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As simple as possible: 00 level trading

  • #8,201
  • Jul 7, 2014 8:28pm Jul 7, 2014 8:28pm
RED NEWS for the AUD pairs in a few minutes

BEWARE if you are trading these pairs...............

EDIT: you would be advised not to be trading AUD pairs at this time....

Masterrmind........
Master your Mind then Master your Trades
  • #8,202
  • Edited Jul 8, 2014 1:04am Jul 7, 2014 8:38pm | Edited Jul 8, 2014 1:04am
Bonus Trade

#2 GU +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 41 KB


#3 Gold +4.5 (manual close)

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 47 KB


Masterrmind...........
Master your Mind then Master your Trades
  • #8,203
  • Jul 7, 2014 8:45pm Jul 7, 2014 8:45pm
Hi Masterrmind !, i've followed yours & Udine's posts since the start of the thread - i'm very impressed .

I 've set up the MT4 demo account, with the template provided by Udine. Somehow i'm missing the "right" template i think. I can see you trade with the wukar_wb_trail_v1_3_2e template, and i simply can't find that. Where did you get that from ?

Thanks in advance
/Ministeren
  • #8,204
  • Jul 7, 2014 8:47pm Jul 7, 2014 8:47pm
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...........
I understand if you don't take any trade, then it is kind of a different trading system comparing to the original one of Udine's

I believe you have your strict rule for this different system, precise entry/exit/size control, right?

The rule should be objective, and not affected by personal emotion.
Outcome is not important at all, but correct technique is what only matters
  • #8,205
  • Jul 7, 2014 8:51pm Jul 7, 2014 8:51pm
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?
Tokyo session is my favorite time, R&S would be probably respected.

E.g., this morning, i have my GJ long at support, and TP with 10 pips.

However, i see many of you guys have short and TPed.

I am not sure,which one is lucky, short side or long side.
Outcome is not important at all, but correct technique is what only matters
  • #8,206
  • Jul 7, 2014 8:51pm Jul 7, 2014 8:51pm
Quoting Masterrmind
Bonus Trade #2 GU +5 TP {image} Masterrmind...........
Hi mastermind, my m candles indicator seems to be painting only Daily candle behind my chart. How do you set it to other timeframe like h1 and others?
  • #8,207
  • Jul 7, 2014 8:53pm Jul 7, 2014 8:53pm
Quoting Selga
{quote} My settings currently are TS 40, Commission 0.0, TP 50. I later noticed that expert in GJ trade took 10 pips profit instead of 5. No idea why. Nice in this case, but I hope it doesn't perform that way with SLs.
thanks man!
  • #8,208
  • Jul 7, 2014 8:56pm Jul 7, 2014 8:56pm
Quoting szpowerx
{quote} I understand if you don't take any trade, then it is kind of a different trading system comparing to the original one of Udine's I believe you have your strict rule for this different system, precise entry/exit/size control, right? The rule should be objective, and not affected by personal emotion.
The trader makes for a very important ingredient in any trading system and although you could say that emotion takes part (as it does) I like to think of it as:

"What is the chart trying to tell me based on all the available information?"

"Does the risk I'm about to take on this trade warrant execution or rejection?"

Common sense is an important ingredient too!

So the system and the trader must work together harmoniously however the trader is solely responsible for the outcome.

Masterrmind..........
Master your Mind then Master your Trades
  • #8,209
  • Jul 7, 2014 9:01pm Jul 7, 2014 9:01pm
Quoting Masterrmind
{quote} The trader makes for a very important ingredient in any trading system and although you could say that emotion takes part (as it does) I like to think of it as: "What is the chart trying to tell me based on all the available information?" "Does the risk I'm about to take on this trade warrant execution or rejection?" Common sense is an important ingredient too! So the system and the trader must work together harmoniously however the trader is solely responsible for the outcome. Masterrmind..........

To tell the truth, i don't believe common sense.

Filtering without a strict rule, that would be a violation to rule, from my point of view.

Anyway, good luck.

I am now making my rules just like "if... then...", this way i can strictly follow it.

PDF, BCC, this is great hint for me.
Outcome is not important at all, but correct technique is what only matters
  • #8,210
  • Jul 7, 2014 9:01pm Jul 7, 2014 9:01pm
Quoting jacktrader1
{quote} Hi mastermind, my m candles indicator seems to be painting only Daily candle behind my chart. How do you set it to other timeframe like h1 and others?
Change the value to 60 for the variable TFBar............

Then on a M15 chart it will draw for 4 candles.

Masterrmind............
Master your Mind then Master your Trades
  • #8,211
  • Jul 7, 2014 9:08pm Jul 7, 2014 9:08pm
Quoting szpowerx
{quote} To tell the truth, i don't believe common sense. Filtering without a strict rule, that would be a violation to rule, from my point of view. Anyway, good luck. I am now making my rules just like "if... then...", this way i can strictly follow it. PDF, BCC, this is great hint for me.
I understand where you are coming from and you would be advised to follow that method.

As chart time increases significantly you will tend to see many things in trading a whole lot clearer and that's when I'm saying "common market sense comes into play"

You just seem to know when a particular trade has a greater probability of success but you need to understand that sometimes you will be wrong no matter what the analysis is telling you.

Just learn to accept it for what it is .... a trade that went to loss...and move on to the next trade.

This is all part of trader progression.

Good trading

Masterrmind...........
Master your Mind then Master your Trades
  • #8,212
  • Jul 7, 2014 9:08pm Jul 7, 2014 9:08pm
Quoting Masterrmind
{quote} Change the value to 60 for the variable TFBar............ Then on a M15 chart it will draw for 4 candles. Masterrmind............
thanks man! got it
  • #8,213
  • Jul 7, 2014 9:10pm Jul 7, 2014 9:10pm
Quoting jacktrader1
{quote} thanks man! got it
Happy I could help you.

Masterrmind...........
Master your Mind then Master your Trades
  • #8,214
  • Jul 7, 2014 9:17pm Jul 7, 2014 9:17pm
Quoting Masterrmind
{quote} I understand where you are coming from and you would be advised to follow that method. As chart time increases significantly you will tend to see many things in trading a whole lot clearer and that's when I'm saying "common market sense comes into play" You just seem to know when a particular trade has a greater probability of success but you need to understand that sometimes you will be wrong no matter what the analysis is telling you. Just learn to accept it for what it is .... a trade that went to loss...and move on to the next trade....
1) Accept the loss, absolutely, this is part of the trading. I don't have any doubt on this.

2) I don't suggest to follow that method, my system is also with rules modified from Udine's

3) I have 5 years experience, although i don't have good performance as many guys here, but i could make a bit money for the last 2 years

I still don't believe common sense, hehe.

Anyway, good trading.

Actually, my only concern is just what you mention trade filtering. I believe from long run's point of view, only with common sense, but without strict rule following, the result would not be reproduced, not matter good or bad.
Outcome is not important at all, but correct technique is what only matters
  • #8,215
  • Jul 7, 2014 9:20pm Jul 7, 2014 9:20pm
Quoting Qed
Jeez UR FIRING MM WELL DONE
Thanks Qed.....

It's been very good trading in the Asian session.

Masterrmind................
Master your Mind then Master your Trades
  • #8,216
  • Jul 7, 2014 9:23pm Jul 7, 2014 9:23pm
Let us continue our good work in FF and London too.
Intraday only.
  • #8,217
  • Jul 7, 2014 9:24pm Jul 7, 2014 9:24pm
Quoting szpowerx
{quote} 1) Accept the loss, absolutely, this is part of the trading. I don't have any doubt on this. 2) I don't suggest to follow that method, my system is also with rules modified from Udine's 3) I have 5 years experience, although i don't have good performance as many guys here, but i could make a bit money for the last 2 years I still don't believe common sense, hehe. Anyway, good trading. Actually, my only concern is just what you mention trade filtering. I believe from long run's point of view, only with common sense, but without strict rule...
One last comment.............

In the end it is up to you and only you in terms of being profitable!

If you are profitable then just keep doing what you are doing!

Masterrmind..........
Master your Mind then Master your Trades
  • #8,218
  • Jul 7, 2014 9:26pm Jul 7, 2014 9:26pm
Actually I think trade filtering isn't a bad idea in this strategy, considering you only tp for 5 pips meaning you need a precise pin point entry to avoid market running against you. If your strategy has changed or modified from Udine 's method, I guess you trade in a different risk reward ratio. I understand why Udine wanted to avoid trading before news, because you never how the market shall react.
  • #8,219
  • Jul 7, 2014 9:29pm Jul 7, 2014 9:29pm
In a way, I would say that the system rules control the emotional part of trading.

- Never trade during / before / after Red news.

- Never trade more than one in 1 hr

- Never trade at RN level.

- Fix stop loss

- Never trade more than 2 trades of 5 pips + only bonus trades at half the lot size... so on
Intraday only.
  • #8,220
  • Jul 7, 2014 9:30pm Jul 7, 2014 9:30pm
Quoting jacktrader1
Actually I think trade filtering isn't a bad idea in this strategy, considering you only tp for 5 pips meaning you need a precise pin point entry to avoid market running against you. If your strategy has changed or modified from Udine 's method, I guess you trade in a different risk reward ratio. I understand why Udine wanted to avoid trading before news, because you never how the market shall react.

Trade filtering itself is acceptable, if doing good, you would perform well.

What i mean is can you make the filtering rule as objective as "if ... then...",

Yes, 1 hour b4 red news and 30min after, i keep this one too.
Outcome is not important at all, but correct technique is what only matters
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