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Simple & profitable: 00 horizontal line trading

  • #21
  • Jun 17, 2014 6:50pm Jun 17, 2014 6:50pm
Quoting TooSlow
{quote} Those are not part of this system. Your ideas could be used in another system. Why what for the 00 lines? How often do you see a close at 00? Traders move price away from 00 lines.
At least the first part of my question could be considered as a possible part of this system - using some multiple of the hourly distribution mean as an optimal target/stop?
Small disciplines repeated with consistency lead to great achievements.
  • #22
  • Jun 18, 2014 11:51am Jun 18, 2014 11:51am
Quoting jmflukeiii
{quote} At least the first part of my question could be considered as a possible part of this system - using some multiple of the hourly distribution mean as an optimal target/stop?
Traders have the knack for taking simple systems and complicating them thus destroying them and their accounts. Currency pair price is in flux and should be handled accordingly. In the moment and at the time is trading. Every tick a decision is made. Between ticks decisions are made. Wait? Enter? Exit? Monday morning quarterbacks exist everywhere. More hindsight than foresight. Woulda, coulda, shoulda, blah, blah, blah. Traders trade, some win, some lose and that is that.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #23
  • Jun 18, 2014 12:03pm Jun 18, 2014 12:03pm
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh1.png Size: 54 KB


Above each candle, top green number is pips (high - open) , bottom green number (close - open) and below each candle, bottom red number is pips (open - low), top red number (open - close). The pips are there for those with the guts to trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #24
  • Jun 18, 2014 1:02pm Jun 18, 2014 1:02pm
Quoting TooSlow
{quote} Traders have the knack for taking simple systems and complicating them thus destroying them and their accounts. Currency pair price is in flux and should be handled accordingly. In the moment and at the time is trading. Every tick a decision is made. Between ticks decisions are made. Wait? Enter? Exit? Monday morning quarterbacks exist everywhere. More hindsight than foresight. Woulda, coulda, shoulda, blah, blah, blah. Traders trade, some win, some lose and that is that.
So you are saying "no" then?
Small disciplines repeated with consistency lead to great achievements.
  • #25
  • Jun 18, 2014 1:26pm Jun 18, 2014 1:26pm
Quoting jmflukeiii
{quote} So you are saying "no" then?
Anyone is free to take a system and modify it to their liking. Some will be successful, most will fail.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #26
  • Jun 18, 2014 1:30pm Jun 18, 2014 1:30pm
Quoting TooSlow
{quote} Anyone is free to take a system and modify it to their liking. Some will be successful, most will fail.
How does your system manage trades? When do you get out?
Small disciplines repeated with consistency lead to great achievements.
  • #27
  • Jun 18, 2014 1:37pm Jun 18, 2014 1:37pm
Quoting jmflukeiii
{quote} How does your system manage trades? When do you get out?
Profit is to be taken swiftly once the pair stops moving
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #28
  • Jun 18, 2014 1:42pm Jun 18, 2014 1:42pm
Quoting TooSlow
{quote} Profit is to be taken swiftly once the pair stops moving
How long of a time period defines "stops moving"? When do you exit when you are not in profit?
Small disciplines repeated with consistency lead to great achievements.
  • #29
  • Jun 18, 2014 1:48pm Jun 18, 2014 1:48pm
Quoting jmflukeiii
{quote} How long of a time period defines "stops moving"? When do you exit when you are not in profit?
Price starts and stops moving. Enter a trade. Price moving in your direction, your trade P/L goes from red to green and price stops moving. You exit. When trade P/L is red and reaches your trade risk amount, you exit.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #30
  • Jun 18, 2014 1:49pm Jun 18, 2014 1:49pm
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm5.png Size: 44 KB


Lot of movement.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #31
  • Jun 18, 2014 1:51pm Jun 18, 2014 1:51pm
Quoting TooSlow
{quote} Price starts and stops moving. Enter a trade. Price moving in your direction, your trade P/L goes from red to green and price stops moving. You exit. When trade P/L is red and reaches your trade risk amount, you exit.
Sounds a lot like Linuxtroll, a complete hack of a trader, but great marketer.

You've yet to show anything useful in this thread so I will discontinue my engagement in it. You have been nothing but vague and leave plenty of reasonable doubt as to whether you actually trade like this, which leaves your entire motive for entertaining this thread rather suspect.
Small disciplines repeated with consistency lead to great achievements.
  • #32
  • Jun 18, 2014 1:56pm Jun 18, 2014 1:56pm
Quoting jmflukeiii
{quote} Sounds a lot like Linuxtroll, a complete hack of a trader, but great marketer. You've yet to show anything useful in this thread so I will discontinue my engagement in it. You have been nothing but vague and leave plenty of reasonable doubt as to whether you actually trade like this, which leaves your entire motive for entertaining this thread rather suspect.
Thank you for stopping by. I wish you well in your trading and your life.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #33
  • Jun 18, 2014 2:02pm Jun 18, 2014 2:02pm
Quoting TooSlow
{quote} Price starts and stops moving. Enter a trade. Price moving in your direction, your trade P/L goes from red to green and price stops moving. You exit. When trade P/L is red and reaches your trade risk amount, you exit.
Sounds very discretionary, which is ok. But price often "stops moving" and then continues leaving you with one or two pips as you watch it pull away.
  • #34
  • Jun 18, 2014 2:39pm Jun 18, 2014 2:39pm
Quoting profitkeeper
{quote} Sounds very discretionary, which is ok. But price often "stops moving" and then continues leaving you with one or two pips as you watch it pull away.

The exits are discretionary. When profit presents itself, a decision must be made either take it or risk it. Just as often, traders wish they had taken profit when they had the chance. EURJPY moves 11 pips per H1 bar most of the time. Take away the 3 pip spread, 8 pips remain. There is no shame exiting with 3 pips.

"Traders can only control losses."
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #35
  • Jun 18, 2014 5:57pm Jun 18, 2014 5:57pm
Quoting TooSlow
{quote} The exits are discretionary. When profit presents itself, a decision must be made either take it or risk it. Just as often, traders wish they had taken profit when they had the chance. EURJPY moves 11 pips per H1 bar most of the time. Take away the 3 pip spread, 8 pips remain. There is no shame exiting with 3 pips. "Traders can only control losses."
Have noticed your almost naked chart from post 3622 of "As simple as possible: 00 level trading". Would like to study. Could you show me how to set up the chart?
  • #36
  • Jun 18, 2014 6:20pm Jun 18, 2014 6:20pm
Use the sweetspots gold indicator. Mainlines input set to 10 and sublines set to 5. Nothing else absolutely necessary.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh1.png Size: 31 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #37
  • Jun 18, 2014 6:43pm Jun 18, 2014 6:43pm
Quoting TooSlow
{quote} Thank you for stopping by. I wish you well in your trading and your life.
You as well -
Small disciplines repeated with consistency lead to great achievements.
  • #38
  • Jun 18, 2014 6:52pm Jun 18, 2014 6:52pm
Quoting TooSlow
Use the sweetspots gold indicator. Mainlines input set to 10 and sublines set to 5. Nothing else absolutely necessary. {image}
Tks vm. It's so simple. I shouldn't have asked!
  • #39
  • Jun 18, 2014 6:58pm Jun 18, 2014 6:58pm
Quoting mark0529
{quote} Tks vm. It's so simple. I shouldn't have asked!
No one gets their head bitten off for asking a question in this thread. Courtesy and respect for each other is how we conduct ourselves here. No need for rudeness or belittling. You may want to include the "multi_meter_candlecolor" indicator (that is a partial name you can use in a search engine to find).

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpym5.png Size: 61 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #40
  • Jun 18, 2014 8:01pm Jun 18, 2014 8:01pm
Quoting TooSlow
{quote} No one gets their head bitten off for asking a question in this thread. Courtesy and respect for each other is how we conduct ourselves here. No need for rudeness or belittling. You may want to include the "multi_meter_candlecolor" indicator (that is a partial name you can use in a search engine to find). {image}
Tks kindly. Added M-Candles. Working nicely.
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