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Talk about the 'fast50pips' strategy has led me to collect it for my winter holiday trading.

I will not be trading live until mid October but I will keep track of the strategy until then.

My breakout range will be the first hour or maybe less after my broker's start of new day- currently UK+1 hour. This will require me to be ready to trade at 0800 Asian time. Set my straddle and have breakfast.

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9th August: Not a good start!! Not sure how I will trade it, a single pending trade for each side or the multiple idea of the 3 tier whose indicator I am using.

 

http://i914.photobucket.com/albums/ac341/freddieforII/AR0908.jpg

 

A losing day!!

 

NOTE: A 25 pip stop loss would have saved us, price reached back 24 pips - must find out what the spread does in this case.

Edited by Freddie
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10th August: A straight run down to 110 then on to 147

 

http://i914.photobucket.com/albums/ac341/freddieforII/Asian%20Run/AR1008.jpg

 

I wonder what would be the effect of a TSL and at what settings?

Edited by Freddie
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hi freddie, can you gave the detail about this strategy?

 

Hi Rover, all detailed in first post as Imatache says.

 

The background to my thinking is that I don't believe in using hours and hours of range.

The whole concept of a breakout is to take a range and 'bet' on the price moving away from that.

It might go up or down, we don't know. Nor can we influence it. That is all done by the 'Big Dogs', the people with millions to trade. The people who study the fundamentals and what the government is doing or undoing. Loads of stuff beyond me.

Back to the range, we need a small range - 20 or 50 pips. Imagine a day's range is 100 or 120, our 20 pips will allow us, depending on how much it has already, say 40 pips up and 40 pips down.

Chances of getting that are better than using the first four hours range of the Asian session.

 

The 03:00 time of the above pic, post #4, with the 10pip range, is 58 pips. I would have made my 50 pips on the 03:15 bar.

 

Craig Harris in his "natural flow" stuff requires that the 'Tokyo Channel' as he likes to call the Asian session, must exceed 40 pips before it is safe to trade.

We all know that that session is usually slow but it has been observed that it often makes a trend so if it will make 40 pips or lose 40 pips that is just what we want.

 

I hope that this explains it all. The only other thing is that it does not matter what the actual 'exact' time is for the trade, does not matter how wide the range is - take two minutes at 12.15 if you like.

 

I do keep on about this but Forex is just a guessing game. There are no indicators that mean a thing. PURE Price action, by which I mean the actual movement of price in a bar, is all that counts. No IBs Pin Bars etc etc. it is all nonsense.

 

I see you are on-line. PM if you want to talk!

Edited by Freddie
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10th August: A straight run down to 110 then on to 147

 

http://i914.photobucket.com/albums/ac341/freddieforII/Asian%20Run/AR1008.jpg

 

I wonder what would be the effect of a TSL and at what settings?

 

Hi Freddie

 

I am trying to set up the same thing as you but can't see how you do it. Here is my chart of the same period but it looks different. What does the large 10P mean?

 

http://a.imageshack.us/img827/7804/gbpjpy10aug2010m5.gif

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What is your time frame Freddie ? Please

 

Hi Yorgo, the TF is irrelevant for the working of the strategy but I use 5min so that I can see if there is any retrace that would have taken me out.

 

@Lost Marble:

You need the '3tier london breakout' indi from the FF thread 'A simple London Breakout V.2'

'ant_GUBreakout' would also give you the marked range with lines for the BO.

10p is ten pips.

 

Everything clear?

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@Lost Marble:

You need the '3tier london breakout' indi from the FF thread 'A simple London Breakout V.2'

'ant_GUBreakout' would also give you the marked range with lines for the BO.

10p is ten pips.

 

Everything clear?

 

Hi Freddie. Yes, getting there, not quite sure I have the times correct yet. Australia opens for trading at 9.00 AST which is 23:00 GMT (previous day) then Tokyo opens an hour later. So what would one class as the first hour. The attached chart shows the first hour from 23:00 to 00:00 GMT but I suppose not a lot happens until Tokyo gets going.

 

http://a.imageshack.us/img43/8872/gbpjpy10aug2010m52.gif

Edited by Lost Marble
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Hi Freddie. Yes, getting there, not quite sure I have the times correct yet. Australia opens for trading at 9.00 AST which is 23:00 GMT (previous day) then Tokyo opens an hour later. So what would one class as the first hour. The attached chart shows the first hour from 23:00 to 00:00 GMT but I suppose not a lot happens until Tokyo gets going.

 

Does not matter. Choose one, I am using the dotted line on Alpari!

We are interested in a slow moving market that will make some movement. I have looked at an hour before the dots but that is wider and has more losses.

 

€$ would have made 144 last week.

 

I am trying to alter the targets. They are based on fibs. Your chart shows that we could have made twice the pips.

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What's the dotted line on Alpari?

 

Sorry, I use 'period separators' forgot that they were optionable.

 

Alpari is UK plus one. My indicator says 00:00 to 01:00 and it paints from the dotted (or even dashed) line. see post #15 that you put up at the head of this page.

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Do you mean UK or GMT. UK time is GMT plus one at the moment.

 

I mean UK time. Fellow on another thread says " If you were in UK and had to get a plane from London at 10 am, that would be the time"

 

So Alpari says '00:00 to 01:00'. The time in London is 23:00 to 24:00 (or do we say 00:00).

 

I don't think that it matters a whole lot, it is a time when there is little movement. Todays pic shows that the hour before is a mirror image.

 

http://i914.photobucket.com/albums/ac341/freddieforII/AR1608Y.jpg

 

Euro/Yen today, all over early for 105 pips very clean trade.

 

I have to go out soon so no more time to post, be back in eight hours or before.

Edited by Freddie
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