The reaper's trades
Page 1 of 1
The reaper's trades
vietnamvodoi Fri Oct 15, 2010 9:36 pm
First trade:london open candles
setup:1)open a 15 min. chart on gbp/usd(u can do it on 5 min. candles too!)
2)trace horizontal lines on both hi and low of the 6h45am gmt(2h45am new york time)we will name this candle ...the ''reference candle''
3)buy order:entry at upper horizontal line plus 1 pips(don't forget the spread);put a trailing stop of 15 pips;stoploss at the 61% fib retracement of the reference candle(the precedent one of your entry usually,or the one you traced before!)why 61% fib instead of bottom of the reference candle bottom line? for not giving too much pips on a losing trade,don't worry because when market retrace 61% on a candle,by experience it will continue further,then i propose to accept the loss and re-setup again for the next probable entry,if there is another one!
very important!... the stoploss must always be a mental one(except if you use an hidden targets utility software),so you must always be there managing the trade(stophunting proof!)except for trailing stop!
4) for a sell order,same pattern but inversed!
second trade:
1)if there is some economics gbp or euro orange or red at 8H30am gmt(4h30 am ny time) apply same pattern again on the 8h45 am gmt closed candle....and this setup is valid till 11h30 am gmt(half an hour before new york pre market stock opening, at 12h00 gmt)because we will apply this stategy also on the us market!
us market open candles:
first trade: the 7h45 am us eastern time(11h45 gmt)if no important us economics reports coming at 8h30 am us eastern time(12h30 gmt)if some reports red or orange,then apply the setup on the 8h45 am us eastern time closed candle(12h45 gmt)
second trade:the 9h15 am candle us eastern time(13h15 am gmt)if no red or orange us reports coming at 10h00am us time...if there is ,so apply the setup on the 10h15 am us time closed candle!
Importants rules to follow:
-never overtrade this strategy on the same period,only 1 buy or 1 sell possible per period(first or second one)never run after the market or trying to play casino in purpose of recovering a losing trade!!! each time you get in a trade ,you must say to you that you never want to get in a losing one ,but i is possible that this one will be a losing one,for being mentally ready not only when you win,but when you lose also,at the condition you are winning more than you lose(reconsider to read again the thread if it is your case!
-never get in a trade 15 min. before an important economic reports no matter the period you are trading(orange and red reports ffcalendar)and wait 30 min.after for an eventual entry!
-never trade more than 2% of your account balance(depends on your mental stoploss calculated with 61% fib retracement on reference candle)
-if your potential entry is under 20 pips(a buy) of a solid resistance traced line, it could be a logical target to reach,depends if you want to close half the position and retarget the next one with the position balance,depending on your risk tolerance...will not propose anything about this...be confortable in the way you decide to trade
- if the entry for a buy is 10 or less pips from a solid resistance,i suggest you to wait for a close(15 min chart) above or avoid the trade if the risk reward is not good depending on next resistance to reach!
- apply same precautions on the sell orders versus the supports area!
I CALLED THIS THREAD''The reaper's trades'' BECAUSE IT IS USUALLY IN THESE PERIOD THAT THEY ARE MAKING AND APPLY THEIR STRATEGY IN WAY TO MOVE THE MARKET IN A WAY OR IN AN OTHER,DEPENDING ON ECONOMICS REPORTS OR WHATEVER THE ECONOMIC WORLD IS BRINGING US EVERY DAY!
PERSONNALLY I PREFER TRADING THE LONDON SESSION,BECAUSE LONDON IS THE WORLD BIGGER CURRENCY MARKET WITH 50% OF DAILY CURRENCY TRADES,SO WE ARE TRADING CURRENCIES AND THIS PERIOD IS A LOT MORE TRENDY THAN THE NEW-YORK SESSION,THAT IS MORE A STOCK MARKET THAN A CURRENCIES MARKET(25% OF DAILY CURRENCIES).....SO THIS MARKET IS A LOT MORE CHOPPY THAN THE LONDON ONE!
I AM STILL WORKING ON THE US SESSION FOR FIND A BETTER TUNNING SETUP BUT REALLY HAPPY WITH RESULT OF THE LONDON SESSION!
SO MAY THE PIPS BE WITH ALL OF YOU! General poussin
Tiger balm
home business opportunity
setup:1)open a 15 min. chart on gbp/usd(u can do it on 5 min. candles too!)
2)trace horizontal lines on both hi and low of the 6h45am gmt(2h45am new york time)we will name this candle ...the ''reference candle''
3)buy order:entry at upper horizontal line plus 1 pips(don't forget the spread);put a trailing stop of 15 pips;stoploss at the 61% fib retracement of the reference candle(the precedent one of your entry usually,or the one you traced before!)why 61% fib instead of bottom of the reference candle bottom line? for not giving too much pips on a losing trade,don't worry because when market retrace 61% on a candle,by experience it will continue further,then i propose to accept the loss and re-setup again for the next probable entry,if there is another one!
very important!... the stoploss must always be a mental one(except if you use an hidden targets utility software),so you must always be there managing the trade(stophunting proof!)except for trailing stop!
4) for a sell order,same pattern but inversed!
second trade:
1)if there is some economics gbp or euro orange or red at 8H30am gmt(4h30 am ny time) apply same pattern again on the 8h45 am gmt closed candle....and this setup is valid till 11h30 am gmt(half an hour before new york pre market stock opening, at 12h00 gmt)because we will apply this stategy also on the us market!
us market open candles:
first trade: the 7h45 am us eastern time(11h45 gmt)if no important us economics reports coming at 8h30 am us eastern time(12h30 gmt)if some reports red or orange,then apply the setup on the 8h45 am us eastern time closed candle(12h45 gmt)
second trade:the 9h15 am candle us eastern time(13h15 am gmt)if no red or orange us reports coming at 10h00am us time...if there is ,so apply the setup on the 10h15 am us time closed candle!
Importants rules to follow:
-never overtrade this strategy on the same period,only 1 buy or 1 sell possible per period(first or second one)never run after the market or trying to play casino in purpose of recovering a losing trade!!! each time you get in a trade ,you must say to you that you never want to get in a losing one ,but i is possible that this one will be a losing one,for being mentally ready not only when you win,but when you lose also,at the condition you are winning more than you lose(reconsider to read again the thread if it is your case!
-never get in a trade 15 min. before an important economic reports no matter the period you are trading(orange and red reports ffcalendar)and wait 30 min.after for an eventual entry!
-never trade more than 2% of your account balance(depends on your mental stoploss calculated with 61% fib retracement on reference candle)
-if your potential entry is under 20 pips(a buy) of a solid resistance traced line, it could be a logical target to reach,depends if you want to close half the position and retarget the next one with the position balance,depending on your risk tolerance...will not propose anything about this...be confortable in the way you decide to trade
- if the entry for a buy is 10 or less pips from a solid resistance,i suggest you to wait for a close(15 min chart) above or avoid the trade if the risk reward is not good depending on next resistance to reach!
- apply same precautions on the sell orders versus the supports area!
I CALLED THIS THREAD''The reaper's trades'' BECAUSE IT IS USUALLY IN THESE PERIOD THAT THEY ARE MAKING AND APPLY THEIR STRATEGY IN WAY TO MOVE THE MARKET IN A WAY OR IN AN OTHER,DEPENDING ON ECONOMICS REPORTS OR WHATEVER THE ECONOMIC WORLD IS BRINGING US EVERY DAY!
PERSONNALLY I PREFER TRADING THE LONDON SESSION,BECAUSE LONDON IS THE WORLD BIGGER CURRENCY MARKET WITH 50% OF DAILY CURRENCY TRADES,SO WE ARE TRADING CURRENCIES AND THIS PERIOD IS A LOT MORE TRENDY THAN THE NEW-YORK SESSION,THAT IS MORE A STOCK MARKET THAN A CURRENCIES MARKET(25% OF DAILY CURRENCIES).....SO THIS MARKET IS A LOT MORE CHOPPY THAN THE LONDON ONE!
I AM STILL WORKING ON THE US SESSION FOR FIND A BETTER TUNNING SETUP BUT REALLY HAPPY WITH RESULT OF THE LONDON SESSION!
SO MAY THE PIPS BE WITH ALL OF YOU! General poussin
Tiger balm
home business opportunity
vietnamvodoi- Posts : 19
Join date : 2010-10-15
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|