As simple as possible: 00 level trading

Hi Udine,

One more question, for rule number 2, Entry ONLY the FIRST 00 level

What do you mean by FIRST 00 level?

You mean the FIRST 00 level that breaks when the Tokyo/London/NY market opens?

Thanks

I am done trading for today..

getting set up to watch Belgiums' first match of the tournament ... (read: just ook out my first beer)

Udine

bonus no rules completly

I thought that if he could perform under the structure of the system then win


3 trade
tot +15 today 2.96%

Hi Udine,

Would like to check with you for rule 2, Entry ONLY the FIRST 00 level

What do you mean by the FIRST 00 level? Does it mean the FIRST 00 level that breaks when the markets first open?

Thanks!

ok now we're talking..
bcz i had my guys to check this out on ej and gj for the past 6mo down to lowest tf in order to not miss anything, with me monitoring them..
based on 5 tp and 10sl and ts of 3.5.. considering the 2:1 RR.. at best this is a breakeven game.. IF taking all signals...

but reaching daily goal +10 and truly stop.. then that is a winner most likely based on 6mo data.

There's a kick-ass fish and chips / brewery place here that wraps their fish in newspaper [supposedly how its done in the old days], and they play nothing but soccer on the TVs. Its been packed since the world cup started, and will be till it finishes.

Question... Do people in Europe care at all about the US's MLS ?

I doubt it jmmy.. hardly even any of us give hoot about MLS in u.s, lol.. but a great win by u.s yesterday.

No because we have so many high quality leagues here + are spoilt for choice.

hi there, nice trading dude, but is this a valid trade? ie wasn't that the second time during the hour that 600 was hit?
cheers

Amen to that, worse still if you backtest only to find its not got the legs to succeed. Which is why I truly thank you for sharing.

LOLLLL ... good point

It was the first candle of the hour -

blimey do you have your own private army of munchkins working for you?
guys it's FOOTBALL not soccer!

Football is a game that requires almost zero use of your foot

With regards to system analysis, I posted this over three years ago in another thread here on ff.com:

Gleneagles, a great trader wrote the first one, and the second one comes from the james16 thread.

I. System analysis:
1. is it easy to trade in terms of complex analysis and technical indicators?
2. is the system consistent for an average of 200 pips/month (one pair = 50 pips/week = 10 pips/day)?
3. can I fit it into my risk profile?
4. are there periods of uncomfortable drawdowns?
5. long term, intraday or scalping?

For me all the factors are important but I want a system that is consistent. It is better to be consistantly average, than occasionally brilliant.
I will rather pick an average 200 pips/month system than one that will produce 800 pips in one month and lose 1000 in the next.
If you have a consitent system you can gradually increase your risk (within limits) because you have a positive expectancy.

The question that you must ask yourself is can I trade +200 pips a month using this system ... or 50 pips a week? not across multiple pairs .. one pair (comes down to 10 pips a day per pair).

Mark your charts and decide for yourself whether it is possible. Then make a decision whether you want at least try it or prove to yourself that it works OR it does not work.

You dont need 54.287.434 pips per month to be successful as a trader. You dont need to be the next Soros. You need to make 200 pips consitently per month.

Here from the James16 Group: 100 pips per month:

Here is an example of why trading smarkt can be the door to success. At the start of the month you decide on one or a set of pairs you want to trade. Your goals is 100 pips for each pair for the month.
The first and all trades you take, whether it happen on the first of the month or the twentieth will be the best set up your system can give within reason. No fudging, no borderline trades for that pair until you reach 100 pips.

Now this is going to help you in several ways:
1. if your system is not viable you are going to know it very quickly
2. if it is viable you are going to build confidence and train yourself not to shotgun trades
3. if your system is any good at all you will have at least 4 or 5 winners form the first set of trades

You trade like this until you have the 100 pips per pair.

For 20 trading days a month, not counting sundays, that is 5 pips per pair. That is not hard if you take only your best set ups regardless of how rare during the month they may be. Once over 100 pips you cannot drop below that 100 you have banked.
Lets look at the numbers:

With a 10.000 account risking 3 percent per trade with a 30 pip stop on your trades will allow you 10 mini lots.
Trading 6 pairs at 100 pips each for the month will grow your account to 16.000.
Now why not try 50 pips or even 25 pips. 25 equates into a 1.500 profit.

The main point is this: you can grow your account quickly and at the same time trade in a conservative manner. The best of both worlds !!

thought it was worth it putting it up here..

Udine

the first 00 level of the new hour..

Udine

The day - God forbid - I have eye problems, I will hopefully be able to do the same !

+11 pips for me today, maybe another bonus trade, if setup allows.

Otherwise, I will start studying the historical EJ & GJ H1 charts.
Thanks for the heads up on that Udine

ok cool but you were trading into support AND last weeks close; guess you're a braver trader than me
know that song eat, sleep, rave, repeat? we need udine doing a rap of eat, sleep, trade, repeat

I have had the same problem. Mine does not even show up in the indicator window. Running Win7. If you figure out how to get it working could you please let me know. Just hope that when it works it does not hurt already slow pc metatrader performance. Thanks. Dave.

Udine: Great thread. Thank you. Using most of the indicators but picked them from other sources. The Any-Candle is great, set it up with 5 time frames, like an equalizer on a stereo. Thanks again. Dave.

Hi Udine,

Is there any particular reason why you dont trade USD?

As I can see your favorite pair is GJ and EJ

Thanks!