MightyOne wrote: pierre23 wrote: MightyOne wrote:
You know that you are setting your self up for an "it doesn't matter what we think" & "the only thing that matters is what you SEE" response.
pierre23 wrote:Just a thought: I havn't observed a lot, but, is it mostly true that if price is in one direction by a hundred (+/-) pips from 2 or 3 of the market opens (NY, TY, AU, LD) that theres a good chance of the next opens to go in the same direction?
Take a look at these indicators side by side;
Specifically with the MPMM Open when I take a look (not now, when I HAVE taken a look) most of the time we see 4 arrows pointing in the same direction.
Do you think it would be profitable by waiting for 2 or 3 opens and trading the next open/opens in the same direction?
Actually, I was hoping for a response more along the lines of "I agree, it could work" or "No, I've tried this and it hasn't been profitable".
I had only thought of it after a quick observation. You could say I was looking to someone for confirmation.
Maybe a little more detail would help:
What is your plan for SL and take profit?
What is your strategy for entry?
What is your trade duration?
The following are (obviously) just suggestions;
SL - could be the high/low of the opening of the last session. eg. (for GMT+10) NY, SYD and Tokyo had opened and you're looking to trade the London open in the direction price has gone in relation to the other opens. Your SL would be the last session's high/low. In this case the high or low of Tokyo's opening hour candle. OR sl could be based on D1 Range versus the D1 ATR (work out sl based on %).
Entry - Could be 10 or 20 pips IN the direction you're looking for BEFORE entering at that price. So London opens, you have your Limit order ready for 20pips in the direction you want to trade.
Duration - As we're waiting for the sessions this wouldn't be a scalping strategy, more of a few hours kinda thing.. also depends on which open you're trading.
If you're trading a volatile pair, there should be no reason why (if price actually does tend to head in the same direction as the other sessions) it should take long to reach say 20-50pips (it could be price may tend to shoot in your direction in the first hour or two of a session open). Take some profit, move your stops and let the rest go. Or take your 50-100pips and that's it for the day. TP really depends on your risk and money management.
By all means if anyone has tried this before or think this wouldn't work for some reason or another speak up.
Maybe this could be a strategy for only the first hour or two of the last session? So you're Sl's would be much smaller, your tp would still be around the 20-50 mark giving you a better risk/reward ratio. Also price may also tend to shoot around more in the first few hours?