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Variation to level 00 trading

  • #1
  • First Post: Jun 13, 2014 12:20am Jun 13, 2014 12:20am
I thought better to discuss the variation of the original method here rather than in the original thread. It will be the same concept as original but slightly different variation hopefully to improve profitability. I have my own method with 5pip sl with 50pip target which is doing well at the moment with only 5-6 trades per week (which will be discuss in future if I am generous enough to share it later )

Since I have so much free time in between my trades, I stalk for simple methods to kill my time and to keep my mind active, and this 00 level method seems will keep you on your toes every hour, haha. I am not trading it on live (yet) until I am sure it is worthwhile.

Here is the variation (original method applies here as well):

1) SL: 5, TP: 5 (reduce the recovery of losses). Better to take small loss rather than double losses. Easier to recover with one win later.

2) Direction of the hourly momentum; better to go with the flow. For this I use hourly Stochastic at (5,3,3). If original rules agrees, look at Stoch to cross up (for long) and cross down (for short). Skip the crosses if the cross is above 80 or below 20. Meaning chances t go up/down is limited.

3) Bid distance from the 00 level. Make sure it is less than 5 pips. For example, if signal is long, and bid is at 101.510, then the pending need to be at 101.60 as per rule. Meaning, pa have to move 9pips plus another 5pips to hit target. So best option will be bid to be between 50-90 level (for long) or 10-50 level for short.

This method will be less trades but first win will get the 2% easily.
  • #2
  • Jun 13, 2014 12:33am Jun 13, 2014 12:33am
Wow... so let me get this straight. You learned a method from a thread that was started 10 days ago, think you have it all figured out and then decided to hijack it because you have a better way of trading his method? The system that you just learned 10 days ago? I'm sure your a pro at it by now. Don't you think you should of discussed it in that thread rather than opening up a new one to try and make a name for your self?
trading on demo is not trading
  • #3
  • Jun 13, 2014 12:48am Jun 13, 2014 12:48am
I support Dsugums' decision opening up a new thread. Discussing variations on the main thread can confuse some traders.

1) Clear and understandable.

2) Did you mean that "no trade" if the Stochastics crossover happens above 80 or below 20?

3) Understandable. Do you think that in such cases an entry at the "05" level could also bring in the targeted 5 pips with the same likelihood?
Using your example: If signal is long, and bid is at 101.510, then the pending might be at 101.550 (instead of 101.600).
I am aware that it is a "stretch", but if "00" levels work, "05" levels might work as well.
  • #4
  • Jun 13, 2014 1:47am Jun 13, 2014 1:47am
[quote=enzo2325;7533601]Wow... so let me get this straight. You learned a method from a thread that was started 10 days ago, think you have it all figured out and then decided to hijack it because you have a better way of trading his method? The system that you just learned 10 days ago? I'm sure your a pro at it by now. Don't you think you should of discussed it in that thread rather than opening up a new one to try and make a name for your self?[/quote

He is not Hijacking...
Please see post 2147 of original thread...

Thanks
  • #5
  • Jun 13, 2014 1:51am Jun 13, 2014 1:51am
Can you please explain with Chart please!

Thanks 1
  • #6
  • Jun 13, 2014 3:02am Jun 13, 2014 3:02am
Quoting Paracelsus
I support Dsugums' decision opening up a new thread. Discussing variations on the main thread can confuse some traders. 1) Clear and understandable. 2) Did you mean that "no trade" if the Stochastics crossover happens above 80 or below 20? 3) Understandable. Do you think that in such cases an entry at the "05" level could also bring in the targeted 5 pips with the same likelihood? Using your example: If signal is long, and bid is at 101.510, then the pending might be at 101.550 (instead of 101.600). I am aware that it is a "stretch", but if "00"...

If pa is above 80, no long, below 20, no short. Don't worry about crossings.

We stick to original 00 level since the original owner have proven it works.

This thread is just for determining better execution.
  • #7
  • Edited 3:22am Jun 13, 2014 3:04am | Edited 3:22am
Quoting naveel
Can you please explain with Chart please! Thanks 1
The charts are all in the original thread.

For example, the failed EY entry at London open yesterday. Original signal was up but stoch crossing down and pa is more than 7pips to the nearest 00 level.

We can actually try to milk more pips out of the set-up if stoch and distance is perfect. I am trying to tp 10pips.
  • #8
  • Jun 13, 2014 3:25am Jun 13, 2014 3:25am
Quoting dsugums
{quote} The charts are all in the original thread. For example, the failed EY entry at London open yesterday. Original signal was up but stoch crossing down and pa is more than 7pips to the nearest 00 level.
hi there but my stochastic is above 20 and going up during that trade
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  • #9
  • Jun 13, 2014 3:31am Jun 13, 2014 3:31am
Quoting tehO
{quote} hi there but my stochastic is above 20 and going up during that trade {image}
Use 1H stochastic
  • #10
  • Jun 13, 2014 3:57am Jun 13, 2014 3:57am
Quoting dsugums
{quote} Use 1H stochastic
i understand now . thanks you! but i dont get the distance part clearly ? example if the stoch and the orignal rules are in line but the distance is like 7 pips to the nearest 00 lvl ,

current price is 153.33 , nearest part to long is 153.40 , 7 pips away, where should entry be ?
possible to enter at 153.35?
  • #11
  • Jun 13, 2014 3:59am Jun 13, 2014 3:59am
Hey DSU - is the 4/133/222 still going strong ??
  • #12
  • Edited 4:53am Jun 13, 2014 4:42am | Edited 4:53am
Correct me if I'm wrong...

EurJpy

9 June -
a)Frankfurt Open Buy @ 139.9 SL-10 -although should not be taken as near a 000 number
b)2 hours after London Open Sell @ 139.70 TP +10

10 June -
a) Hour after Tokyo Open [email protected] TP+10
b) 2 Hours after London Open [email protected] TP +10
c) 7 Hours after New York Open [email protected] TP+10

11 June -
a) Tokyo Open Sell @ 138.50 TP +10
b) 2 Hours after London Open Sell @ 138.20 TP+10 - although your 5 pip criteria not met

12 June -
a) 2 Hours after Tokyo Open Buy@ 138.20 TP +10
b) 4 Hours after New York Open Sell @ 138.00 TP +10

Using SL=10 TP = 10
  • #13
  • Jun 13, 2014 5:49am Jun 13, 2014 5:49am
Quoting naveel
Correct me if I'm wrong... EurJpy 9 June - a)Frankfurt Open Buy @ 139.9 SL-10 -although should not be taken as near a 000 number b)2 hours after London Open Sell @ 139.70 TP +10 10 June - a) Hour after Tokyo Open [email protected] TP+10 b) 2 Hours after London Open [email protected] TP +10 c) 7 Hours after New York Open [email protected] TP+10 11 June - a) Tokyo Open Sell @ 138.50 TP +10 b) 2 Hours after London Open Sell @ 138.20 TP+10 - although your 5 pip criteria not met 12 June - a) 2 Hours after Tokyo Open Buy@ 138.20 TP +10 b) 4 Hours after New York Open Sell...
Use 5pip sl if your spread is less than 2pips. You get better ratio even if you lose few in a row
  • #14
  • Jun 13, 2014 5:59am Jun 13, 2014 5:59am
my spread is 2 pips, therefore 5 pips tp seem less likely for me!
  • #15
  • Jun 13, 2014 6:08am Jun 13, 2014 6:08am
Quoting naveel
my spread is 2 pips, therefore 5 pips tp seem less likely for me!


Instead of a 5 pips SL you could use 6 pips, and instead of a 10 pips TP you could use 11 pips. Or switching to the a better ECN broker might not be a bad idea.
  • #16
  • Jun 13, 2014 6:27am Jun 13, 2014 6:27am
Quoting naveel
my spread is 2 pips, therefore 5 pips tp seem less likely for me!
You can use pairs with low spread like eu, au, uchf as well. Not necessarily ey or gy.
  • #17
  • Jun 13, 2014 10:42am Jun 13, 2014 10:42am
Quoting enzo2325
Wow... so let me get this straight. You learned a method from a thread that was started 10 days ago, think you have it all figured out and then decided to hijack it because you have a better way of trading his method? The system that you just learned 10 days ago? I'm sure your a pro at it by now. Don't you think you should of discussed it in that thread rather than opening up a new one to try and make a name for your self?
Yeah I think what dsugums did was good. The reason the genesis thread died and TMS is falling apart is because people do what you would prefer him to do, which is try and change the system on the thread it was created on... that is truly hi jacking the thread.
also Udine(thread creator) gave his users permission to edit the system and said to create a separate thread...
please don't assume things.... it makes an ass out of u and me

I don't even trade this system but I like the fact that he is preserving the original thread by creating a variation thread... if only the same would happen to TMS now to get all the fib, guppy, etc users to post their NEW system some where else.
Luck is what happens when preparation meets opportunity
  • #18
  • Jun 13, 2014 3:00pm Jun 13, 2014 3:00pm
Quoting ShanghaiMoon
{quote} Yeah I think what dsugums did was good. The reason the genesis thread died and TMS is falling apart is because people do what you would prefer him to do, which is try and change the system on the thread it was created on... that is truly hi jacking the thread. also Udine(thread creator) gave his users permission to edit the system and said to create a separate thread... please don't assume things.... it makes an ass out of u and me I don't even trade this system but I like the fact that he is preserving the original thread by creating a...
Please don't call me out newbie. You joined Forex factory on may 27 and are speaking about threads? C'mon youngin. You can have the best system in the world and 80% of traders will still lose all there money. Ive seen many, many, many traders come and go on here since 2006. Every now and again I take a long break away from posting just to clear my head of all the nonsense and proclaimed gurus that come along.

Best of luck with the thread
trading on demo is not trading
  • #19
  • Edited 10:51pm Jun 13, 2014 10:04pm | Edited 10:51pm
Quoting enzo2325
{quote} Please don't call me out newbie. You joined Forex factory on may 27 and are speaking about threads? C'mon youngin. You can have the best system in the world and 80% of traders will still lose all there money. Ive seen many, many, many traders come and go on here since 2006. Every now and again I take a long break away from posting just to clear my head of all the nonsense and proclaimed gurus that come along. Best of luck with the thread
you must think a man who is sixty years old is wise just because of his age...

and Im not talking about any systems success rate in my post so i don't get why you brought that up...

also incase you didn't notice you don't need to be a member to read the threads. Iv been lurking here since 2012 and only recently created a profile...

again please don't assume things.
Luck is what happens when preparation meets opportunity
  • #20
  • Jun 14, 2014 4:34am Jun 14, 2014 4:34am
Hi everybody,
i appreciate the idea, and i'm always ready to learn and understand more
attached my chart of EJ at London open and more... are my settings correct?


to me in NY time the stoch misdirect the trades... Am I missing something?
tnx.
Attached Image (click to enlarge)
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