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  • #501
  • Jul 13, 2010 8:00pm Jul 13, 2010 8:00pm
buy 15150 -- exit 15200 -- love them 00 and 50 levels
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #502
  • Jul 15, 2010 3:31am Jul 15, 2010 3:31am
loving these levels 00 50
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #503
  • Edited 4:51am Jul 15, 2010 3:56am | Edited 4:51am
Gbp/usd ---about to put in it minimum daily average 100 pips = 15350 level ---
1.hint put the daily range indicator on your charts -- just to give u high and low of the day.
2. Put the grid indicator on your chart make the grid 00 50 levles
3. Add any indicator to give the general trend --
4. Trade on these levels -- the are power full support/resistance levels (observe how react to these level)
for day high to low only 85 pips 15 more to go= 15250to 15335
PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #504
  • Jul 15, 2010 10:07am Jul 15, 2010 10:07am
minimum daily average range reach 100 pip--- useful to set your target.
00 - 50 levels --useful support and resistance levels and targets/stops

some of my basic rules
A. ONE CHART
B. ONE CURRENCY PAIR
C. ONE TIME FRAME
D. ENTRY ON 00 OR 50 LEVEL
E. ONE TRADING SESSION UK( WHICH END IN PART OF NY SESSION)
F. ONE SET OF SIMPLE SET OF RULES (SHOULD BE SHORT NOT COMPLICATED)
G. FOLLOW THE RULES CONSISTENTLY
H. DON'T USED TOOL THAT ARE SUBJECTIVE OR HAS AMBIGUITY (example trend lines -- this could be drawn in so many ways -- or enter a trade before the candle close)

NOTE: IF YOU HAVE AND EDGE( METHOD, SYSTEM , TRADING PLAN)
SEE HOW CONSISTENT IT IS OVER 100 TRADES (DEMO ACCOUNT REAL LIVE TRADE) DO YOUR HOME WORK DON'T BE LAZY . IF YOU WANT TO BE SUCCESSFUL FOREX TRADE YOU MUST PUT IN HARD WORK TESTING AND TESTING.
SOME PEOPLE HAVE GOOD SYSTEMS BUT THEY FAIL TO TEST IT LIVE OVER 100 TRADES ( THE GIVE UP AFTER ONE BAD TRADE)
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #505
  • Jul 15, 2010 5:15pm Jul 15, 2010 5:15pm
Did anyone enjoy this ride

Quoting tazzam72
Hi Guys I did not trade yesterday I was so mad about my GU losing trade over the weekend , Gu still looks funny


EU maybe Uptrend soon to somewhere round 13000

1 - If trend break we may see the bounce up now

2-What I want to see is retracment to the next Gann line somewhere around 12450 before 13000.
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  • #506
  • Jul 16, 2010 9:52am Jul 16, 2010 9:52am
Nice 50 pips moves for me -- 100 (minimum pips) daily movement high to low-- achive
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #507
  • Jul 16, 2010 10:38am Jul 16, 2010 10:38am
Easy setup no doubt - no ambiguity -- confident in you entry -- your stop your tp. Keep it simple a possible
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #508
  • Jul 16, 2010 1:13pm Jul 16, 2010 1:13pm
Be confident in your entry set your stop -- know your targets
try not to used tools that has ambiguity (doubtful subjective)
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #509
  • Jul 16, 2010 3:16pm Jul 16, 2010 3:16pm

Hello guys,do you think the GU is going back down or it will resume it upwards movement?

  • #510
  • Jul 16, 2010 3:38pm Jul 16, 2010 3:38pm
Quoting brosd

Hello guys,do you think the GU is going back down or it will resume it upwards movement?


Forex is never or will ever work on what you think-- It is all about on your application of what the charts are telling you.
PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #511
  • Jul 16, 2010 3:57pm Jul 16, 2010 3:57pm
Quoting zamanib
Easy setup no doubt - no ambiguity -- confident in you entry -- your stop your tp. Keep it simple a possible
whats the reason you are entering this trade based on this chart? Thx
  • #512
  • Jul 17, 2010 2:21am Jul 17, 2010 2:21am
Quoting huskyboy
whats the reason you are entering this trade based on this chart? Thx
A.Look at your edge (I mean you trading style- method- system -plan etc)
B.This was high probability trade with minimal risk (50 pips) stop
C. I like to enter trade on 00 or 50 levels
D. look at chart I label it -- res = some form or resistance ( I mean the bands + 00 and 50 level)

side note -- I always preach- one chart -one time frame one currency pair - one trading session (uk--3am-12pm NY time)
study this currency pair -- observe it movements week after week -- It will do the same thing over and over and over (90% of the time)

Things like
A.daily high low range --
B.move in one direction all week come Friday --( what you expect to happen)
C. when its in a range for a day of 2 (100 -150 pips range -- expect the next days 200 + pips movements

I hope this will help

I don't claim to know it all -- This is what I observed and how I trade
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #513
  • Jul 17, 2010 2:43am Jul 17, 2010 2:43am
Quoting zamanib
Forex is never or will ever work on what you think-- It is all about on your application of what the charts are telling you.
So what are the charts telling you?
  • #514
  • Jul 17, 2010 8:14pm Jul 17, 2010 8:14pm
Hello Zamanib,

I have been reading over your recent posts here about the 00 and 50 level on GU. Actually interesting, it does respect those lines.

Two Questions though,

(1) Do you place a trade after price hit the 00 or 50 lines OR do you usually wait for the retracement ( within the 00 and 50 levels) and wait for the PA to tell you that the retracement is over so that you can go ahead with placing a trade? I can see that retracements often occurs when price is close those lines and therefore the above question.

(2) If price is ranging around 15-35 pips within a 00 and 50 level, do you wait for a break within the above or below 00-50 levels or do you wait for a breakout from the ranging 15-35 pips?

Thanks for sharing a part of your trading system. I appreciate it.
Isladezile
  • #515
  • Jul 18, 2010 1:59am Jul 18, 2010 1:59am
Quoting lfcfanatic
So what are the charts telling you?
If you cannot see what it is telling --- 2 things---
1. keep far away from forex
2. you need training find a mentor-- (It will save time money and grievance)
PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #516
  • Jul 18, 2010 3:04am Jul 18, 2010 3:04am
Quoting zamanib
A.Look at your edge (I mean you trading style- method- system -plan etc)
B.This was high probability trade with minimal risk (50 pips) stop
C. I like to enter trade on 00 or 50 levels
D. look at chart I label it -- res = some form or resistance ( I mean the bands + 00 and 50 level)

side note -- I always preach- one chart -one time frame one currency pair - one trading session (uk--3am-12pm NY time)
study this currency pair -- observe it movements week after week -- It will do the same thing over and over and over (90% of the time)

Things like
A.daily...

how do you put those 00/50 levels on a chart ? And these arent the bollingers i believe ? Thx
  • #517
  • Jul 18, 2010 3:46am Jul 18, 2010 3:46am
Quoting huskyboy
how do you put those 00/50 levels on a chart ? And these arent the bollingers i believe ? Thx
I try not to post indicators -- Fxlion post it here already go back you will find it
Also I talk about the 21 SMA
You must develop your own way of trading all the indicators are this forum.
Lots of home work to do- test test test what work best out of every 100 trades -- follow the same rules every time -- 60-80% correct system will earn you money- But you must welling to put in the time to test 100 live trades (demo) not back test -- you physically doing the live trade-- write down your result-- and the rules as you go along--
PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #518
  • Jul 18, 2010 4:06am Jul 18, 2010 4:06am
Quoting forexlion
I was playing around with something really simple and stupid

and i found that i really do not need any other indicator apart from this simple tool

try it, with just candles and nothing else

grid builder it is. Ist curious how these ligns get respected ! Thx for the explanations.
  • #519
  • Jul 18, 2010 4:31pm Jul 18, 2010 4:31pm
I did a manual test-- (this is not how I trade) this is example what I am talking about.

Rules --1. at 00 am NY time 2. buy at(nearest) 00 or 50 levels above the open price at 00.00 am NY time.
3. Sell at (nearest) 00 or 50 levels below the open price at 00.00 am NY time
4. 50 pips stop lost and trade in the opposite direction ( mean if buy at 15400 and went to 15350 close trade and open sell at 15350)
I put a chart to make it more clear.

Result after 100 trades-- from May 12th 2010 -- July 16th 2010

83 out of 100 trade were win (from 20 pips to 245 pips)
or
68 out of 100 trade were wins (from 30 pips to 245 pips)
or
61 out of 100 trades were wins (from 40 pips to 245 pips)
or
53 out of 100 trades were wins (from 50 pips to 245 pips)

Total(-pips) stop out 17 trades (17* -50) - 850 pips
Total(+ pips) 87 wining trades 6782 pips

I will upload a spread sheet -- I did not do it yet-- soon

some one may look at this stupid way of trading is looser -- the number said other wise. Please what ever system you have test it and see.
The statistic is important.
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #520
  • Jul 18, 2010 4:34pm Jul 18, 2010 4:34pm
It will be nice if some one can do and ea for the above system to further backtest
PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
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