I would think it good to use the 0800-1000 UK time band to get high and low on any market that is traded at high volume through London exchanges. It is said to be the dramatic increase in volumes at the start of a trading session that sets up the band for a potential break-out play.
Hi Mata Nui (and others) - Due to time constraints at 10am I'm only going to trade FTSE100, GBP/USD and EUR/USD, rather than the full set of 16 major currency pairs and I recall you are narrowing your search too. Makes sense to focus more efficiently on smaller number of trades.
There is another way of course if you have time available - set buy and sell orders on all 16 majors and just take the first 3 to be activated, cancelling the remainder before they can trigger. We already know a market that triggers early will probably hit target, so this would identify the lines of least resistance, going with the market's tendency, rather than trying to impose a pattern of behaviour.
There is another way of course if you have time available - set buy and sell orders on all 16 majors and just take the first 3 to be activated, cancelling the remainder before they can trigger. We already know a market that triggers early will probably hit target, so this would identify the lines of least resistance, going with the market's tendency, rather than trying to impose a pattern of behaviour.
Baldeaglebloke
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That is a hugely interesting thought:smart:
Looks like a loss today (on FTSE) although came very close to a win.
Sell triggered at 5770 and got stopped out at 5788 (looks like it only went up to about 5791).
Of course it later came down and would have hit TP of 5752.
Would be interested to know if other people's figures are similar?
Sell triggered at 5770 and got stopped out at 5788 (looks like it only went up to about 5791).
Of course it later came down and would have hit TP of 5752.
Would be interested to know if other people's figures are similar?
you can get the actual FTSE100 ATR by using www.stockcharts.com, enter code $FTSE, select Indicator "Average True Range" then "Update" and read off of graph.
Hi,
Same times for the forex pairs. I use the values from my provider for the high/low. In fact i use a demo 'smart live markets' MT4 account and use the ATR indicator and one of the rumpled ones (if i can mention his name) range indicators.
The forex pairs are really a bit of an experiment. Tomorton had really good results with GBP/USD (but its not doing well today) so i thought i would expand a bit. I have since dropped USD/JPY and USD/CAD. Today has not been good
Results for Today:
FTSE stopped out -18
AUD/USD stopped out -32
EUR/USD hit TP +50
GBP/USD stopped out -52
-52 net points today.
Same times for the forex pairs. I use the values from my provider for the high/low. In fact i use a demo 'smart live markets' MT4 account and use the ATR indicator and one of the rumpled ones (if i can mention his name) range indicators.
The forex pairs are really a bit of an experiment. Tomorton had really good results with GBP/USD (but its not doing well today) so i thought i would expand a bit. I have since dropped USD/JPY and USD/CAD. Today has not been good
Results for Today:
FTSE stopped out -18
AUD/USD stopped out -32
EUR/USD hit TP +50
GBP/USD stopped out -52
-52 net points today.
Baldeaglebloke
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HMMMM - I got away with this as I forgot to add the buffer to my sell and therefore the range kept me in the trade - not clever but i was lucky - nice to have a change
The way i place the orders is to (buy) add the spread + 2 points to the high of the range. My TP is this order price + BB range (i dont add in the spread or anything), my SL is this order price - BB range so my rr is exactly 1:1.
What i had been doing was to set the SL to the bottom of the range for easy order entry. This would skew the rr a bit -ve as the SL would now be range + 2 + spread and on some fx pairs up to 8 points more than the TP. On reflection i was not really comfortable with this so changed to what i do now. Had i been simply using the top/bottom as the stop i would have won my ftse trade today and still been in my AUD/USD in profit. Dont think this is the first time it has cost me either.
Would be good to know how tomorton does it.
What i had been doing was to set the SL to the bottom of the range for easy order entry. This would skew the rr a bit -ve as the SL would now be range + 2 + spread and on some fx pairs up to 8 points more than the TP. On reflection i was not really comfortable with this so changed to what i do now. Had i been simply using the top/bottom as the stop i would have won my ftse trade today and still been in my AUD/USD in profit. Dont think this is the first time it has cost me either.
Would be good to know how tomorton does it.
Tick charts from different providers do vary a bit of course, but I am still short and in the money on FTSE100. BB range 5772.8-5791.3: entered buy and sell orders with 3pt cushion, went short when price hit 5769.8 between 10 and 10:30. Went back up as high as 5789.8 but now back down below entry and has just hit target.
EUR/USD already hit target for net 51pips.
GBP/USD loking sick and might be stopped any minute but two out of three ain't Meat Loaf.
Pretty much same here - add 1pt spread plus 2pts = 3pts cushion. Normally if target is hit, price goes on by at least another 10-20% of the BB range so target placing is not crucial. Stop is far extreme of BB range, +/- spread 1pt.
I had 4 point buffer on each side, so ref IG Daily FTSE buy 5795.8 sell 5768.8 Limit should be 19 points but I add 4 to counter slightly wider stop than normal rules. Target therefore 5745.8. However I got out before then as today is only the third time (by my charts) that target has been hit after 3.30 pm (previous times 5th and 12th Oct) in last 51 sessions.
Not sure how GBP/USD has been stopped. At time of writing 4.54 pm, GBP/USD still has not hit top of 8 - 10 candlestick plus (my 5 point) buffer.
Not sure how GBP/USD has been stopped. At time of writing 4.54 pm, GBP/USD still has not hit top of 8 - 10 candlestick plus (my 5 point) buffer.
Right, i will change my spreadsheets to how they used to be but i will treat the TP the same to keep a 1:1 rr. As i said i seem to remember this is not the first time i have lost out because of the shorter SL. I think there must be one of these phsycological things about breaking the High/Low of the range. It seems to come close a few times but not go through.
-50 on first live day is not good
-50 on first live day is not good
I agree it's odd. My chart shows BB low 1.5716, triggered 1300-1330, went as low as 1.5703, then up to 1.5768 1600-1630, whereas top of BB range was 1.5769.
Sell on EUR/USD triggered immediately after 10. This has narrow BB range of 34 pips, against 25% /ATR currently showing 45. Have therefore set target and stop at 2xBB range = 68 pips out.
Orders in on GBP/USD but this conversely shows BB range 118, which is exactly 80% of ATR and on my limit for BB trading. On this one, if the order is triggered I will enter half BB range as target and stop = 59 pips.
Sell triggered on FTSE100.
Orders in on GBP/USD but this conversely shows BB range 118, which is exactly 80% of ATR and on my limit for BB trading. On this one, if the order is triggered I will enter half BB range as target and stop = 59 pips.
Sell triggered on FTSE100.
Hi Tom
What, if any, effect did the knowledge that GDP figures were going to be announced at 9.30 have on your descision to do this today? I stayed out, but also left it too late to straddle the news, so nil points.
I am also on 2x for the EUR/USD (but then looking at past charts 2X with a stop to BE at 1X looks very profitable anyway). Not playing cable today. The high BB range and the fact that the 10am close was so near the top of the range made me a bit woried that it might just blip above the range then spend the rest of the day retracing back into the range.
3 in for me today:
FTSE: triggered, currently losing
EUR/USD: triggered, currently losing
EUR/JPY: still waiting.
I have slimmed down to the most efficient from the last few weeks. GPB/JPY is also a good one but out of the 2 EUR/JPY has the edge.
3 in for me today:
FTSE: triggered, currently losing
EUR/USD: triggered, currently losing
EUR/JPY: still waiting.
I have slimmed down to the most efficient from the last few weeks. GPB/JPY is also a good one but out of the 2 EUR/JPY has the edge.
A few days ago, somebody (I think it was you) commented that a number of FX pairs were highly correlated and shouldn't be traded together.
EUR/JPY and EUR/USD were listed as highly correlated, and only one should be traded on a given day.
As you are trading both today, does that mean you are not paying any attention to these correlations?
Cheers
Hi Tom
What, if any, effect did the knowledge that GDP figures were going to be announced at 9.30 have on your descision to do this today? I stayed out, but also left it too late to straddle the news, so nil points.
I ignored this, as also the NFP last week and other fundamental news.
EUR/USD closed at target, 71pips net.
GBP/USD and FTSE100 about break-even.
I've currently got orders set to range high/low +/- 4 points.
Then stop and limits as entry price +/- range (same as you I think).
