As simple as possible: 00 level trading

Hi all,

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

CHEERS

UDINE

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!!

Udine

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

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) ?

FerruFx,

sorry forgot to mention... My fixed SL = 10 pips.

Stay green

Udine

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.

Thank you!

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?

thanks

Martin

Nope,

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 ..

simple..

Udine

Thanks

Got it now

2nd trade of the day. Daily target reached. Tomorrow another day.

Stay green

Udine

Very interesting - will give it a test run

Udine,

As you scalping for 5pips only, why don't you trade 5min tf?

No need. 15M or even 1H is enough time to set pending orders...

Stay green

Udine

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.

Yup, dont get greedy and you'll do fine

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

I may have missed a rule ... But why did you entered your 2nd trade so late while the price crossed multiple levels ... even after the 1st one was closed ?

No idea. try it and let us know

After the 1st trade, the next hour was up as well, but during that hour was GBP RED NEWS (Construction PMI) , so not trading that hour. I waited for the price to settle after the RED NEWS. The next hour was green as well, so new opportunity to pick up 5 pips.

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)).

Stay green

Udine