Maybe a 100 pip day last Thursday with gbp/nzd trading the opening move. I realize you wont get all these pips but its nice to catch a good move once in a while.
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| Author: | nanningbob [ Mon Sep 22, 2014 12:03 pm ] |
| Post subject: | 11.0 trading sessions |
Many times I have had traders ask me. I can only trade euro session or usa session or jpy session. What can I do? Until now it was just follow the present system and go from there. Here is a very simple scalping the open of any session system. Looking for 10 pips and then let the rest ride especially Wed. and Thurs. euro and usa sessions. It is based on a simple theory that a session will go 10-20 pips in one direction at the open and the previous histogram on Bill Williams AC indi will tell you which direction to trade the open. So two indis: Bill Williams AC and Elixe session opens with +/-10 and +/-20 lines. When a market opens on a 15M chart you will read the previous bar on Bill Williams indi. If the bar is green set a pending buy stop at the +10 set SL at 20 pips; TP at +20 for 10 pips OR take half, bring your SL up to 0 and take the ride. If the bar is red set a pending sell stop at the -10 set SL at 20 pips: TP at -20 for 10 pips OR take 1/2 for profit and move SL up to 0 and take the ride. Basically if you have a MPTM or use the trailing stop function of Empty4 you set up your trades at the beginning of each session and walk away. Come back in 1-3 hours and close up shop. This is designed to scalp a quick 10 pips or trade the open of a session. Short, simple, sweet. No chart reading or fundamentals, just take the opening move and be done. Many thanks to Elixe for taking Bold Traders session open and setting up the open line, +/-10 and +/-20 lines. Open line is green, 10 lines are white, 20 lines are yellow. There is a true false function so you can also have the session boxes like BT has. I also changed the USA open back to the 1/2 hour in the indi. Anyways have fun with this one. UPDATE OCT. 2, 2014 Includes hour by hour of the session indicator. I decided that there are too many broker variations so find with session equals the session on your brokers time. Then save a template for JPY, EUR, USA sessions. So you will have 3 Templates one for each session. Once you know your times then you can go inside the indi and set the times in the program to equal your brokers. You then can have one indi but I am not driving the programmers nuts by trying to make a universal indi that works for everyone. I added my favorite scripts folder. The buy pending and sell pending are set to .01 lots. If your broker doesnt take .01 lots you will have to change them to .10 lots for the minimum. I added my black template which I use for USA session. You can color them anyway you want. It is just a 2 indi system so dont make it complicated. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:04 pm ] |
| Post subject: | 11.0 trading sessions |
Using the 15M chart and gbp/jpy I will illustrate each part of the system. If you are going to trade a session the 5M or 15M are usually the best. So I chose the 15M chart as the easiest to read. However, 5M and 30M could also be used. You will have to study and decide what you like best. There are 4 sessions every trading day. The AUD and NZD session, JPY session, EURO session, and the USA session. I dont trade the AUDNZD session because there usually is not enough movement to trade that session. If you do you will pretty much stick to aud and nzd crosses. Sometimes the JPY crosses will move here also but most of the time its a dead session. JPY session is nice because the JPY is fairly predictable for 10-30 pips. Once its starts in a direction it will go in that direction. You will like to use the JPY crosses along with the AUD and NZD crosses. Their banks are open and business is being conducted. You wont want to trade usd/cad, eur/chf, eur/gbp, since both of their markets are closed. However, the gbp/usd and eur/usd will move 10-30 pips during this time most days. Keep it simple Green bar use buy stop at +10. Red bar use sell stop at -10. Set SL at 20 but move it up quickly at the 10 mark to 0 so you can let the trade run. If price enters and doesnt go anywhere after an hour or two. Dont waste your time. Just close it and wait for the EURO open. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:05 pm ] |
| Post subject: | 11.0 trading sessions |
Each session starts the green open line. This is the opening price for that session. The previous bar on the oscillator has closed and gives you the direction of price going into the session. Like any indicator it is not 100% but most of the time the previous 15M before an open will be good in giving direction for the next 2-3 hours. Just playing the odds that is all. Euro session is the trickiest because of all the sessions it will sometimes reverse on you. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:05 pm ] |
| Post subject: | 11.0 trading sessions |
Just another pic to read showing green line is the session opening price. White lines are 10 pips above and below the opening price. Yellow lines are 20 pips above and below opening price. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:06 pm ] |
| Post subject: | 11.0 trading sessions |
Now put it together and you see the results. AUDNZD, JPY and EURO sessions you got your 10 and added to it for a nice total for the day. 10+10+10 =30 pips and then the runs afterward. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:07 pm ] |
| Post subject: | 11.0 trading sessions |
Not every day is roses and fine wine but lets be realistic, you will have dead days and losing trades and times no trade will take. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:08 pm ] |
| Post subject: | 11.0 trading sessions |
EUR/JPY 15M.. The spike in the aud session gave you a profit depending on your broker spreads. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:14 pm ] |
| Post subject: | 11.0 trading sessions |
Now some juicier stuff. Last Thurs. eur/jpy. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:19 pm ] |
| Post subject: | 11.0 trading sessions |
Maybe a 100 pip day last Thursday with gbp/nzd trading the opening move. I realize you wont get all these pips but its nice to catch a good move once in a while. |
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| Author: | nanningbob [ Mon Sep 22, 2014 12:41 pm ] |
| Post subject: | 11.0 trading sessions |
Anyway thats it and have fun. Thanks Elixe for your work on the indicator. Set your trades at the opening session, maybe use the MPTM instead of watching the screen. Have fun. |
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