As simple as possible: 00 level trading
FOR ALL THE PEOPLE CHECKING IN..
WELCOME AND REALIZE THAT ALTHOUGH WE ARE IN THE COMMERCIAL CONTENT SECTION OF FF.COM, HERE IS ALL FOR FREE..
THE ONLY EXPENSES YOU WILL EVER HAVE, IS THAT WHEN WE EVER MEET, YOU PAY FOR A COFFEE
I have not been around for a while, and some people requested me how I trade nowadays, so I thought to present you with my “trading method”.
BTW: this “so called trading method” is nothing original, I invented nothing new here !!!
I post it in a Word doc., as I cannot stain my eyes too much, still having eye problems...
cheers and stay green!!
Edited: word doc
Twelve important posts:
post 711: http://www.forexfactory.com/showthre...35#post7518535 (how to plan living off forex earnings)
post 879: http://www.forexfactory.com/showthre...59#post7521659 (why people dont succeed in forex)
post 3215: http://www.forexfactory.com/showthre...87923&page=161 (system analysis)
post 8386: http://www.forexfactory.com/showthre...97#post7588997 (trademanager)
post 11470: http://www.forexfactory.com/showthre...53#post7614753 (no trade news indicator)
post 17292: http://www.forexfactory.com/showthre...86#post7713386 ( piece of mind indicator)
post 21460: http://www.forexfactory.com/showthre...79#post7870579 (how stable is your table ???)
post 23322: http://www.forexfactory.com/showthre...08#post7908308 (dashboard)
post 27751: http://www.forexfactory.com/showthre...08#post8139108 (PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
post 28362: http://www.forexfactory.com/showthre...15#post8157115 (the 4 entry levels on the 30M chart)
post 28750: http://www.forexfactory.com/showthre...76#post8166376 (the 30M template)
post 29138: http://www.forexfactory.com/showthre...81#post8179581 (professional attitude/business thinking by LuXing)
from a mathematical point of view:
say 8 hours of trading = 8 possible trading opportunities per pair * 2 pairs = 16 opportunities (4 pairs = 32 opportunities)
now I should be able to make 2 * 5 pips out of those dont I ??
that is why I dont feel any rush to start trading, I know the opportunities are out there...
SUMMARY TRADING RULES:
1. D1 & 1H candle color MUST be both red or both green
2. Entry ONLY the FIRST 00 level
3. Frankfurt open only .400/.500/.600 levels
4. London open all levels
5. No short @ .100 level
6. No long @ .900 level
7. No trading 1 hour before RED NEWS on the pair
8. No trading less than 30 minutes after RED NEWS in the pair
9. After 4 losses stop trading for the day
10. Higher probability at market opens (new money into the market
11. Check ADR
12. Distance to BRN > 10 pips (see 5 & 6)
13. Stop trading after reaching daily target
14. Stop Loss 10 pips
15. Take profit 5 pips
16. Trailstop 3.5 pips & Stoploss to BE @ 3.5 pips
17. Only pending orders
18. Trade higher ADR pairs only
19. My pairs EJ and GJ
20. only 1 trade per hour per pair
21. a mistake is 10 burpees
Indicators zipfile (mq4) in Post 4
As simple as possible 00 level trading.doc
As simple as possible 00 level trading - Turkish Translation.doc
UFX_FIFO RULES complete.ex4
Thank you for sharing.
I can't find a rule about SL ... How you exit your trade once you realised that you were wrong (price reverses before the TP) ?
sorry forgot to mention... My fixed SL = 10 pips.
Here the zipfile with indicators, the template and the experts.
WUKAR EA = hidden SL & TP It is called WUKAR, because it reminds me of what I need to do (Wake Up Kick Ass Repeat)
Wheelbarrel EA = trailstop EA , just put on one chart and it will work on all open charts.
Remember to trade only the pairs with bigger ADR and dont be greedy ..
My first trade of this morning... GBPJPY (besides the EURJPY, the only pairs I trade)...
Now waiting for the upcoming RED NEWS to settle..
Thank you for sharing Udine.
Thanks for the system Udine
Just a but confused about trading in the direction of the daily candle?
on you GBP/JPY trade, the daily candle must have been red upto the hour before your trade and then turned green, so do we trade the colour just before Frankfurt open?
the white line is the daily open line. Price = above the daily open line => daily candle = green = ONLY LONG !!..
if during the day the price goes below the daily open line the daily candle = red ... means ONLY SHORT ..
Got it now
2nd trade of the day. Daily target reached. Tomorrow another day.
Very interesting - will give it a test run
As you scalping for 5pips only, why don't you trade 5min tf?
Nice one, TRO horizontal lines trading, with H1 and D1 candle colour, great to see it working in action, I tried in the past but had mixed success, maybe just looking at one or two pair like you would be better.
Do you think your indis and system works also for Weekly/4H instead of Daily/1H?
That would be a much more confortable TF for my 9-5 job....
Thanks for sharing
No idea. try it and let us know
You could say that I check each new hour for a potential trade, until I reach my daily target.
sometimes I go for a bonus (extra trade(s)).
© Forex Factory