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Simple & profitable: 00 horizontal line trading

  • #81
  • Jun 25, 2014 12:10am Jun 25, 2014 12:10am
Quoting TooSlow
{quote} Short 95.75 TP 95.70 TP set ahead of time. Enter trade and market hits TP or SL. Does that answer your ??
sorry, i meant to say SL at 95.80. Did you set a SL or you trade without one. I am not arguing where to keep TP and SL. I am just saying if it was my trade, it would have hit SL at 95.80. Thats why i am curious how you managed your SL.
  • #82
  • Jun 25, 2014 7:46am Jun 25, 2014 7:46am
Quoting pannet1
{quote} sorry, i meant to say SL at 95.80. Did you set a SL or you trade without one. I am not arguing where to keep TP and SL. I am just saying if it was my trade, it would have hit SL at 95.80. Thats why i am curious how you managed your SL.
Entry at 95.75, TP 95.70, SL 95.85 did not post SL since it did not happen. POSITION SIZE = RISK / STOP LOSS. Keep in mind, the smaller the position size, the larger the stop loss. Trading light allows the trade to move against you within your risk parameters.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #83
  • Jun 25, 2014 11:22am Jun 25, 2014 11:22am
Quoting TooSlow
{quote} Entry at 95.75, TP 95.70, SL 95.85 did not post SL since it did not happen. POSITION SIZE = RISK / STOP LOSS. Keep in mind, the smaller the position size, the larger the stop loss. Trading light allows the trade to move against you within your risk parameters.
Thank you once again.

If you entered at X0, your SL would be in the nearest X0 and TP is nearest X5. May be you will be flexible and shift the TP if market permits. Is that correct.
  • #84
  • Jun 25, 2014 3:09pm Jun 25, 2014 3:09pm
There are many way to trade as there are traders. Beginners need to do everything at entry and then walk away. This means they would not be able to commit mistakes after entry. Setting SL and TP at entry and walking away insures trades are not exited too early or too late.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #85
  • Jun 25, 2014 5:43pm Jun 25, 2014 5:43pm
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Bending the rules. X5 -> X0. Deja vu.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #86
  • Jun 25, 2014 7:36pm Jun 25, 2014 7:36pm
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Understanding price action, risk and position size allows a trader to break the rules without breaking their own bank account.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #87
  • Jun 25, 2014 8:05pm Jun 25, 2014 8:05pm
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Breaking the rules. Do not attempt this at home.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #88
  • Jun 25, 2014 8:19pm Jun 25, 2014 8:19pm
Quoting TooSlow
{image} Understanding price action, risk and position size allows a trader to break the rules without breaking their own bank account.
Are you willing to elaborate at all about this? I have found it hard in the past to manage risk in such a manner displayed in your post (not exiting at what many might call the "logical" place to put a stop) to create long term positive outcomes, and am interested in hearing your thoughts. To deal with it, I instead aimed to enter my trades at the locations where others were incurring losses and that turned my expectancy from negative to positive. [In your above example, I am speaking of course of the large hammer candle / long wick / hanging man, whatever its called].

Thanks -
Small disciplines repeated with consistency lead to great achievements.
  • #89
  • Jun 25, 2014 8:31pm Jun 25, 2014 8:31pm
Quoting jmflukeiii
{quote} Are you willing to elaborate at all about this? I have found it hard in the past to manage risk in such a manner displayed in your post (not exiting at what many might call the "logical" place to put a stop) to create long term positive outcomes, and am interested in hearing your thoughts. To deal with it, I instead aimed to enter my trades at the locations where others were incurring losses and that turned my expectancy from negative to positive. [In your above example, I am speaking of course of the large hammer candle / long wick / hanging...
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Many traders falsely believe time frames below H1 are "noise". The D1 chart shows how far price can "swing" before breaching new highs and new lows. Placing a stop in the swing zone makes it a target. Position size calculated based on the distance between entry and stop gives the trade a longer opportunity to win. If the trader is so inclined larger TP can be attempted. Risk is based on a percentage of account size. Managing risk is no more than making sure no one trade exceeds said percentage. No trader in their right mind would place a stop above the lowest low for a long entry, no need to gamble.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #90
  • Jun 25, 2014 10:53pm Jun 25, 2014 10:53pm
good luck!!
don't predict direction, but dance with flow of water
  • #91
  • Jun 26, 2014 5:33am Jun 26, 2014 5:33am
Quoting TooSlow
{quote} {image} Many traders falsely believe time frames below H1 are "noise". The D1 chart shows how far price can "swing" before breaching new highs and new lows. Placing a stop in the swing zone makes it a target. Position size calculated based on the distance between entry and stop gives the trade a longer opportunity to win. If the trader is so inclined larger TP can be attempted. Risk is based on a percentage of account size. Managing risk is no more than making sure no one trade exceeds said percentage. No trader in their right mind would...
Basically, base trade size on a large stop number to make sure you can withstand reasonably large adverse price movement against your position.
Small disciplines repeated with consistency lead to great achievements.
  • #92
  • Jun 26, 2014 8:42am Jun 26, 2014 8:42am
Quoting jmflukeiii
{quote} Basically, base trade size on a large stop number to make sure you can withstand reasonably large adverse price movement against your position.
Basically, yes. The intention is to avoid stop running.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #93
  • Jun 26, 2014 7:07pm Jun 26, 2014 7:07pm
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Deja Vu.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #94
  • Jun 27, 2014 6:20am Jun 27, 2014 6:20am
Quoting TooSlow
{quote} {image} Many traders falsely believe time frames below H1 are "noise". The D1 chart shows how far price can "swing" before breaching new highs and new lows. Placing a stop in the swing zone makes it a target. Position size calculated based on the distance between entry and stop gives the trade a longer opportunity to win. If the trader is so inclined larger TP can be attempted. Risk is based on a percentage of account size. Managing risk is no more than making sure no one trade exceeds said percentage. No trader in their right mind would...
I have noticed fron Udine's thread that you enter .015, .025, .035, for instance. Also, you seem to ride on trend reversals. Both run counter to Udine's rules. I am curious about your personal rules.
  • #95
  • Jun 27, 2014 6:28am Jun 27, 2014 6:28am
Quoting mark0529
{quote} I have noticed fron Udine's thread that you enter .015, .025, .035, for instance. Also, you seem to ride on trend reversals. Both run counter to Udine's rules. I am curious about your personal rules.
Udine added a bunch of "rules" to the method he learned from others. He has not provided logic or statistics to back up those rules. The rules for this thread are stated in post 1 of this thread. Sometimes they are "bent" and "broken". Current price action should dictate your trading. You may ask detailed questions on this thread.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #96
  • Jun 27, 2014 7:11am Jun 27, 2014 7:11am
Quoting TooSlow
{quote} Udine added a bunch of "rules" to the method he learned from others. He has not provided logic or statistics to back up those rules. The rules for this thread are stated in post 1 of this thread. Sometimes they are "bent" and "broken". Current price action should dictate your trading. You may ask detailed questions on this thread.
i have immense respect for you and Udine. I don't understand why one can't make his own system and be successful. Even better share it others. In this free (as in freedom) space (forum), he is willing to share his method. If someone wants let them follow it. Why demand this and that, when he is not willing to share. There is a contradiction in your statement on 'rules'. Udine made a bunch of rules that cannot be broken. (first for himself and then for others). You have 'rules' that can be bent. I think Udine's is better when it comes to rules. I mean, rules are to be followed. I am not talking about the quality of the rules are anything here. I see what you mean by bending the rules in the sense you be open minded.

I know you are confident about your system. I want you to show many trades and guide many more to be successful. That way you need not have any opinion of someone else system.

with utmost respect
  • #97
  • Jun 27, 2014 8:09am Jun 27, 2014 8:09am
Quoting pannet1
{quote} i have immense respect for you and Udine. I don't understand why one can't make his own system and be successful. Even better share it others. In this free (as in freedom) space (forum), he is willing to share his method. If someone wants let them follow it. Why demand this and that, when he is not willing to share. There is a contradiction in your statement on 'rules'. Udine made a bunch of rules that cannot be broken. (first for himself and then for others). You have 'rules' that can be bent. I think Udine's is better when it comes to...
A trader can trade per the rules. A trader can trade per the rules and see something outside the rules and decide to take advantage. Opportunities for profit are fleeting at best. Showing possibilities to profit is what is shown here.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #98
  • Jun 27, 2014 8:19am Jun 27, 2014 8:19am
You are 100% right.
  • #99
  • Jun 27, 2014 9:46am Jun 27, 2014 9:46am
Quoting Abdul2012
You are 100% right.
Some would argue against you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #100
  • Jun 29, 2014 11:02pm Jun 29, 2014 11:02pm
Quoting TooSlow
{quote} A trader can trade per the rules. A trader can trade per the rules and see something outside the rules and decide to take advantage. Opportunities for profit are fleeting at best. Showing possibilities to profit is what is shown here.
BTW: I made a .50 line in my chart and traded just before Frankfurt session and still got my profit. I understand and agree to your view not be canned and think outside the box when it requires. When you propose a system for others its important to have rules (and supplementary ones to break the rules). Your system can be used only by you because it encompasses your knowledge before pulling the trigger. If its difficult for you to put some rules, just try to explain the trades you take and the conversation you are having with yourself before taking and during the trade.
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