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Simple & profitable: 00 horizontal line trading

  • #161
  • Dec 14, 2016 5:51am Dec 14, 2016 5:51am
Lots of 00 trades happening today.
Green pips to all.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #162
  • May 1, 2019 6:37pm May 1, 2019 6:37pm
Quoting TooSlow
Lots of 00 trades happening today. Green pips to all. Cheers!
Commercial content?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #163
  • Sep 10, 2020 4:04am Sep 10, 2020 4:04am
Hi TooSlow

Are you still trading this method?

I have tried it on demo. It is simple. I like it so far.

Why do you think people are not paying attention to this thread?

Betty
  • #164
  • May 2, 2021 11:56am May 2, 2021 11:56am
Quoting MyNameBetty
Hi TooSlow Are you still trading this method? I have tried it on demo. It is simple. I like it so far. Why do you think people are not paying attention to this thread? Betty
Just saw this today. Yes, this method is still part of my active trading. This thread does not have the attention getters that attract. CHEERS!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #165
  • May 26, 2021 10:14am May 26, 2021 10:14am
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Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #166
  • Jul 23, 2022 6:02am Jul 23, 2022 6:02am
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The method - it is simple.

 

  1. The trade is never entered in opposition to the candle colors of H1 and D1.
  2. The trade is entered in the direction the currency pair is moving at the 00 line.
  3. Profit is to be taken swiftly once the pair stops moving.
  4. Position size is risk/stop loss.


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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #167
  • Sep 18, 2023 2:06am Sep 18, 2023 2:06am
Hi Tooslow, are you still using this method to trade?
  • #168
  • Jan 3, 2025 9:52am Jan 3, 2025 9:52am
Quoting Booghie
Hi Tooslow, are you still using this method to trade?
Yes.

For some reason, this thread was placed in commercial content. I have no commercial interest.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #169
  • Jan 10, 2025 2:15pm Jan 10, 2025 2:15pm
Hi TooSlow,
I stumbled across udins and then your 00 thread a while ago. I really like the general logic behind the strategy. I share the assessment from your first post that a 10 pips sl 5 pips tp will be problematic in the long term. To reduce the fee factor, I concentrate on GU and EU only and on the volatile times of the day. In the trades you posted in your thread, I noticed that you always took profits at 5 pips and not "when price stop moving" as you describe in your post 1. In addition, some of your trades are well over 10 pips in the red before they turn into profit. I understand that you choose wide stops so as not to be stopped out by "market noise" and take small position size, but with the trades you show, you need an extremely high hit rate to be successful in the long term. That confuses me a bit because in your first post you wrote why the 5/10 tp/sl variant doesn't work in the long term. So how do you deal with this? Thank you very much for your answer!
  • #170
  • Jan 11, 2025 8:07am Jan 11, 2025 8:07am
Quoting AngryAces
Hi TooSlow, I stumbled across udins and then your 00 thread a while ago. I really like the general logic behind the strategy. I share the assessment from your first post that a 10 pips sl 5 pips tp will be problematic in the long term. To reduce the fee factor, I concentrate on GU and EU only and on the volatile times of the day. In the trades you posted in your thread, I noticed that you always took profits at 5 pips and not "when price stop moving" as you describe in your post 1. In addition, some of your trades are well over 10 pips in the red...
You can't tell when price stopped moving from a snapshot of a chart. Stop moving refers to the tick level.

One part of a trading plan should specify when to stop trading, as in session profit goal. The more lots you trade, the less number of trades per session you need. Some traders live on 5 pips a day.

The microlot traders don't have serious money in the game so they must earn 100 pips to buy a cup of tea or coffee. Forget about buying biscuits... Lol. Don't take that the wrong way, Mate. Better to start out trading a micro lot on a $1,000 account until you build up your trading muscles.

Making a quick 1 or 2 pips a few times in a few minutes and quitting for the session can will steadily build your account and more importantly, your confidence, over time.

Does that help, Mate?

Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #171
  • Jan 11, 2025 11:35am Jan 11, 2025 11:35am
Quoting TooSlow
{quote} You can't tell when price stopped moving from a snapshot of a chart. Stop moving refers to the tick level. One part of a trading plan should specify when to stop trading, as in session profit goal. The more lots you trade, the less number of trades per session you need. Some traders live on 5 pips a day. The microlot traders don't have serious money in the game so they must earn 100 pips to buy a cup of tea or coffee. Forget about buying biscuits... Lol. Don't take that the wrong way, Mate. Better to start out trading a micro lot on a $1,000...
That definitely help. Thanks for your fast answer. So risk reward ratio is not a deal for you at all. Instead you try to get high probability trades for just a few pips and quit as long as you are ahead. May I ask if you got a hard pip target for your session? What do you do with you start your session with a loss?
  • #172
  • Jan 11, 2025 1:51pm Jan 11, 2025 1:51pm
Quoting AngryAces
{quote} That definitely help. Thanks for your fast answer. So risk reward ratio is not a deal for you at all. Instead you try to get high probability trades for just a few pips and quit as long as you are ahead. May I ask if you got a hard pip target for your session? What do you do with you start your session with a loss?
Your question is about RISK MANAGEMENT.

Risk/reward isn't a factor when I enter.

There is per trade risk and per session risk. Per trade risk is anywhere from 10% to 33% of per session risk.

Pips do not pay the bills, dollars do. It's all about the money.

Let's say we are trading starting with a $1,000.00 account. Most traders would say not to lose more than 2% or $20 on a trade. How many dollars per pip do you want to risk? Let's say we don't want to lose more than $50 a day. And, to keep it even, let's shoot for a $50 a day profit.

A 4 minilot trade is $4 per pip. A 5 pip loss is $20 and we are out of the trade. Let's also grab $20 profit when we can.

What will happen if the session starts with a loss? The exact same as when the session starts with a win. We wait for the next signal to enter.

After getting ahead by 3 winning trades, trading is over with $50 or more profit. And the trading session is over with a $50 loss if the trades went against us.

When you feel hot or lucky and want to continue trading, it would be smart to reduce your lot size to 1 minilot and reduce your risk to $5. Consider this bonus time. Bonus time continues until a loss occurs. Then shut down your trading platform and come back the next trading day.

As your account size grows, your dollar risk may increase along with your lot size.

Agressive traders may trade with a risk of 5%. What are the odds they lose 20 times in a row? Their account has the potential to grow rapidly.

Once you get your risk management sorted out, you are on your way to being profitable.

Does that help, Mate?

Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #173
  • Jan 11, 2025 11:05pm Jan 11, 2025 11:05pm
Quoting TooSlow
{quote} Your question is about RISK MANAGEMENT. Risk/reward isn't a factor when I enter. There is per trade risk and per session risk. Per trade risk is anywhere from 10% to 33% of per session risk. Pips do not pay the bills, dollars do. It's all about the money. Let's say we are trading starting with a $1,000.00 account. Most traders would say not to lose more than 2% or $20 on a trade. How many dollars per pip do you want to risk? Let's say we don't want to lose more than $50 a day. And, to keep it even, let's shoot for a $50 a day profit. A 4...
I think that was the best answer I ever got regarding risk management! Thanks a lot.
  • #174
  • Jan 12, 2025 8:34am Jan 12, 2025 8:34am
Quoting AngryAces
{quote} I think that was the best answer I ever got regarding risk management! Thanks a lot.
You're welcome, Mate. There is more to it.

Risk and money management are separate from your trading method. You will see a lot of traders ask where is the SL and TP and say that's not a real system because it does not have SL and TP.

Where you place TP and SL will not affect the market. Once you put your money at risk, you goal is to remove the risk by exiting the trade with a profit if possible or to exit with a loss within your risk parameters.

After you enter a trade and price is moving rapidly towards your stop loss, do you just sit there and watch more of your money leave your account or do you close the trade and preserve the capital?

If your memory recalls the one time you exited early and price missed your stop loss by one point and went back in your favor, and you let that stop you from cutting your current loss, you may want to rethink your decision criteria.

Let's say you have a 10 pip SL and TP. If price goes against you 1 then 2 then 3 then 4 and shows no signs of stopping, exiting at -5 pips preserves half your risk for the next trade. Let's say price stopped at -9 and reverses . You can enter, the same trade, with a 5 pip SL at a better price! It's not really the same trade but you can look at it that way and see that if price returns to your original entry, you are ahead of the game.

People will say to not look at the P&L while trading. However, that's what matters most in trading. I concur, following your plan and executing flawlessly is important. Focus on the process and not the result is appropriate when you are learning and trading for pennies. When real money is on the line, your focus needs to change accordingly, IMHO.

Cheers, Mate!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #175
  • Last Post: Jan 12, 2025 9:08am Jan 12, 2025 9:08am
Quoting TooSlow
{quote} You're welcome, Mate. There is more to it. Risk and money management are separate from your trading method. You will see a lot of traders ask where is the SL and TP and say that's not a real system because it does not have SL and TP. Where you place TP and SL will not affect the market. Once you put your money at risk, you goal is to remove the risk by exiting the trade with a profit if possible or to exit with a loss within your risk parameters. After you enter a trade and price is moving rapidly towards your stop loss, do you just sit...

Very helpful. Thanks for taking the time!
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