LeMercenaire wrote:Mr. Hyde wrote:[color=#FF0000]hey Lem you ever heard of the "real deal" trade setup[/color]. Its out a Kathy Lein's book. Basically its a high (low) set during the Frankfurt 1hr open, price then reverses and makes a low (high). Then the setup is to sell the break of the extreme that was set during the Frankfurt open. I believe is had a 20 pip sl and 40 pip target.
I only ask cuz supposedly its based on UK traders looking at the books and running price one way and then the other to clear all the stops out and then moving price in their direction.
Figured I would ask since you had been there and done that.
Haven't heard it called that but it's a pretty standard move. It can overlap with The K-Gap, which works on the same underlying principle of move and reverse and I used a variant of it for my FrankenBreak. That took contraction overnight leading into the Frankie Open and ran what wasn't far off a Buy Zone from the m15 tf.
You've got to get up an hour earlier though
In fact, if I think about it, I'm probably taking advantage of this when I run my DAX-Monster trade in the morning. WZ over the 2-Hr block 06:00 - 08:00 uk time. I look for a move back inside the block as a reaction to the previous candle's direction.
Sheer insanity the speed it moves at but as I said, my drug of choice.