Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Trading Systems and Strategies
London Forex Open Breakout Forex System - Journal
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="xSPACECOWBOYx, post: 21184, member: 4895"] Hi joshhart Sorry about the loss, but you really do need to adjust your s/l. Playing the London breakout strategy is all good and plays well with many pairs. Although i would recommend looking to gain no more than say 20 pips and keeping my stops just above previous highs shorting,and just below previous lows buying. This whole set up on the GBP/USD for a breakout was wrong (sorry to say). I just think you need to adjust your time frame and look at the bigger picture, also i would highly recommend staying away from the GBP/USD until you get more confident in your method. Most of my trades focus around price action and breakouts but the conditions still have to be right. Heres a bit of a briefing on the GBP/USD : After the euro, this is the most popular currency pair to trade. It's volatile intraday and long term. Spreads and liquidity are far below EUR/USD and USD/JPY, even in the best of times. The London session is best for trading GBP/USD. During the Asia time zone, GBP/USD is hard to trade in large sizes because liquidity is less and its spreads are inconsistent. GBP/USD is the single biggest reason people who lose money trading currencies lose. Range trading strategies are not recommended, neither is scalping. GBP, just like GBP/JPY, is a great breakout and momentum currency. Market makers usually do a better job in GBP/USD during the Asia time zone as they understand that GBP/USD trading is where the majority of people lose money so they are willing to offer fixed spreads or tighter spreads during the Asia time zone. However, when this currency pair does move, usually during London session, it is heavily re-quoted by market makers thus offsetting their initial advantage of fixed or tight spread during the Asia session. Good luck with your trading joshhart all the best …xspacecowboyx [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…