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11.0 trading sessions
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Author:  renexxxx [ Sat Sep 27, 2014 7:36 am ]
Post subject:  11.0 trading sessions
rivelrivella wrote:Bob, imagine we have a dahboard with all the pairs and the colors of the 2 or 3 previous 15min bars preceding open session.
Then imagine we have the pairs tradable for the session in brighter color.
Then imagine in front of each pair 2 buttons: one for Buy one for Sell
Then imagine when pressing one of these 2 button, the system opens the correspondant chart and place the correspondant script, with all the stuff.
What do you think ? Feasible ? (In all cases it simplifies the task. Do you agree ?)
I have been using this sort-of "dashboard", but there are no buttons to press, it is an auto-trader. Is this what you had in mind? The 'x' on the top right of each basket is a button to close the whole basket, including pendings.
Capture.JPG
Author:  Aussiedoc [ Sat Sep 27, 2014 7:59 pm ]
Post subject:  11.0 trading sessions
nanningbob » Sat Sep 27, 2014 4:14 pm wrote:
Aussiedoc » Sat Sep 27, 2014 8:56 am wrote:Good morning! :hi: :good:
Thanks for this idea. It has really sparkled my imagination something fierce. Never having used scripts before a question if I may. By saying
a saved script/EA screen that is set to set trades at the open
are you referring to something akin to a Phillip's Pending Buy/Sell Script embedded into a template?

Thanks now.
Cheers, Doc :)
Yes, I used to do that with all my MA EAs. Just pick the buy or sell and let the computer enter the trade.
Thanks very much! :good: :good:
Author:  nanningbob [ Sun Sep 28, 2014 9:59 am ]
Post subject:  11.0 trading sessions
I have spent hours and hours over the last 3 days studying charts and it seems that a 15 TP and 15 SL work best with entrances at the +/- 5. You have a 1:1 trading ratio and you get more winners than losers. So the TP point is still the same but we added an extra 5 pips instead of waiting for a 10 pip move to enter. This also reduces the SL by five pips. The extra 5 pips in profit and 5 pips less taken in Sl seems to work out better in the long run. However, only live testing will we know.

I havent finished my studies yet but I like using the HK open which is an hour later than the JPY open. HK is the financial center of Asia along with Shanghai and they move the market when they open. JPY open provides the direction going into the big market opens in Asia. Not that Tokyo is small but Asian markets begin their stronger moves then when HK and Shanghai open. You will find this to be more and more true as China opens up the RMB to international trade. Its only a matter time before the RMB becomes a fully internationally traded currency. That is not the same thing as being the world's base currency like the USD. It will diversify the market.

I made the same decision for the euro market. Even though Frankfurt is open for an hour before London I use the London open to set my trades and let the Frankfurt market choose the direction to trade in.

Then my last decision was the USA open. Again it maybe true that it opens at 8, it is just a simple truth that the fireworks begins at 830 EST. I have often noticed that the USA market likes to cheat just before 830 moves so I set my lines starting at 8:25 EST. I have 5M to set my trades before market move time.

Then I dropped the audnzd session, I simply dont trade it but there are moves when Frankfurt closes and the market drifts for the rest of the day. (not valid for NFP afternoon USA news dont use this indi on that day for the afternoon USA session) So I added a mid USA session after the Frankfurt closes and you can see you can trade the trend as it continues for the day or the reversal based on the Williams indicator.

I labeled this 11.05 so as not confuse those that will be using 11.04 with BoldTraders times or what is considered normal market opens. If you wish normal market times you will have to change the "user input sessions" to false

If you want the sessions colors you will need to turn it back on to true. I will have set this up with my new broker which will be Oanda for now. I was not comfortable trading 50 cent lots and 10K of account with CITI using a new trading system.

The one weakness I see with this system obviously will be broker shenanigans. If they enlarge spreads consistently it will defeat the long term aspect of the system. Only time will tell.

I have no idea how these lines will set up with other brokers but this is my setup with OANDA. There are scripts inside set at .05 which should be 5 cent trades. Other brokers they maybe 50 cents trades so you are warned.
Author:  sudhindragk [ Sun Sep 28, 2014 11:20 am ]
Post subject:  11.0 trading sessions
Bob,

Thank you very much. Will test this from monday.

Regards
Sudhindra
Author:  bourgenot [ Sun Sep 28, 2014 12:21 pm ]
Post subject:  11.0 trading sessions
:hi: Bob receives my consideration!.With your work, we have a clean product, precise and clear. 1000 mercisss and BRAVO! Quick tomorrow..
Author:  AZJeff [ Sun Sep 28, 2014 12:58 pm ]
Post subject:  11.0 trading sessions
Bob,

Nice analysis.
Oanda is one of the better criminals.
One note, I heard their Empty4 is a little shaky.
Be sure to verify all trades are executed correctly.

Regards,
Jeff
Author:  astral77 [ Sun Sep 28, 2014 2:30 pm ]
Post subject:  11.0 trading sessions
Hi BOB

Have you done studies for US market only? Almost 65% of forex transactions happen between 11am to 4pm GMT (i.e. when Europe and US are open). Last week I only traded 10.7 from 11am GMT to 5pm GMT and my success rate had increased dramatically. Something to consider.

Kind regards
Author:  nanningbob [ Sun Sep 28, 2014 2:43 pm ]
Post subject:  11.0 trading sessions
astral77 » Sun Sep 28, 2014 10:30 pm wrote:Hi BOB

Have you done studies for US market only? Almost 65% of forex transactions happen between 11am to 4pm GMT (i.e. when Europe and US are open). Last week I only traded 10.7 from 11am GMT to 5pm GMT and my success rate had increased dramatically. Something to consider.

Kind regards
Yes it would, that is the time the markets move. Basically with Euro open you are at the end of the JPY session so volatility there. Euro news time, then US open until 11. Euro open to euro close covers all three major sessions so I would be surprised if 75-80% of the days movement is during those times.
Author:  nanningbob [ Sun Sep 28, 2014 2:44 pm ]
Post subject:  11.0 trading sessions
AZJeff » Sun Sep 28, 2014 8:58 pm wrote:Bob,

Nice analysis.
Oanda is one of the better criminals.
One note, I heard their Empty4 is a little shaky.
Be sure to verify all trades are executed correctly.

Regards,
Jeff
Jeff 34 posts in 3 years, Spock was more talkative than that. :) Good to see you around.
Author:  nanningbob [ Sun Sep 28, 2014 2:45 pm ]
Post subject:  11.0 trading sessions
bourgenot » Sun Sep 28, 2014 8:21 pm wrote::hi: Bob receives my consideration!.With your work, we have a clean product, precise and clear. 1000 mercisss and BRAVO! Quick tomorrow..
I hope you do well and this tests out well. I am hoping this will be my final product.
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