Big Ben on the FTSE100

Interesting thread, I stumbled over it whilst googling "FTSE 100 ATR" lol.

I've also been looking at applying a Cable strategy to the FTSE, as I believe the FTSE is a bit better behaved than Cable when it comes to S/R levels etc. The strategy I'm looking at is the Hans123 from a few years back, where you enter on a breakout of the 5:00 - 9:00 range. Only just started, I'm using a 30 pip Stop Loss and typically taking one lot of profit at 1:1 and then trailing the SL at 30 pips. But I'm also mindful of S/R levels and the ATR and will pass on some trades.

Look forward to reading more on this thread :)
 

tomorton

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Good luck Second income trader. Using a fixed (but modest) pips target/stop is the classic approach to this sort of trade. Interested in how you get on.
 

george0

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Another woeful result. GBP/USD hits stop loss for the 3rd day in a row.
Has this been the case for other people?
 

steve79

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Another woeful result. GBP/USD hits stop loss for the 3rd day in a row.
Has this been the case for other people?
Yep, same here. I've traded GBP/USD 19 times since 25 Oct, I'm down -175 pips on it. Though in fairness, I have managed some trades, don't whether the result would've been better or worse without my interventions.

Last week EUR/USD hit stop 4 out of 4 trades.
 

tomorton

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GBP/USD has been a poor performer over the last 20 sessions - 5:7 and 112 pips down on completed trades, plus 6 expired negative, 1 expired positive. So -175 might not be too bad when its average BB range is 63 pips.

Give it some space: this is a 1:1 r:r mechanical strategy with no minimal TA / intellectual input.

Meanwhile, 8:7 on EUR/USD (didn't trade this today, big range) and 5:2 on FTSE100 (today's trade still running but +ve.
 
My Hans123 variant of Big Ben did well yesterday, 5:00 - 9:00 range on FTSE was 5626/5573 = 53 pips. Trade triggered at 11:00 bar at 5630 (nice break of swing high entry) with 30 pip SL. Profit taken at +30 pips with first lot, still in trade with second lot with SL at entry of 5630. Monday and Tuesday also made profit, will post details later
 

george0

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Thanks tomorton and steve79 for confirming that it's not just me doing something wrong with GBP/USD.

I've only really been looking at that and FTSE100 so don't have a large range of markets to "balance things out".

Plus for me the FTSE has been no trade for the last few days. I was going to ask to check your figures against mine but I've just realised that problem - on my spreadsheet I've accidentally overwritten the formula calculating the BB range! (think I must have put the ATR in it one day) Hence my sheet had been showing no trade.
 

tomorton

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The week in review -
I didn't trade the FTSE yesterday as BB range at 56 was too close to the 80% ATR level at 60 to be worth the risk on such a quiet day - half-day session in New York after Thanksgiving - and i was cautious with the other two markets. Still, a small profit for no effort is a nice start to any weekend.

This week, the charts suggest a win rate of 6 out of 10, with the other 5 trades expiring a bit up or a bit down.

Over the last 4 weeks (including the phantom London session of 25/11, Thanksgiving, on which results were 1 Stopped Out, 1 Target Hit, 1 Expired, so a worthless effort if you were in the market) performance is 18:16. A very slim winning margin if you're with the 1:1 r:r plan.

Onwards and upwards.
 

tomorton

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After such a big day yesterday - 3 Big Ben hits out of 3, wide daily ranges, today was probably always going to be dull. No trade on EUR/USD as BB range too great, FTSE100 and GB/USD proably won't even break out before the London close.
 

george0

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My sell on FTSE100 has been triggered.
 

tomorton

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Mine too, but this looks horribly like a double bottom. I know the strategy does not admit TA but I might even close this for the slimmest gain.
 

george0

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Mine too, but this looks horribly like a double bottom. I know the strategy does not admit TA but I might even close this for the slimmest gain.
Wish I'd done that earlier as my GBP/USD also triggered a sell. Both were in profit for a while now GBP/USD has shot up and hit SL. And FTSE not looking good.
 

tomorton

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Today ends my second consecutive profitable month (not by any means a given in my trading career!) of Big Bens, and better than October.

Stick with it people.
 

neil

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Today ends my second consecutive profitable month (not by any means a given in my trading career!) of Big Bens, and better than October.

Stick with it people.
Well done that man:)

Seriously though, maybe a variable approach ( bit of TA etc) with big ben as the heart would keep you in profit and give you continued flexability?

Anyway - your award for today:cheesy:
 

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tomorton

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neil - I'm sure you're right, and sometimes, for the sake of prudence, I pass on a BB signal or exit a trade early on TA indications. But I see this as a poor preparation causing conflict with my own system, when what I would really admire would be a system that absorbs all such eventualities before entry. Think of Sun T'zu, when he spoke of knowing who would win before battle started.