East Coast Cable Sleepover Strategy
Name: East Coast Cable Overnight Strategy Why: It works when we sleep on the East Coast of the United States
Okay – I’ve used this strategy in the past, but have now started thinking about some modifications. I hope the community can get a hold of this and help with some testing and improvements. As with everything, I can't guarantee this will work, but it should be fun to try. I want to continue to hold GBPUSD, but other currency pairs are ok, but I'm not sure how many pips are needed to place an order. Furthermore, it's crazy how complex we can make it, but for the sake of simplicity, let's focus on basic and simple practices.
concept:
I've noticed that the market is pretty calm between 21:00-24:00 ET - usually staying within a small range. My idea is to take advantage of this range and place orders above and below this range. My old system expected a market breakout, but often didn't. In fact, it seemed just to test me, grabbing my order and then falling back to the starting level, causing me to lose money. It always seems to make the wrong move.
Examples are the best way most of us understand. Let’s take last night as an example.
In the last few hours from 23:00 to 24:00 that day, GBP/USD trended around 1.9900. The price we set is the basic price.
Order 1: Sell 940 | Stop 980 | TP 900 (our base price)
Order 2: Buy 860 | Station 820 | TP 900 (our base price)
Last night - the market was up and could have gotten an order to sell at 940 - prices moved higher but did fall back to our base for a +40 pip profit.
detailed:
Sequence 1: Find the base level | Add 40 as the selling price, and another 40 as the stop loss price targeting the base. Sequence 2: Find the base level | Subtract 40 from the buying price, and then subtract 40 as the stop loss price targeting the base.
Cancel other unfilled orders between 9:00-10:00 AM EST. Additionally, if the trade is active, the stop loss may be moved to BE or +1 pip.
Result: last week
Thursday 4/26 1.9910 B870 ST830 TP910 +40
4/29 Sunday 1.9950 B910 ST870 TP950 +40
4/30 Monday 2.0000 S040 ST 080 TP000 +40
5/1 Tuesday 1.9975 B935 ST895 TP975 -40
5/2 Wednesday 1.9000 S940 ST980 TP900 +40
Now - we can start doing a few things.
1- Backtesting and EA development
2 – Study identification methods (signals that improve fundamental prices). Tuesday night, for example, is a loser - perhaps because the trend is down during those times. Maybe we can find a way to say that if the volatility over the last 2-3 hours is between
3 – Treat this as a base trade – but treat similar trades or ranges as additional trades. For example, instead of 40 points, it is 60 points
Let's start our journey...
Okay – I’ve used this strategy in the past, but have now started thinking about some modifications. I hope the community can get a hold of this and help with some testing and improvements. As with everything, I can't guarantee this will work, but it should be fun to try. I want to continue to hold GBPUSD, but other currency pairs are ok, but I'm not sure how many pips are needed to place an order. Furthermore, it's crazy how complex we can make it, but for the sake of simplicity, let's focus on basic and simple practices.
concept:
I've noticed that the market is pretty calm between 21:00-24:00 ET - usually staying within a small range. My idea is to take advantage of this range and place orders above and below this range. My old system expected a market breakout, but often didn't. In fact, it seemed just to test me, grabbing my order and then falling back to the starting level, causing me to lose money. It always seems to make the wrong move.
Examples are the best way most of us understand. Let’s take last night as an example.
In the last few hours from 23:00 to 24:00 that day, GBP/USD trended around 1.9900. The price we set is the basic price.
Order 1: Sell 940 | Stop 980 | TP 900 (our base price)
Order 2: Buy 860 | Station 820 | TP 900 (our base price)
Last night - the market was up and could have gotten an order to sell at 940 - prices moved higher but did fall back to our base for a +40 pip profit.
detailed:
Sequence 1: Find the base level | Add 40 as the selling price, and another 40 as the stop loss price targeting the base. Sequence 2: Find the base level | Subtract 40 from the buying price, and then subtract 40 as the stop loss price targeting the base.
Cancel other unfilled orders between 9:00-10:00 AM EST. Additionally, if the trade is active, the stop loss may be moved to BE or +1 pip.
Result: last week
Thursday 4/26 1.9910 B870 ST830 TP910 +40
4/29 Sunday 1.9950 B910 ST870 TP950 +40
4/30 Monday 2.0000 S040 ST 080 TP000 +40
5/1 Tuesday 1.9975 B935 ST895 TP975 -40
5/2 Wednesday 1.9000 S940 ST980 TP900 +40
Now - we can start doing a few things.
1- Backtesting and EA development
2 – Study identification methods (signals that improve fundamental prices). Tuesday night, for example, is a loser - perhaps because the trend is down during those times. Maybe we can find a way to say that if the volatility over the last 2-3 hours is between
3 – Treat this as a base trade – but treat similar trades or ranges as additional trades. For example, instead of 40 points, it is 60 points
Let's start our journey...
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