London Close trades

There were 2 set ups this week. One I took and again worked perfectly. Yesterday several currencies set up and triggered. The eur trade would have had around a 10 pip draw down, others as often the case virtually nothing.

Whilst i didn't manage to get a trade yesterday am still staggered to have not see a losing set up.

Ralph Shell

See the Ralph Shell COT link for an article 'Further Weakness for the Aussie?'. I have added my first comments to his great work. I was using this chart in my analysis.

London Close trade

Set up and triggered on Eur. I am relatively new to this method taking profits early, 16 pips today, again though a winning trade with virtually no draw down. I am quite amazed as to how successfully these trades play out and the 90% winning trades claim is certainly true in my experience so far.

Trade but against the rules

This higher low just above 4300 was a 100% system trade. 1hr up, 15 min positive close higher low little/no upper wick but I couldn't take it. At that stage price had already exceeded the 5 day ATR. If we had a bigger portion of the move fine then I would continue to take system trades, however we only had a fraction of move from Mrs V's trade and I was not prepared to risk that. 100 pips up I'll risk 15 on a system trade when ATR exceeded, less than 30 up then I won't. That's a rule we work to.

Tempted

I was tempted to take this one for an 85/15 trade but with US news in about 30 minutes I left it. The news took it up but you can never be sure which way it will go if you are relying on news.

Trade

In some ways a let down today. I was not attentive enough and missed the system higher low at 4145. Good support level, 15 minute positive close and perfect 5 min higher low little/no upper wick.

I was out and Mrs V got the higher low at 4175 after the 1hr positive close. She didn't enter again.

Outstanding day and London Close

An outstanding day for lower highs on eur and gu.

London Close trades set up nicely and triggered. I focused on eur and gu. I chose gu for 17 pips. Eur went for 30, neither had any real drawdown. A very nice way to end a stunning day.

Wait 20 mins and 15/85 trade

I missed out on the earlier gu, eur Franfurt open trades as we were just too late getting set up, the 2b evening star pattern at the 6375 high. Then had lots of internet (not platform) problems so would not even had chance to consider the move up from 6325.

News pushed price lower with a small retrace to 25 level support became resistance. Set up classic lower high, wait 20 mins try again, 15/85 trade. 5 min lower high little/no lower wick, exit just above 85 level. Mrs V happy, so am I.

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3 x 20 mins try again + 85/15

This higher low pattern in Asian session when I was asleep. Pretty much perfect wait 20 minutes and try again higher lows. The middle arrow up was also an 85/15 trade.

85/15 trade example

Perfect higher low. Often when gu (also eur) is moving up through 85 level it will push through the round number to + - 15. The opposite is also true when falling through 15 it will push to 85. Whether it is big boys taking out some stops I don't know.

I trade them with entries from higher lows and lower highs as usual, sometimes I'll exit a portion at the RN just in case it stops and doesn't go through.

Trades

2 possibilities this am.

Higher low buy 5 min little/no upper wick. 1hr positive close above 8 lwma, 15 min positive close. 100% system trade.

The sell didn't get that one. 1hr closed with an upper wick, 15 min upper wick, doji then shooting star. 5 min lower high little/no lower wick, we passed on it.

COT

Ralph Shell has released this weeks COT article, follow the link on the right.

Ralph Shell article

Euro Bulls Suffer set back is there more to come? see the COT by Ralph Shell link then go to articles.

Todays trades

There was a nice trade lower high move through 6300. Previously we would not have taken this with the round number so close but I was influenced by 4hr charts.

2nd trade. 15 min did have a hammer after a positive close but no follow through higher. We then had an evening star pattern (see candlesticker link), flag, lower high at the 4 hr SR area 6280. With a trade in the bank and 5 day ATR exceeded Mrs V requested we bank +30.

Wait 20 minutes and try again

Sometimes works pretty much to order. The x's show peaks and the arrows up the higher lows by and large 20 minutes later.

London Close trades

Vic Noble published these returns from Shirley. Obviously they are her returns and no 2 traders will get the same. However 27% for the month from 1% risk is outstanding. I have to pay a lot more attention to these trades it seems.

From Vic Noble's email:

I’ll keep this short: If you want to see just how good the
London Close Trade strategy can be, take a look at this
week’s video. To say it’s impressive would be a massive
understatement. It was made in response to a member question.

You can view this week’s video here, cut and paste into your browser in need:
http://www.youtube.com/user/forexteam#p/a/u/0/lJoI7wkLNFk