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As simple as possible: 00 level trading

  • #61
  • Jun 3, 2014 7:36am Jun 3, 2014 7:36am
Quoting Direwolf
{quote} Isn't that opposite direction into the daily open instead of away? I don't understand. You entry was also before NY open? {quote} I can see EJ long but I don't understand where GJ short was. Can you explain please? Vertical dotted lines are NY open. Horizon black lines are Daily open (according to FX Pro) {image}

Your daily open line on the GJ is 171.431, the vertical dotted line is NY open..
the GJ short entry (set by pending order) would have been 171.400 and the tp would be 171.350... 5 pip winner

simple and stressfree
Sleep less, live fast, as it aint gonna last
  • #62
  • Jun 3, 2014 7:48am Jun 3, 2014 7:48am
Quoting Udine
{quote} the GJ short entry (set by pending order) would have been 171.400 and the tp would be 171.350... 5 pip winner simple and stressfree
Right, so the order would not have been triggered until 12 minutes into the NY session? Interesting.....
  • #63
  • Jun 3, 2014 8:00am Jun 3, 2014 8:00am
Anybody take a long at start of this 15 min period? ie quarter to hour, long at 45, 5 pips at 50! tada!
  • #64
  • Jun 3, 2014 8:03am Jun 3, 2014 8:03am
did not get the EJ long or GJ short, but I did get the bonus for the day on the GJ long..

the GJ daily candle turned from red to green. simple trading, no secrets, nothing special, no magic... I love it..
Attached Image
Sleep less, live fast, as it aint gonna last
  • #65
  • Jun 3, 2014 8:05am Jun 3, 2014 8:05am
Quoting Udine
did not get the EJ long or GJ short, but I did get the bonus for the day on the GJ long.. the GJ daily candle turned from red to green. simple trading, no secrets, nothing special, no magic... I love it.. {image}
Nice trading man!
Think I was a bit premature with my 45 entry, should have waited for a 00 entry
  • #66
  • Jun 3, 2014 8:07am Jun 3, 2014 8:07am
What's the red dude telling us?
Attached Image
  • #67
  • Jun 3, 2014 8:07am Jun 3, 2014 8:07am
Quoting jonnypants
{quote} Nice trading man! Think I was a bit premature with my 45 entry, should have waited for a 00 entry

So your entry was NOT ACCORDING TO THE RULES !!!
Sleep less, live fast, as it aint gonna last
  • #68
  • Jun 3, 2014 8:08am Jun 3, 2014 8:08am
Quoting jonnypants
What's the red dude telling us? {image}
Go in for the kill
Sleep less, live fast, as it aint gonna last
  • #69
  • Jun 3, 2014 8:12am Jun 3, 2014 8:12am
Quoting Udine
{quote} So your entry was NOT ACCORDING TO THE RULES !!!
SORRY BOSS I'M A SLOW LEARNER.......just getting revved up....
Attached Image (click to enlarge)
Click to Enlarge Name: turbo.jpg Size: 381 KB
  • #70
  • Jun 3, 2014 8:14am Jun 3, 2014 8:14am
Quoting Udine
{quote} Go in for the kill
LOVE IT!!!! :nerd:
  • #71
  • Jun 3, 2014 8:17am Jun 3, 2014 8:17am
Let me know if I have this right: the direction of the previous hour candle (which matches the direction of the daily candle) determines the direction we anticipate for this hour's trade.

If that is right, then at the top of each hour, we set up the pending order and wait. Do you cancel that pending order if the current hour turns the other way?

Thanks!
  • #72
  • Jun 3, 2014 8:18am Jun 3, 2014 8:18am
Hey Udine, I've installed your indis and tpl to try it on higher TF.... What's the meaning of:

Y=
ADR=
5d=
10d=
20d=
RmUp:
RmDn:
T=
RgL
RgH

Sorry to ask, but I'd like to understand all indis well before to look for higher TF settings.

Many thanks in advance
  • #73
  • Jun 3, 2014 8:21am Jun 3, 2014 8:21am
Let me venture a guess...we are not trade around the daily open (meaning, if price has retraced back to that point...)

I had a GJ that went wrong at that point of retracement (I generally don't like the GBP as it is very whippy, to me) (okay, not placed at the right time (2hr windows) etc), but my EJ trade worked out. This method is very dependent upon spreads as well seeing as the TP is so close to entry price (well DUH). But I see merit

H
  • #74
  • Jun 3, 2014 8:23am Jun 3, 2014 8:23am
Quoting Feefee
{quote} Eish...wow havent heard that one in a long time..... howzit?
Sorry Feefee, missed your post, howzit my friend, I'm still stuck behind the boerewors-curtain here on the wesrand GP ZA. You?

H
  • #75
  • Jun 3, 2014 8:25am Jun 3, 2014 8:25am
Quoting Brapp
Let me know if I have this right: the direction of the previous hour candle (which matches the direction of the daily candle) determines the direction we anticipate for this hour's trade. If that is right, then at the top of each hour, we set up the pending order and wait. Do you cancel that pending order if the current hour turns the other way? Thanks!

the 1H candle color MUST be the same as the 1D candle color !! otherwise no trade !!
Sleep less, live fast, as it aint gonna last
  • #76
  • Jun 3, 2014 8:25am Jun 3, 2014 8:25am
Quoting lucariga
Hey Udine, I've installed your indis and tpl to try it on higher TF.... What's the meaning of: Y= ADR= 5d= 10d= 20d= RmUp: RmDn: T= RgL RgH Sorry to ask, but I'd like to understand all indis well before to look for higher TF settings. Many thanks in advance
TF does not matter, as you are trading price levels, on confluence of the 1Hr & D1 candles only.

Undine checks every hour to see what the charts look like. Remember, he is shooting for a net of 10 pips a day only...
  • #77
  • Jun 3, 2014 8:27am Jun 3, 2014 8:27am
Quoting lucariga
Hey Udine, I've installed your indis and tpl to try it on higher TF.... What's the meaning of: Y= ADR= 5d= 10d= 20d= RmUp: RmDn: T= RgL RgH Sorry to ask, but I'd like to understand all indis well before to look for higher TF settings. Many thanks in advance

Y= yesterday
ADR = Average Daily Range
5d = 5 days
10d = 10 days
20d = 20 days
RmUp = room up
RmDn = room down
T = today
Sleep less, live fast, as it aint gonna last
  • #78
  • Jun 3, 2014 8:28am Jun 3, 2014 8:28am
Hi Udine very nice and simple system but i can see spread on charts is very low as compair to my broker. i think to be successful in ur system spread is also playing important part, which broker u trading with..

Thanks regards..
  • #79
  • Jun 3, 2014 8:28am Jun 3, 2014 8:28am
Quoting HannesJoub
{quote} TF does not matter, as you are trading price levels, on confluence of the 1Hr & D1 candles only. Undine checks every hour to see what the charts look like. Remember, he is shooting for a net of 10 pips a day only...
Thanks, but I can't check charts every hour (day job), so I'd prefer Weekly/4H combo instead of Daily/1H
  • #80
  • Jun 3, 2014 8:29am Jun 3, 2014 8:29am
Quoting HannesJoub
Let me venture a guess...we are not trade around the daily open (meaning, if price has retraced back to that point...) I had a GJ that went wrong at that point of retracement (I generally don't like the GBP as it is very whippy, to me) (okay, not placed at the right time (2hr windows) etc), but my EJ trade worked out. This method is very dependent upon spreads as well seeing as the TP is so close to entry price (well DUH). But I see merit H
patienctly wait for the next hour to set your pending orders... it should work out fine..
Sleep less, live fast, as it aint gonna last
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