Once again the shaded area is the Asian/Pacific session with the high at 1.9901. The trade was entered at 1.9911 and within 2hrs reached the 50 pip target making a high at 1.9972.
The Gbp/Jpy broke out after the open of the london session at 212.49. The trade was entered at 212.39 and again hit the 70 pip target within about 2 hrs. At time of writing it had run 140 pips plus for the day.
As has been the case the past few weeks the Eur/Jpy proved to be the poor relation struggling to hit the 50 pip target but at the same time not causing any stress on the trade. The breakout also occured after the London open at 160.39, the trade was entered at 160.29.
At time of writing the US session has just opened and I closed out the trade for a 40pip profit. Add this to the monthly tally of 2110 pips and the total now stands at 2270 I don't know many traders who have those sort of figures month on month neither can I guarantee that the strategy will produce these results consistently.
The past four months though have all ended positive. As this is very much a mechanical system that requires 10 min a day to set up, limiting the exposure has helped on the days where it has not worked.
Remember three orders are being places simultaneously and when all three go wrong at the same time and you are overexposed in the market then it is going to hurt.
3 comments:
Just one question, to clear something:
You say that you enter after London opens, to avoid frankfurt reverses, etc.
But what if price at frankfurt session reach our high+10pips entry point, continues to go up, let say 20 pips, and then london opens and continues the up trend - where do you get in???
Asking because there are a lot of this examples during last month. Thanx
And, one more - forgot to ask :)
If you enter at london open and do you still take only asian high/lows or do you count new from frankfurt (if there was any)?
Hi Marko
Yes I do trade the period between the Frankfort and London opening provided it is in the same direction as my long term trend. I use a MACD 1 hr and 21 ema to establish my trend.
If it breaks opposite to the established trend then I ignore the move and assume it is just a retracement.
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