As simple as possible: 00 level trading | Page 452 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

As simple as possible: RENKO M5 trading 75 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

Simple Level Trading 1 reply

Trading: As simple as possible, but no simpler - by a real Cityboy 92 replies

Attachments: As simple as possible: 00 level trading
Exit Attachments

As simple as possible: 00 level trading

  • #9,021
  • Jul 9, 2014 2:28pm Jul 9, 2014 2:28pm
From a newbie: Great thread. Notice on a screenshot of Udine's, GY spread only 0.9 pips. On my platform (Oanda) spread is often between 2.5 and 3.5 pips. Why such a difference?
  • #9,022
  • Jul 9, 2014 2:49pm Jul 9, 2014 2:49pm
Quoting ht99
From a newbie: Great thread. Notice on a screenshot of Udine's, GY spread only 0.9 pips. On my platform (Oanda) spread is often between 2.5 and 3.5 pips. Why such a difference?
he is using ECN broker
Never say no to PIPS
  • #9,023
  • Jul 9, 2014 3:03pm Jul 9, 2014 3:03pm
Quoting Carpathian
{quote} When going LONG I only enter when Bid price is @00 level +0.5 pips so that it is not the the Ask price that puts me in position @00 level. Then I set +5 pips as TP, which made it TP @138.455 in the end. Regards, Áron
Yes I have been thinking the same thing, especially where spread is > 1 pip. I don't like getting stuck in early and then price reverses.
  • #9,024
  • Jul 9, 2014 3:21pm Jul 9, 2014 3:21pm
Quoting Go5
Quoting Go5 Ok, some stats after 115 trades since the 6th of june: 76 wins (66% WR) - still too low. Of all loosers "only" 6 were not exactly according the rules. 14 loosers have been traded during FF or Lo/Ny 3rd or later hour - BUT the same "bad" trading hours also gave 27 winners... A hypothetical setting of 3 pips in the wheelbarrel would have led to 21 more partial winners or BE - this would of course also have led to less full TP within the rest of the winners. Complicated......
Because there are no set hours to trade, There will be that variability in winning %.
The discretionary aspect and Bonus Trades can make or break you.
Greed will make you take more Bonus trades. To me there are no Bonus trades.
I trade or I don't.
I trade only 6 hours of the day, but I take every trade if it meets my criteria.
I skip certain hours.
I use a lot of discretion, but that helps me with my winning %.

Maybe find the hours that work, but you are on the right path, Good Job!
  • #9,025
  • Jul 9, 2014 3:36pm Jul 9, 2014 3:36pm
"he is using ECN broker"

Thanks, lazyegg. Not to waste time over old ground, has there been a discussion thread about best brokers to use, peoples' experience with different brokers, and if the ECN broker spread is so low, do they get more money off you in some additional way?

Many thanks!
  • #9,026
  • Jul 9, 2014 3:46pm Jul 9, 2014 3:46pm
Quoting ht99
"he is using ECN broker" Thanks, lazyegg. Not to waste time over old ground, has there been a discussion thread about best brokers to use, peoples' experience with different brokers, and if the ECN broker spread is so low, do they get more money off you in some additional way? Many thanks!
Commission -
Small disciplines repeated with consistency lead to great achievements.
  • #9,027
  • Edited 4:52pm Jul 9, 2014 3:48pm | Edited 4:52pm
Wonderful method....4 for 4 today 1TS BE+1 Total 21 pips net....last trade was bonus from usual momentum thrust at the close of NY session.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture late Ny session for the bonus.PNG Size: 77 KB
  • #9,028
  • Jul 9, 2014 3:54pm Jul 9, 2014 3:54pm
Quoting ht99
From a newbie: Great thread. Notice on a screenshot of Udine's, GY spread only 0.9 pips. On my platform (Oanda) spread is often between 2.5 and 3.5 pips. Why such a difference?
see post 9030....very hard to do this with standard spread...you need an ECN broker...
  • #9,029
  • Jul 9, 2014 3:59pm Jul 9, 2014 3:59pm
I was also thinking that if the commission is eating into your profits, you might try adding 1/2 of the commission to your TP rather than full. just a thought.
  • #9,030
  • Jul 9, 2014 4:09pm Jul 9, 2014 4:09pm
I love the look of this method and I am patiently reading through from the start. Could some one please explain about the 'bonus trades" why are they bonus? I thought after 2 wins we stopped. What decides a bonus trade?
Thanks
  • #9,031
  • Jul 9, 2014 4:14pm Jul 9, 2014 4:14pm
Quoting Pholva9
{quote} Because there are no set hours to trade, There will be that variability in winning %. The discretionary aspect and Bonus Trades can make or break you. Greed will make you take more Bonus trades. To me there are no Bonus trades. I trade or I don't. I trade only 6 hours of the day, but I take every trade if it meets my criteria. I skip certain hours. I use a lot of discretion, but that helps me with my winning %. Maybe find the hours that work, but you are on the right path, Good Job!
Agree, bonus or not, criteria have to be met. I am now also running a "shadow" account where I only use the wheelbarrel with TS (30 -step 2) to get an idea where that brings us. Maybe some sort of progressive jumping stop would work well.
  • #9,032
  • Jul 9, 2014 4:55pm Jul 9, 2014 4:55pm
90 mins nothing, damn it
Never say no to PIPS
  • #9,033
  • Jul 9, 2014 4:57pm Jul 9, 2014 4:57pm
Quoting haircut
I love the look of this method and I am patiently reading through from the start. Could some one please explain about the 'bonus trades" why are they bonus? I thought after 2 wins we stopped. What decides a bonus trade? Thanks
After target is met....I only enter for a bonus with very strong potential....for example gj has been strong all NY session....pull backs have been very minimal....momentum during the final 1/2 hour of the major indexes usually gives a strong push into the close....all the parameters for the trade are in place with room to run...so I would enter with a TS in place...not looking for a home run...just another 5 pips...
  • #9,034
  • Jul 9, 2014 5:44pm Jul 9, 2014 5:44pm
Quoting ericjschroed
I was also thinking that if the commission is eating into your profits, you might try adding 1/2 of the commission to your TP rather than full. just a thought.
Sure, though that is a fine balance everyone's got to work out for him/herself so that when trying to compensate the broker costs by tweaking with the Entry-SL-TP levels/ratio (not to mention the TS setting) the success rate would not be hurt. On the other hand the system defined by Udine clearly defines these levels and settings, so deviating (too much) from them makes it less comparable with others which is a drawback when still learning it.

Good night to all, here late in the evening.
The penalties rolling..
  • #9,035
  • Jul 9, 2014 5:49pm Jul 9, 2014 5:49pm
OH Yeah Argentina Won

MESSI all the way
Never say no to PIPS
  • #9,036
  • Jul 9, 2014 6:02pm Jul 9, 2014 6:02pm
Quoting lazyegg
OH Yeah Argentina Won MESSI all the way
nice! good game.. kind of boring from both sides, but good game! congrats argentina!
  • #9,037
  • Jul 9, 2014 6:55pm Jul 9, 2014 6:55pm
Off topic, but a suggestion for those reading through this thread ( like me) to come up to speed with Undine's system. If you use FireFox, you can use an addon called Scrapebook to save highlighted text, including images/links etc. You just select the text you want to save, including any images, links, vids etc, right click, and save to a root folder or custom folders. It's as simple as right click -> save
This way you build up a library of all the pertinent points you come across as you trawl throught 200+ posts
  • #9,038
  • Jul 9, 2014 7:07pm Jul 9, 2014 7:07pm
That was definitely FIFO - 5 seconds! - GA to target -
Attached Image
Small disciplines repeated with consistency lead to great achievements.
  • #9,039
  • Jul 9, 2014 7:09pm Jul 9, 2014 7:09pm
EA -10 in less than 2 min
I quit Asia today. wait for London

Edit: My loss was -12.0 pips because of the slippage.
Attached Image (click to enlarge)
Click to Enlarge Name: 1407105374.png Size: 46 KB
My hope has been almost completely shattered, but not completely yet
  • #9,040
  • Jul 9, 2014 7:13pm Jul 9, 2014 7:13pm
Morning all,

Asian session (AUD pairs)

RED NEWS in about 1.5 hours for AUD pairs (employment change and unemployment rate)


Later in the trading day:

London session (GBP pairs)

RED NEWS mid way though the London session > GBP (Official Bank Rate, etc)


New York Session (USD pairs)

RED NEWS - 30 minutes into the NY session > USD (Unemployment claims)

Good trading

Masterrmind............
Master your Mind then Master your Trades
3 traders viewing now