Hi Everyone,
Living in Perth means I miss London open : (. The NY session seems to provide most of its set ups as I'm falling asleep : (. I'm taking leave in February to trade the London open and NY too. My aim is to take a net 7 pips per session (day) average over the 21 days of my leave. Please feel free to comment, criticise or otherwise provide feedback while I do it : ). All welcome.
David - Perth, Western Australia - Journal
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dave3512010
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wiseambitions
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Re: David - Perth, Western Australia - Journal
Hi
You and another guy from west side of USA ought to make us UK guys appreciate the time zone in which we operate due to recent comments.
London open - (or a few minutes after it) probably a bit better than Frankfurt open for trading (Dax), if only because the charts take that first hour of the day to sort themselves out, and it can go a bit wild exactly at 0800 London time too.
NY - My statistics said best wait until 1430 (London time) rather than 1330 (Eg when NFP news is released), but there's not a lot of difference. It then tends to go quiet after about 1630 London time, but there's no "law" against trading right through to 2100, just that the margins might widen at some brokers
You can do a lot with 7 pips of profit, if you get the money management right. Think of the power of 1 % a day or even 1/2% a day, when compounded!
Best luck
You and another guy from west side of USA ought to make us UK guys appreciate the time zone in which we operate due to recent comments.
London open - (or a few minutes after it) probably a bit better than Frankfurt open for trading (Dax), if only because the charts take that first hour of the day to sort themselves out, and it can go a bit wild exactly at 0800 London time too.
NY - My statistics said best wait until 1430 (London time) rather than 1330 (Eg when NFP news is released), but there's not a lot of difference. It then tends to go quiet after about 1630 London time, but there's no "law" against trading right through to 2100, just that the margins might widen at some brokers
You can do a lot with 7 pips of profit, if you get the money management right. Think of the power of 1 % a day or even 1/2% a day, when compounded!
Best luck
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
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immy
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Re: David - Perth, Western Australia - Journal
Hello David
Many Aussies here I'm sure they will respond in time, you're not alone in the down under
Many DS1's to you
cheers
Many Aussies here I'm sure they will respond in time, you're not alone in the down under
Many DS1's to you
cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
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dave3512010
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Re: David - Perth, Western Australia - Journal
Possible M5 wave 5 to complete
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dave3512010
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Re: David - Perth, Western Australia - Journal
Oh cheers guys ... thanks for your replies and BIG thanks for all the effort you go to sharing your knowledge!
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dave3512010
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Re: David - Perth, Western Australia - Journal
Nup cancelled pending ... that Big White had no business in a short set up ...
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dave3512010
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Re: David - Perth, Western Australia - Journal
M5 jaws still open and M1 still lingering short
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dave3512010
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Re: David - Perth, Western Australia - Journal
Triggered ... M5 wave 5 assumed so moving SL down as I can
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dave3512010
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Re: David - Perth, Western Australia - Journal
SL to zero
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dave3512010
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Re: David - Perth, Western Australia - Journal
Out on bull candle through green jaws. M5 5 waves late in the London can be a bit hit and miss. Oh for the wave 3 M5 set ups on M1. Zero pips lost or gained
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