Yes, nicely done again, guys. Just got the TP; color this noob impressed. 
well this morning was text book hope you all met your targets too
Successful sell. Buy order canceled.
20 pips for me, made up for my dumb beginner mistake the previous night.
If I could stay up all night and follow some good advice, could’ve made lots more.
But… pips is pips !
Came in with Europe after Frankfurt opening.:o
(3-5 18 pips total live)21 pips tonight in 1.6505 out 1.6484
Everybody have a great morning!
Good morning here, got my 20 pips at 2:22am. Good stuff.
Hi All,
No Clint comment yet???
Long 1.6573
Short 1.6495
That’s what it is going to be, hmmmmm, will see if I stick to it.
volume is picking up.
Clint,
Thanks for the anylsis you put into this. The charts and explainations really help us newbies learn and understand what’s going on. Thanks again
[B]Deja-vu all over again?[/B]
Look at the similarity between last night’s set-up and tonight’s set-up.
[B]1.[/B] The two periods began at almost the same place — around the 1.6550 level.
[B]2.[/B] The price patterns within the two boxes are eerily similar. Cue the Twilight Zone theme music.
[B]3.[/B] Once again, Thursday morning, we have a major British economic news release coming which might delay (or even eliminate)
a normal London breakout.
[B]4.[/B] The Support and Resistance levels for Thursday morning will be essentially the same as Wednesday morning, because the
GU is right back in the same price range again.
It’s deja-vu all over again, as Yogi Berra would say.
I have placed HIGH and LOW prices on the chart below, but obviously they are subject to change until 04:00 GMT.
For the HIGH, I’m using the 17:10 GMT candle, which is outside the box. You can see on the chart why this makes sense.
More later.
Clint
Even volume is almost identical. Looking at the monthly chart, it should start to go long tonight.
I second that motion.
I try to emulate Clint and do my own analysis, but I’m not quite that good at it.
Yay, it looks like the high and low have already been set, I can barely stay awake, I feel like I’m an old person, I just can’t stay awake late (unless I’m drinking with friends, but you never drink and trade lol)
Entered already, goodnight and good trades!
[B]Jack and Mike,[/B]
Thanks for the encouraging words.
Been following with great interest your break out strategy.
I dont trade much during the Asian open being London based. My trades tend to be longer. But all the very best tonight guys.
For the last 5 hours I’ve been wathcing price and its really trying hard to press through the 65 ma on the 15m chart. Looking at the 1h, price is still way over.
As an old person, I resemble that remark. lol
actually since following this strategy I’ve been staying up later and later. I’m so addicted to forex, I fight off the sleep.
Waiting till closer to midnight to set up my trades tonight, with the similarity to last night it will be interesting to see what happens.
Notes on the London Overnight Breakout Strategy for Thursday morning:
As I see it, only two things stand in the way of a nice, profitable breakout, without undue drama:
1. News coming out of Britain at 08:30 GMT (see below), and
2. The 1.6600 resistance level which is at an awkward 31 pips above the HIGH. If you use the HIGH which I have suggested,
and add 9 pips to it to get your Buy Entry price, and then look for a 20-pip profit on top of that, your TP will be at 1.6598 — smack up against the 1.6600 big round number. But, who knows?, maybe it will work out alright.
If I sound a little paranoid, it’s because tonight’s set-up looks like a gimme — but, there ain’t no gimme’s in this business.
So, I’m wondering, what’s going to sneak up behind us and bite us in the butt?
Okay, enough whining. Back to analysis.
Resistance and Support for this morning:
R – 1.6667 – August 13 high – STRONG
R – 1.6650 – August 7 low
R – 1.6632 – August 13 on the 13:00 GMT candle
R – 1.6607 – August 14 high
R – 1.6600 – century mark
S – 1.6485 – August 14 low
S – 1.6430 – August 10 low and August 11 low – STRONG
S – 1.6400 – century mark
S – 1.6389 – August 12 low – STRONG
Scheduled Economic News Releases:
Two items out of Britain at 08:30 GMT:
1. Retail Sales month-over-month figures. This one is high-impact for the GBP.
2. Public Sector Net Borrowing. This one, by itself, is medium-impact; but, coming at the same time as the Retail Sales numbers,
it could add to the impact.
If traders begin to fixate on these upcoming releases, they might put our breakout in a holding pattern, as they did Tuesday morning. On the other hand, if they do their breakout thing in the normal way, before they start focusing on the upcoming news releases, then we should have a good trading opportunity this morning.
The Period HIGH is 1.6569 (bid). The Period LOW is 1.6502 (bid). The range is a comfortable 67 pips.
My Entry Orders for this morning:
BUY (HIGH + 9 pips) 1.6578, SL(30) 1.6548, TP(20) 1.6598
SELL (LOW - 6 pips) 1.6496, SL(30) 1.6526, TP(20) 1.6476
I’ll give you the same suggestion this morning, as the last two mornings: If the breakout stalls in anticipation of the news coming out later, be pro-active. Either manage out of your trade, and be done with it; or, take your chances with a news spike which could go either way. Whatever you decide, make it a conscious decision.
Good luck this morning.
Clint
That was a real quick 20 pips on the long side!!
What was your entry price, and where did you place your SL and TP?
I went in at 1.6577 for 1.6587for +10 pips. I know i was up against the news,so i wont count it on the method.Perfect entry price on the up side Clint, earlier it got close to our heels.On my Oanda acount it got to 1.6575 before it backed off.
Everybody have great Thursday morning!
I’m a loser