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As simple as possible: 00 level trading

  • #261
  • Jun 4, 2014 9:28am Jun 4, 2014 9:28am
Quoting whatfx
{quote} this needs to be clarified a bit more. what do you mean by a distance to the round number ? if both your daily and hourly candles are in agreement, i cannot see why a pending order at 171.900 cannot be set. its still at 00 level. i think, whether a trade is successful or not also depends on the broker and charts you are using. and also the spread. because each brokers daily candle starts at different times. e.g. my alpari uk daily candle opens at 10pm london time. on the dates i stated two posts back, plenty of losses if daily candle open...

this needs to be clarified a bit more. what do you mean by a distance to the round number ? if both your daily and hourly candles are in agreement, i cannot see why a pending order at 171.900 cannot be set. its still at 00 level.

I have noticed that several times the 000 level acts as R/S, price moves slightly in the right direction and then returns... so I added as one of my rules, no entry on the .900 for long or .100 for short

i think, whether a trade is successful or not also depends on the broker and charts you are using. and also the spread. because each brokers daily candle starts at different times. e.g. my alpari uk daily candle opens at 10pm london time. on the dates i stated two posts back, plenty of losses if daily candle open taken from 10pm u.k. time. also, the EJ loss of 10 pips earlier, it did go in by 5 pips but after taking into account the spread of 1.5 pips the TP would not have been hit.
That is why the wheelbarrel EA (trailstop) must be active

so iam surprised brapp was able to take 5 pips profit. only way he could have done that is enter early and have a spread of less than 1 pips. 2:1 risk reward is not a good way to trade. if you had taken all the trades on EJ or GJ so far today, you will see the 10 pips losses will far outweigh the gains you made. so if you miss the first oppurtunities to take profit and continue trading , it is highly likely your 10 pip losses will pile up. in that sense it is very risky, and depends on luck of the draw as to picking the right trades for profit. just stating my opinion.

Respecting you for that Whatfx

Cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #262
  • Jun 4, 2014 9:31am Jun 4, 2014 9:31am
Quoting spyderman
{quote} If you take a long at 171.90 trying to take profit at 171.95 your trade may struggle. That big round number of 172.00 has a lot of defenders around it, as I'm sure you know. So getting to 171.95 will be hard. Same thing taking a short at say 172.10 trying for 172.05 Better to be away from those BRN's

Agree with you on that Spyderman better to be safe near big number and leave trade....

Whatfx,

Udine mentioned that he has 76% win rate so for example 76/100 trades will be profitable in his case and this is almost mechanicall strategy so if we all follow rules that he describes guess we could have similar rate in few weeks.

So by math 76 profitable trades on 1 lot trading would be 76*5 pips = 380 pips (3800usd) and 24 losing trades would be 24*10 pips=240 pips (2400 usd) so at the end we should be in profit 3800$-2400$= 1400 usd and this means that we have profitable strategy at least as that % of win rate continues in long run....

This would be basic math,i didn't calculate interest rate effect!

Regards!
  • #263
  • Jun 4, 2014 9:35am Jun 4, 2014 9:35am
Quoting spyderman
Udine, Thanks for the trade strategy and thread. Looks like you're getting a lot of interest here. Just a quick question. Initially you mentioned a TP of 5 with a 10 pip s/l. Seems though that you're allowing the trade managers to go with a 4 pip BE and a 3.5 trail. Is that accurate or are you still closing out at 5 pips? Thanks
I have the Wheelbarrel EA on there to prevent a profitable trade turns into a loser.
Yes I exit at 5 pips
Sleep less, live fast, as it aint gonna last
  • #264
  • Jun 4, 2014 9:36am Jun 4, 2014 9:36am
Quoting spyderman
{quote} If you take a long at 171.90 trying to take profit at 171.95 your trade may struggle. That big round number of 172.00 has a lot of defenders around it, as I'm sure you know. So getting to 171.95 will be hard. Same thing taking a short at say 172.10 trying for 172.05 Better to be away from those BRN's
Could not have said it better
Sleep less, live fast, as it aint gonna last
  • #265
  • Jun 4, 2014 9:37am Jun 4, 2014 9:37am
Quoting Udine
{quote} I have the Wheelbarrel EA on there to prevent a profitable trade turns into a loser. Yes I exit at 5 pips
Sorry, Udine, one clarification about the EAs. It appears that the WUKAR EA also trails - I have had a couple trades in profit and then it will sneak in a visible stop loss at Breakeven. Not sure if that's supposed to happen?

Second, for the Wheelbarrel, have you been trailing by 3.5? Or just sticking in a BE at 3.5 pips profit.

Thank you -

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Small disciplines repeated with consistency lead to great achievements.
  • #266
  • Jun 4, 2014 9:40am Jun 4, 2014 9:40am
Green pips all. I've taken 3 trades since last night and all successful.

Thanks Udine.
  • #267
  • Jun 4, 2014 9:41am Jun 4, 2014 9:41am
Quoting Udine
{quote} this needs to be clarified a bit more. what do you mean by a distance to the round number ? if both your daily and hourly candles are in agreement, i cannot see why a pending order at 171.900 cannot be set. its still at 00 level. I have noticed that several times the 000 level acts as R/S, price moves slightly in the right direction and then returns... so I added as one of my rules, no entry on the .900 for long or .100 for short i think, whether a trade is successful or not also depends on the broker and charts you are using. and also the...

well, the reason i asked is because i did not see the BRN bit in your rules. but iam glad you have updated it. i normally take BRN'S not to enter trades, but to take profit. unless of course the BRN is breached emphatically.


in the 1hr, whats the max trades you are allowed to enter. if say you got your 5 pips profit , in the same hour are you allowed to enter again in the same same direction at the same level ? i see on the GJ in the current hour , you could have had about 3 longs at 5 pips each at the same level, as price retraced down and came back up through the same level several times.
  • #268
  • Jun 4, 2014 9:45am Jun 4, 2014 9:45am
Quoting jmflukeiii
{quote} Sorry, Udine, one clarification about the EAs. It appears that the WUKAR EA also trails - I have had a couple trades in profit and then it will sneak in a visible stop loss at Breakeven. Not sure if that's supposed to happen? Second, for the Wheelbarrel, have you been trailing by 3.5? Or just sticking in a BE at 3.5 pips profit. Thank you - {image}

WUKAR is not trailing !! only Wheelbarrel..

your smily is not smiling... remove the manual confirmation...

the visible trailstop is supposed to happen.

trailing and BE @ 3.5
Sleep less, live fast, as it aint gonna last
  • #269
  • Jun 4, 2014 9:45am Jun 4, 2014 9:45am
Quoting spyderman
Green pips all. I've taken 3 trades since last night and all successful. Thanks Udine.
Glad its working for you
Sleep less, live fast, as it aint gonna last
  • #270
  • Jun 4, 2014 9:46am Jun 4, 2014 9:46am
Quoting whatfx
{quote} well, the reason i asked is because i did not see the BRN bit in your rules. but iam glad you have updated it. i normally take BRN'S not to enter trades, but to take profit. unless of course the BRN is breached emphatically. in the 1hr, whats the max trades you are allowed to enter. if say you got your 5 pips profit , in the same hour are you allowed to enter again in the same same direction at the same level ? i see on the GJ in the current hour , you could have had about 3 longs at 5 pips each at the same level, as price retraced down...

I take 1 trade per hour..
Sleep less, live fast, as it aint gonna last
  • #271
  • Jun 4, 2014 10:04am Jun 4, 2014 10:04am
Good system, Many thanks Udine.
  • #272
  • Jun 4, 2014 10:04am Jun 4, 2014 10:04am
Quoting jmflukeiii
{quote} Sorry, Udine, one clarification about the EAs. It appears that the WUKAR EA also trails - I have had a couple trades in profit and then it will sneak in a visible stop loss at Breakeven. Not sure if that's supposed to happen? Second, for the Wheelbarrel, have you been trailing by 3.5? Or just sticking in a BE at 3.5 pips profit. Thank you - {image}

The EJ trade was not done by pending order

The GJ trade was not entered at the right pricelevel
Sleep less, live fast, as it aint gonna last
  • #273
  • Jun 4, 2014 10:18am Jun 4, 2014 10:18am
Quoting Udine
{quote} I take 1 trade per hour..

if you take 1 trade per hour, and if that trade is a loss of 10 pips, do you stop trading for the day ?

say you take 1 trade in the hour, at level 172.300. a long trade. you get your 5 pips. next hour, again you enter long at 172.300 as price went down then came back up to that level again, is that entry allowed ? i.e. entering several times at one particular level.


also, it seems you enter on the 15 min charts when the price reaches the pending 00 levels. but are you not supposed to check the 1 hr chart to see of it agrees with the daily direction ? you could have bullish on daily, bearish on 1 hr, but the 15 min will show bullish and start going up and hitting your pending longs, even though the overall 1 hr chart is showing bearish. do you not take a look at the 1 hr before entering ?
  • #274
  • Jun 4, 2014 10:32am Jun 4, 2014 10:32am
if you take 1 trade per hour, and if that trade is a loss of 10 pips, do you stop trading for the day ?

nope

say you take 1 trade in the hour, at level 172.300. a long trade. you get your 5 pips. next hour, again you enter long at 172.300 as price went down then came back up to that level again, is that entry allowed ? i.e. entering several times at one particular level.

yes

also, it seems you enter on the 15 min charts when the price reaches the pending 00 levels. but are you not supposed to check the 1 hr chart to see of it agrees with the daily direction ? you could have bullish on daily, bearish on 1 hr, but the 15 min will show bullish and start going up and hitting your pending longs, even though the overall 1 hr chart is showing bearish. do you not take a look at the 1 hr before entering ?

If Daily is bullish and 1H is bearish, there is no trade, but I have the 1H candle on the 15M chart
the yellow vertical lines are the new hours
the colors in between (MAroon or DarkGreen) is the M Candle, which shows the 1H candle color
Attached Image
Sleep less, live fast, as it aint gonna last
  • #275
  • Jun 4, 2014 10:35am Jun 4, 2014 10:35am
Your use of CAPS and SKULL remind me of someone else.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #276
  • Jun 4, 2014 10:45am Jun 4, 2014 10:45am
Quoting TooSlow
Your use of CAPS and SKULL remind me of someone else.



nope dont worry I am NOT TRO !!!

I am a simple dutch guy living in Italy..

http://en.wikipedia.org/wiki/Udine

Cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #277
  • Jun 4, 2014 10:53am Jun 4, 2014 10:53am
ben venuto caro amico

juan
  • #278
  • Jun 4, 2014 10:56am Jun 4, 2014 10:56am
Quoting Juan007
ben venuto caro amico juan
muchas gracias

Saludos

Udine
Sleep less, live fast, as it aint gonna last
  • #279
  • Jun 4, 2014 11:06am Jun 4, 2014 11:06am
Quoting Udine
if you take 1 trade per hour, and if that trade is a loss of 10 pips, do you stop trading for the day ? nope say you take 1 trade in the hour, at level 172.300. a long trade. you get your 5 pips. next hour, again you enter long at 172.300 as price went down then came back up to that level again, is that entry allowed ? i.e. entering several times at one particular level. yes also, it seems you enter on the 15 min charts when the price reaches the pending 00 levels. but are you not supposed to check the 1 hr chart to see of it agrees with the daily...

gracias senior !
  • #280
  • Jun 4, 2014 11:12am Jun 4, 2014 11:12am
Quoting whatfx
{quote} gracias senior !

your welcome.

it is good to analyze in depth for yourself and doubt all that is written in forums...

cheers

Udine
Sleep less, live fast, as it aint gonna last
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