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As simple as possible: 00 level trading

  • #5,081
  • Jun 24, 2014 7:56am Jun 24, 2014 7:56am
Quoting jmflukeiii
{quote} This is not true. Your target profit, if you set it for 5 pips, will be 5 pips. It doesn't matter what your spread is; that just affects at what price it "looks" like you've gotten in on your chart, i.e. how far below the 00 line the bid is when the buy stop gets filled at the ask price. If you take a long, you will be taken in when the ASK price reaches the 00 level. At this point, your bid will not have reached the 00 level yet, so you are "paying the spread" on your entry. However, you will exit as soon as the chart reaches your profit...
Whoops, my bad, no wonder my longs never worked out

But, I still don't think that Udine changes his TP to take spread / commissions into account...
  • #5,082
  • Jun 24, 2014 7:58am Jun 24, 2014 7:58am
Quoting jmflukeiii
{quote} This is not true. Your target profit, if you set it for 5 pips, will be 5 pips. It doesn't matter what your spread is; that just affects at what price it "looks" like you've gotten in on your chart, i.e. how far below the 00 line the bid is when the buy stop gets filled at the ask price. If you take a long, you will be taken in when the ASK price reaches the 00 level. At this point, your bid will not have reached the 00 level yet, so you are "paying the spread" on your entry. However, you will exit as soon as the chart reaches your profit...
If we are hiding our TP/SL from the broker that would mean we are exiting trades at market price (not via TP), right?
  • #5,083
  • Jun 24, 2014 8:02am Jun 24, 2014 8:02am
Quoting HannesJoub
{quote} In other words, if your TP remains a constant 50 points / 5 pips, then your NET pips on a long will be your TP minus spread...that's all.
No, your net pips will be always "net" (except commisions), but you will have to get a bit different price than your TP level. For example, your spread is 0,5 pips and you sell at 137.800 with TP at 137.750. To close your trade at TP you need a price of 137.745.

Quoting HannesJoub
{quote} In other words, if your TP remains a constant 50 points / 5 pips, then your NET pips on a long will be your TP minus spread...that's all. I don't think (correct me if I am wrong) Udine compensates for spread and / or commissions (complicates things) he sets a TP of 50 points / 5 pips and lets it fly regardless of direction, spread or commissions... Do not over complicate things AKA Udine's mantra H
Not sure, but I think I've seen a post by Udine where he told about net pips.

P.S. Jmflukeiii was faster than me ))
​
Let's go with the flow
  • #5,084
  • Jun 24, 2014 8:02am Jun 24, 2014 8:02am
Quoting FxProPlayer
{quote} If we are hiding our TP/SL from the broker that would mean we are exiting trades at market price (not via TP), right?
Correct, but the EA is calculating your profit/loss via whatever quoted price (bid/ask) is relevant to the position. So for a long, it will exit when the bid reaches 5 pips; for a short, it will exit when the ask reaches 5 pips.
Small disciplines repeated with consistency lead to great achievements.
  • #5,085
  • Jun 24, 2014 8:03am Jun 24, 2014 8:03am
udine said we shouldnt worry about bid/ask too much, more focus on trading.
for me my TP is always 5.8 pips above .00 due to commission adjust.
  • #5,086
  • Jun 24, 2014 8:03am Jun 24, 2014 8:03am
Hi Udine,

first of all thanks for sharing .

I've read about 300 posts and keep going, but in the meanwhile I'd like to know the meaning of M-Candles indi and how to reduce its width to cover 4-5 candles like it appears in your charts. Then I'd like to know how to make the red skull to show on chart, I've only a gray small one instead.

Thanks in advance,
bubincka
Porta itineris dicitur longissima esse
  • #5,087
  • Jun 24, 2014 8:04am Jun 24, 2014 8:04am
Quoting artem_t
{quote} No, your net pips will be always "net" (except commisions), but you will have to get a bit different price than your TP level. For example, your spread is 0,5 pips and you sell at 137.800 with TP at 137.750. To close your trade at TP you need a price of 137.745. {quote} Not sure, but I think I've seen a post by Udine where he told about net pips.
Okay, thanks for the feedback, I'll refrain from posting answers that I am not 100% sure of, so that I don't confuse myself firstly or anyone else.

Schweet.

H
  • #5,088
  • Jun 24, 2014 8:04am Jun 24, 2014 8:04am
Quoting HannesJoub
{quote} A lot gets lost when writing as opposed to talking to someone...I know I tend to fly off the handle when reading some posts, so I take a walk, read it again, and again if need be, by that time, I may have gotten to what the poster meant... But this thread is for the edification of fellow traders using the system, and for those who are just starting out using the system (assuming they read the thread that is). Just wanted to keep it clean, especially for Udine's sake. Cheers H

respect sir..

the type is obvious and should be put on ignore but just can't help it to stay quiet sometimes.

I stop for the sake of the thread and Udine.
Passion, Persist, Patience, Protect
  • #5,089
  • Jun 24, 2014 8:07am Jun 24, 2014 8:07am
Quoting jmflukeiii
GA to target. Halfway there - {image}
EA to target. Goal reached, done. [Yes, I'll do some burpees.]
Attached Image (click to enlarge)
Click to Enlarge Name: ea 6.24.14.png Size: 67 KB
Small disciplines repeated with consistency lead to great achievements.
  • #5,090
  • Jun 24, 2014 8:09am Jun 24, 2014 8:09am
Quoting jmflukeiii
{quote} Correct, but the EA is calculating your profit/loss via whatever quoted price (bid/ask) is relevant to the position. So for a long, it will exit when the bid reaches 5 pips; for a short, it will exit when the ask reaches 5 pips.
thanks for all the clarification
but i still am slightly confused about the situation explained earlier

My charts gave me the following information

Entry: 138.800
TP: 138.850
High: 138.844

price retraced after the high and i got out at +.4 pips
however some people managed to get to TP (138.85 as per rules) and that is where i am confused. in my eyes the bid never got to 138.85 it only got to 138.844
  • #5,091
  • Jun 24, 2014 8:10am Jun 24, 2014 8:10am
Quoting flash4
{quote} in my eyes the bid never got to 138.85 it only got to 138.844
Different brokers. Different spreads.
  • #5,092
  • Jun 24, 2014 8:10am Jun 24, 2014 8:10am
Quoting bubincka
Hi Udine, first of all thanks for sharing . I've read about 300 posts and keep going, but in the meanwhile I'd like to know the meaning of M-Candles indi and how to reduce its width to cover 4-5 candles like it appears in your charts. Then I'd like to know how to make the red skull to show on chart, I've only a gray small one instead. Thanks in advance, bubincka

1. adjust the setting from 1440 to 60
2. the color and size of the skull is not important

Udine
Sleep less, live fast, as it aint gonna last
  • #5,093
  • Jun 24, 2014 8:12am Jun 24, 2014 8:12am
Quoting Udine
{quote} 2. the color and size of the skull is not important
Lol.... are you sure that's not why you are so goooood?
Small disciplines repeated with consistency lead to great achievements.
  • #5,094
  • Jun 24, 2014 8:13am Jun 24, 2014 8:13am
Quoting MKFXTrader
{quote} Different brokers. Different spreads.
And thus different price quotes, to make it completely clear.
Small disciplines repeated with consistency lead to great achievements.
  • #5,095
  • Jun 24, 2014 8:14am Jun 24, 2014 8:14am
Quoting jmflukeiii
{quote} And thus different price quotes, to make it completely clear.
beautiful
thank you
  • #5,096
  • Jun 24, 2014 8:17am Jun 24, 2014 8:17am
i think i will manually close my GU
been open for more than an hour now and with red news around the corner for USD i should try preserve my earlier gains for the day
  • #5,097
  • Jun 24, 2014 8:18am Jun 24, 2014 8:18am
Quoting jmflukeiii
{quote} And thus different price quotes, to make it completely clear.
  • #5,098
  • Jun 24, 2014 8:19am Jun 24, 2014 8:19am
Quoting bubincka
I've only a gray small one instead. Thanks in advance, bubincka
Really, size doesn't matter...does it ...not sure about the colour though, you might want to have that checked...
  • #5,099
  • Jun 24, 2014 8:22am Jun 24, 2014 8:22am
Quoting HannesJoub
{quote} Really, size doesn't matter...does it ...not sure about the colour, you might want to have that checked...
Lollll.... that sounds like it could be a serious problem
Small disciplines repeated with consistency lead to great achievements.
  • #5,100
  • Jun 24, 2014 8:22am Jun 24, 2014 8:22am
Quoting jmflukeiii
{quote} Lol.... are you sure that's not why you are so goooood?
SO THATS IT !!!!

Udine
Sleep less, live fast, as it aint gonna last
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