London Open Breakout

[kraven]

well i did a breakout box from 7 till 8.45 as explained before. As the box is 70 big i just used 20sl/30tp, price just hit 30 so took profit. May look to do the same at 10am.

[kraven]

see it's all in the news...GBP Purchasing Manager Index Construction (JUL) data just released at 9:30...this is low priority news and yet data is poor GBP goes down (now by 30pips)

[pauli79]

Yeh the news plays a big factor and I think i would not have traded the 10 am breakout as it was so near to the 930 am news.

The 6 until 8am paid off tho' for 30 pips.

Tomorrow no significant news until 1200 affecting GBP.

[kraven]

i got burnt today, my own stupid fault. didn't follow my own rules. Seen price moving up on 1:30 US consumer news. this made sense as news was bad, so bad for $, so good for £. so i jumped in before close of 15min candle, only for it to reverse and stop me out for 30pips. if i'd followed the rules, let candle close and enter on BO i'd have ended up selling and making my 30pips.

This is the thing that lets me down, lack of self-dicipline.

[kraven]

Paulie if you had done the 1hr 6am candle BO you'd have raked it in this week.

[pauli79]

Paulie if you had done the 1hr 6am candle BO you'd have raked it in this week.

 

Typical but you cant monitor everything!!

I took a long on GJ off the weekly piv and support/rev. candle and it went up to yesterdays lows.I closed for 15 pips so a nice start .

GU is now at real major resistance and hit it and retraced 40 pips or so.Didnt enter for some reason,would have been the best trade setup of the day!

[Freddie]

Certainly would have made a few! pic following...hours later!! Sorry PC went into a flat spin...I thought that it was consolidating files for me... anyway re-started

 

http://i914.photobucket.com/albums/ac341/freddieforII/6bar0408.jpg

 

Just a little 'peek-a-boo' and the sell trade was lost.

 

Just as I was about to post the electric went so even later...

 

Freddie

Edited August 4, 2010 by Freddie

[kraven]

will be looking to trade the PMI this morning

[kraven]

just got out +30

[Freddie]

How did you do today Kraven?

 

http://i914.photobucket.com/albums/ac341/freddieforII/6-7BO58.jpg

 

Thought that you'd have some of this!!

Edited August 5, 2010 by Freddie

[kraven]

hello Freddie haven't been posting as thread went quiet, felt i was posting to myself..haven't ran many breakouts this week just concentrated on news. if you did the 15min news candle break you would have done v. well.

traded thurs US consumers/Jobs data at 1:30...traded break of 15min candle..sold at .5893 cashed in half for 30pips, the other half for 60.

Today UK PPI..same 15m candle break, sold at .5864 cashed in for +20 (small TG, tight SL due to NFP coming out)

traded 15m candle NFP. bought at .5912, cashed half for 30...came back to within 1pip of BE, was going to hit button but then it went back up...cashed other half for +75

[Freddie]

I always hit latest posts. If you are not there, then I look at my favourite threads.

 

Really impressed with your success today. They say "The harder you work, the luckier you become..."

 

OK, I am convinced, going to re-read everything that you have written about news trading.

 

Next week my wife is off to a Yoga Retreat so I will have the week to do as I like. S0 if the internet and the electric hold up, I am in for a good week!!

 

Freddie

 

 

This week I have been doing the "... system to make a million". Decided that was just too complicated so finished with that. Think a 'range' breakout would be simpler.

 

Next week.....NEWS Trading!!!

 

I think that we ought to have a new thread for it, if you don't mind.

 

Freddie

[kraven]

Freddie to be honest were the only one's who use this thread so we should just post here. besides it's got a lot of info i've put on already about news trading.

next week a couple of tradable news items on Tues, Weds too but need to be carefull of BOE speaker, 1 on Thurs, Couple on Fri.

 

From experience you need to just concentrate on 1 method...i know it's hard with so many around. and only 1 or 2 pairs max.

[Freddie]

OK we will stay here. I just had the thought of calling it "Kraven's News Round" maybe you are a bit young to get the connection!!

 

Glad it is not Monday, I am driving my wife that day.

 

Yes, I agree about the systems and pairs but I am not trading, just playing, getting ready for Malaysia.

 

I can do 'range' breakouts of various times so that is sorted and does not use much of my time. Especially with EAs to manage my SL, TP and TSL.

Dean Saunders' 10min Wealth builder is a second string on a micro account but it is daily and will require "only 10 mins" around '0800' Malaysian time.

News will occupy me around mid after noon while I am waiting for the sun to go down a bit so I can use the pool.

 

That is not intended to be a boast. I am retired and bought an apartment when I sold my UK house. I was lucky that a real bargain came my way. It is a condominum which is American for a flat with on-site facilities like a pool, gym and table tennis.

 

Freddie

[pardy]

Freddie to be honest were the only one's who use this thread so we should just post here. besides it's got a lot of info i've put on already about news trading.

next week a couple of tradable news items on Tues, Weds too but need to be carefull of BOE speaker, 1 on Thurs, Couple on Fri.

 

From experience you need to just concentrate on 1 method...i know it's hard with so many around. and only 1 or 2 pairs max.

 

Actually, just read this thread today - very interesting strategy on news candle. Watched gu work out very well, and also ej, tho' was 3 bars later, but also worked out well.

 

Am going to re-read all the posts here - please keep posting.

And thanks.

Pardy

[kraven]

Freddie believe me i'm old enough to remember john's news round lol.

 

i'm a bit baffled by you. Are you English, living in Bulgaria moving to Malaysia??

 

your good with charts Freddie, if you got the time maybe you could post pics of the trades i just explained to kinda start this off again and give anyone reading a good place to go for picture explanations.

 

'traded thurs US consumers/Jobs data at 1:30...traded break of 15min news candle..sold at .5893 cashed in half for 30pips, the other half for 60.

Today UK PPI..same 15m candle break, sold at .5864 cashed in for +20 (small TG, tight SL due to NFP coming out)

traded 15m candle NFP. bought at .5914, cashed half for 30...came back to within 1pip of BE, was going to hit button but then it went back up...cashed other half for +75'

 

there all easy to find and are good examples of my trading style if anyone's interested?

 

hello Pardy, i only stopped because as i explained before we started this thread (it was on our other one) that if it got quiet and i felt i was posting to myself i would stop. after all this isn't 'kravens news round' (cough, cough freddie)

 

just looked at the GU chart and i'm really pleased that i bailed bang on the right time at .5992 (+75). even though their's resitance there it was the xb4 lines that told me (dumm dummm derrrr). I was going to let it run because i believ we will echo the sentiment next monday and go higher if we can break .6020-30 level.

Edited August 6, 2010 by kraven

[Freddie]

I will do that over the week-end.

 

I am English, been retired for fifteen years. We are living in UK but go to BG for long holidays during the summer, Malaysia for long holidays during your winter. Also holiday in Thailand and Indonesia during the winter period.

 

Hate travelling but love the warmth!! Hate the cold!!

 

Freddie

[kraven]

Nice one Freddie. I'm planning on upping sticks and moving family over to Canada, been waiting 3 years for immigration.

[pardy]

Kraven,

 

What news items do you look to trade? I check withh ff, so it would be all the red ones - what about the mid impact orange ones and the low impact yellow ones?

 

freddie, ideal life-style, I think

 

Thanks.

Pardy

[kraven]

Pardy, as you know Red are the main trades but be careful of FF, i've seen many times them have news that they've said were on a certain day only for there to be no news. i tend to use FF but double check with http://www.dailyfx.com/calendar/

 

if it's quiet i'll trade medium inpact news (orange) but never low inpact (yellow) that's not to say thet don't move the markets as they do it's just a little unpredicatable if they will or not.

 

i'll give you an idea of what i may trade next week:

Mon: None

Tues: UK 9:30 trade balance (med), US 1:30 NFP (med)

Wed: UK 9:30 claims count (be careful only look for 20pips or so as BOE speaker at 10:30), US 1:30 trade balance (high)

Thurs: possibly EU 10:00 ind. production (med), US 1:30 unemloyment report (high)

Fri: possibly EU 10:00 GDP (med), US 1:30 CPI+retail sales (high)

 

I try 1 in the morning (UK or EU) and 1 in the afternoon (US), i try for the reds but i'll settle for the odd orange. one of the beauties of news trading is the times tend to be all the same.

[Freddie]

Here we are then News Trade for Friday PPI:

"UK PPI..same 15m candle break, sold at .5864 cashed in for +20 (small TG, tight SL due to NFP coming out)"

 

http://i914.photobucket.com/albums/ac341/freddieforII/KNews1.jpg

 

So, is this correct? I have marked the 9.15 (15min candle) with a Bstop Sstop which would not have been triggered, price has raced away. (Brokers time UK+1)

I assume that you 'Sell at market' and came out at market.

 

And just to add some colour there is my 10-10.30 Range that also went racing away.

Do not ask why the BO Box looks wrong, it is a new aquisition and getting the push. I'm bringing back ant_GUBreak...

[kraven]

Freddie the candle is not the pre-candle. it's the news candle. news out at 9:30. let the 9:30-9:45 candle form (that's the big pink one in the pic), then wait for a break either side. this time break was down at .5864, so i sold for 20pips. you can see i just got out before market completely reversed, this is why you should move SL and even TP, i would have liked 30pips but when it came back i bailed at 20.

 

never trade pre-candle or even the news candle, wait till it forms and trade off this. i've lost so many times, seeing this candle move and jumping in only to watch it reverse. So the earliest you can trade is the 9:45-10:00 candle if it breaks past the high/low of the news candle...hope this is clear

[Freddie]

...hope this is clear

We shall all see when the next pic is put up but I believe so. Thank you

 

http://i914.photobucket.com/albums/ac341/freddieforII/KNews2.jpg

 

All lessons learned.

"never trade pre-candle or even the news candle, wait till it forms and trade off this"

"earliest trade is the 9:45-10:00 candle if it breaks past the high/low of the news candle."

Edited August 7, 2010 by Freddie

[kraven]

that's it Freddie. here's the other's..these will prob be the last i post..what a hassel%5Bimg%5Dhttp%3A//i988.photobucket.com/albums/af5/kraven69/v2.gif[/img]

 

US consumer jobs. Realy show why you need to wait until news candle has finished. 15mins after news the dust settles and we get a clearer direction. sure we lose pips waiting (see next pic) but it's better then getting caught in the wrong direction, besides if you jump in straight after news you end up with a ridiculous price and spread.

Edited August 7, 2010 by kraven

[kraven]

http://i988.photobucket.com/albums/af5/kraven69/v1.gif

 

NFP. sure we lose pips waiting for candle but we still got most of the move and it was safer.