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As simple as possible: 00 level trading

  • #1,661
  • Jun 11, 2014 10:59am Jun 11, 2014 10:59am
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?)

One that you have omitted:

Beware of the Frankfurt Fakey...

Frankfurt open = trade only certain midrange levels (see posts a couple of pages back).
  • #1,662
  • Jun 11, 2014 10:59am Jun 11, 2014 10:59am
Quoting HannesJoub
{quote} We keep missing each other, sorry...ek vra omverskoning vir die ongerief H

geen ongerief

Udine
Sleep less, live fast, as it aint gonna last
  • #1,663
  • Jun 11, 2014 11:03am Jun 11, 2014 11:03am
Quoting PureHeart
Hi Udine, Question: If we miss the first entry ( as shown 1st arrow ), shall we go in on the following candle (2nd arrow)? The reason asking this question is from the 1st arrow, those went in already secure 5 pips in the bank.. {image}

Udine, your answer was "No" to that question

So are you saying that we do not go for the same level on the next candle?

It is a new red/red candle, still no go, we only go for the fresh new level, correct?

Could be another rule to add
  • #1,664
  • Jun 11, 2014 11:03am Jun 11, 2014 11:03am
Quoting HannesJoub
{quote} Thanks for your reply Cigarguy, good to know that you are using both EA's to manage trades, nice catch, that would have been my next question
HannesJoub,

Trading the session with the most PA and learning the rhythm of he currency pair, cannot be taught but must be learned from experience and many hours of screen time.

Regards,
Cigarguy
Keep It Simple
  • #1,665
  • Jun 11, 2014 11:06am Jun 11, 2014 11:06am
Quoting driven18
{quote} Udine, your answer was "No" to that question So are you saying that we do not go for the same level on the next candle? It is a new red/red candle, still no go, we only go for the fresh new level, correct? Could be another rule to add

updated first post:

20. only 1 trade per hour
Sleep less, live fast, as it aint gonna last
  • #1,666
  • Jun 11, 2014 11:07am Jun 11, 2014 11:07am
Quoting HannesJoub
@ Udine on the topic of the trailstop, have you ever considered just running the trailstop in an attempt to get more than the 5 pips TP? Cheers H

nope I am not hungry enough to eat the whole bread, I only want a slice of bread...

Udine
Sleep less, live fast, as it aint gonna last
  • #1,667
  • Jun 11, 2014 11:08am Jun 11, 2014 11:08am
Quoting flx69
{quote} One that you have omitted: Beware of the Frankfurt Fakey... Frankfurt open = trade only certain midrange levels (see posts a couple of pages back).

mentioned in post 1

rule nr. 3

Udine
Sleep less, live fast, as it aint gonna last
  • #1,668
  • Jun 11, 2014 11:08am Jun 11, 2014 11:08am
Made 5 pips trading the Nzd/Usd off of FXCM standard trading platform with a 2.7 spread which I round off to 3 pip spread. Traded 3 pips above the .85500 line for a full 5 pips when it reached 3.5 pips profit I manually set stop to breakeven.
  • #1,669
  • Jun 11, 2014 11:09am Jun 11, 2014 11:09am
Quoting cigarguy
{quote} HannesJoub, Trading the session with the most PA and learning the rhythm of he currency pair, cannot be taught but must be learned from experience and many hours of screen time. Regards, Cigarguy
Sleep less, live fast, as it aint gonna last
  • #1,670
  • Jun 11, 2014 11:10am Jun 11, 2014 11:10am
Quoting HannesJoub
@ Udine on the topic of the trailstop, have you ever considered just running the trailstop in an attempt to get more than the 5 pips TP? Cheers H
HannesJoub,

If you want more just increase your lot size and stay with the 5 pips!

Regards,
Cigarguy
Keep It Simple
  • #1,671
  • Jun 11, 2014 11:10am Jun 11, 2014 11:10am
man this is hard work... time for a beer...

Udine
Sleep less, live fast, as it aint gonna last
  • #1,672
  • Jun 11, 2014 11:11am Jun 11, 2014 11:11am
Quoting Udine
man this is hard work... time for a beer... Udine
  • #1,673
  • Jun 11, 2014 11:13am Jun 11, 2014 11:13am
Quoting cigarguy
{quote} HannesJoub, If you want more just increase your lot size and stay with the 5 pips! Regards, Cigarguy

GREAT !!!

I was waiting when this would come up !!

Udine
Sleep less, live fast, as it aint gonna last
  • #1,674
  • Jun 11, 2014 11:13am Jun 11, 2014 11:13am
Quoting Udine
man this is hard work... time for a beer... Udine
Udine,

Cheers and enjoy

Regards,
Cigarguy
Attached Image
Keep It Simple
  • #1,675
  • Jun 11, 2014 11:13am Jun 11, 2014 11:13am
Quoting Udine
{quote} whats wrong with the mq4 ?? when normally somebody posts the ex4 files all people want is the mq4 files... lol I must be missing something here... you cannot use the mq4 files to trade gold ?? Udine
I tried with the .mq4 but it doesnt work (even if i try to put indicators one by one manualy) . I am using build 646 of mt4, and sorry if i understand nothing, but as far as i understand, only the .ex4 indicators works.
Bottomless wonders spring from simple rules, which are repeated without end
  • #1,676
  • Jun 11, 2014 11:15am Jun 11, 2014 11:15am
Quoting Udine
{quote} updated first post: 20. only 1 trade per hour

Udine, so if it is next hour and D/1H red and we already made profit, price went up and now it is Red/Red again, it is still OK to go for the same level?
  • #1,677
  • Jun 11, 2014 11:15am Jun 11, 2014 11:15am
Quoting limprobable
{quote} I tried with the .mq4 but it doesnt work (even if i try to put indicators one by one manualy) . I am using build 646 of mt4, and sorry if i understand nothing, but as far as i understand, only the .ex4 indicators works.

open each indicator in the meta editor and compile them one by one... should do the trick
Sleep less, live fast, as it aint gonna last
  • #1,678
  • Jun 11, 2014 11:16am Jun 11, 2014 11:16am
Quoting driven18
{quote} Udine, so if it is next hour and D/1H red and we already made profit, price went up and now it is Red/Red again, it is still OK to go for the same level?
Sleep less, live fast, as it aint gonna last
  • #1,679
  • Jun 11, 2014 11:16am Jun 11, 2014 11:16am
Quoting Checkz
Made 5 pips trading the Nzd/Usd off of FXCM standard trading platform with a 2.7 spread which I round off to 3 pip spread. Traded 3 pips above the .85500 line for a full 5 pips when it reached 3.5 pips profit I manually set stop to breakeven.
Sorry for asking for details about that but I would like to be sure that I got it right.
You entered at .85530, then you waited for the price to reach .85595 (~spread + 3.5 profit) to set your SL at BE, and then from here you waited for .85620 to TP your 5 pips ?

If so, could you also tell what original SL you used please ? Thanks
  • #1,680
  • Jun 11, 2014 11:25am Jun 11, 2014 11:25am
Quoting StrivingNewb
{quote} Sorry for asking for details about that but I would like to be sure that I got it right. You entered at .85530, then you waited for the price to reach .85595 (~spread + 3.5 profit) to set your SL at BE, and then from here you waited for .85620 to TP your 5 pips ? If so, could you also tell what original SL you used please ? Thanks
I placed the order 3 pips above the .85500 line with a 10 pip stop and 5 pip limit I did it so quick not sure the actual price.
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