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As simple as possible: 00 level trading

  • #8,561
  • Jul 8, 2014 8:48pm Jul 8, 2014 8:48pm
Masterrmind that is an awesome chart. I am new to this system and trying to get my charts setup. I was wondering if you have a template for your charts that you would like to share. Awesome work and great trade!
Know your edge and trade within it
  • #8,562
  • Jul 8, 2014 8:51pm Jul 8, 2014 8:51pm
Quoting Masterrmind
EA +>5 TP {image} Masterrmind............
You decided to trade Aud during CNY news? I thought that was risky.
  • #8,563
  • Jul 8, 2014 9:03pm Jul 8, 2014 9:03pm
Quoting ericjschroed
{quote} You decided to trade Aud during CNY news? I thought that was risky.
Yes it can be since CNY news can impact on AUD pairs due to trade between the 2 countries.

I anticipated that the CPI y/y data would have minimal impact on my short trade.

Masterrmind............
Master your Mind then Master your Trades
  • #8,564
  • Jul 8, 2014 9:09pm Jul 8, 2014 9:09pm
considering 1 hour before tokyo opening, EA trying to the 4th setup (already 3 in a row with sucess).
  • #8,565
  • Jul 8, 2014 9:10pm Jul 8, 2014 9:10pm
Quoting Masterrmind
EA +>5 TP {image} Masterrmind............
First time SL hit.

EA - 10
Intraday only.
  • #8,566
  • Jul 8, 2014 9:12pm Jul 8, 2014 9:12pm
Quoting fxtrader29ca
Masterrmind that is an awesome chart. I am new to this system and trying to get my charts setup. I was wondering if you have a template for your charts that you would like to share. Awesome work and great trade!
Thanks for the compliment.

You really don't need the Psy levels Dashboard as it is not part of Udine's Method (it was uploaded to the thread by Juan007)

I have my own reasons for using the dashboard (it alerts me to other screens etc)

Best would be to go to post #1 and #4 and download the s/ware (indi's, EA etc)

Apply it to your chart and alter parameters to your liking (not really that hard to do!)

ps. there is nothing special about my template and you will learn much more by setting up your own.

If you get really stuck just PM me.

Good luck!

Masterrmind.............
Master your Mind then Master your Trades
  • #8,567
  • Jul 8, 2014 9:16pm Jul 8, 2014 9:16pm
Quoting navk
{quote} First time SL hit. EA - 10
Upload your chart if you have it available.

Masterrmind...........
Master your Mind then Master your Trades
  • #8,568
  • Jul 8, 2014 9:21pm Jul 8, 2014 9:21pm
Quoting Masterrmind
{quote} Upload your chart if you have it available. Masterrmind...........
Chart attached.

Had sell stop set at 1.4460.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDM15.png Size: 52 KB
Intraday only.
  • #8,569
  • Jul 8, 2014 9:28pm Jul 8, 2014 9:28pm
Quoting Masterrmind
{quote} Yes it can be since CNY news can impact on AUD pairs due to trade between the 2 countries. I anticipated that the CPI y/y data would have minimal impact on my short trade. Masterrmind............
Please share your point view of the next red news. We can make a big gamble on it.

And send a request to Udine, ask him to remove the rules of news.

Just kidding.
Outcome is not important at all, but correct technique is what only matters
  • #8,570
  • Jul 8, 2014 9:31pm Jul 8, 2014 9:31pm
Quoting navk
{quote} Chart attached. Had sell stop set at 1.4460. {image}
Yes I see the potential problem.

Failed to follow:

2. Entry ONLY the FIRST 00 level

Masterrmind.........
Master your Mind then Master your Trades
  • #8,571
  • Jul 8, 2014 9:32pm Jul 8, 2014 9:32pm
Quoting navk
{quote} Chart attached. Had sell stop set at 1.4460. {image}
minutes before tokyo opening. i didn't take it.

i take the 2nd hour from tokyo, TP +5.

think it's better to wait the opening and trade the first 2 ou 3 hours, as udine recommends

green pips
  • #8,572
  • Jul 8, 2014 9:33pm Jul 8, 2014 9:33pm
Quoting Masterrmind
{quote} Yes I see the potential problem. Failed to follow: 2. Entry ONLY the FIRST 00 level Masterrmind.........
First "00" level means?

I was under the impression that all "00" entries, except "100" and "900" level
Intraday only.
  • #8,573
  • Jul 8, 2014 9:37pm Jul 8, 2014 9:37pm
Quoting szpowerx
{quote} Please share your point view of the next red news. We can make a big gamble on it. And send a request to Udine, ask him to remove the rules of news. Just kidding.
Interesting but Udine will not alter the news rule.

As you know technically my trade is legitimate by the rules because it was not strictly against red AUD news.

The red news as defined in Udine's method as I see it is only news directly applying to that particular currency.

For example EUR applies to only Eur pairs NOT say GBP pairs but we all know that news from either can have an impact on the other currency pair.

Same goes for USD red news, which can have an impact on any currency pair at a particular time.

Where does one draw the line?

EDIT: ANSWER- apply the rules as interpreted by Udine.

Masterrmind...........
Master your Mind then Master your Trades
  • #8,574
  • Jul 8, 2014 9:39pm Jul 8, 2014 9:39pm
Quoting navk
{quote} First "00" level means? I was under the impression that all "00" entries, except "100" and "900" level
If you like draw 2 vertical lines either side of the relevant 4 by 15M candles for this trade.

I see only the first level short from 700 level as valid.

Masterrmind..........
Master your Mind then Master your Trades
  • #8,575
  • Jul 8, 2014 9:40pm Jul 8, 2014 9:40pm
Quoting szpowerx
{quote} Please share your point view of the next red news. We can make a big gamble on it. And send a request to Udine, ask him to remove the rules of news. Just kidding.
Udine doesn't need to change the rules. The rules don't prohibit one from trading EURAUD during CNY news.
Small disciplines repeated with consistency lead to great achievements.
  • #8,576
  • Jul 8, 2014 9:41pm Jul 8, 2014 9:41pm
Quoting jmflukeiii
{quote} Udine doesn't need to change the rules. The rules don't prohibit one from trading EURAUD during CNY news.
Master your Mind then Master your Trades
  • #8,577
  • Jul 8, 2014 9:46pm Jul 8, 2014 9:46pm
Quoting Masterrmind
{quote} Interesting but Udine will not alter the news rule. As you know technically my trade is legitimate by the rules because it was not strictly against red AUD news. The red news as defined in Udine's method as I see it is only news directly applying to that particular currency. For example EUR applies to only Eur pairs NOT say GBP pairs but we all know that news from either can have an impact on the other currency pair. Same goes for USD red news, which can have an impact on any currency pair at a particular time. Where does one draw the line?...
Yes, make sense.
Outcome is not important at all, but correct technique is what only matters
  • #8,578
  • Jul 8, 2014 9:47pm Jul 8, 2014 9:47pm
Quoting szpowerx
{quote} Yes, make sense.
I'm happy you understand now..

Masterrmind.........
Master your Mind then Master your Trades
  • #8,579
  • Jul 8, 2014 9:49pm Jul 8, 2014 9:49pm
Quoting Masterrmind
{quote} Thanks for the compliment. You really don't need the Psy levels Dashboard as it is not part of Udine's Method (it was uploaded to the thread by Juan007) I have my own reasons for using the dashboard (it alerts me to other screens etc) Best would be to go to post #1 and #4 and download the s/ware (indi's, EA etc) Apply it to your chart and alter parameters to your liking (not really that hard to do!) ps. there is nothing special about my template and you will learn much more by setting up your own. If you get really stuck just PM me. Good...
Here is my chart: Finally got it setup!
Does everything look right?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.JPG Size: 122 KB
Know your edge and trade within it
  • #8,580
  • Jul 8, 2014 9:50pm Jul 8, 2014 9:50pm
Quoting Masterrmind
{quote} I'm happy you understand now.. Masterrmind.........
Nope, i understand your thinking.

But i don't agree with to AUD cross pair when CNY red news.

Happy trading!
Outcome is not important at all, but correct technique is what only matters
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