11.0 trading sessions

[lionsden]

Are you trading all pairs lionsden

No sir... I am trading those that you see here but will be changing out a few of the pairs as the success rate improves or decreases. I still havent figure out what to use exactly instead of the open line. Bob may be able to help with that. I basically get a feel for the session since it is later for the S/R areas and apply the pending +/- 5 pips. Hope that helps.

regards

[forexcite]

Ok, I am no where near as knowledgeable as anyone else here and certainly not when it comes to the coding side, but I am certain my charts are not correct and undoubtedly part of it is due to the time being off. Can someone please look at this chart and tell me what is wrong and what to do to get it right? And you have to explain to me like a 3rd grader - because in forex that's what I am - maybe even a 2nd grader...


: :


Apologize in advance for my stupidity!

[forexcite]

and didn't attach the chart - brilliance overflowing here!

[lionsden]

and didn't attach the chart - brilliance overflowing here!

It seems as though your charts are like mine. So unless one of the other members see anything wrong with them you are in good shape. As far as when to take trades. if you've read the forums that is still a work in progress. Bob has moved the strategy around to take advantage of his knowledge of the Price Action at the opens or close to the opens. He is in the middle of seeing whether or not opening up an hour later or so is a much better improvement so the immediate surges in price doesnt take out our S/L too early before the trade actually gets a hold in the right direction. Nothing is a 100 percent when it comes to trading so there will be some losses. The idea is to have a better win ration than loss. That being said i took a snap shot with a little information based on the pair you posted as it compared to my screen.

In his last post he suggested to use the 0900 candle time to enter so that meant the signal bar to look for trades would close at 0845 (the previous bar to the open). You place your pending at your discretion according to that bar read. I would caution that the SL's will get knocked out rather quickly should there be any RED news on the pair you are going to trade so act accordingly. Today as I stated earlier the CAD new at 0830 had that affect on some pairs. Hope this helps if not i am sure some of the pros will readily take you on.

Cheers
Lionsden

[forexcite]

What has me concerned is that there are session lines where I don't think they should be. For instance, there is one at 5:45 and no market open or closes at 6:00GMT - and there is no line at the London open at 10:00 even tho the sessions appear to be divided. May not be a big deal on that but just want to make sure I've got things where they need to be so I'm looking at the right bars to make trades!

[lionsden]

What has me concerned is that there are session lines where I don't think they should be. For instance, there is one at 5:45 and no market open or closes at 6:00GMT - and there is no line at the London open at 10:00 even tho the sessions appear to be divided. May not be a big deal on that but just want to make sure I've got things where they need to be so I'm looking at the right bars to make trades!

Does the session boxes coincide with the open on your platform? I think they made the lines optional to keep a less cluttered screen to use to make trades. Actually all you need is the bar and the open for whatever market or delayed market you are trading to make the trade. Any other flavor of filters you may use are not taught here to keep it simple and transparent for everyone. The more advanced guys will probably add to the screen or for the pure Price Action guys they will use even less to make their decision.

Verify you open and your bar to see if you are in sync and bag your pips...

Cheers

[AZJeff]

Euro session. 2 reports.... I lost money by putting on the JUMP EA. In other words I closed some trades that would have been profitable if I let them alone. Instead some closed with small losses and didnt become winners. SO I am not doing that again. gotta let it go and let it run. If I had let the trades run I would have been 7 winners and 3 losers with 1 eur/nzd still running.

I also need to set my trades earlier or before the top of the hour. Will have to go with what the bar is saying maybe 5 minutes early. By the time I got to 3 of the gbp pairs they had already run +15 and were outside the lines. So I missed 3 winners on that and had 2 others with losses that would have hit +15 if I hadnt had the jump EA. The one that were losers touched the line and went against me anyway so the jump EA didnt save me anything. So now I am down for the day and looking to make up in the USA session. I will decide tonight in my studies and see if it is better to go an hour into the session like I do with JPY and EUR or stay with the USA open. In other words I am going to compare setting trades at 9 instead of 8 am. Going into a session an hour into it seems to keep me out of the Bank traders looking for stops to run and BT traders fading the open. Sorry BT I just want to stay out of your way. Anyway lesson learned for today.

So just to clearify Bob, you will be using the bar just before the 9am candle ?

thanks
Lionsden

Yes of course that gives direction. I just got killed using the 8 USA open. Things just entered and sat there and floated back to the SL. So looking forward to 9 which is in 15 minutes.

Bob,
I have seen Major pairs reverse at times after the US opens.

This is how I would trade your system at this time.
I would trade the first 2-3 hours of the London session.
Once it reaches my profit goal for the day then I would quit.
If the losses hit my stop loss for the day then I would quit.
Also, I would only trade pairs with small spreads and pairs with higher ADR or higher Volatility.

Here is a helpful link for people if they want to trade pairs with higher volatility.
http://www.myfxbook.com/forex-market/volatility


Regards,
Jeff

[rapple]

Euro session. 2 reports.... I lost money by putting on the JUMP EA. In other words I closed some trades that would have been profitable if I let them alone. Instead some closed with small losses and didnt become winners. SO I am not doing that again. gotta let it go and let it run. If I had let the trades run I would have been 7 winners and 3 losers with 1 eur/nzd still running.

I also need to set my trades earlier or before the top of the hour. Will have to go with what the bar is saying maybe 5 minutes early. By the time I got to 3 of the gbp pairs they had already run +15 and were outside the lines. So I missed 3 winners on that and had 2 others with losses that would have hit +15 if I hadnt had the jump EA. The one that were losers touched the line and went against me anyway so the jump EA didnt save me anything. So now I am down for the day and looking to make up in the USA session. I will decide tonight in my studies and see if it is better to go an hour into the session like I do with JPY and EUR or stay with the USA open. In other words I am going to compare setting trades at 9 instead of 8 am. Going into a session an hour into it seems to keep me out of the Bank traders looking for stops to run and BT traders fading the open. Sorry BT I just want to stay out of your way. Anyway lesson learned for today.

So just to clearify Bob, you will be using the bar just before the 9am candle ?

thanks
Lionsden

Yes of course that gives direction. I just got killed using the 8 USA open. Things just entered and sat there and floated back to the SL. So looking forward to 9 which is in 15 minutes.

Bob,
I have seen Major pairs reverse at times after the US opens.

This is how I would trade your system at this time.
I would trade the first 2-3 hours of the London session.
Once it reaches my profit goal for the day then I would quit.
If the losses hit my stop loss for the day then I would quit.
Also, I would only trade pairs with small spreads and pairs with higher ADR or higher Volatility.

Here is a helpful link for people if they want to trade pairs with higher volatility.
http://www.myfxbook.com/forex-market/volatility


Regards,
Jeff

Hi Jeff and Bob

I also am finding the US open very difficult to predict with swings often taking out my 10pip SL.
UK and Asian seem more reliable especially for the JPY crosses

Here is more information on volatility for each session
http://market24hclock.com/trading-day.html

Cheers Rapple

[nanningbob]

What has me concerned is that there are session lines where I don't think they should be. For instance, there is one at 5:45 and no market open or closes at 6:00GMT - and there is no line at the London open at 10:00 even tho the sessions appear to be divided. May not be a big deal on that but just want to make sure I've got things where they need to be so I'm looking at the right bars to make trades!

I am working on solving this problem. It is hard to make an indi fit every broker and all the different start times and how brokers start and end their day. There is a simple solution to it and I will have it out later this morning.

[nanningbob]

Had a bad USA session last night but I am having trouble getting my lines with the opens to line up at the right time. Soooooooooo I have an idea.