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As simple as possible: 00 level trading

  • #8,181
  • Jul 7, 2014 7:33pm Jul 7, 2014 7:33pm
Quoting SmoothTrader
{quote} How do you define quality hours? Is it time that you study the market and how you react to it, or is it by the profits that you make? When I started out trading, I was taught to study your mistake more so that you can learn from them and try to eliminate them from your trading. Unfortunately most people just look at the profits without asking the question why. Be a perpetual student of the markets, and don't forget to be a student of yourself and how you react to the makets. GREEN pips to all.
For me, Quality Hours are hours of:

* Actively trading (live - demo is of little use to me - once I know the rules and can follow them I am better testing myself on a live acc)
* Sticking to my rules and guidelines
* Logging trades, getting good details and stats down
* Logging considered trades that were but not taken
* Analyzing any mistakes, and asking the hard questions - why were they made, and what was underlying potential deeper causes.

Then outside market hours, looking at the logs working out whats working for me and whats not.
  • #8,182
  • Jul 7, 2014 7:33pm Jul 7, 2014 7:33pm
At last I got both
Gj > tp
Ej > tp

Cheers !!
  • #8,183
  • Jul 7, 2014 7:34pm Jul 7, 2014 7:34pm
Many of you guys took profits in both GJ and EJ.

I took only one in GJ but that is 6 + not 5.
Intraday only.
  • #8,184
  • Jul 7, 2014 7:35pm Jul 7, 2014 7:35pm
MM question about your trades in Asia, are you not worried at all that there hasn't really been a trend - or direction setup for the day, when the day is only 3 hrs old and price has hardly moved, your just happy to take the first level from daily opens?
  • #8,185
  • Jul 7, 2014 7:41pm Jul 7, 2014 7:41pm
Quoting Callum
MM question about your trades in Asia, are you not worried at all that there hasn't really been a trend - or direction setup for the day, when the day is only 3 hrs old and price has hardly moved, your just happy to take the first level from daily opens?
Good question.

No I'm not happy to just take any trade.

I actually study several charts before I even think of placing an order.

But you are right a trend is rarely formed so early in the Asian session so you need to choose wisely.

EDIT: You need to decide in your mind if the trade is worth the risk and if not then best not to take the trade.

Masterrmind...........
Master your Mind then Master your Trades
  • #8,186
  • Jul 7, 2014 7:45pm Jul 7, 2014 7:45pm
Quoting Masterrmind
{quote} Good question. No I'm not happy to just take any trade. I actually study several charts before I even think of placing an order. But you are right a trend is rarely formed so early in the Asian session so you need to choose wisely. Masterrmind...........
I find usually if the daily open is in-between two 00 lines, and price is in there with it, the first exit, and sometimes the whole Tokyo session, price will stay in it. So like I said before, if my stop for a trade is on the other side of the daily open, I pass on the trade -
Small disciplines repeated with consistency lead to great achievements.
  • #8,187
  • Jul 7, 2014 7:46pm Jul 7, 2014 7:46pm
Quoting jmflukeiii
{quote} I find usually if the daily open is in-between two 00 lines, and price is in there with it, the first exit, and sometimes the whole Tokyo session, price will stay in it. So like I said before, if my stop for a trade is on the other side of the daily open, I pass on the trade -
Yes that's a good mentality to have!

Masterrmind........
Master your Mind then Master your Trades
  • #8,188
  • Jul 7, 2014 7:53pm Jul 7, 2014 7:53pm
Quoting Masterrmind
{quote} Good question. No I'm not happy to just take any trade. I actually study several charts before I even think of placing an order. But you are right a trend is rarely formed so early in the Asian session so you need to choose wisely. EDIT: You need to decide in your mind if the trade is worth the risk and if not then best not to take the trade. Masterrmind...........
Thanks MM. I appreciate the insight on this. I've wondered about that too. Risk vs Reward definitely sums it up in this session.
  • #8,189
  • Jul 7, 2014 7:56pm Jul 7, 2014 7:56pm
I don't subscribe to the daily target theory. I find it forces me to trade on days when the market is not as apt to give pips and quit trading on days that are golden for my systems. My boy is turning 1 and I want to buy a beach house and have a few other things I wold like to do.....remodel part of my apartment for him. For this system, I trade the first couple hours of Tokyo...try to bank 2 trades. Then trade London...try to get positive two trades. If there is a strong push I will monitor the 1 hour charts and look for more opportunities. Then I either don't trade this in US or trade with 1/3 sizing. I love this system because it takes no time or thought once the decision is made; and that decision is made once an hour or two, two or three times a day.

I also have a 1 min scalping system I trade very well and a 4 hour bot I am still testing and tweaking. I have different accounts with different leverage and each has its purpose, and all are traded at once by 1 click or dropping a script. I work out, read, watch a series and wait patiently for a few very good setups. When they happen, I take them. If I miss a "great opportunity", oh well there are sooo many in a day.
  • #8,190
  • Jul 7, 2014 7:59pm Jul 7, 2014 7:59pm
Quoting jmflukeiii
{quote} I find usually if the daily open is in-between two 00 lines, and price is in there with it, the first exit, and sometimes the whole Tokyo session, price will stay in it. So like I said before, if my stop for a trade is on the other side of the daily open, I pass on the trade -
Yep, that's what I'm working with. My EJ open .56 and GJ .44, too close to 500 and 400 for me to be comfortable taking trade.
Good to see people taking pips early in the day.
  • #8,191
  • Jul 7, 2014 8:00pm Jul 7, 2014 8:00pm
Quoting Callum
MM question about your trades in Asia, are you not worried at all that there hasn't really been a trend - or direction setup for the day, when the day is only 3 hrs old and price has hardly moved, your just happy to take the first level from daily opens?
I look at the 1 hour charts and a currency meter on 5. 15, 60 min TF. They tell me to trade Asia and which pairs to trade, or wait for London.
  • #8,192
  • Jul 7, 2014 8:01pm Jul 7, 2014 8:01pm
Quoting Callum
{quote} For me, Quality Hours are hours of: * Actively trading (live - demo is of little use to me - once I know the rules and can follow them I am better testing myself on a live acc) * Sticking to my rules and guidelines * Logging trades, getting good details and stats down * Logging considered trades that were but not taken * Analyzing any mistakes, and asking the hard questions - why were they made, and what was underlying potential deeper causes. Then outside market hours, looking at the logs working out whats working for me and whats not.
You are well on your way to a life of quality trading.

GREEN pips to you always.
  • #8,193
  • Jul 7, 2014 8:13pm Jul 7, 2014 8:13pm
Not as per rules, but a quick 6 + in EURAUD.

Shorted at 1.4510. Out at 1.4504 after spread.
Intraday only.
  • #8,194
  • Jul 7, 2014 8:15pm Jul 7, 2014 8:15pm
Until now :

GJ + 6

EA + 6
Intraday only.
  • #8,195
  • Jul 7, 2014 8:16pm Jul 7, 2014 8:16pm
At 9.30 ET ( in another 15 min from now ) an AUD is news is coming up.
Intraday only.
  • #8,196
  • Jul 7, 2014 8:18pm Jul 7, 2014 8:18pm
Quoting navk
Until now : GJ + 6 EA + 6
Great results..........

Masterrmind...........
Master your Mind then Master your Trades
  • #8,197
  • Jul 7, 2014 8:20pm Jul 7, 2014 8:20pm
More than me, your results are just Fantastic

Let us just fill up the spread sheet quickly for today.
Intraday only.
  • #8,198
  • Jul 7, 2014 8:21pm Jul 7, 2014 8:21pm
Simple and powerful method. Good job Udine!
  • #8,199
  • Jul 7, 2014 8:21pm Jul 7, 2014 8:21pm
Quoting navk
Not as per rules, but a quick 6 + in EURAUD. Shorted at 1.4510. Out at 1.4504 after spread.
that is something I try hard never to do. I have rules. They are rules for a reason. When I break them it increases the chance that I lose money.
  • #8,200
  • Jul 7, 2014 8:24pm Jul 7, 2014 8:24pm
Quoting panamamike
{quote} that is something I try hard never to do. I have rules. They are rules for a reason. When I break them it increases the chance that I lose money.
I agree, I should not do. if I break it, I tend to lose.

But the reason I took the trade ;

The price tested the daily pivot and falling, so thought good enough at least for 6 pips.
Intraday only.
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