Hi all. 2-1 on Mon-Wed which is a good obviously positive. major issues gainning access to PC during day due to work routine. Entering trades on all 3 days at approx 11.AM based on highs and lows of the 8.00-10.00. Thursday and Fri no acess to PC so no traades. As a result, although i am keen to trade with thisand its game plan,it appears that it is unfortuantly not suitable for someone in my position. Any thoughts from fellow traders perhaps alternative markets at alternative times for example.
Hi wakelingp.
Strictly speaking, Big Ben, a variant of opening range break-out trading, should work on any market that has high daytime volume and an overnight closed period, price volatility increasing and setting significant high and low within the early period of trading according to the local time. The exact duration of the 'early morning' period could vary between minutes and an hour according to the market but in theory this might let you trade BBs on the US equity and certain commodities markets in our pm or Asian markets overnight.
But don't launch into this without some serious backtesting to check market dynamics do what the theory says and also to establish your stop and target parameters, plus any criteria for declaring the session a no-trade due to excessive risk.
Strictly speaking, Big Ben, a variant of opening range break-out trading, should work on any market that has high daytime volume and an overnight closed period, price volatility increasing and setting significant high and low within the early period of trading according to the local time. The exact duration of the 'early morning' period could vary between minutes and an hour according to the market but in theory this might let you trade BBs on the US equity and certain commodities markets in our pm or Asian markets overnight.
But don't launch into this without some serious backtesting to check market dynamics do what the theory says and also to establish your stop and target parameters, plus any criteria for declaring the session a no-trade due to excessive risk.
Hi ibetyou.
BB is a variant of ORBO trades, see above. As such they have to be day trades only, restoring you to cash to be ready for the open the next day. Running a BB position overnight doesn't make any sense, there is nothing in the entry pattern or direction that would confirm the basis for taking the extra risk.
However, there are plenty of longer-term trade patterns, mostly members of the swing trading family. If you're using a good one, I for one would love to hear the details.
BB is a variant of ORBO trades, see above. As such they have to be day trades only, restoring you to cash to be ready for the open the next day. Running a BB position overnight doesn't make any sense, there is nothing in the entry pattern or direction that would confirm the basis for taking the extra risk.
However, there are plenty of longer-term trade patterns, mostly members of the swing trading family. If you're using a good one, I for one would love to hear the details.
FTSE100 chart showed a BB win today, at least according to the controversial new Capital Spreads charts.
Unusually large BB range of 33.7pts, well over the 20d Av. of 29.8. BB Low was penetrated late, after 1100, managing a drop of only 18.0pts before 1pm, followed by a recovery 11pts into the range before a dramatic fall beyond the Close. Short targets of 18pts+ would of course not have been hit by 1pm, and tight stops still in place during the afternoon would have ended the day negative. On this sort of intra-day scale, a few point s really can make a difference.
The back-up markets were weaker - a positive slightly expiry at 1 at a 30 pip target/stop on the GBP/USD, but a stopped out result on the EUR/USD.
I am still trading the GBP/USD until the FTSE regains at least a 10-10 record of full-term trades in the last 20 - which cannot happen until Thursday this week at least.
Unusually large BB range of 33.7pts, well over the 20d Av. of 29.8. BB Low was penetrated late, after 1100, managing a drop of only 18.0pts before 1pm, followed by a recovery 11pts into the range before a dramatic fall beyond the Close. Short targets of 18pts+ would of course not have been hit by 1pm, and tight stops still in place during the afternoon would have ended the day negative. On this sort of intra-day scale, a few point s really can make a difference.
The back-up markets were weaker - a positive slightly expiry at 1 at a 30 pip target/stop on the GBP/USD, but a stopped out result on the EUR/USD.
I am still trading the GBP/USD until the FTSE regains at least a 10-10 record of full-term trades in the last 20 - which cannot happen until Thursday this week at least.
I got stopped out on the FTSE trade today - annoying - the first drop just missed my target and the retracement just got my stop.
This month has been poor all over for me - the currency pairs I've been trying to trade have been volatile mostly due to the debt problems in Europe and the US and my frustration has resulted in my discipline slipping badly.
Its amazing how poor trading can compound itself - thankfully I'm playing for pennies at the moment while I learn or try to learn to trade with greater consistency.
This month has been poor all over for me - the currency pairs I've been trying to trade have been volatile mostly due to the debt problems in Europe and the US and my frustration has resulted in my discipline slipping badly.
Its amazing how poor trading can compound itself - thankfully I'm playing for pennies at the moment while I learn or try to learn to trade with greater consistency.
pb8856
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What's controversial ? I just signed up for an account, is something up ?
splashy
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Are they controversial? I know i sent them about 5 emails today complaining about various things. I have yet to see that its a step forward at all...
The Caps charts have been exchanged for a new format as of this am. I actually like the clean design and the time period slider control at the footer, but the charts I looked at today were snapshots only, they were not updating as price changed, so no use whatsoever for trading. I am sure that's a glitch, not a design, nobody could be that stupid.
The old design was OK and virtually identical to Finspreads' charts.
The old design was OK and virtually identical to Finspreads' charts.
splashy
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i found that by the pm, the charts were updating ok.
I miss having a clock (although they persist in telling me i have one, i don't!), adx no longer has histogram option, and i also miss having a more detailed timescale along the axis so i can correlate what happened with timing - see what happened at 9.30am & 1.30pm etc. One or two other things were annoying me too...
I suppose sometimes you just have to take the time to get used to something new but so far, thumbs down from me. I'd switch to my other account but its with intertrader which uses exactly the same platform so they've changed too lol!
I've got a demo account with Smart Live Markets - you can spread bet using Metatrader4 which I really like. The charts are so much better than the Capital Spreads charts. I believe CapSpr charts are running using flash player which means if I've more than a few charts open they seize up and I have to reload them. Also the live account on SLM allows you to play from as little as 10p per pip so its great for trying things out on.
Hi wakelingp - I do like the design of the charts, and they have all the features I could wish for (except ability to place orders / trades direct from a level on the chart, that would be very impressive). But I was frustrated that on Day 1 the charts were not live, they were just snapshots, though that is remedied now. Many traders it seems are disappointed that charts have been changed but they don't do significantly more than the old ones.
I've been trading for quite a while on SML too Bartlby, & once you get used to them they are great. Unfortunately they don't do OCO so no good for BB unless you're keeping an eye on things & can close one trade manually.
Morning Tomorton, I'm still working on cable & have completed an exhaustive test on the last 9 months of last year. From my conclusions I'm going to re-appraise all this year so far & will then have 16 months of pretty accurate figures (all from 5min charts) for BB trades. I wonder what criteria you're using at the moments for your cable trades. Will report back in a week or so 
Hi Gelly - More than interested in cable - realised since the Arab spring and Greece debt issues that there may be times when FTSE100 just won't behave according to long-run patterns - traders too nervous to go long or short with conviction and any move getting under way fails more often than not. Therefore, I need a back-up market and have been using cable for this, EUR/USD would be second choice. Don't have much recent on GBP/USD so your input would be good, I intend to monitor all 3 for BB pattern completions so that I have a back-up for the FTSE with current performance data.
Currently using 30 pips as cable target and stop, all trades taken regardless of size of range, no trading on US holidays.
Currently using 30 pips as cable target and stop, all trades taken regardless of size of range, no trading on US holidays.
One big plus with the new charts is the alert feature splashy. Great if you want to move a stop to breakeven at some set point for instance. I've been using the IGindex text alerts (& trading on Capital!)
