test it.
Clint I’m glad you are putting the images back, they are very enlightening, a picture is worth a thousand pips. With respect to the Breakout Gang I will say that focusing on a narrower range can present some profit opportunities. Here is a pic from last night, pips could have been made both on the upside and the downside. This pic also shows what I mentioned in my previous post also.
long loss -50
Short gain +20 (was triggered already when I got my ass out of bed)
Last night loss 30. It’s called doing business.
Then I look on the bright side I still made money for the week in my sleep.
I am out for today, have to go to the airport.
happy weekend to all, see you Sunday.
That sounds like the Big Ben strategy.
Not sure if it’s valid anymore though?
Running it through the strategy tester though, just based on the 3am-4am range seemed to be profitable in July.
like I said, it’s an old book so maybe some of it is out of date, one that a friend gave me when they found out I was interested in forex.
But when I got up this morning I did say aha! that looks like what’s in the book!
Is it the Kathy Lien book?
Running it through the strategy tester though, just based on the 3am-4am range seemed to be profitable in July…not sdo good in June though.
It’s an indicator, not an EA but you can search through my posts there to find it.
Just a word of caution - there is a little more to master candle trading that just trading the break of the master candle - you need to consider trendlines and support and resistance, which isn’t touched upon in his ebook master candle section - you can check out the thread on it there but it’s a mammoth 200+ page read.
Right there you can DL it. Further down he has some places to go where you can get instructions but sometimes they die.
In general: Once the MC is displayed, extend the lines since they are going for 4 candles only, and whenever the candle breaks (up or down) the line then trade in that direction. Also NickB says at least 4 candles between the lines, more is better. That’s why SanMiguel made it for the 4 candle criteria.
SanMiguel,
you just posted a moment before I did.
Are you still using it?
Of course there is more to it but I like to use it just to confirm a trend I am looking at already.
A few times just when I was thinking not to make a trade your MC showed up, waited a bit more and placed the orders and made money with it. through, I had the trade in mind already at first, it was a nice confirmation.
1/
Running a 25/50 SL/TP system it looks like:
May had a profit factor of 0.46 (loss)
June had a profit factor of 2.26
July so far has a profit factor of 2.13
[B]Anyone notice some striking differences between the patterns in May and now?[/B]
2/ When we see triangles forming during the overnight period like we did lastnight, do you think a possible option would be to trade the highs and lows of the last candle or the highs and lows of the triangle? ie skip the highs and lows of candles up to 2/3am GMT. So, instead of trading the box breakout for that night, we trade the triangle breakout.
