The First Friday Pattern

Scorpion
3906

This is known for years but almost forgotten one, so here it is the eurusd pattern on first Friday of every month. The moves are easy to predict, as most of them were sharp down trends. So what is the next move on April 7th 2006? Down again right?

ttt123
105
ttt123  

The First Friday Pattern is a Fact, the question is: what indicators do you use to identify and to trade it?

REGARDS

Scorpion
3906
Scorpion  

Trend following systems should be used that day. And, RSX is a good indicator. Buy when it crosses up 50 level and sell when it crosses down 50 level.

gazuz
1264
gazuz  

So at what time would you look at the RSX? the times seem to change a lot... I usually don't trade on friday's because they mess up my indicators, false moves etc. Just like on a monday after a weekend, the numbers usually go crazy...

Let me know when you actually look at the RSX because I would have traded differently from what I understand

Scorpion
3906
Scorpion  

Gazuz, take a look at the charts again. You'll notice that all those big moves are ignited at 12:00 GMT if not 5:00 GMT, so that's the perfect time to turn anything on. It's best that your system open two trades maximum; one will likely catch the move.

If you play at BetOnMarkets, play 'Up or Down' game before 12:00 GMT/5:00 GMT. Set the touch price 100 pips away for 7 days period. That's 5% to 10% profit when I played a few months ago.

The only problem is that 5:00 GMT and 12:00 GMT are too early in morning for Americans. It's sleeping time, right?

gazuz
1264
gazuz  

I am on the west coast and right now we have a 9 hour difference (GMT -9) because of daylight savings, but this will soon change within 2 weeks I believe. So the first time is ok for us, 5:00GMT is 20:00 and will be 21:00 though the 12:00GMT will be 3:00 and will be 4:00 so that can't be very good for us..

Anywho news aren't quite working out for me, they remind me too much of the stock market

Scorpion
3906
Scorpion  

So you lost in stock market because of news? Alexdander Elder points out that trading the news is very good if you can read the bull & bear's reaction. Sometimes, it's good news, but the reaction is the opposite. His book Come to My Trading Room is an interesting read.

gazuz
1264
gazuz  

Problem is, I am not a news person... It would take a long time and many many hours of trading using the news. News isn't anything mathematical, I preffer making a technical system that will win whatever be the news, if the market goes down it'll notice a change a in trend and sell, etc. Some systems, however, I check the news and see if a big move is coming, and I don't trade within a 3 or 4 hour radius of that move so it doesn't mess up the indicators

gazuz
1264
gazuz  

I will be trying this system as I now have a news breakout system..

You'll be able to find it here:

https://www.mql5.com/en/forum/194171

KeithN
56
KeithN  

Hi All,

It is great to be part of your community and to have the opportunity to tune into some excellant trading minds.

Regards to all,

KeithN