London Tea Time Strategy

[Freddie]

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What is that about Les?

 

Just noticed that I said November about three posts back. I meant May.

I am in Penang until mid April and London Close is much too late for me.

[Freddie]

I am now in Bulgaria so the 5pm GMT close will be 7pm here.

I have just been listening to Vic Noble and his entry so if anyone is interested we can continue this thread.

 

We will still call it the London Tea Time so that the spoilers cannot interfere.

 

Today for €$ about an hour and a quarter to close.

The indies say one thing but the 'cross hairs' say another. Also this pair have been going down so maybe the entry will not be used for today.

 

http://i914.photobucket.com/albums/ac341/freddieforII/LCMay15_zps4aa09d38.png

Edited May 15, 2013 by Freddie

[Guest FloridaTrader]

I am now in Bulgaria so the 5pm GMT close will be 7pm here.

I have just been listening to Vic Noble and his entry so if anyone is interested we can continue this thread.

 

We will still call it the London Tea Time so that the spoilers cannot interfere.

 

Please do continue with this thread. I would like to follow this system my friend.

[Freddie]

I am now in Bulgaria so the 5pm GMT close will be 7pm here.

I have just been listening to Vic Noble and his entry so if anyone is interested we can continue this thread.

 

We will still call it the London Tea Time so that the spoilers cannot interfere.

 

Today for €$ about an hour and a quarter to close.

The indies say one thing but the 'cross hairs' say another. Also this pair have been going down so maybe the entry will not be used for today.

 

http://i914.photobucket.com/albums/ac341/freddieforII/LCMay15_zps4aa09d38.png

 

At 5pm London time the price had retraced and went up another 15 pips.

 

I must try to write down exactly how this 'Noble Entry' is carried out and how this London Tea Time strategy is done.

It is a pity that there is no .pdf of the strategy. Vic Noble does not just explain it straight forward but goes off on tangents.

Edited May 16, 2013 by Freddie

[Freddie]

I have been looking for help with this strategy and found another thread here which has been used recently:

http://indo-investasi.com/showthread.php/9911-%28Req%29-L0nd0n-Cl0s3

 

Since that thread was used to get the system, I will not merge with it but continue to use this one as a way of educating us. I will update post No.1 with our latest findings.

 

BTW, if you google it you will find some testimonials. Not that I am suggesting that these will confirm how good the system is but it will tell you what people have found.

Edited May 16, 2013 by Freddie

[Freddie]

Here is a helpful post off the other thread from Soundfx:

 

Hi Freddie, I've just gone through the Noble Entry. It does seem a bit complicated, however the principle is simple:

 

1. Establish major levels of S/R from 4H or 1H charts

2. Look for a trade in the same direction as the higher level trend bouncing off S/R.

3. Go to the 15m chart to confirm that price is indeed bouncing off S/R in the way we expect (by checking candle pattern and looking for higher highs or lower lows in our intended direction).

4. When we have direction confirmed on the 15m chart, then to keep our potential reward as high as possible we move to the 5m chart and wait for a retracement of at least 62% to enter the trade.

5. Place stop 10 pips above/below the high/low of the bounce from S/R.

 

The key point of this entry is that our reward is twice or more than our risk, which means we could lose half of our trades and still make a good profit!

If these moves typically occur at a certain time of the day, like around the London Close then it makes it much easier to focus on these trades for a couple of hours.

 

Thanks for the help Soundfx.

[Freddie]

I have been watching the LCT Webinar and here is the layout for the trade:

 

1. 5 day ADR - Average daily range

2. Wait for the the beginning of the London Close.

3. If price has risen during the day, add ADR to the low of the day: If price has dropped, subtract ADR from the high. This gives you the target.

4. Check USD Index ADR. Don't know what that is yet.

5. Time slot for London Close is 11:15 to 11:45 NY time - must check that for where you live.

6. Find Support/Resistance from 1H, 4H, D or Weekly TF.

7. Look for a minimum bounce from S/R ....details to follow

[Freddie]

Here is the chart for 16th May

 

http://i914.photobucket.com/albums/ac341/freddieforII/LCMay16a_zpsb3e7e9f4.png

 

Some parts are on it!

 

I need to add some information that has not come with the chart. Blue lines are fibs, green is S/R. I will mark the picture and repost.

Edited May 17, 2013 by Freddie

[Freddie]

NOBLE ENTRY UPDATE: Note - The Noble Entry is not simply part of the LCS. It is an entry that could be used whenever the elements agree. ie a bounce off S/R or pivots or fibs.

 

Here is a helpful post off the other thread from Soundfx:

"Hi Freddie, I've just gone through the Noble Entry. It does seem a bit complicated, however the principle is simple:

1. Establish major levels of S/R from 4H or 1H charts; 2. Look for a trade in the same direction as the higher level trend bouncing off S/R; 3. Go to the 15m chart to confirm that price is indeed bouncing off S/R in the way we expect (by checking candle pattern and looking for higher highs or lower lows in our intended direction).

4. When we have direction confirmed on the 15m chart, then to keep our potential reward as high as possible we move to the 5m chart and wait for a retracement of at least 62% to enter the trade; 5. Place stop 10 pips above/below the high/low of the bounce from S/R.

The key point of this entry is that our reward is twice or more than our risk, which means we could lose half of our trades and still make a good profit! If these moves typically occur at a certain time of the day, like around the London Close then it makes it much easier to focus on these trades for a couple of hours." Thanks for the help Soundfx.

 

1. Establish major levels of S/R from 4H or 1H charts

Vic Noble in his video on the 'Entry' also says that we should use daily pivots and fibs as S/R.

[fxib1234]

Thanks for your clear explanation.

[sequentialb]

Does anyone have the videos that show trade examples (entries and exits) along with the mitigation strat for losses?