The Weekly Opening Range Method -
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thread: The Weekly Opening Range Method

  1. #11
    The W.O.R.M. Rules:
    Trade the Pound only.
    Await the first 18 hours to pass.
    ==gt; wait for 18 hours after beginning of week predied upon broker time?
    Place a buy order just above the range high and a market just beneath the low.
    ==gt; range high and range low is for the week just pass?
    If stopped out, replace the triggered order and wait patiently.
    ==gt; repeat exactly the exact same order as before?
    If reactivated, trade just as before.
    ==gt; exactly what exactly does this mean? Don't we just leave the order as is with all the TP and SL?

  2. #12
    Junior Member Oxrayjalok's Avatar
    10
    Sorry, but I presume , that FX market open at 12am GMT Monday (at midnight opens Australia and New Zealand, 1 hour ago (1am GMT) opens Japan etc.) so in the event that you say wait for initial 18 hour price station, it signifies 12am GMT 18hours = 6pm GMT on Monday. If your period is GMT 11 - it means that you need to wait to thuesday - 6pm GMT = 6pm 11 hours following your regional time... 5am Thuesday...

    The quote sign, which you posted before are from about 10am Monday GMT I think... - 3 hours following EUR zone opens (two hours following UK opens). Why not... - this might be a good price channel too, but this isn't 18hours from FM market opens...

    First of all, we must corretly defined rules - especialy price high and low - greater denoted to GMT time - as opposed to we might have greater outcome together.

    PaJaSoft

    PS: I think, Oanda allows trade during whole weekend, but this is simply through their coping, not on ECN/ECB... (see liquidity:--RRB-)
    http://www.worldmarkethours.com/Fore...,1,1,undefined

    From the above site, it shows the weekly forex market opens in Sunday, 21:00 GMT when New Zealand opens at Monday, 10:00 am their regional time (GMT 13).

  3. #13
    Junior Member Oxrayjalok's Avatar
    10
    nuum,
    I'm not certain what you mean. It's 18 hours in the open. I'm supposing the market opens in precisely the exact same time everywhere.
    I trade with Oanda and utilize 3 hour candles. I mark the opening range range as soon as the 6th candle closes (9.00pm Monday - Melbourne period which will currently be GMT 11).
    Hope this helps

    Ken
    in case the end of the first 18 hours is 9:00pm Monday Melbourne time, that means the start of the first 18 hours is 3:00am Monday Melbourne period (GMT 11), or 16:00pm Sunday, UK time (GMT).

  4. #14
    Junior Member
    21
    http://www.worldmarkethours.com/Fore...,1,1,undefined

    From the above website, it reveals the weekly Foreign Exchange market opens at Sunday, 21:00 GMT if New Zealand opens at Monday, 10:00 am their regional time (GMT 13).
    Why not... however 21:00 (9:00 pm) GMT Sunday 18 hours are not 10 (10am) GMT Monday...:--RRB- but just 13 hours...

    that I backtest this method to May 2004 (contains someone1hours TF information for older session? I've just 4 hours before 12 May 2004) and that I think, that it has some potencial. I presumed too, that the good opening price range (station ) is from open FX market and 10:00 GMT (after fist third of EUR session)...

    But second half of 2004 year was quite bad with this... may be a optimalization (maybe not S/L and T/P, however aditional principles for protected profit) assist with this (without plundering current profit)... I'll research futher...

  5. #15
    Junior Member najat_ls18's Avatar
    28
    Why not... however 21:00 (9:00 pm) GMT Sunday 18 hours are not 10 (10am) GMT Monday...:--RRB- but just 13 hours...

    that I backtest this procedure to May 2004 (has someone1hours TF information for older session? I have just 4 hours prior to 12 May 2004) and that I think, that it has some potencial. I assumed also, that the good opening price range (station ) is from available FX market and 10:00 GMT (after fist third of EUR session)...

    But next half of 2004 year was quite bad for this... could be a optimalization (maybe not S/L and T/P, however aditional principles for secure profit) help for this (without any plundering current profit)... I'll research futher...
    PaJaSoft,
    Thanks very much for your efforts. I anticipate any purely mechanical system will have endure extended drawdown sooner or later and the W.O.R.M will not be any different. But I am keen to receive more information on its inferior performance in 2004. Specifically how your backtesting was conducted and the exact level of drawdown. If anybody can back test farther back than 2004, that would be a wonderful help and much appreciated too.

    For today. The buy limit is 1.9760 and the market is 1.9714.

    Ken

  6. #16
    Junior Member Verokika99's Avatar
    28
    I must admit I pinpointed my 100 pips TODAY! Thank you for your egy along with your diary.

  7. #17
    Junior Member najat_ls18's Avatar
    28
    Likewise.. .out for 100 additionally.
    2007 Profits: 250.
    See you next week.


    Ken

  8. #18
    Junior Member
    21
    Likewise.. .out for 100 also.
    2007 Profits: 250.
    See you next week.


    Ken
    Good job equally, but be cautious and ready to shed all in following weeks... - at the background there were months with greater that 300pips drawdown... (and year 2005 has overall profit just win of 2 races...)

  9. #19
    Junior Member
    21
    As I anticipated... both rankings of the week was in lost.

    Good luck in next week.

  10. #20
    Junior Member najat_ls18's Avatar
    28
    As I expected... both positions of the week was in lost.

    Good luck in next week.
    PaJaSoft,
    Yes, The W.O.R.M was stopped out twice so I'm out until next week.
    Any chance of you posting additional information of past drawdowns? Such data might be quite helpful to my ongoing research into this idea.


    2007 profits: 150 pips.


    Ken

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