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Like the London action, but can't stay up for it? Try this...

 
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worksmartandprosper

Like the London action, but can't stay up for it? Try this...

Have you seen the video about the overnight trade? I like the concept, but being up late is hard for me.

I like to draw a horizontal line on the Asian Session high and low before I go to bed. I live in the Central Time Zone. I usually get up at about 5 am. I essentially use the price action in the London Session to determine the direction I am going to trade, because EURUSD and GBPUSD have a tendency to repeat the price action from the London Session during the New York Session. For example, if during the London Session, the Asian Session High horizontal line is breached, I take an EURUSD buy trade at 5 am Central time in the same direction. Clearly, if the low is breached, I take a sell trade. My profit target is 10 pips. I have a 90% win rate with this. I do give it lots of room with a 50 pip stop, I'm going to test a 30 pips stop. You also have to be very careful that you don't run into a high volatility news event.

If you haven't seen the overnight trade setup video, it is well worth it.

Happy trading!

DJA

Thu, 06/01/2017 - 9:11pm
 
dlb89us1

WSAP- Catchy handle!

That's pretty clever, how did that occur to you or did you read it somewhere? It's really nice to find something that actually works for you and that you can depend on. 90% is dandy! No other special guidelines, you just check the level and enter the trade? I assume you put the 10 point TP and SL on and then go to work?
I can always use an extra 10 or 20 pips, so thank you for the info. I'll put it to work tomorrow!

Good luck and profitable trading!

DaveB