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Thread: The Weekly Opening Range Method

  1. #1

    The Weekly Opening Range Method

    The W.O.R.M. Rules:
    Trade the Pound only.
    Wait for the initial 18 hours to maneuver.
    Set a buy order just over the range high and a market just below the low.
    TP 100
    SL 50
    If stopped outside, replace the triggered order and wait patiently.
    If reactivated, trade just as before.
    Quit for your week if stopped out a second time.
    Quit for the week Whenever TP is struck.
    Don't move the TP or SL.
    Close any open orders following weekly close.

    Monday 8/1/2007
    Buy order hit 1.9354
    TP hit 1.9454. Week over on Tuesday.
    2007 Profits: 100 pips

  2. #2
    Buy order at 1.9672
    Sell order at 1.9570

  3. #3
    You wait for18 hours
    Can you tell: 18 hrs from what time is it? Can it be in GMT?

    Thank you very much for sharing.

  4. #4
    Hello, I also trading with weekly range as my advice of TREND..Looking forward to your diary. .

  5. #5
    Quote Originally Posted by ;
    Buy order at 1.9672
    Sell order at 1.9570
    Thank you for your sign!

    I initially read your articles at Part Time Wealth Building Trading System - Weekly Scalping thread and decided to follow your system. Last week I was stopped out since I used wrong range of information. I was not able to find out which is the initial 18 hours for this particular method and tried to use information range according to 18:00 GMT which was wrong, I realized that later.

    Now I put my pending orders (live) both with your article and after I did it I found this thread and your article confirmed that I successfully figured out the right entry points this time.

    Thank you for sharing your system, I strangely will accompany it

  6. #6
    Buy order triggered at 1.9672 then shaken out to 50 pip reduction 8 hours later.
    Buy stop re-entered and re-activated in 1.9672 twenty hours after the shake-out.
    No initial breakout again. We may be led for the first shake-out that was double.
    Or maybe not. Its time to sit on our hands again and allow the market do its thing.



    Ken

  7. #7
    I believed I was in trouble this time. So much for my analysis. The 2nd long position hit its limit at 1.9772. 100 pips up on the commerce. 50 pips around for the week.
    2007 Profits:150 pips.
    See you next week.


    ken

  8. #8
    Quote Originally Posted by ;
    you wait for18 hours
    Can you tell: 18 hrs from what time is it? Is it in GMT?

    Thank you very much for sharing.
    Nuum,
    I am not certain what you mean. It's 18 hours from the open. I am supposing the market opens at the same time everywhere, regardless of the time zone.
    I trade with Oanda and utilize 3 hour candles. I indie the opening range range as soon as the 6th candle closes (9.00pm Monday - Melbourne period that would currently be GMT 11).
    Hope that this helps

    Ken

  9. #9
    Quote Originally Posted by ;
    nuum,
    I'm not certain what you mean. It's 18 hours in the open. I'm supposing the market opens regardless of the time zone, at the identical time everywhere.
    I exchange with Oanda and use 3 hour candles. So I mark the opening range range as soon as the 6th candle closes (9.00pm Monday - Melbourne time which would currently be GMT 11).
    Hope this helps

    Ken
    Sorry, but I thinkthat FX market open at 12am GMT Monday (at midnight opens Australia and New Zealand, 1 hour ago (1am GMT) opens Japan etc.) so if you say wait for initial 18 hour as price station, it signifies 12am GMT 18hours = 6pm GMT on Monday. If your time is GMT 11 - it usually means you have to wait to thuesday - 6pm GMT = 6pm 11 hours following your neighborhood time... 5am Thuesday...

    The quote sign, which you submitted before are from approximately 10am Monday GMT I believe... - 3 hours following EUR zone opens (two hours following UK opens). Why not... - this might be a fantastic price channel too, but this is not 18hours out of FM market opens...

    to start with, we have to corretly defined rules - especialy price high and low - greater denoted to GMT time - and than we might have greater result together.



    PS: I believe, Oanda allows trade during entire weekend, however this is only through their coping, not to ECN/ECB... (see liquidity:--RRB-)

  10. #10
    PaJaSoft,

    I agree with the addition that IB FX begins the weekly operation on Sunday at 23:00 GMT this year but they started on Sunday 22:00 GMT last year.

    BTW, distinct brokers use slightly different opening and final time so much as I experienced.

    I feel that the point is that Pip Rage marks the opening range at 21:00 Monday Melbourne time that's 10:00 Monday GMT along with the opening range begins if the broker in question begins the weekly trading.

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