Yeah it looks like I did trade the news, my order was triggered at 2:00am and closed at 4:30am, two positive trades so far this week w00t!
I inserted my overnight lines already, just curious how accurate they will be. 
18:48 GMT
Long 1.667
Short 1.6523
I did a lot of work on this as well and couldn’t come up with anything. Tried ATR during the overnight period, the 4hourly ATR, tried strength of trending, etc. - all proved worthless or not enough data to confirm.
30:30 is not the most fruitful strategy BTW. You need to go for:
- lower targets and higher percentage wins or
- higher targets and lower percentage wins but approaching more the 2:1 ratio (to a point round about 40-50pips seems to be a good consensus so far).
With the higher target trades the strategy approaches 50-60% win but your 2:1 RR takes care of your profit. This can be improved using the trendline analysis that Clint does but a lot of us trading this don’t get up at 4am GMT to set the orders because we’re not in the right time zone.
OSKAR
I just entered short on the 1h chart. I think your on or around the money on your support prediction 
I’m kinda new to this probably a year or so. I have been trading several game accounts plus two real accounts for probably six months. The last couple of months I have been using a real simple method that I have come up with. It seems to consistantly gain pips over time altho yesterdays plus 1000 pip day was a little unusual. I am willing to share this with anyone that is interested and no I’m not charging for it. Just send me a message and I will send you the particulars of this.
good luck all
dennona
DENNONA
Neat trick… I see only around 300 pips both ways for all of yesterday???
OSKAR
Hmmm… on further consideration i’ll split the difference on my short position. TP1 1.653 and TP2 1.650. 
DENNONA
Not being rude just suprised! You must be placing multiple trades. Can I ask what do your total trades in any one time amount to compared to your account balance in percetage terms?
How long do you think it’ll take to get there? It’s been headed up all day, why would it be going down now?
TALOND
Mike your in a better position than me its already 11 pm here! Wife’s gone off to do a nightshift at the hospital (she’s a Medic) left me with the kids… 2 year old is climbing all over me as I write this… [I]don’t do well as a house husband[/I]… [B]Ahhhh[/B]!
Seriously though, its quite time after New York close. So its hard to predict. I would wait till Asian open for a better idea of where price is going (greens just broken red on the 1h).
TALOND
Sorry Mike missed the last part of your post… must have been a hand in my eye!
What goes up must come down, or at least a partial retrace in any event!
DENNONA
Just been mulling over your 1000 pips trade yesterday. Now if your a top tier trader you’ll get 80% of each and every swing. That means you have bettered 4X the total pips of the entire days movement. Sorry just don’t buy it! :mad:
well I see its making its way down, you know what you’re talking about. So tell me how does one get to be a top tier trader? Any special training? I know all the advice you’ve given me will certainly help.
SWEET PIP
I thank you. That makes perfect sense. I stand corrected! But in the grand scheme of things its an average gain on an average day. Better to have declared this in the post?
Overview
Here’s a look at where we’ve been, and where we are, so far this week.
I don’t think the new channel shown here will make any difference in our decisions tonight. It’s just something I saw, so I drew it.
More later.
Yes, that’s exactly right. Here’s what I posted just before midnight EDT Monday night:
"Scheduled News Releases:
At 08:30 GMT, the British Consumer Price Index (CPI) year-over-year figures will be released. This report has the potential to hold the GU in a tight range until traders see what it reveals. That’s potentially bad for us, because it could restrain (or even prevent) a trade-able breakout Tuesday morning. We should have a better feel for this situation by the time Europe opens (06:00 GMT).
The two U.S. reports coming out Tuesday morning (Building Permits, and the Producer Price Index), although considered high-impact for the USD, probably will not affect our trades Tuesday morning. If the GU goes into a holding pattern, waiting for the British CPI numbers, the holding pattern may continue until after the U.S. figures are released. But, if the British CPI numbers do not interfere with a normal London breakout Tuesday morning, then the U.S. figures will not interfere, either."
Sorry to be so long answering your question. I was away from the Forum all day.
We might have another “news” situation Wednesday morning.
1. The Bank of England Monetary Policy Committee (MPC) Meeting Minutes will be released at 08:30 GMT. This report is considered high-impact for the GBP. Here’s what Forex Factory has to say about the MPC report:
“Why Traders Care: It’s a detailed record of the BOE MPC’s most recent meeting, providing in-depth insights into the economic conditions that influenced their vote on where to set interest rates, and offering clues on the outcome of future votes.”
2. Then, 90 minutes later, the Confederation of British Industry (CBI) Industrial Orders Expectations report will be released.
This is considered to be medium-impact; but, coming so soon after the MPC report, it might add to the drama.
Wednesday morning’s calendar looks like this:
More later.
[B]Notes on the London Overnight Breakout Strategy for Wednesday morning[/B]
Another nominal set-up. Whatever has worked for you previously, should work for you this morning — with the possible exception of another “news” situation (see below).
The HIGH and LOW for the current Period are well-positioned, and the overall range (83 pips) is fairly narrow for this pair.
[B]Resistance and Support:[/B]
R – 1.6717 – August 10 high
R – 1.6700 – century mark
R – 1.6667 – August 13 high – [B]STRONG[/B]
R – 1.6650 – August 7 low
R – 1.6632 – August 13 on the 13:00 GMT candle
R – 1.6607 – August 14 high
S – 1.6485 – August 14 low
S – 1.6430 – August 10 low and August 11 low – [B]STRONG[/B]
S – 1.6400 – century mark
S – 1.6389 – August 12 low – [B]STRONG[/B]
[B]Scheduled News Releases:[/B]
See the previous post (#957) for comments on this morning’s reports. It would be just plain bad luck to have our breakouts aborted by news two days in a row, but such things can happen.
If we have a repeat of Tuesday morning, you will have two choices: (1) manage out of your trade (if you can be at your computer) to capture some profit (or limit your loss), or (2) gamble on the direction of the news spike at 08:30 GMT.
Of course, if you’re away from your computer during these festivities (getting your beauty sleep, for instance), then you’re taking your chances with any and all news that may be happening overnight.
[B]The HIGH is 1.6593 (bid). The LOW is 1.6510 (bid).[/B]
I will place my usual entry orders: BUY (HIGH + 9 pips), and SELL (LOW - 6 pips), with SL(30) and TP(20) on each order.
Good luck, guys.
Clint
well, I have my trades set up, hopefully I won’t get myself faked out like last night.
I like the whole concept of breakout strategy but I keep trying to trade the way RCarter has showed me. I need more practice to get good at that though.
[B]Thank you, Europe.
We appreciate it![/B]