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Hi,
I already asked a somewhat similar question on this forum. But still I'm having doubts and questions, about how
to interpret the patterns that are based on opening gaps. Here's 3 potential ways to approach this, that I have in mind:
1. Treat every BO bar as an opening gap.
My problem here is that, when such thing happens towards the end of the US-session, intuitively I feel that this should not be approached in the same way.
2. Take the difference between the end of the Us-session, end the start of the European session the next day.
In case there is a substantial difference, consider this an opening gap.
3. Just ignore all the setups that are based on opening gaps for Forex.
Are there members on this forum, who have succesfully been trading Forex intraday (5 min chart)?
All reflections are welcome!
Greetings
Marvin
Encyclopedia is more emini focused, so you need revisit the forex course videos on the open for more details. For intance, in video 48A, Al says that the open has meaning for an instrument with a daily session, like the emini, not for forex which is a continous MKT and rarely has gaps. Because forex sessions usually end with a TTR, you can consider the breakout of this TTR as the open of the session... as I said, this and more in the videos.
Hi Marvin,
What usually works for me is to count the gap from the MA i.e. take the MA as the close of the prior bar.. So if the first bar of the sessions, let's say US session, is above the MA, I count it as Gap up open.
It has worked for me most of the time.
All right. I'm still very early in the course. So probably just finishing the whole course will answer a lot of my questions.
Have thought about learning to trade the Emini also, but with my working schedule, that's not an option at this point.
Will keep your tip, to consider the BO of tight TR between European and US session as opening gap, in mind.
Thanks a lot.
@shubbamgmail-com
Thanks for your response also. So for instance, in the chart I attached of todays EURUSD-chart, the blue circled bull trend bar could be considered as such?
Hi Marvin,
Sorry for such a late reply.
That bull trend bar is across the EMA, so no I won't consider it such. But the last bull trend bar in the blue circle (the one just before the bear bar) if that is the first bar of the opening session (london session for ex) then I would consider it a gap up bar, since it is above EMA). And so if you go according to Al's trading the open patterns, you would have made a profitable trade with a H2 buy.
Hi, would someone please give me a link to purchase and download the encyclopedia?
Hi Stephen,
I see you bought Encyclopedia Ok on the 17th. But note you cannot download product (as for course videos), thanks to the rampant piracy on the Internet.
