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As simple as possible: 00 level trading

  • #35,161
  • May 22, 2020 4:18am May 22, 2020 4:18am
Gud morning @all!

Today I wanna show what I'm looking for before I set up my Trades.

After my charts are ready (I'm using special profiles) I'm looking for breakout patterns. This morning there were some of these patterns even. Next step is to set and forget. Here we go!

The screenshots below hopefully are clear enough to show you what I mean. But I didn't wait though till price did reach one of the respective price levels, have set my pending orders online.
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So then I sat back and enjoyed my breakfast.

The horizontal line shows where a possible entry point could be. The 1st line (if there is any) in each chart is too early, I'm not up at this time still sleeping.

EJ short @09.34 am
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AU short @09.35 am
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AJ short @09.35 am
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EU short @10.06 am
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So far so good about the pending orders. Oh, wait, here's something to show how you shouldn't act at all. If there is absolutely no clear breakout or price action, do not enter into the market except you wanna lose some money!

NU long @09.08 am
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Usually, that price action would have been enough to move to the target, but not Kiwi and especially not during the Frankfurt session.

Ok, I'm already talking about PA (which stands for price action). That's also something can be happening without a prior pullback or just because of a pullback. In my case, I couldn't enter into the market prior to the respective levels accordingly to the system rules. Hence, I set up the entries on the next possible level.

GJ short @10.10 am
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GU short @10.12 am
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That was an interesting start for today. Let's see if there is still something gonna happening this afternoon.

I hope I put in here something informative for you to read which possibly might be useful for your daily trading.

Gud luck guys and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,162
  • May 26, 2020 9:09am May 26, 2020 9:09am
Hello everybody!

Yesterday should have been a no trading day because of GB & US Bank holiday but, if you know me already, then you know I'm always around looking for an opportunity. And, although the market was not easy going, I really got my chances. However, I also had to pay for my stupidy. Not listen to the market or what the chart tells is being penalised immediately.

Yesterday all spread was higher as on "normal" market conditions. The highest spread was for GJ. EJ was at that respective time @25 pip.
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About my trading, no win and no loss, at the end just equal because of my stupidity.

UF long @08.47 am
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AU short @10.46 am
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The red marked bar signalized to cancel that trade immediately. I ignored the warning and got penalized.

EC long @01.26 pm
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Yeah, I mean there were still 2 other trades on that system but not accordingly to all rules, therefore, still some green pips at the end.

Now I still want to show you some charts on how you can recognize the patterns I am looking for because this might be the last week of being here since the world slowly is going back to normal, just like me, back to our many projects.

On the picture below you see the entry levels. I always prefer an entry on level 1 or level 2. The chance that it will become a winner is >90% while level 0 and level 3 is just 50/50. But finally, the overall picture matters!
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And here are some more examples. Just have an SMA10 close and a Corel 20 indicator additional on your chart. Since this system is a "Trend following system" you just have to check the Corel and SMA indicator as long as they are still in line with the other rules of the system.
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Always be careful and be aware of not entering into the market when the two lines come closer to each other. Just do some demo trades till you're familiar with it.

Gud luck guys and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,163
  • May 26, 2020 10:22am May 26, 2020 10:22am
Besides taking screenshots and showing, how the system works the best, I myself took some trades in the morning.

Just when the charts were present on the big screen I already saw all the setups. I immediately put 7 pending orders online. The only excluded pair was NU. The direction where the market will move was clear.
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AJ long @08.54 am
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GJ long @08.54 am
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EU long @08.58 am
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EJ long @08.58 am
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GU long @09.03 am
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After what happened yesterday I felt like a burnt child and maybe did overreact a little bit when I closed the open positions on AU & NJ because they did not make any further progress. But I didn't want to end up again with just nothing, therefore, safety first!

AU long @08.54 am
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NJ long @08.56 am
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Please keep on mind the above entry time of the trades shows the time when they have been triggered! And finally, today I stopped trading right away after the trades were in the green.

Gud luck guys and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,164
  • May 26, 2020 10:24am May 26, 2020 10:24am
Quoting JibalaPasan
Hello everybody! Yesterday should have been a no trading day because of GB & US Bank holiday but, if you know me already, then you know I'm always around looking for an opportunity. And, although the market was not easy going, I really got my chances. However, I also had to pay for my stupidy. Not listen to the market or what the chart tells is being penalised immediately. Yesterday all spread was higher as on "normal" market conditions. The highest spread was for GJ. EJ was at that respective time @25 pip. {image} About my trading, no win and no...
Jibala, just curious, i thought you make a living from trading. or do you trade only parttime beside your dayjob?
trading is like dancing, don't think and just listen to the music!
  • #35,165
  • May 26, 2020 10:42am May 26, 2020 10:42am
Quoting birdland
{quote} Jibala, just curious, i thought you make a living from trading. or do you trade only parttime beside your dayjob?
Hahaha, I could lay back even and do nothing. But who wants a life like that? Maybe you know or not, but there is still a team around our Master Nathalia. She always has new ideas and lots of projects hence, I have lots of projects too. While still at home I wanted to use the time to participate in the Thread.

Gud luck and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,166
  • May 26, 2020 11:09am May 26, 2020 11:09am
Quoting JibalaPasan
{quote} Hahaha, I could lay back even and do nothing. But who wants a life like that? Maybe you know or not, but there is still a team around our Master Nathalia. She always has new ideas and lots of projects hence, I have lots of projects too. While still at home I wanted to use the time to participate in the Thread. Gud luck and stay green always! Jibala
ah yes, i remember now nathalia. now its clear!
well, i also trade fulltime, but working from at home and have no boss (only the market);-)
trading is like dancing, don't think and just listen to the music!
  • #35,167
  • May 26, 2020 4:06pm May 26, 2020 4:06pm
Hello everyone,

Just installed the system.

My M-candles shows at 1440, 240 but not 60.

Please help.

Thanks
  • #35,168
  • May 27, 2020 12:08am May 27, 2020 12:08am
Quoting imanu01
Hello everyone, Just installed the system. My M-candles shows at 1440, 240 but not 60. Please help. Thanks
type in the field "TFbar" 60, then it should work;-)
trading is like dancing, don't think and just listen to the music!
  • #35,169
  • May 27, 2020 12:29pm May 27, 2020 12:29pm
Hello @all!

I hope you all have had an excellent (trading) day. Oh yeah, this day started with more or less mixed impressions when I was looking on my charts. I already had a winner but what was that? Holy sh*t, what you wanna trade if the leaders of the market are somewhere in the middle of no man's land? With Kiwi on top, I was looking for a setup and the only pair out of 8 was NJ. But ok, there were still some other opportunities.

The winner from last night (or better from the early morning). I've put the order online and went to bed.

UJ short @03.07 am
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The lost sheep somewhere in the middle of no man's land:
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What goes down also will go up again.

UJ long @09.14 am
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I took UF because of the very weak CHF.

UF long @10.47 am
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A bit later I got AJ & NJ since JPY has become weaker.

NJ long @11.16 am
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AJ long @11.16 am
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As soon as price action has come into the game the market started a nice rally. The picture was taken while the rally was in place already. It kept me very busy to do all simultaneously.
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To be continued in next post...
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,170
  • May 27, 2020 1:06pm May 27, 2020 1:06pm
...Continuation

Now I just post the charts of the trades I've taken.

AU long @11.16am failed but successful on 2nd attempt @12.21 pm
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GC [email protected] am
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EJ long @01.20 pm
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EU long @ 01.20 pm
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NJ short @05.36 pm
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AU short @05.36 pm
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Today was a very successful and profitable day again. I hope it was the same for you too.

Gud luck guys and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,171
  • May 29, 2020 11:28am May 29, 2020 11:28am
Hello everybody!

I hope, you've been trading successfully for the past couple of days and that you were milking the market. For myself, it did not work as expected therefore I had to switch to Plan B and that worked very well. Plan B is freestyle scalping with pure price action. And there was a lot of it, later on!

Why it didn't work for me? Yesterday and today the GBP was like the salt in the soup. It was missing at first! The GBP was not in line with the other pairs, it was playing its own fuckin game. Therefore I had to adjust my strategy.

What I did observe on the CSM, USD & JPY far away from each other with a correlation of < -90%. When they started to move, USD following the JPY to the top or opposite and the correlation turned to positive, the market started a rally. Exactly this has been mentioned by nasap long time ago already. If the leaders on top or bottom, then there is something gonna happen.

Okay, now let's see how I did yesterday. The CHF was weak that's why I've decided to sell it. Oh yes, I was violating the rules, I know.

GBPCHF long @10.44 am
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EURGBP short @10.45 am
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USDCHF long @10.51 am
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Not what we call a good start for the day. But then I saw on the CSM what eventually might happen, switched to the scalper mode and joined the rally. The result was amazing.
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The session of today:

Like what I wrote above, if USD & JPY are tending away from each other, just buy or sell USDJPY depending on where the base currency is.

USDJPY short @09.56 am
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AUDUSD long @10.01 am
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GBPUSD long @10.02 am (because USD was still weak)
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My entry should have been on the green arrow but I was still not present at that time.

EURGBP long @11.28 am (GBP decided to move to the south, therefore, I lost GU)
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Signal was present for AU and EG only. Again I joined the rally, as soon as USD and JPY were moving (like yesterday) which ended in a much better result than yesterday.
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Showing examples of trades could be a never-ending story. Some are successful while some others are not. That's the game. I hope you liked what I've presented here for the past couple of days. Now it's your turn.

Feel free to ask if you have any questions to Udines famous 00-level-system if not answered already in the thread. Therefore, you should make use of the search thread/forum function at the first.

Best of luck guys and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,172
  • Jun 7, 2020 10:39am Jun 7, 2020 10:39am
Quoting JibalaPasan
Hello everybody! I hope, you've been trading successfully for the past couple of days and that you were milking the market. For myself, it did not work as expected therefore I had to switch to Plan B and that worked very well. Plan B is freestyle scalping with pure price action. And there was a lot of it, later on! Why it didn't work for me? Yesterday and today the GBP was like the salt in the soup. It was missing at first! The GBP was not in line with the other pairs, it was playing its own fuckin game. Therefore I had to adjust my strategy. What...
Hi Jibala, thank you for all your charts posted. I tried the method from Maria by monitoring the Currency Strength Gap. It's still early to conclude but so far results are quite promising. And Excel RTD makes it convenient to build dashboard. Just one question for your take profit. I notice you still use 5 pips fixed? I remembered long time ago Natalia mentioned she used higher TP level (7 or 8 pips?). Is it calculated from each price action, or observation from statistics? What do you think for 10 pips TP from your experience? I know mathematically lower RR ratio can still make better result with higher hit ratio, but 1:1 RR is still emotionally sound for me. :-)
  • #35,173
  • Jun 8, 2020 1:02pm Jun 8, 2020 1:02pm
Quoting cogito
{quote} Hi Jibala, thank you for all your charts posted. I tried the method from Maria by monitoring the Currency Strength Gap. It's still early to conclude but so far results are quite promising. And Excel RTD makes it convenient to build dashboard. Just one question for your take profit. I notice you still use 5 pips fixed? I remembered long time ago Natalia mentioned she used higher TP level (7 or 8 pips?). Is it calculated from each price action, or observation from statistics? What do you think for 10 pips TP from your experience? I know mathematically...
Hello cogito,

great to hear you are on a good way improving your results! Nathalia was using special setups and TPs on her dashboard. She's using an algorithm for calculating TP depending on the strength of each pair.

My opinion for a 10 pip TP is a bit mixed. It may work if you can catch the entry on 1st level. But we also could see so many times that even on 1st level it just moved for 5, 6 or 7 pips. Thus at the end you personally may feel better because of the better win/risk ratio but if you really will have more in your account is another question. You can give it a try but in my opinion, it needs more screening time to find the right pairs going to move.

Best of luck and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,174
  • Jun 9, 2020 7:22am Jun 9, 2020 7:22am
Quoting JibalaPasan
{quote} Hello cogito, great to hear you are on a good way improving your results! Nathalia was using special setups and TPs on her dashboard. She's using an algorithm for calculating TP depending on the strength of each pair. My opinion for a 10 pip TP is a bit mixed. It may work if you can catch the entry on 1st level. But we also could see so many times that even on 1st level it just moved for 5, 6 or 7 pips. Thus at the end you personally may feel better because of the better win/risk ratio but if you really will have more in your account is...
Hi Jibala, thanks for your advice, I'll collect more trades and see for TP. Till now all trades in London Open are winners, but several losers in NY Open. Luckily these days I can work from home, so still have chance to trade in my job working hours, lol. Stay green!
  • #35,175
  • Jun 11, 2020 10:28am Jun 11, 2020 10:28am
Quoting cogito
{quote} Hi Jibala, thanks for your advice, I'll collect more trades and see for TP. Till now all trades in London Open are winners, but several losers in NY Open. Luckily these days I can work from home, so still have chance to trade in my job working hours, lol. Stay green!
Hi cogito,

my question why don't you show the deals you've lost that we can discuss what you did wrong on the entry?

Today the market was relatively quiet but that doesn't mean there was nothing to take home! Screening time of the CSM & CM was the key to get in in time.
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All 8 pairs to TP. Beside that I did some counter trades on USDJPY so my result for today is more than enough again.
Attached Image


Best of luck guys and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,176
  • Jun 12, 2020 6:53am Jun 12, 2020 6:53am
Easy setup, no need to wait or check any chart!
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#1 GBPJPY long @08.45 am
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#2 NZDJPY long @08.45 am
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#3 AUDJPY long @08.45 am
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#4 EURJPY long @08.45 am
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#5 GBPUSD long @08.48 am
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#6 AUDUSD long @08.52 am
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#7 NZDUSD long @08.52 am
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#8 EURUSD long @08.52 am
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I just took what I got offered!
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Best of luck guys and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,177
  • Jun 12, 2020 7:42am Jun 12, 2020 7:42am
Quoting JibalaPasan
Easy setup, no need to wait or check any chart! {image} #1 GBPJPY long @08.45 am {image} #2 NZDJPY long @08.45 am {image} #3 AUDJPY long @08.45 am {image} #4 EURJPY long @08.45 am {image} #5 GBPUSD long @08.48 am {image} #6 AUDUSD long @08.52 am {image} #7 NZDUSD long @08.52 am {image} #8 EURUSD long @08.52 am {image} I just took what I got offered! {image} Best of luck guys and stay green always! Jibala
hi JP,
i am trading only GU, having most of the time 5pip TP and need a trend in the m5 and m15 chart. so watching your posts everytime.
trading is like dancing, don't think and just listen to the music!
  • #35,178
  • Jun 12, 2020 11:59am Jun 12, 2020 11:59am
Quoting birdland
{quote} hi JP, i am trading only GU, having most of the time 5pip TP and need a trend in the m5 and m15 chart. so watching your posts everytime.
IIRC Udine started this thread and used an M15 chart from the very beginning. I'm used to it as well as I'm used to using the CSCM. There I'm watching USD & JPY how they are moving and of course their correlation to each other. That's important to me before I make a decision. And it works pretty well so far, no losing trades for the past couple of days. But I also have to state, the market is really generous in these days. It's not always like that and it will change again.

Best of luck and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #35,179
  • Jun 16, 2020 3:22am Jun 16, 2020 3:22am
Quoting JibalaPasan
{quote} Hi cogito, my question why don't you show the deals you've lost that we can discuss what you did wrong on the entry? Today the market was relatively quiet but that doesn't mean there was nothing to take home! Screening time of the CSM & CM was the key to get in in time. {image} {image} {image} {image} {image} {image} {image} {image} {image} All 8 pairs to TP. Beside that I did some counter trades on USDJPY so my result for today is more than enough again. {image} Best of luck guys and stay green always! Jibala
Hi Jibala, below are my 3 trades today within the first hour in LO, all winners. But please do advise me what you think compared to your trading method and how should I improve my trading. Thanks!

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Here is the simple dashboard I modified from forexgrail. On top it's the table to monitor if the Strength Gap greater than 3.5 or not. And I calculate strength in both D1 and H1 time frame because I feel strength calculated in D1 is not enough to catch short-term momentum. So only when both are greater than 3.5 then currency pair will appear. Actually it's the main reason I enter a trade. Below is the traditional D1 strength meter but actually I don't really care. As you mentioned before, it might be too late when it reaches higher than 7 or lower than 2 for example. And you see on top neither NZD nor JPY is that strong/weak yet when I entered.

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And this the trade for NZDJPY.

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So by the same logic, I entered trades for AUDCHF and NZDCHF. I didn't short CADCHF because Pivot Point is the obstruction before my TP (10 pips).

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  • #35,180
  • Jun 16, 2020 1:29pm Jun 16, 2020 1:29pm
Quoting cogito
{quote} Hi Jibala, below are my 3 trades today within the first hour in LO, all winners. But please do advise me what you think compared to your trading method and how should I improve my trading. Thanks!
Hi cogito,

first of all congrats to your results. 2nd there is not much more to say because a winner is a winner and that's what counts. We can not compare our trades or entries since we are using different trading styles and timeframes. The only advice I can give is to continue with your setups. Time will teach you and hopefully, you will become more and more familiar with it. After some time you will know all the pairs and how they do react and what times they work the very best.

Best of luck and stay green always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
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