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As simple as possible: 00 level trading

  • #34,941
  • Aug 23, 2017 5:33pm Aug 23, 2017 5:33pm
And yet another loss. I got the signal after price broke the 1.61750 and retreated so I placed a pending order there. If I had entered on the first cross, it would be BE. I probably should have removed the pending order when momentum started to reverse. Still learning.

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  • #34,942
  • Aug 23, 2017 5:34pm Aug 23, 2017 5:34pm
Quoting hbfx
{quote} Market is dead today. No trades
Yes, maybe I should have checked for your new post before I took the trade! But I may have made the mistakes myself as I mentioned above.
  • #34,943
  • Aug 24, 2017 5:23pm Aug 24, 2017 5:23pm
Don't see much happening today in Asia, just a lot of sideways action.
  • #34,944
  • Aug 24, 2017 6:13pm Aug 24, 2017 6:13pm
Craziness. For no reason I can see, the JPY took off 45 minutes after (what I think is) the Tokyo open. There was only Yellow JPY news but that was over an hour ago. I just watched.

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  • #34,945
  • Edited 4:23pm Aug 27, 2017 4:09pm | Edited 4:23pm
First post-holiday trades.

AJ +10 pips

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EJ +10 pips

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NJ +9.8 pips

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LuXing
Wisdom begins in wonder
  • #34,946
  • Aug 27, 2017 5:35pm Aug 27, 2017 5:35pm
Quoting LuXing
First post-holiday trades. AJ +10 pips {image} EJ +10 pips {image} NJ +9.8 pips {image} LuXing
Nice, you are apparently willing to trade earlier than I am; my spreads are quite high then. I only had one good possible trade later, but it violates the rules of this system. And I missed it anyway.
  • #34,947
  • Aug 28, 2017 7:27am Aug 28, 2017 7:27am
Quoting LuXing
First post-holiday trades. AJ +10 pips {image} EJ +10 pips {image} NJ +9.8 pips {image} LuXing
Class is no water!
Great welcome back master LuXing !!

Btw, have you changed a little your trade manager in the meanwhile ?
I noticed SL is halved on EJ & NJ trades, so I'm wondering if it was set smaller since the opening of the trades or it started as usual at 25 pips and then trailed the favorable move.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #34,948
  • Aug 28, 2017 8:20am Aug 28, 2017 8:20am
Quoting ericjschroed
{quote} Nice, you are apparently willing to trade earlier than I am; my spreads are quite high then. I only had one good possible trade later, but it violates the rules of this system. And I missed it anyway.
London is closed today, so I was not expecting much until NYO.
JPY was tanking right from Sydney Open.
I let CS values "stabilise" by not trading the first hour after market open.
Spread on AUDJPY was 3 pips at the time of entry, but momentum was strong enough to fetch 10 pips on most JPY pairs.
What rule did your good possible trade violate ?
Wisdom begins in wonder
  • #34,949
  • Aug 28, 2017 8:25am Aug 28, 2017 8:25am
Quoting bubincka
{quote} Class is no water! Great welcome back master LuXing !! Btw, have you changed a little your trade manager in the meanwhile ? I noticed SL is halved on EJ & NJ trades, so I'm wondering if it was set smaller since the opening of the trades or it started as usual at 25 pips and then trailed the favorable move. Best regards, Bubincka
AJ +5.1

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ECAD a bit overextended, but still good for +5

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All trades taken manually, that includes adjusted stoploss and take profit levels (set higher also due to cost of business/spread).

LuXing
Wisdom begins in wonder
  • #34,950
  • Aug 28, 2017 8:52am Aug 28, 2017 8:52am
Quoting LuXing
{quote} AJ +5.1 {image} ECAD a bit overextended, but still good for +5 {image} All trades taken manually, that includes adjusted stoploss and take profit levels (set higher also due to cost of business/spread). LuXing
Thank you for your reply. My question was more on how you choose stoploss for each trade. I see sometimes it is around 20 pips, other times it's 10 pips...

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #34,951
  • Aug 28, 2017 11:08am Aug 28, 2017 11:08am
Quoting bubincka
{quote} Thank you for your reply. My question was more on how you choose stoploss for each trade. I see sometimes it is around 20 pips, other times it's 10 pips... Best regards, Bubincka
In full automatic mode, I have set it to 25 pips. This is too much for turtle pairs, sometimes too little for fast movers.
Since most of my trades are taken in semi-automatic mode I will usually change this stoploss value.
The following are the main factors for me it will depend on;

1. the session: M30/H4 moves during the Asian session tend to be much smaller than during London
2. the pair traded: EURAUD, EURCAD, GBPAUD, GBPCAD have notoriously big swings as opposed to turtle pairs like i.e. EURCHF
3. levels: daily open, previous H1/H4 high or low, daily open, a bit of S/R, etc. etc. Discretion basically.

The trades I posted were not 100% according to the automatic safe mode criteria, therefore I was not prepared to use the standard TP/SL levels.

Hope this helps, any questions do not hesitate !

Happy trading,
LuXing
Wisdom begins in wonder
  • #34,952
  • Aug 28, 2017 3:11pm Aug 28, 2017 3:11pm
Quoting LuXing
{quote} What rule did your good possible trade violate ?
The pair was above the DO but heading sharply down for a good sell opportunity, but I am still learning and the momentum system I am trying to incorporate would have taken that trade (sell). Main point for me is not to trade if I don't feel confident; preserve capital (even if it is demo right now). I will probably start trading 2 TO sessions and 4 NY since it fits into my new schedule but NY is trickier than LO, and TO even more. Oh, well, I will get this eventually.
  • #34,953
  • Aug 28, 2017 3:36pm Aug 28, 2017 3:36pm
And while sitting here watching, the AJ just plummeted 50 pips apparently due to something on the NZD (not Red news), which dropped 110 pips in one minute! Not sure if I'll get anymore trades in Asia now.
  • #34,954
  • Aug 28, 2017 3:48pm Aug 28, 2017 3:48pm
Quoting ericjschroed
And while sitting here watching, the AJ just plummeted 50 pips apparently due to something on the NZD (not Red news), which dropped 110 pips in one minute! Not sure if I'll get anymore trades in Asia now.
Nothing to worry about mate.
North Korea just fired a missile, thatīs all.
AUD and NZD are geographically nowhere near this mayhem, right ?

Attached Image


LuXing
Wisdom begins in wonder
  • #34,955
  • Aug 28, 2017 3:55pm Aug 28, 2017 3:55pm
the lesson: when there is no obvious financial news, but sudden very strong spikes in currencies then head to search the internet for the reason/news
there is always, always another trade!!
  • #34,956
  • Aug 28, 2017 5:17pm Aug 28, 2017 5:17pm
I also noticed that every time there is a burst of momentum, my demo account freezes for 1-3 minutes. Guess I'll have to watch the live account and see how that responds. Thanks, guys!
  • #34,957
  • Aug 30, 2017 7:16pm Aug 30, 2017 7:16pm
So far no trades for me. Asia is trickier (for a less experienced trader) and NY has had too much news during the time I can watch. Tick, tock, tick, tock.... watching and hopefully learning.
  • #34,958
  • Sep 15, 2017 12:57am Sep 15, 2017 12:57am
Someone here said that 00/05 levels are only lines in the sand to give us orientation. Despite I continue to prefer pending stop orders for this strategy, sometimes if you see enough impulse/momentum and increasing strength of one currency vs the other you can consider to jump in at market.
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Porta itineris dicitur longissima esse
  • #34,959
  • Sep 16, 2017 7:50am Sep 16, 2017 7:50am
Quoting bubincka
Someone here said that 00/05 levels are only lines in the sand to give us orientation. Despite I continue to prefer pending stop orders for this strategy, sometimes if you see enough impulse/momentum and increasing strength of one currency vs the other you can consider to jump in at market. {image} {image}
Exactly. I have been having better results using momentum but sometimes my trade goes toward the DO instead of away so I have not been posting any.
  • #34,960
  • Sep 23, 2017 11:09am Sep 23, 2017 11:09am
can someone tell me how they have compiled the ADR and ATR of 4 major currencies in profile template? thanks
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