You have a good point there Claudia. Just clearing details for myself/ I am not sure how to deal with spikes and what can be considered a spike if it should be ignored.
Best Thread GBP/USD Breakout
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You have a good point there Claudia. Just clearing details for myself/ I am not sure how to deal with spikes and what can be considered a spike if it should be ignored.
I may differ from Claudia and the others, but my take on a 'spike' is basically the outlying wick of any (hourly) candles between midnight and the close of the 6am to 6.59am candle. So basically, just consider the body of each bar in that time period. Today I also looked at the 15 min and 30 min charts to get a bit more granularity on this and came to the same entry point as suggested by the hourly bar, give or take a couple of pips.
Thank you for the answer Gramme! Can you please take a look at my chart in previous page. Line 1 and 3 are entry point drawn by high and low prise. But you suggest to take in consideration the body.
Claudia123
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I agree with - my 'definition' of a spike is exactly as you describe. I take High/Low from close of 1 am bar to 6 am bar (ignoring the spikes) and ......... well that's what I do.
So basically entry points are green lines in the chart? Not the red 1 and 3?
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Seems about right, yes.
forexkunta
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I have been watching this thread with interest for the last couple of weeks, and I have to say, Good job Claudia. Great little system you have here. I have been looking at a possible trade situation on GBP/JPY on the Asian open, using this tactic. You may want to have a look. You would possibly be able to go for as much as 35 pips there.
Regards,
Kent
Regards,
Kent
Claudia123
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Hi Kent
Thanks for saying that. I do watch GBP/JPY but the spreads are high at 6. One of the guys also trades USD/CAD and AUD/USD on this.
Shikamaroo
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claudia do u still try a breakout for us session. if so what times are used for the high and low?
forexkunta
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You are welcome. I certainly understand the spread issue. Mine usually runs 6-7. That is why I usually trade Guppy for trends only.
Kent
Kent
Claudia123
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As Gamma says - why aren't you on the beach? US session I looking at but not too much success. EUR/USD close of 2 pm bar (GMT) break out. Its similar to something I came across on fxfactory. But still needs work. Needs to high R/R i thinks.
But yes this is something I will win !! Keep ya posted. Any thoughts let me know.
gamma
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Shikamaroo is up and ready even though its 4 am where he is
gamma
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On a more important note!
If anyone is looking to be longer in a trade its a good idea to use fib retracement and extension
A bit more scary and one needs to be quite patient and also se a bigger stop loss.
I will try to do the fib levels when I can but might have to create a new thread as this one is best left to breakouts
If anyone is looking to be longer in a trade its a good idea to use fib retracement and extension
A bit more scary and one needs to be quite patient and also se a bigger stop loss.
I will try to do the fib levels when I can but might have to create a new thread as this one is best left to breakouts
Bedsit
Without wanting to wade in and criticise, when DO you want to trade? An hour or so in the morning for several hundred pips, (and pounds) a month is the easiest money you'll ever make. I've tried sitting at my PC for hours on end, looking for hundreds of pips a week. It's not fun............
There are some decent moves in the early morning, make the most of them and go back to bed if you need more sleep. If you get up after 9, forget it until the afternoon, most of the volume will be gone.
You could always buy one of the very successful black boxes of course (ha ha), and spend all day in bed.........
Without wanting to wade in and criticise, when DO you want to trade? An hour or so in the morning for several hundred pips, (and pounds) a month is the easiest money you'll ever make. I've tried sitting at my PC for hours on end, looking for hundreds of pips a week. It's not fun............
There are some decent moves in the early morning, make the most of them and go back to bed if you need more sleep. If you get up after 9, forget it until the afternoon, most of the volume will be gone.
You could always buy one of the very successful black boxes of course (ha ha), and spend all day in bed.........
Hi will68,
I tried as well looking at the screen for hours and think that's not the way - stressful for me. I'll stick to early morning trading and afterwards leave it. Maybe add some trailing stops once I made few pips. I was looking at todays chart and could see that price tends to oscilate round 23-27 pips from local lows to local highs - maybe keep 30 pips distance if tried trailing stops with 10pips step? Or leave it as Claudia intended and forget about it?
I tried as well looking at the screen for hours and think that's not the way - stressful for me. I'll stick to early morning trading and afterwards leave it. Maybe add some trailing stops once I made few pips. I was looking at todays chart and could see that price tends to oscilate round 23-27 pips from local lows to local highs - maybe keep 30 pips distance if tried trailing stops with 10pips step? Or leave it as Claudia intended and forget about it?
Some are happy making a set amount of pips per day, others need to have trades running, with reduced stakes/ trailing stops etc. I used to be one of those traders, but actually made litle money for the stress and hours it took up. I now look for 20 - 30 pips depending on price action, then leave it. Consistent pips with increased stakes as my bank rises, is the way forward for me. If i can get them on 1 trade around 7am, more the better. Once/ if I get to the point where I can trade at £10 - £15 per point, life will be so much better...........
However, saying and doing are different - I still can't help looking at the charts throughout the day, wishing I'd done something different. My achilles (spelling?) heel I'm afraid.
However, saying and doing are different - I still can't help looking at the charts throughout the day, wishing I'd done something different. My achilles (spelling?) heel I'm afraid.
Claudia123
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Bedsit you are like may others before you - trying to improve/change a system that works. why? Isn't 400 pips enough? Put £20 point a pip on and I just gave you 100k a year tax free.
Claudia123
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kk will do the fibs after the breakout.
Yes the general consensus seems to be make some pips in the morning then do something else.
The problem with something else it ,sometimes involves one's better half,
which inevitability leads to the dreaded shoes and clothes shopping, which I may add is pure torture for most males.I was so happy this morning after making my pips, I religiously did my gym work, returned home happy as a lark, only to be met with the decision from "she who must be obeyed" that we needed to buy some new shoes for me. New shoes for me! my God woman! I already have 20 pairs why do I need more?
men will never understand this obsession with shoes women have!
But this new obsession of buying us poor men shoes as well, is the greatest mystery ever!
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trendie
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to add to the comments about daily targets, I can confirm that having a target relieves a lot of pressure.
I go for 60 pips a day from GU, since 60 is a nice chunk of the daily ATR.
It is more relaxing than to have a decent profit get frittered away during the day.
Get your target, and if you have to trade more, trade with reduced amounts.
Look forward to gammas take on Fibs and such.
I go for 60 pips a day from GU, since 60 is a nice chunk of the daily ATR.
It is more relaxing than to have a decent profit get frittered away during the day.
Get your target, and if you have to trade more, trade with reduced amounts.
Look forward to gammas take on Fibs and such.
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