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As simple as possible: 00 level trading

  • #34,861
  • Jul 9, 2017 8:55pm Jul 9, 2017 8:55pm
Good morning.. Selamat Pagi
Trade #1 EJ to TP
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  • #34,862
  • Jul 9, 2017 9:41pm Jul 9, 2017 9:41pm
Trade #2
AJ to TP
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  • #34,863
  • Jul 9, 2017 10:00pm Jul 9, 2017 10:00pm
Selamat pagi, Yaz

Good trade for you.

Did you pick up your trade only during the opening of the session? or you pick the pairs according the the strength on each hour?
  • #34,864
  • Jul 10, 2017 12:16am Jul 10, 2017 12:16am
Quoting Harrisonl
Selamat pagi, Yaz Good trade for you. Did you pick up your trade only during the opening of the session? or you pick the pairs according the the strength on each hour?
Hi Harrisonl

as u can see.. i prefer trade at the very beginning of H4 (1st 3 hour of H4 base on my broker time), IMHO, H4 has its own trend or sentiment and limit aka ATR/ABR. Im prefer H4 that trending at the very beginning. How u find it? i use strength meter for H4 to see the strongest and weakest of H4 at the beginning of H4.

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See when price reach its limit.. it stop moving any further and start retrace and close with upper wick.. Thats come from my observation.. of course there are not certainly happen everytime..

This is my mistake.. I've learn from it.. Price already at its peak and i make the entry.. I should wait for the next H4 trend to establish 1st and enter.
https://www.forexfactory.com/showthr...6#post10057496

hope this explain it
  • #34,865
  • Jul 10, 2017 12:44am Jul 10, 2017 12:44am
Quoting yazdgreat
{quote} Hi Harrisonl as u can see.. i prefer trade at the very beginning of H4 (1st 3 hour of H4 base on my broker time), IMHO, H4 has its own trend or sentiment and limit aka ATR/ABR. Im prefer H4 that trending at the very beginning. How u find it? i use strength meter for H4 to see the strongest and weakest of H4 at the beginning of H4. {image} {image} See when price reach its limit.. it stop moving any further and start retrace and close with upper wick.. Thats come from my observation.. of course there are not certainly happen everytime.. This...
Cool. Thanks for your info.

Mind to share your atr indicator?
  • #34,866
  • Jul 10, 2017 1:05am Jul 10, 2017 1:05am
Trade #1 GJ TP

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  • #34,867
  • Jul 10, 2017 2:33am Jul 10, 2017 2:33am
Trade #2 EJ SL

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  • #34,868
  • Jul 10, 2017 3:12am Jul 10, 2017 3:12am
Quoting Harrisonl
{quote} Cool. Thanks for your info. Mind to share your atr indicator?
sure.. here..
Attached File(s)
File Type: ex4 Average Candle.ex4   4 KB | 438 downloads

I miss my trade just now.. EA.. im quite bz now.. nvm.. still got plenty opportunity later..
  • #34,869
  • Jul 10, 2017 3:13am Jul 10, 2017 3:13am
Quoting yazdgreat
{quote} sure.. here.. {file} I miss my trade just now.. EA.. im quite bz now.. nvm.. still got plenty opportunity later..
Thanks Bro
  • #34,870
  • Jul 10, 2017 4:45am Jul 10, 2017 4:45am
Trade #3 EU BE

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  • #34,871
  • Jul 10, 2017 5:12am Jul 10, 2017 5:12am
Trade #4 GU SL

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  • #34,872
  • Jul 10, 2017 8:41am Jul 10, 2017 8:41am
Quoting Harrisonl
Trade #4 GU SL {image}
@Harrisonl
- 5% risk per trade is a sure way to drain your account. If you trade on a live account, start trading microlots until you see green numbers everywhere in your account history
- It only makes sense to use the Psylevel Dashboard if you put all 7 GBP pairs, all 7 EUR pairs, etc. etc. on. Since this will clutter up your chart, its advisable to do this on a separate chart

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- Why do you have a currency strength meter on your chart ?
GBP was nowhere near weak enough to short. If you want to use currency strength, as a rule of thumb the minimum difference should be 4-ish -> i.e. weak currency 2.0, strong currency 2.0 + 4 = 6. Its a rule of thumb but it will mostly keep you out of trouble.

Below a couple of examples of trades, with corresponding currency strength/weakness values.

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Best of luck with your trading.

LuXing
Wisdom begins in wonder
  • #34,873
  • Jul 10, 2017 9:10am Jul 10, 2017 9:10am
Woah.. Hi luxing..

Thanks bro.. u really help me alot with ur last post..
im really a slow man.. combine with you and others post like robinho, nasaf and many more.. it really open up my eyes.. about currency strength..


Thumbs up!!!
  • #34,874
  • Jul 10, 2017 9:18am Jul 10, 2017 9:18am
Quoting LuXing
{quote} @Harrisonl - 5% risk per trade is a sure way to drain your account. If you trade on a live account, start trading microlots until you see green numbers everywhere in your account history - It only makes sense to use the Psylevel Dashboard if you put all 7 GBP pairs, all 7 EUR pairs, etc. etc. on. Since this will clutter up your chart, its advisable to do this on a separate chart {image} - Why do you have a currency strength meter on your chart ? GBP was nowhere near weak enough to short. If you want to use currency strength, as a rule of...
Hi Luxing, thanks for your reply.

Dont worry, i am trading in demo. I dont dare to trade live before i can double my demo account. For psylevel dashboard, i thought i can use it to see the whether the pairs are in sync with each other. Sorry if i use this indicator in a wrong way.

Thanks for your info on the cuurency strength indicator. I learn a lot from your tips. I dont know I can do the calculation in that way. Appreaciate that.
  • #34,875
  • Jul 10, 2017 10:18am Jul 10, 2017 10:18am
Quoting Harrisonl
{quote} Hi Luxing, thanks for your reply. Dont worry, i am trading in demo. I dont dare to trade live before i can double my demo account. For psylevel dashboard, i thought i can use it to see the whether the pairs are in sync with each other. Sorry if i use this indicator in a wrong way. Thanks for your info on the cuurency strength indicator. I learn a lot from your tips. I dont know I can do the calculation in that way. Appreaciate that.
Hi Harrisonl

Instead of sync with two pair.. y not sync with more pair?? 5? 6? 7?
Just like luxing's picture above.. all pair of JPY in sync..
  • #34,876
  • Jul 10, 2017 1:31pm Jul 10, 2017 1:31pm
Quoting LuXing
{quote} @Harrisonl - 5% risk per trade is a sure way to drain your account. If you trade on a live account, start trading microlots until you see green numbers everywhere in your account history - It only makes sense to use the Psylevel Dashboard if you put all 7 GBP pairs, all 7 EUR pairs, etc. etc. on. Since this will clutter up your chart, its advisable to do this on a separate chart {image} - Why do you have a currency strength meter on your chart ? GBP was nowhere near weak enough to short. If you want to use currency strength, as a rule of...
LuXing, there are so many CC indies. What is the most profitable cc indi available in your opinion?
  • #34,877
  • Jul 10, 2017 2:00pm Jul 10, 2017 2:00pm
i see thread start to work again..very good..
so from me, one version of this system in automatic mode, enjoy, aple sets, test it, trade it on real if you whant, put your settings, and fiend best pairs.
Attached File(s)
File Type: rar shumikea.rar   38 KB | 646 downloads
  • #34,878
  • Jul 10, 2017 3:22pm Jul 10, 2017 3:22pm
Quoting tradur
{quote} LuXing, there are so many CC indies. What is the most profitable cc indi available in your opinion?
First and foremost, there is no such thing as a profitable indicator and no such thing as a profitable system.
There’s only profitable traders and they are the ones taking other trader’s money.
Indicators come in two flavours, lagging (the ones that depict the past x minutes, y hours, z days, …) and the ones that depict something that is real-time.
This Giraia currency strength indicator is a tick by tick based real-time indicator, displaying currency strength with reasonable accuracy AND with a strength difference between base and quote currency.
As mentioned in my previous post, taking a minimum difference of roughly >= 4 between the currency you sell and the one you buy will keep you out of a great deal of trouble.

Without going into too many details, taking into account the following criteria should greatly improve trade accuracy.

Watch:
- Candle Sync: how many EUR pairs out of a total of 7 are above the Daily Open and the H4 candle is green as well ?
How many CHF pairs out of a total of 7 are below the Daily Open and the H4 candle is red as well ?
- Strength Sync: how many EUR pairs out of a total of 7 have a difference of at least 4 between the base and quote currency ?

The sweetspot of these 2 criteria – depending on your appetite for risk – is probably 3-6.

Happy trading,
LuXing
Wisdom begins in wonder
  • #34,879
  • Jul 10, 2017 3:40pm Jul 10, 2017 3:40pm
Quoting LuXing
{quote} First and foremost, there is no such thing as a profitable indicator and no such thing as a profitable system. Theres only profitable traders and they are the ones taking other traders money. Indicators come in two flavours, lagging (the ones that depict the past x minutes, y hours, z days, ) and the ones that depict something that is real-time. This Giraia currency strength indicator is a tick by tick based real-time indicator, displaying currency strength with...
Thanks alot!

A little detail; Do you regard the new candle after the NY close as the daily open?
  • #34,880
  • Jul 10, 2017 4:29pm Jul 10, 2017 4:29pm
Quoting tradur
{quote} Thanks alot! A little detail; Do you regard the new candle after the NY close as the daily open?
Every self respecting broker should take NY close / Sydney Open as the Daily Open.

LuXing
Wisdom begins in wonder
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