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As simple as possible: 00 level trading

  • #7,761
  • Jul 4, 2014 10:55am Jul 4, 2014 10:55am
In all, I was mentioning yesterday that I would not like to take short trade in GBPJPY due to its bullishness on higher TF.

Any move down below open price would be choppy and chances of hitting SL is high.
Intraday only.
  • #7,762
  • Jul 4, 2014 10:58am Jul 4, 2014 10:58am
Quoting driven18
{quote} Udine responded in this thread...something about rule #5...but rule #5 have no relation to this trade..
The following is that rule:

RULE #5. No short @ .100 level

The level we are trading is at 174.900

Shorting from the 0.900 level is perfectly fine by the rules

I see no problem at all!

EDIT: It was during the London session so again no problem taking this trade by the rules as I see it!

Masterrmind........
Master your Mind then Master your Trades
  • #7,763
  • Jul 4, 2014 11:00am Jul 4, 2014 11:00am
Quoting driven18
{quote} It was during LO and we can trade 174.90 level
Keep in mind bank holiday in US.

So volatility would be less, ADR will not be achieved.

Taking any trade after 50 pips move down ( on a bullish pair in higher time frame )on a USA bank holiday would prove to be disaster.
Intraday only.
  • #7,764
  • Jul 4, 2014 11:09am Jul 4, 2014 11:09am
Anyway that's all from me for now........

Have a great weekend everyone

Masterrmind..........
Master your Mind then Master your Trades
  • #7,765
  • Jul 4, 2014 11:59am Jul 4, 2014 11:59am
Quoting driven18
So, there is still no understanding why this loss trade(see white arrow) should not be taken...it was in sync with EJ and at the proper level...all per rules..comments? {image}
Isn't that trade against rule 12. Distance to RN > 10 pips???
If you sold at 174.90, that is less then 10 pips from RN.
That is my understanding.....
  • #7,766
  • Jul 4, 2014 12:21pm Jul 4, 2014 12:21pm
The other thing is this: you cannot expect to never lose. There will be losses. I think accepting that is a huge step towards eventually moving forward as a successful trader.
Small disciplines repeated with consistency lead to great achievements.
  • #7,767
  • Jul 4, 2014 12:22pm Jul 4, 2014 12:22pm
Quoting FX MiG
{quote} Isn't that trade against rule 12. Distance to RN > 10 pips??? If you sold at 174.90, that is less then 10 pips from RN. That is my understanding.....
NO. You can trade short at .90 levels and long at .10 levels. You can trade either direction at 00 levels.
Small disciplines repeated with consistency lead to great achievements.
  • #7,768
  • Jul 4, 2014 12:30pm Jul 4, 2014 12:30pm
Quoting driven18
{quote} Are you saying that this 00 level was breached 15 min earlier and we should not take that trade this hour? If yes, then it is not in the rules.. Please show on the chart...

What i am saying there should be some commonsense involved in traders part.. can't put everything into rules..

(btw.. this post is for everyone or anyone who keeps up a open mind, not particularly directed to d18 he probably won't care much.. I quoted off his post to make it clear for who would follow the discussion trend.)

look.. valid short signal at 000Lv was poped at about trigger time of 30min post London open as the last valid signal prior to the 900lv under discussion.. your tp on that trade is probably hit about 10-15 min later.. so your now at 45-50ish of the London open hour.. with a wick candle on both 15 tf and 1hr tf after close..
so now ask yourself this.. am I going to jump back in on the same ride, on the very following level (900lv) only about 15 minute later, yes, on the new hour at further bottom?... by rules yes, it's a valid signal.. but by some use of commonsense and smarts, it's a definite NO (and I am not going to even bring in the s/r talk into this)..
ok.. so perhaps giving yourself a bit of breathing room between back to back trades on the same pair (30min minimum between trade on the same pair) to see what the new hour got under it's finger nails is the more logical way to approach. all and all, the call is to not rush it, and pick a better timing.. try the new back to back trades in squeezed time perhaps split between different pairs that are under your watch.. more like the ones who has not made a solid move from one 00lv to the other just yet or has a gap in between signals, or has puled back a bit pregnant for the new strike, etc.
Anyways, if your going to trade the same pair on the same ride in a squeezed time and space back to back then the results could be not so spectacular.
now surly somedays you would miss couple of winners here and there, or, hit your daily goal later in the day.. but your exchanging that for consistency..
.. remember the goal is to get 10 and not to get 10 in 10 minutes, it's not a race, it's diligence to plot it day in day out, that's the goal.. let the game come to you.. it could happen fast but you don't want to rush it in that fashion.
going down to losses with this method would need a humongous effort to just getting back to break even much as less to make the daily goal.. you don't make your daily goal 2 out of 5 day a week, or have even one losing day in a week, you pretty much f ed.

IF to try to pick apart every little part of trading and put it into a rule.. then what you will have is nothing but millions of rules.. then even that in the end will do more harm than good or you may never ever get a trade off, or hell not even remember them all in the heat of battle.. or even worse they will start to contradict each other bcz of the fact that this beast throws so many different shapes and forms of movements between the lines.

a lot of people don't like this kind of posts.. why? bcz they like trading to be down to their taste like a black and white thing.. which damn sure fact is market don't give a rats ass about us or our taste of liking.. your the one that got to adapt and adjust to his taste of liking.

I hope it makes sense.. if not delete my post from you mind and do what fits best for you.
Passion, Persist, Patience, Protect
  • #7,769
  • Jul 4, 2014 12:33pm Jul 4, 2014 12:33pm
One last thought, then its time for fireworks and bbqs:

Udine was done trading last night after two trades right at the open. I have had great success trading simply the first hour of Tokyo, the first two hours (sometimes three if target hasn't been reached) of New York and then stopping. Last night, due to the holiday here, I was able to stay up late to trade London and took only the first trades that occurred immediately following the open and was done. I hit target + one bonus ( bonus is half size in NY, quarter size in Tokyo) every Tokyo AND New York session this past week by doing this.

The point is, I see people here all hours of the day posting charts, and lots of losses that seem unnecessary. Target is achieved, for the most part, in the first available trades immediately after the market opens. Just take them, manage them, and if they have won, be done! No reason to chop around and give back gains "to practice". The rules are so simple, there is no reason to practice using them. What needs to be practiced is managing ourselves - making a target and being done.

I used to think that to be a good trader you would need to be able to read the market at every minute and figure out how to scalp the next 6 pips of movement, continuously throughout the day. Udine, and others, have shown me that that is completely illogical - all you need is a small, consistent chunk daily. Like Udine said, he could live off of one target (maybe even a half daily). One trade to target at 50 lots is $2,500. You have a serious cocaine addiction or something else wrong if you can't live off of that each day.

The goal of course is to not lose $25,000 in the process. That comes from consistent application of your trading rules and discipline to manage yourself. That's what should be practiced, in my opinion.
Small disciplines repeated with consistency lead to great achievements.
  • #7,770
  • Jul 4, 2014 12:45pm Jul 4, 2014 12:45pm
Quoting jmflukeiii
One last thought, then its time for fireworks and bbqs: Udine was done trading last night after two trades right at the open. I have had great success trading simply the first hour of Tokyo, the first two hours (sometimes three if target hasn't been reached) of New York and then stopping. Last night, due to the holiday here, I was able to stay up late to trade London and took only the first trades that occurred immediately following the open and was done. I hit target + one bonus ( bonus is half size in NY, quarter size in Tokyo) every Tokyo AND...
jm... do you know why people stay and trade beyond daily goal?.. what really burns on the back of the mind to not quit while ahead?
Passion, Persist, Patience, Protect
  • #7,771
  • Jul 4, 2014 12:48pm Jul 4, 2014 12:48pm
Quoting FXEmpire
{quote} jm... do you know why people stay and trade beyond daily goal?.. what really burns on the back of the mind to not quit while ahead?
I don't know about any others. From my personal experience, I can sense certain emotions building - seeing others make profitable trades, fear of missing out, jealousy, etc. None of those are good emotions, particularly when it comes to trading. The whole idea of being a successful trader is to capitalize on the emotion that drives the market. Professional traders act with discipline to capitalize on other people's emotions that are driving their actions in the market [at least that's my opinion].

I think with time, my ability to apply logic over emotions has improved, and it makes it easier to simply follow the plan, achieve a goal, and be done.

So the simple answer I think is: fear and/or greed.
Small disciplines repeated with consistency lead to great achievements.
  • #7,772
  • Jul 4, 2014 12:59pm Jul 4, 2014 12:59pm
Quoting jmflukeiii
{quote} I don't know about any others. From my personal experience, I can sense certain emotions building - seeing others make profitable trades, fear of missing out, jealousy, etc. None of those are good emotions, particularly when it comes to trading. The whole idea of being a successful trader is to capitalize on the emotion that drives the market. Professional traders act with discipline to capitalize on other people's emotions that are driving their actions in the market. I think with time, my ability to apply logic over emotions has improved,...
what you say is all fine and dandy.. but does not hit it on the nail IMO with all do respect..

This is what I think.. people have problem/fear of tomorrow.. it goes like this..
what if tomorrow right off the bat on first couple of hrs of high probability London time I lose two in a row!! bamm.. down 20..
back to today.. ok I am up +10 yaaaa.. but let me get couple of bonuses to be up for the in-case loss of tomorrow or later in the week..
are you with me!!..
can't really blame for thinking like this bcz it could and has had happen.. it will happen to you.

I am just elaborating on a different yet valid perspective..

that's what really burns underneath..
Passion, Persist, Patience, Protect
  • #7,773
  • Jul 4, 2014 1:07pm Jul 4, 2014 1:07pm
Quoting FXEmpire
{quote} What i am saying there should be some commonsense involved in traders part.. can't put everything into rules.. (btw.. this post is for everyone or anyone who keeps up a open mind, not particularly directed to d18 he probably won't care much.. I quoted off his post to make it clear for who would follow the discussion trend.) look.. valid short signal at 000Lv was poped at about trigger time of 30min post London open as the last valid signal prior to the 900lv under discussion.. your tp on that trade is probably hit about 10-15 min later.....
I took prior trade and it was + 5, next trade new level...


What you are saying got nothing to do with the rules...I have seen Udine take trades one after another(on the new hour) on the same pair..so your statement has no validity....I would like to hear Udine on this...feeling the markets and spinning some common sense emotions that come to the head of the trader has nothing to do with that loss of this trade....this trade is by the rules..and it was a loss ..I accept it...but why Udine did not take it..
  • #7,774
  • Jul 4, 2014 1:12pm Jul 4, 2014 1:12pm
Quoting FXEmpire
{quote} what you say is all fine and dandy.. but does not hit it on the nail IMO with all do respect.. This is what I think.. people have problem/fear of tomorrow.. it goes like this.. what if tomorrow right off the bat on first couple of hrs of high probability London time I lose two in a row!! bamm.. down 20.. back to today.. ok I am up +10 yaaaa.. but let me get couple of bonuses to be up for the in-case loss of tomorrow or later in the week.. are you with me!!.. can't really blame for thinking like this bcz it could and has had happen.. it will...
Okay.

This is why I mentioned what I wrote was my opinion several times.
Small disciplines repeated with consistency lead to great achievements.
  • #7,775
  • Edited 2:16pm Jul 4, 2014 1:21pm | Edited 2:16pm
Quoting driven18
{quote} I took prior trade and it was + 5, next trade new level... What you are saying got nothing to do with the rules...I have seen Udine take trades one after another(on the new hour) on the same pair..so your statement has no validity....I would like to hear Udine on this...feeling the markets and spinning some common sense emotions that come to the head of the trader has nothing to do with that loss of this trade....this trade is by the rules..and it was a loss ..I accept it...but why Udine did not take it..

figured you'll come back with such reply..

but.. do you see him take every valid signals?
haven't you seen him say.. pick your battles.. or I don't take this or that bcz of my experience, or base on daily/weekly management.. picking my time based on my agendas and goals!!..

he be the first to tell you most of everything that I just mentioned in my post.. bcz it's just commonsense.. but i don't expect you to understand and that post was not the effort for you to get it.. your beyond hope probably.

you want in trading every by the rules.. then your better off working at regular job.. you fit right well at macddy, lol
Passion, Persist, Patience, Protect
  • #7,776
  • Jul 4, 2014 1:30pm Jul 4, 2014 1:30pm
Quoting FXEmpire
{quote} figured you'll come back with such reply.. but.. do you see him take every valid signals? haven't you seen him say.. pick your battles.. or I don't take this or that bcz of my experience!!.. he be the first to tell you most of everything that I just mentioned in my post.. bcz it's just commonsense.. but i don't expect you to understand and that post was not the effort for you to get it.. your beyond hope probably. you want in trading every by the rules.. then your better off working at regular job.. you fit right well at macddy, lol
Ok..I am going have to respond to you in the same fashion, uncivil...you are an idiot ....and happy 4th of July!
  • #7,777
  • Jul 4, 2014 1:33pm Jul 4, 2014 1:33pm
Quoting jmflukeiii
{quote} Okay. This is why I mentioned what I wrote was my opinion several times.

I understand you said fear jm..

but it's a different kind of fear.. I am not necessarily talking fear of losing.. but fear of length of time awaiting to come back just to breakeven.

you see.. is about digging deep to find the roots..
systematically speaking you got to have two daily goal achieved to cover one day of two losses.. that is two days waiting time.. just to be breakeven after 3 days!!.. this is a different fear.. makes people do lovely things for more damage, lol
patience cripples down, confidence crushes, you name it..
Passion, Persist, Patience, Protect
  • #7,778
  • Jul 4, 2014 1:43pm Jul 4, 2014 1:43pm
Quoting driven18
{quote} Ok..I am going have to respond to you in the same fashion, uncivil...you are an idiot ....and happy 4th of July!
another obvious respond... that is probably why your just a piker and I am millionaire and Udine already is or on his way..

I say it again, pikers like you with such close mind will never have a chance.. learn to keep a open mind to listen and absorb sonny..
This market is to vast to put a square box around it to the max..

I only tried to help you, and give you pieces of gold.. but can't fix a stupid, not that I expected, lol

Go play fire now and sing the land of free but never really plot enough craft to enjoy that land of free zipping Bacardi from yachts view.


Why i wast my time on such is beyond my wildest dream, lol
Passion, Persist, Patience, Protect
  • #7,779
  • Jul 4, 2014 1:59pm Jul 4, 2014 1:59pm
Quoting FXEmpire
{quote} another obvious respond... that is probably why your just a piker and I am millionaire and Udine already is or on his way.. I say it again, pikers like you with such close mind will never have a chance.. learn to keep a open mind to listen and absorb sonny.. This market is to vast to put a square box around it to the max.. I only tried to help you, and give you pieces of gold.. but can't fix a stupid, not that I expected, lol Go play fire now and sing the land of free but never really plot enough craft to enjoy that land of free zipping...
Like I said - FXEmpire - you are an IDIOT...and because of the respect to Udine, I will stop at that..
  • #7,780
  • Jul 4, 2014 2:02pm Jul 4, 2014 2:02pm
Quoting FXEmpire
{quote} figured you'll come back with such reply.. but.. do you see him take every valid signals? haven't you seen him say.. pick your battles.. or I don't take this or that bcz of my experience!!.. he be the first to tell you most of everything that I just mentioned in my post.. bcz it's just commonsense.. but i don't expect you to understand and that post was not the effort for you to get it.. your beyond hope probably. you want in trading every by the rules.. then your better off working at regular job.. you fit right well at macddy, lol
Hey Empire, go easy... I've been lurking here because as I'm subscribed to you and you post so much I'm getting constantly spammed But I'm not trading this... I have my own thing .

Look, this is a system. There are thousands of "systems." There are rules and if everything can be quantified, it can be written into an EA. No problems with fear, greed, jealousy, revenge trades, scared of losing out, getting a few more in the bag whilst the sun is shining... etc etc. And we all know that EA's will all eventually fail. The issue here is not the system but the trader. System is irrelevant. It's only a set of tools. If I were to give you a fighter plane with a set of instructions on how to land it on an aircraft carrier, could you do it?

A competent trader can make a couple of MA crossovers profitable, whereas a noob will make every system fail. So really, before you apply any system, you need to understand why and how the market moves. There are no shortcuts to learning.
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