As simple as possible: 00 level trading | Page 82 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

As simple as possible: RENKO M5 trading 75 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

Simple Level Trading 1 reply

Trading: As simple as possible, but no simpler - by a real Cityboy 92 replies

Attachments: As simple as possible: 00 level trading
Exit Attachments

As simple as possible: 00 level trading

  • #1,621
  • Jun 11, 2014 9:41am Jun 11, 2014 9:41am
Quoting cigarguy
{quote} Udine, I have had new traders tell me they trade FX for the excitement. I have found if you follow the rules of a great system/method it becomes boring, just making pips day after day. Regards, Cigarguy

110 % agreed !!

trading should be boring...

If you look for exitement go bungeejumping... swimming with sharks.. anything.. (paid for by green pips) but not forex trading...

Udine
Sleep less, live fast, as it aint gonna last
  • #1,622
  • Jun 11, 2014 9:43am Jun 11, 2014 9:43am
Quoting Udine
{quote} nope... one of the rules: no short at .100 level and no long at .900 level !! Udine
So that is a new rule then? I did not see it in the Word doc in the 1st post ?
  • #1,623
  • Jun 11, 2014 9:45am Jun 11, 2014 9:45am
Quoting HannesJoub
{quote} So that is a new rule then? I did not see it in the Word doc in the 1st post ?
it is mentioned in the thread several times...

you can add to your notes

Udine
Sleep less, live fast, as it aint gonna last
  • #1,624
  • Jun 11, 2014 9:45am Jun 11, 2014 9:45am
Quoting Udine
{quote} might turn before reaching the 000 level or your TP.... happens several times, that is why I dont trade them.. Udine
OIC, thanks for the feedback...
  • #1,625
  • Jun 11, 2014 9:45am Jun 11, 2014 9:45am
Quoting Zokynho
{quote} Is there conditions when you stop trade,lets say you have 3 losers in row or at specific time of day if you didn't reach you daily target?

hello folks....

good to see everyone making pips.

just passing by.

question: if you are trading this manually, without the EA, how would you set the trailing stop, especially with a small TP of 5 pips, and at what intervals ?
  • #1,626
  • Jun 11, 2014 9:46am Jun 11, 2014 9:46am
Quoting Udine
{quote} it is mentioned in the thread several times... you can add to your notes Udine
Done so already, thanks...

Anything else to be added to the notes? I was current until about post 600, the thread is growing so quickly I am not sure if I can read through the other +1000 posts to glean more info...
  • #1,627
  • Jun 11, 2014 9:46am Jun 11, 2014 9:46am
Quoting whatfx
{quote} hello folks.... good to see everyone making pips. just passing by. question: if you are trading this manually, without the EA, how would you set the trailing stop, especially with a small TP of 5 pips, and at what intervals ?

your using MT4 ??
Sleep less, live fast, as it aint gonna last
  • #1,628
  • Jun 11, 2014 9:48am Jun 11, 2014 9:48am
I have tried loading the template on EU and UJ charts and it appears.
However my MT4 hangs when trying to load the template on EJ and GJ charts. is there a solution to this problem?
  • #1,629
  • Jun 11, 2014 9:50am Jun 11, 2014 9:50am
Quoting central
I have tried loading the template on EU and UJ charts and it appears. However my MT4 hangs when trying to load the template on EJ and GJ charts. is there a solution to this problem?

mentioned before, but I am in a good mood

put it on 1D chart and then go down to 15M

alternative: put the indies one by one on the chart..

Udine
Sleep less, live fast, as it aint gonna last
  • #1,630
  • Jun 11, 2014 9:51am Jun 11, 2014 9:51am
What I have so far ito rules that I did not see in the Word doc is the following:

1) no short at .100 level and no long at .900 level
2) No trade during "red" news time (all "red" news or only the news pertaining to your currency pair you are trading?)
3) Only trade opening bells
4) One trade per hour per pair
5) Distance to 00 number (thus your pending order) is greater than 10 pips.
6) Stop trading after reaching your two winners

Anything else? Number of trades per day (assuming that the 1st two are not winners?)
  • #1,631
  • Jun 11, 2014 9:52am Jun 11, 2014 9:52am
Quoting Udine
{quote} so far never happened most is 2 losses in a row... but I am waiting for it to happen... as sooner or later these things will happen... In my rules is stated that I stop trading after 4 losses, review the trades and see if I made any mistakes.... Udine
Here is another rule that I just added to my notes. Thanks again Udine...
  • #1,632
  • Jun 11, 2014 9:54am Jun 11, 2014 9:54am
Hi Udine,
thanks for this thread with indicators, templates, etc.
very informative thread, please keep it up.
Regards
Hukam
  • #1,633
  • Jun 11, 2014 9:55am Jun 11, 2014 9:55am
Quoting Udine
{quote} mentioned before, but I am in a good mood put it on 1D chart and then go down to 15M alternative: put the indies one by one on the chart.. Udine
thank you for your help
  • #1,634
  • Jun 11, 2014 9:57am Jun 11, 2014 9:57am
Quoting HannesJoub
What I have so far ito rules that I did not see in the Word doc is the following: 1) no short at .100 level and no long at .900 level 2) No trade during "red" news time (all "red" news or only the news pertaining to your currency pair you are trading?) 3) Only trade opening bells 4) One trade per hour per pair 5) Distance to 00 number (thus your pending order) is greater than 10 pips. 6) Stop trading after reaching your two winners Anything else? Number of trades per day (assuming that the 1st two are not winners?)
+ stop trading after 4 losses in a row - added
  • #1,635
  • Jun 11, 2014 10:01am Jun 11, 2014 10:01am
Udine,

thank you very much for sharing and patience!
Great strategy and simple if rules are respected!

But.... spread, sometimes, is too high.... any suggestion (in PM).

Thank you all for sharing chart and info.

Anyway, I love Illy!!!!
  • #1,636
  • Jun 11, 2014 10:12am Jun 11, 2014 10:12am
Quoting Udine
{quote} your using MT4 ??
i havent traded your method yet.

i use ig index for my trades.

i use alpari demo account for charting.

on ig index, spread on jpy cross pairs - usually 3 pips.


so, difficulty here is, how do you manually adjust the stop to trail and at what intervals ?

the overwhelming response this thread is receiving is tempting me to try out this method on my live account, with of course, small stakes.

otherwise i dislike scalping, only time i do it is if iam bored or have plenty of time in hand. or fancy a bit of quick action.

however, without the trailing stop as you folks are using, it is, in my opinion, doomed to fail at a 2:1 RR.


also, it would be a good idea for the rules in the pdf to be updated as per hannesjoub post above. this will stop people from asking you the same questions over and over again.
  • #1,637
  • Jun 11, 2014 10:14am Jun 11, 2014 10:14am
Quoting whatfx
{quote} i havent traded your method yet. i use ig index for my trades. i use alpari demo account for charting. on ig index, spread on jpy cross pairs - usually 3 pips. so, difficulty here is, how do you manually adjust the stop to trail and at what intervals ? the overwhelming response this thread is receiving is tempting me to try out this method on my live account, with of course, small stakes. otherwise i dislike scalping, only time i do it is if iam bored or have plenty of time in hand. or fancy a bit of quick action. however, without...
1. no problem lol
2. test on demo first
3. your trading platform has no built in trailstop ??
4. thought of updating the word document over the weekend...

Udine
Sleep less, live fast, as it aint gonna last
  • #1,638
  • Jun 11, 2014 10:16am Jun 11, 2014 10:16am
know we dont trade
1 gj its near 171.100 no trade
2 ej its Rn<10 no trade

correct?
  • #1,639
  • Jun 11, 2014 10:21am Jun 11, 2014 10:21am
Quoting Juan007
know we dont trade 1 gj its near 171.100 no trade 2 ej its Rn<10 no trade correct?

1. correct
2. ej had already reached the ADR, but otherwise it would be possible to trade as shorting at 0.900 is good because you would be trading away from the 000 level.

Udine
Sleep less, live fast, as it aint gonna last
  • #1,640
  • Jun 11, 2014 10:26am Jun 11, 2014 10:26am
Quoting whatfx
{quote} i havent traded your method yet. i use ig index for my trades. i use alpari demo account for charting. on ig index, spread on jpy cross pairs - usually 3 pips. so, difficulty here is, how do you manually adjust the stop to trail and at what intervals ? the overwhelming response this thread is receiving is tempting me to try out this method on my live account, with of course, small stakes. otherwise i dislike scalping, only time i do it is if iam bored or have plenty of time in hand. or fancy a bit of quick action. however, without...
@ whatfx - The OP and others correct me if I am wrong, but I do not think that you would be able to use this method with a spread of 3 pips...I am thinking that anything above 1 pip is pushing it...

@ Udine That brings me to another question Udine, and if it has been addressed, I apologise...is the spread added to the TP / SL at all, or are the figures 5 / 10 all inclusive of spread?

Thanks

H

Sorry Udine, I see in one of the very earlier posts you stated that the SL & TP can be altered with the spread or not, according to user preference...my bad sorry.
4 traders viewing now