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As simple as possible: 00 level trading

  • #6,561
  • Jun 30, 2014 8:30am Jun 30, 2014 8:30am
Quoting jmflukeiii
{quote} Lots of brokers use GMT+3 as the daily open and weekly open: this equates with the close of New York, which is also the open of Sydney. I can't really speak to what "big boys" do, or if they even care at all, but basing opens/closes off of a larger financial hub like New York or London makes more sense to me; and the fact that it generally lines up with the open of the Asian session makes it an easy transition. Regardless, it truly is not important; the idea is to place a line on your chart during the quiet hours and then when the market...
This is not true.
The Tokyo Channel is very important for the following trading day (during London and NY).
It defines support/resistance level which usually are respected.
You can google that if you like.
But as I said, you are free to put the line where ever you like. It will then simply have no meaning or at least not a strong one.

With the daily open line starting from Wellington, the GJ trade at london open from today would have been a winner, because it was a sell trade.

Attached Image (click to enlarge)
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Just my two cents.
Cheers.
  • #6,562
  • Jun 30, 2014 8:33am Jun 30, 2014 8:33am
Quoting zoothetrader
{quote} This is not true. The Tokyo Channel is very important for the following trading day (during London and NY). It defines support/resistance level which usually are respected. You can google that if you like. But as I said, you are free to put the line where ever you like. It will then simply have no meaning or at least not a strong one. Just my two cents. Cheers.
For the sake of curiosity [since my broker doesn't open on Sunday's until Sydney opens so I don't know what happened prior to that], where is your open line on EJ and on GJ? I am slightly curious, but this is mostly rhetorical: I bet it is within pips of where mine is. And both markets will still be long only bias -
Small disciplines repeated with consistency lead to great achievements.
  • #6,563
  • Jun 30, 2014 8:34am Jun 30, 2014 8:34am
Quoting zoothetrader
{quote} This is not true. The Tokyo Channel is very important for the following trading day (during London and NY). It defines support/resistance level which usually are respected. You can google that if you like. But as I said, you are free to put the line where ever you like. It will then simply have no meaning or at least not a strong one. Just my two cents. Cheers.
Oh dear me !

Please go back to your chart separate it into the different sessions especially the Asian session and then check for these S+R zones based purely on the Asian session and then come back and tell me what you have discovered.

Masterrmind...........
Master your Mind then Master your Trades
  • #6,564
  • Jun 30, 2014 8:38am Jun 30, 2014 8:38am
From page 1, post 1

word document:

My simple definition of trend:
If price is higher than the daily open, the trend is UP, so trade only long
If price is lower than the daily open, the trend is DOWN, so only trade short.
My daily open simply starts at the new day of my broker..., nothing special..

Keeping it simple

Udine
Sleep less, live fast, as it aint gonna last
  • #6,565
  • Jun 30, 2014 8:42am Jun 30, 2014 8:42am
Quoting Udine
From page 1, post 1 word document: My simple definition of trend: If price is higher than the daily open, the trend is UP, so trade only long If price is lower than the daily open, the trend is DOWN, so only trade short. My daily open simply starts at the new day of my broker..., nothing special.. Keeping it simple Udine
" ... My daily open simply starts at the new day of my broker" ...

Well spoken Udine, thats exactly what I do with my open line. FinFX starts at 00:00 GMT.

Cheers.

Btw, no need to start bashing guys. This is just a discussion. You should at least be open for different opinions. Otherwise this thread is useless.
  • #6,566
  • Jun 30, 2014 8:44am Jun 30, 2014 8:44am
Quoting zoothetrader
{quote} " ... My daily open simply starts at the new day of my broker" ... Well spoken Udine, thats exactly what I do with my open line. FinFX starts at 00:00 GMT. Cheers. Btw, no need to start bashing guys. This is just a discussion. You should at least be open for different opinions. Otherwise this thread is useless.

relax my friend

if my broker would have been different, my daily open line would have been different as well... there is no special thought behind it....

in the end it wont make a difference...

Udine
Sleep less, live fast, as it aint gonna last
  • #6,567
  • Jun 30, 2014 8:56am Jun 30, 2014 8:56am
Quoting Udine
{quote} relax my friend if my broker would have been different, my daily open line would have been different as well... there is no special thought behind it.... in the end it wont make a difference... Udine
Thx, I'm totally relaxed.

I know what I'm doing since I'm not new to forex.
I thought it would be a good idea to share some ideas.

Cheers and good trading.
  • #6,568
  • Jun 30, 2014 8:56am Jun 30, 2014 8:56am
damn difficult day, but daily target reached...

EJ to TP

EJ ADR was green at entry !!

Udine
Attached Image
Sleep less, live fast, as it aint gonna last
  • #6,569
  • Jun 30, 2014 8:56am Jun 30, 2014 8:56am
EJ Bonus -
Attached Image (click to enlarge)
Click to Enlarge Name: ej 6.30.14.png Size: 49 KB
Small disciplines repeated with consistency lead to great achievements.
  • #6,570
  • Jun 30, 2014 8:58am Jun 30, 2014 8:58am
Quoting zoothetrader
{quote} Thx, I'm totally relaxed. I know what I'm doing since I'm not new to forex. I thought it would be a good idea to share some ideas. Cheers and good trading.


green pips

Udine
Sleep less, live fast, as it aint gonna last
  • #6,571
  • Edited 9:10am Jun 30, 2014 9:00am | Edited 9:10am
Quoting Udine
damn difficult day, but daily target reached... EJ to TP EJ ADR was green at entry !! Udine {image}
Glad to see you get there Udine.

I made it in the Asian session (..... no comment......).


Tomorrow is another day.......

Masterrmind.........
Master your Mind then Master your Trades
  • #6,572
  • Jun 30, 2014 9:01am Jun 30, 2014 9:01am
Quoting jmflukeiii
EJ Bonus - {image}
Sleep less, live fast, as it aint gonna last
  • #6,573
  • Jun 30, 2014 9:03am Jun 30, 2014 9:03am
Quoting Masterrmind
{quote} Glad to see you get there Udine. I made it in the Asian session (....no comment..... ). Tomorrow is another day....... Masterrmind.........

Asian session = my beauty sleep

Udine
Sleep less, live fast, as it aint gonna last
  • #6,574
  • Jun 30, 2014 9:05am Jun 30, 2014 9:05am
EJ with TP...
  • #6,575
  • Jun 30, 2014 9:07am Jun 30, 2014 9:07am
Quoting Udine
{quote} Asian session = my beauty sleep Udine
Yes my time zone GMT+10 allows me to trade through most of the sessions except the very last part of New York so I'm lucky in that respect.

Masterrmind..........
Master your Mind then Master your Trades
  • #6,576
  • Jun 30, 2014 9:09am Jun 30, 2014 9:09am
Quoting Masterrmind
{quote} Yes my time zone GMT+10 allows me to trade through most of the sessions except the very last part of New York so I'm lucky in that respect. Masterrmind..........
GMT+8, similar case.
Outcome is not important at all, but correct technique is what only matters
  • #6,577
  • Jun 30, 2014 9:11am Jun 30, 2014 9:11am
2.22%. I think, not bad for a first day on the new system. Trades was 18. But I'm still learning
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Greed causes poverty
  • #6,578
  • Jun 30, 2014 9:11am Jun 30, 2014 9:11am
Quoting Masterrmind
{quote} Yes my time zone GMT+10 allows me to trade through most of the sessions except the very last part of New York so I'm lucky in that respect. Masterrmind..........

If i am not able to make my pips during London, then I better look for a job

Udine
Sleep less, live fast, as it aint gonna last
  • #6,579
  • Jun 30, 2014 9:13am Jun 30, 2014 9:13am
Quoting Udine
{quote} If i am not able to make my pips during London, then I better look for a job Udine

That is why i am working.
Outcome is not important at all, but correct technique is what only matters
  • #6,580
  • Jun 30, 2014 9:15am Jun 30, 2014 9:15am
Quoting szpowerx
{quote} That is why i am working.
you'll get there..

PDF & BCC

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