London Tea Time Strategy

[Freddie]

OK I know that is a funny title but I didn't want 'google' or whoever hunting us down.

 

I have recently downloaded and started to learn 'L0nd0n Cl0se' and the 'N0bble Entry'. Thought that it would help me if I tried to explain it to others so here we go, step at a time.

[murtamad]

Great! Can't remember the exact words, something like this... "One small step for Freddie, a giant step for II members". thanks Freddie!

[Freddie]

Here are the steps, don't ask from where it came!!

Might be of poor quality, better quality cannot be uploaded only .gif

 

http://i914.photobucket.com/albums/ac341/freddieforII/Tea%20Time/lctsteps.gif

Edited October 5, 2011 by Freddie

[Freddie]

Just noticed Step 2, 'Qualified Pairs'. I was just going to use £$ or €$ but it seems that we will get more chances if we use a few pair.

Any offers to follow other pairs?

 

OK, Step One 5 day average as below:

€$ was 166, 163, 225, 222, 225 = 1001 = 200

£$ was 114, 179, 133, 164, 160 = 750 = 150

 

Please note that these figures were taken from a cross hair answer on the metatrader platform. They may not be wholly accurate, may not be the same as those taken from another broker's platform so we don't want a wasted discussion here. Nothing is exact in forex, I think.

[Freddie]

It is just 1030 UK and I have prepared the £$ chart using the average in the previous post.

If price does not get down to...or up to, if it then goes that way, we don't get a trade. Sideways at the moment so we wait and see.

 

http://i914.photobucket.com/albums/ac341/freddieforII/Tea%20Time/51011.gif

 

Just realised that I have my colours wrong. Corrected later!!

Edited October 5, 2011 by Freddie

[Freddie]

Here is the £$. Low ADR is dashed black line.

 

http://i914.photobucket.com/albums/ac341/freddieforII/Tea%20Time/51011-1.gif

 

Colours still wrong!!

Edited October 5, 2011 by Freddie

[Freddie]

Step three: wait for London 'tea time'. Anytime after 1500 UK. Both pair are heading down but may not get anywhere near the ADR. Pictures in a little while. Edited October 5, 2011 by Freddie

[Freddie]

Step Four: Check US Dollar Index.

Not sure what this is but it is said that the USD/CHF pair would be a good reflection of this. It is in a 100pip channel at 1145 UK

[Freddie]

Step Five: Check key levels on higher time frames.

As much as is possible at this time they are marked with Thick Green - hourly; Four Hour, Daily and Weekly, even Monthly are shown but not always marked on the charts shown. If they are relevent closer the time I will mark them for you.

[Freddie]

Step Six: No idea about this

[Freddie]

STEP SEVEN: THE MAGIC ENTRY!!! With individual choices depending on your risk preference.

 

First price goes through the ADR, it hits the S/R higher TF and bounces back. This bounce must be 15% so 30 pips and 22.5 pips. Some people prefer 20%

We fib the retrace or bounce and enter at 60 odd% or 70 odd% depending on your choice.

[Freddie]

Might need an extra post here

[shabz]

You lost me after step 3 !!!!!!

[Freddie]

You lost me after step 3 !!!!!!

 

OK Shabz, we are waiting for the ‘Tea Time’ period to arrive. Or L0nd0n Cl0se if you prefer. It starts about now and lasts for three hours. 1000 until 1300 NY time = 1500 to 1800 UK time. 1700 to 2000 here in Bulgaria.

My ‘Steps’ posts are place holders. When we get to the time period I will post charts in the right post and explain, if necessary.

Don’t think that today will work, neither of my pairs is getting anywhere near the ADR. We have 118 out of 200 and about 80 of the 150

 

Directly I read your post, my internet failed so when I get to post this anything could have happened

Now 1600 UK

Edited October 5, 2011 by Freddie

[shabz]

Just noticed Step 2, 'Qualified Pairs'. I was just going to use £$ or €$ but it seems that we will get more chances if we use a few pair.

Any offers to follow other pairs?

 

OK, Step One 5 day average as below:

€$ was 166, 163, 225, 222, 225 = 1001 = 200

£$ was 114, 179, 133, 164, 160 = 750 = 150

 

Please note that these figures were taken from a cross hair answer on the metatrader platform. They may not be wholly accurate, may not be the same as those taken from another broker's platform so we don't want a wasted discussion here. Nothing is exact in forex, I think.

 

Here is an indicator that will help you speed up your calculations.

 

http://www.4shared.com/file/3SM5q463/Daily_Range_PeterE.html

[shabz]

Freddie,

I think step 6 is to do with Oil/Gold markets as they are priced in USD, a falling market implies Dollar strength & rising market Dollar weakness. Normally a reasonable correlation with EURUSD.

[Freddie]

What a bad first day!!!

Answered Shabz then, just as we neared the close zone, lost my internet until 4 o'clock in the morning.

 

So, start again today. Thanks Shabz for the indi and your other help. For now I will use the manual calc as I post it for clarity. Hopefully the internet will be OK and we can look at a complete day's set up with explanations.

=====================================================================

 

No, the internet was off again until now. Don't know that I will have time to make the charts. Have to take my wife to her yoga class.

I will do what I can. Sorry, sods law isn't it!!!

Edited October 6, 2011 by Freddie

[Freddie]

STEP SEVEN: THE MAGIC ENTRY!!! With individual choices depending on your risk preference.

First price goes through the ADR, it hits the S/R higher TF and bounces back. This bounce must be 15% so 30 pips and 22.5 pips. Some people prefer 20%

We fib the retrace or bounce and enter at 60 odd% or 70 odd% depending on your choice.

 

http://i914.photobucket.com/albums/ac341/freddieforII/Tea%20Time/61011-1.gif

 

£$ - First price goes through the ADR, it hits the S/R higher TF and bounces back. The support line is from 2010!!

Edited October 6, 2011 by Freddie

[shabz]

Is that a 1 hour chart Freddie ?

Price exceeded the 5 days ADR by 90 pips, then you want a bounce of 15 % of 5 day ADR (144 pips)= 22 pips or todays range which was 230 pips so 15% would be 34 pips but price has bounced back 138 pips (60% bounce back) so far and we wait to buy it at 61.8% retracement of the bounce, is that correct ?

 

ps. 12 hours without internet, is that penang, bulgaria or Uk ?

Edited October 6, 2011 by shabz

[PipPip_Hurray]

Could we use Power Levels as higher TF S/R?

[Freddie]

Is that a 1 hour chart Freddie ? Price exceeded the 5 days ADR by 90 pips, then you want a bounce of 15 % of 5 day ADR (144 pips)= 22 pips or todays range which was 230 pips so 15% would be 34 pips but price has bounced back 138 pips (60% bounce back) so far and we wait to buy it at 61.8% retracement of the bounce, is that correct ?

ps. 12 hours without internet, is that penang, bulgaria or Uk ?

 

Yes shabz, 1H is good enough to see what is happening. We didn't get down to entering yet, that goes on the 5 or 15, after we see what is happening at that level following the retrace.

 

Internet problem may well be my computer with an intermittant dis. I was off again yesterday after replying. Even went into town where the net is usually strong but no connection although I was connected to the routers fine.

In Bulgaria currently, UK in a week or so.

 

@PipPip Don't see why not if they are close. The idea is that it is a level where we expect price to be rejected. Power levels would do that I believe.

 

Online now at 0700 UK. I will catch up with the charts as soon as I can

Edited October 7, 2011 by Freddie

[Freddie]

So yesterday turned out not to be so good

 

http://i914.photobucket.com/albums/ac341/freddieforII/61011c.gif

[Freddie]

To whom it may concern:

 

I am sorry to say that I will not be able to continue this thread until probably November

[franz]

I'm sorry, Freddie . Back as soon as possible, because your system is very interesting.

Regards !

[Les_Paul]

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