[Soultrader]

Thank you for the charts Texxas. Alot clearer now

[Anna-Maria]

Originally Posted by torero »

Wanted to get your insight on how they relate to each other in influencing prices. Do these openings counter-act each other as new opening begin?

Hey torero,

London is the big dog where volumes are concerned, & that translates across most of the high liquidity products.

Approx 60% of New York activity is transacted during the London morning shift & the overlap from Tokyo (thru till around 9.30am GMT) affects the early doors activity - hence a lot of talk around the bulletin boards re: Asian breakout trade entries?

The London-New York overlap is the main focus after late a.m London trade has settled down, & volumes then dry up noticeably as London shuts for the day.

Wellington/Sydney is of little relevance to the main European pairs, so I wouldn't waste your energy even observing that open tick activity.

Much of Tokyo trade (certainly on the Cable & Euro) is confined to position management via the tier 1 & 2 shops - you'll often notice volumes starting to uptick as Tokyo emerges from their lunch break (5.00am GMT), particularly if price has been edged back from prev session highs-lows in late NY trade.

Whenever price has printed a Big Day or broken out of a niggly range containment, I'll start to get interested in the following Tokyo shift - other than that, I'll merely monitor prices (if already positioned) & engage or pare off as London comes to the table.

[Anna-Maria]

Originally Posted by Soultrader »

Thank you for the charts Texxas. Alot clearer now

no problem!

[Anna-Maria]

Originally Posted by texxas »

....Like I said, the 78.6 is a favored observation if it happens to hit on a Round Number/prev swing point.

I focus on the mid-term momentum plays quite a bit these day's, utilizing the 240-5m combo. That Fib point often gets me in with decent r/r - or gets me out at a keen pare level.

Soultrader:

The 35/50% s&r levels played out again today!

Printed a neutral bar at the high of the Tokyo shift (50% resistance level), & cont'd down thru the Asian low as London came on board - triggering on the break of the Asian low (London Open) signalled good momentum today

the lower 2 support lines only briefly tested before bottoming out into the London close @ the Big Number/78.6% (from recent swing move)......

Briefly glancing at Raul's "Breeze" Strat, looks like he executes a similar simple, yet effective momentum based trigger.....I'll have a more in-depth read of it later!

[surfer]

Hi,

i am newbie in the forex jungle . At the moment I am only watching GBPUSD in different timeframes.

@texxas

Thanks for your information. The enclosed chart emphasize your 78,6% statement.



P.S. Excuse my english

[Anna-Maria]

Originally Posted by surfer »

@texxas

Thanks for your information. The enclosed chart emphasize your 78,6% statement.

you're welcome.

I'm sure it's been mentioned on here someplace, but in case not: before anyone goes hell for leather incorporating a singular or combination piece of someone else's analysis into their arsenal......TEST IT - & test it thoroughly!

consistancy (or success) is measured not by how many pips you pull out of the market over a short, sharp period of "hot activity" - but by finding a method which suits your psychological approach to your preferred instrument & adopting a simple, workable template.

nothing works all of the time. but adopting a consistant plan & adhering to the similar signals will tell you 'when it's working or not'

capital preservation should be No 1 priority - period....when the market isn't playing ball (according to your strats), get the hell out & stay out until it slips back into line (according to your rules).

never force your strat, never chase the markets & definitely don't start tinkering or changing anything just because you've gone several day's without a market entry signal....it happens to all strats!

keep it nice & simple, keep it "price based" & use as few price aids (indicators) as you can possibly get away with

such is the increased participation & liquidity in FX, you won't have to wait too long before your favorite instrument begins to open out & set up again....patience & discipline, they're your best friend when trading these animals!!

[Soultrader]

Originally Posted by texxas »

you're welcome.

I'm sure it's been mentioned on here someplace, but in case not: before anyone goes hell for leather incorporating a singular or combination piece of someone else's analysis into their arsenal......TEST IT - & test it thoroughly!

consistancy (or success) is measured not by how many pips you pull out of the market over a short, sharp period of "hot activity" - but by finding a method which suits your psychological approach to your preferred instrument & adopting a simple, workable template.

nothing works all of the time. but adopting a consistant plan & adhering to the similar signals will tell you 'when it's working or not'

capital preservation should be No 1 priority - period....when the market isn't playing ball (according to your strats), get the hell out & stay out until it slips back into line (according to your rules).

never force your strat, never chase the markets & definitely don't start tinkering or changing anything just because you've gone several day's without a market entry signal....it happens to all strats!

keep it nice & simple, keep it "price based" & use as few price aids (indicators) as you can possibly get away with

such is the increased participation & liquidity in FX, you won't have to wait too long before your favorite instrument begins to open out & set up again....patience & discipline, they're your best friend when trading these animals!!

Excellent comment Texxas.... alot of years and experience in your words. Price is KING. For new traders.... learn to trade price action and you will always remain in this game.

Very nice charts you posted there as well Texxas. My old mentor was a fib based trader so its nice to see Fib traders here

[Dr Who]

Originally Posted by texxas »

Anything will work some of the time, and if Pivots float your boat, then ensure you're aware of their strengths as well as their limitations (as with every form of t/a).

I haven't particularly found them to be of any great benefit across the cash FX instruments.

I prefer to use the prev day's close (5pm EST) as the fulcrum for next day's activity & use 2 averages (35 & 50%) of the prev session high-low as my R1-2 & S1-2 levels.

An alternative to that would be observing the prev 2 days high-low markers as your S1-2 & R1-2 markers, especially when price has been mired within a choppy range on the mid-frames (1-4hr)

Just my view! As ever, do your own diligence & TEST your observations thoroughly!!

Hi texxas,

Why do you use the 5pm close time for your pivots? Why not 4pm for example? Weekly pivots which day? Monthly pivots?

I asked a similar question in my thread then found this thread.

Good comments as usual
Dr.