1 hour trading system

Quite a large range from Fridays close to the close of the first hour on the ftse. Could there be an opportunity to go long after 9am? Or would you prefer the short option bearing in mind the 54 point move?



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1st hour trading method

Best,
M.

gclark25,

I am an Estimator/Surveyor. I am freelance, but work mainly for 1 construction firm, based in Essex.

Probably haven't crossed paths though, as looking at scotland for a holiday and its a long drive!! A long drive!!

Nice to hear others are in the same position.

longterm_view wrote: Remo,

Many thanks for your quick and detailed reply.

I will stick to the 2-3 pips above to allow for IG. Your right about it reversing, it’s done that countless times in the 3 days I’ve traded it!!

I am only trading this system as I don’t have too much time.

I’m pretty resilient and I will keep trying, it works perfectly with my work and only takes up a few minutes each day.

I don’t really earn enough to Buy Updata and Metastock and I haven’t really got the time or space at home, but I am making changes. I am re-arranging my house shortly to buy a computer and a desk, I have an ipad and I find it impossible to trade off this. I am making changes at work so I do not have to price tenders at home in the evening, which should free up time for trading in the evening and looking for chart set ups. If I then start earning enough money I will buy Updata or Metastock.

I am amazed at how many different types of charts you view, gold, gbp/usd, azn, even wheat!!! You must spend hours searching for set-ups.

Many thanks.

OFF TOPIC SLIGHTLY

Hi LTV,

Having just read your post, alot of what you are saying resonates with myself also, in that I am not in a position to purchase updata etc, but its something I am working on as a projec - turning trading into more of a business rather than a hobby.

Something else struck a chord though in that you said you price tenders - and was wondering if you were in the same line of work as myself - Estimator for a construction company in Scotland?

Even made me wonder if we have crossed paths.

"I am amazed at how many different types of charts you view, gold, gbp/usd, azn, even wheat!!! You must spend hours searching for set-ups."

I love trading and spend most of my time on a computer looking for great set ups.
My wife is cool thou as she understands my passion so that helps.
Also having a pro software helps with finding things. makes life easier

" If I then start earning enough money I will buy Updata or Metastock."

If you make money from IG then theres no need to change your ways. Stick with them.


I like your style
Get paid to work and trade....so cool

I use this system occasionally as well, but not independently as remo suggests as I do like to trade other stuff and also learn more as well. I use the system with a few adjustments, which I am not advocating and obviously DYOR, but they are things that I apply to the system to find an optimal strategy for myself. Examples are:

1) I only trade the break one way (first break), so in your example on the FTSE yesterday I would have lost as opposed to your break even.
2) I wait until a few days haven't worked and then I trade using it. This I know probability wise is like flipping a coin, or roulette where each spin/toss is an independent event, but I am happy to use this method and ignore the technicalities of probability. For example, the DOW today from memory (no chart on me that I can check easily as at work) has had 3 unseccesful days in row using my system (DYOR) so I will be stumping up on it today when I get to check.
3) I look for other key support/resistance levels which may affect the trade. eg on the DOW today if it is inside the trading range highlighted by Remo yesterday, I would target the full profit with all of my position, if it is outside then I will take some profit off the table prior to hitting this level and have the stop adjusted tighter following a 1 miute chart.

As Remo said, if using something, test it and either continue testing it or using it over a longer term as anyone can have a bad week/month with any strategy.

Regards.

Remo,

Many thanks for your quick and detailed reply.

I will stick to the 2-3 pips above to allow for IG. Your right about it reversing, it’s done that countless times in the 3 days I’ve traded it!!

I am only trading this system as I don’t have too much time.

I’m pretty resilient and I will keep trying, it works perfectly with my work and only takes up a few minutes each day.

I don’t really earn enough to Buy Updata and Metastock and I haven’t really got the time or space at home, but I am making changes. I am re-arranging my house shortly to buy a computer and a desk, I have an ipad and I find it impossible to trade off this. I am making changes at work so I do not have to price tenders at home in the evening, which should free up time for trading in the evening and looking for chart set ups. If I then start earning enough money I will buy Updata or Metastock.

I am amazed at how many different types of charts you view, gold, gbp/usd, azn, even wheat!!! You must spend hours searching for set-ups.

Many thanks.