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As simple as possible: 00 level trading

  • #6,621
  • Jun 30, 2014 5:28pm Jun 30, 2014 5:28pm
Quoting Swede
{quote} appreciate it...thanks......yes West Coast Canada and US can be tricky....have to be an early riser for certain...lol but first 2 hours from NY open (exchanges 9:30 eastern) offer some pretty good momentum and this method, with rules implemented keep you on the right side....in the past 4 trading sessions my only losses where made when experimenting with Wheel Barrow and Wurkar,,taking trades just to see how if worked properly...very cool method indeed...
Exchange Opens at 9est
  • #6,622
  • Jun 30, 2014 6:27pm Jun 30, 2014 6:27pm
Udine, silly question. When you refer to price, are you referring only to the bid? I ask because I'm wondering what price you watch crossing the 00 line. If you're planning to buy do you watch the offer cross the 00 line, going up, or do you wait for the bid to cross the line?
  • #6,623
  • Jun 30, 2014 6:32pm Jun 30, 2014 6:32pm
Quoting turboguru
{quote} Exchange Opens at 9est
What exchange?

NYSE and NASDAQ open at 9:30 EST.
NY Forex "open" at 8:00 EST.
CME 'open' at all sorts of times depending on the commodity and whether you are talking Open Outcry or Globex. Currency futures Open Outcry starts at 8:20 EST.
Small disciplines repeated with consistency lead to great achievements.
  • #6,624
  • Jun 30, 2014 6:46pm Jun 30, 2014 6:46pm
Quoting heispark
Many people have made comment on RRR of this system. I also did some basic math based on somewhat hypothetical scenario. <Scenario> Your capital is USD 10000. You trade twice a day and make total 40 trades each month. In each trade, you open two lots. Your TP is 5 pips and SL is 10 pips (original rules), which is 2% risk. Your ECN broker charges around 0.5 pips value of commission ($25 per 1 million; $50 for roundtrip). Assume your win rate is 76% (same as Udine's). <Result after a month> Profit trade: 30.4 times / Loss trade: 9.6 times (fractions...
By the way, you may want to negotiate commission with your broker. If your broker charges 1 pip spread and $50 commission (1 million, roundtrip), your broker makes $1650 when you make $1000.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #6,625
  • Jun 30, 2014 6:50pm Jun 30, 2014 6:50pm
Quoting heispark
{quote} By the way, you may want to negotiate commission with your broker. If your broker charges 1 pip spread and $50 commission (1 million, roundtrip), your broker makes $1650 when you make $1000.
EA TP +10pips
Outcome is not important at all, but correct technique is what only matters
  • #6,626
  • Jun 30, 2014 7:03pm Jun 30, 2014 7:03pm
EA to target. Halfway there -
Attached Image
Small disciplines repeated with consistency lead to great achievements.
  • #6,627
  • Jun 30, 2014 7:06pm Jun 30, 2014 7:06pm
Quoting jmflukeiii
EA to target. Halfway there -
thx for pic, cannot see how prev poster made +10 ?? (EA TP +10pips)
  • #6,628
  • Jun 30, 2014 7:08pm Jun 30, 2014 7:08pm
Quoting jmflukeiii
EA to target. Halfway there - {image}
GA to target. Done -
Attached Image
Small disciplines repeated with consistency lead to great achievements.
  • #6,629
  • Jun 30, 2014 7:09pm Jun 30, 2014 7:09pm
Quoting pgtips
{quote} thx for pic, cannot see how prev poster made +10 ?? (EA TP +10pips)
Not sure either - maybe it was a short after the Syndey open, but with a different daily open broker.

Done in 7 minutes, I think that's a record since I started this -
Small disciplines repeated with consistency lead to great achievements.
  • #6,630
  • Jun 30, 2014 7:13pm Jun 30, 2014 7:13pm
EA TP
I missed the GA it's a bit higher spread on my broker
  • #6,631
  • Jun 30, 2014 7:17pm Jun 30, 2014 7:17pm
Quoting Patmontes
EA TP I missed the GA it's a bit higher spread on my broker
Same here - but I trade it anyway, especially during Asia as the AUD pairs have been moving so well -
Small disciplines repeated with consistency lead to great achievements.
  • #6,632
  • Edited 8:37pm Jun 30, 2014 7:24pm | Edited 8:37pm
jmflukeiii

price action on Tokyo open EURAUD/GBPAUD trades was so strong do ever take half off and let other half run

I know its a mod of the rules

just curious
  • #6,633
  • Jun 30, 2014 7:25pm Jun 30, 2014 7:25pm
Quoting jmflukeiii
{quote} Not sure either - maybe it was a short after the Syndey open, but with a different daily open broker. Done in 7 minutes, I think that's a record since I started this -

Entry: 4510

Out: 4520
Outcome is not important at all, but correct technique is what only matters
  • #6,634
  • Jun 30, 2014 7:28pm Jun 30, 2014 7:28pm
Quoting szpowerx
{quote} Entry: 4510 Out: 4520
So you put a buy limit at that price?
Small disciplines repeated with consistency lead to great achievements.
  • #6,635
  • Jun 30, 2014 7:31pm Jun 30, 2014 7:31pm
Quoting jmflukeiii
{quote} So you bought on a limit pullback to that price?

Yes, my rule i post out last week,

It is based on Udine, but i do some changes to fit my style
Outcome is not important at all, but correct technique is what only matters
  • #6,636
  • Jun 30, 2014 7:40pm Jun 30, 2014 7:40pm
Quoting jmflukeiii
{quote} GA to target. Done - {image}
EJ Bonus -
Attached Image
Small disciplines repeated with consistency lead to great achievements.
  • #6,637
  • Jun 30, 2014 7:51pm Jun 30, 2014 7:51pm
Quoting jmflukeiii
{quote} EJ Bonus - {image}
You are on a roll today, congratulations.
Lets WUKAR FIFO!! - Udine
  • #6,638
  • Jun 30, 2014 7:53pm Jun 30, 2014 7:53pm
China news in 8 min and 53 min can have big impact on aussie
  • #6,639
  • Jun 30, 2014 7:56pm Jun 30, 2014 7:56pm
Quoting jmflukeiii
{quote} EJ Bonus - {image}
I have been thinking about this... why did you not sell the EJ? It fits all the rules (but is really close to DO). Thanks.

EDIT: nevermind I see your H1 started below, where mine started above 138.70
  • #6,640
  • Jun 30, 2014 7:57pm Jun 30, 2014 7:57pm
Quoting ericjschroed
{quote} I have been thinking about this... why did you not sell the EJ? It fits all the rules (but is really close to DO). Thanks.

EJ could be a potential sell, but the SL collection would push it higher, to cross the short's SL.

So short on anti-wave is dangerous. I have to hold on from short it.
Outcome is not important at all, but correct technique is what only matters
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