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As simple as possible: 00 level trading

  • #9,421
  • Jul 10, 2014 10:47am Jul 10, 2014 10:47am
Quoting Jeg
{quote} ... London starts at 3:00 am for me but as they say.... If the money doesn't come to you, you have to go where the money is, and yes after London session nothing better than sleeping on the sand to recharge batteries. Thank you Udine also for your prompt response.

ahaa eastern time zone.. 3am is a bitch.. move to west bud, bud.
Passion, Persist, Patience, Protect
  • #9,422
  • Jul 10, 2014 10:52am Jul 10, 2014 10:52am
Quoting szpowerx
{quote} For OANDA case, if you set TP, SL as 10 pips away, that would mean eventually you earn 10-spread and you lose 10-spread. Don't know how is your platform.
tkz for the reply.

when i put a sell stop at mt4, i set type pending order, and price x.xxx00 (ok, no problems.. you sell the 00 level because someone has a bid at this 00 and you take it >> your chart will touch 00 level, because it uses the bid level to draw the candles)

when i put a but stop at mt4, i set type pending order, and price (x.xxx00 + spread) >>> and when i sum this (predicted) spread, i never get the entry at correct level, because my order will be at x.xxx03 or x.xxx11... and your chart could even reach the 00 level, because you're buying from the ask level, and the chart uses the bid level)

so you wanted to take, for example, 1.38200 and you took 1.38122 (because of big spread floating or something) ... than you cant make good trades! the chances of hit the TP is much less thant if you took the correct and exact number... but this issue just happen on you're buying.. on selling its much more easier, and the spread problem will be made automatically when wheelbarrel EA try to exit with +5 pips.

this problem wouldn't happen if mt4 had a buy stop "when" bid reaches XX.XXX00

appreciate some help with this 'process' problem

tkz in advance
  • #9,423
  • Jul 10, 2014 11:22am Jul 10, 2014 11:22am
ok guys I am out.... time for a second beer..

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #9,424
  • Jul 10, 2014 12:03pm Jul 10, 2014 12:03pm
back from work!

EJ TPed +5.0pips while I was out.
(My limit price was 138.241 because of the slippage of the stop order of 138.300.)

And wow! the price has moved a lot.

These few weeks sometimes I tried closing positions manually;
mostly because of the bigger slippage and spread (than Udine, I think).

And sometimes because of fear.

My limit is often below/above .050 to make up for slippage,
so I was afraid prices go back after it hits .050 level.

And I concluded it's better to leave it to a limit order.

From now on, I just let it go. Wheelbarrel EA and a hard stop and limit (OCO)
will do the job. I won't close positions manually. I will raise my PDF & BCC.

My work is just to decide which pairs to trade and when to trade.

And I won't play in Asia. Some brilliant guys can win (as you know if you read this thread)
but it's too difficult for me.

See you guys in London (or Frankfurt) tomorrow!

9am JST (Asia) EA short 1.44700 SL -12.0 pips (-2.0%)
4pm JST (London) GJ short 173.900 TP +4.7pips (+0.65%)
4pm JST (London) EJ short 138.400 TS -0.2pips (-0.03%)
5pm JST (London) GJ short 173.800 MKT +2.6pips (+0.36%)
5pm JST (London) EJ short 138.300 TP +5.0pips (+0.88%)

Today's total: +0.1 pips (-0.11%) Thursday 2014/7/11
This week: +32.7 pips (+3.5%)
Last week: -25 pips (-4.0%)
Attached Image (click to enlarge)
Click to Enlarge Name: 1407115382.png Size: 54 KB
My hope has been almost completely shattered, but not completely yet
  • #9,425
  • Jul 10, 2014 12:12pm Jul 10, 2014 12:12pm
Quoting Carpathian
{quote} ...in general it applies that Asian hours will show you smaller moves than European morning ones, so that may translate to taking more caution during Asia ... Cheers, Áron
Yes, Asian hours are more difficult than London.

And I love simplicity. I'm a simple guy,too. I believe in KISS principle(Keep it stupidly simple).

so in order to live a simple life, I will trade just in FF, London and NY. At least for a while.
My hope has been almost completely shattered, but not completely yet
  • #9,426
  • Jul 10, 2014 12:40pm Jul 10, 2014 12:40pm
Quoting Chake
With 2% a day and a RR 0.5 and a winrate around 80%, netto profit wil be around 1% a day. All averages offcourse.
Hey Chake,

As long as the win rate can be maintained in the long run and you dont have a string of loosing trades / drawdown, you've got a very profitable system

Take care
Dan
  • #9,427
  • Jul 10, 2014 2:01pm Jul 10, 2014 2:01pm
Quoting Udine
ok guys I am out.... time for a second beer.. cheers Udine
Hello Udine,

What indicator shows the adr and the atr of the four pairs on the chart where we got the i profit calc and he forex factory calendar? It does not seem to wanna update the actual numbers?
  • #9,428
  • Jul 10, 2014 2:16pm Jul 10, 2014 2:16pm
The first article in the forum.
Thanks to Udine.
today s profit; %5,96...
  • #9,429
  • Jul 10, 2014 5:27pm Jul 10, 2014 5:27pm
I have be doing a lot of work with this system of the past few days and will take some live trades tonight in FF and London. Looking forward to it.
Know your edge and trade within it
  • #9,430
  • Jul 10, 2014 5:43pm Jul 10, 2014 5:43pm
I have traded this method for a while (Of cuz, i modified it to fit my big spread).
The difference between Asia and Other session, from my point of view, would be:

- Asia, the price would be affected by Resistance and Support level. Generlally, you would expect a bounce back at these levels.

- NY, LO etc, generally, money flows strongly, the general R&S level would be puched out.

Udine's great system would be fond of NY/LO sessions more than Tokyo session.
Outcome is not important at all, but correct technique is what only matters
  • #9,431
  • Jul 10, 2014 6:02pm Jul 10, 2014 6:02pm
I've been watching this thread with interest, and I would only guess that some of you guys are currently short 137.80 EJ and 173.50 GJ.

They both look like good likely trades to me. (just watching though)
  • #9,432
  • Jul 10, 2014 6:09pm Jul 10, 2014 6:09pm
Quoting Price
I've been watching this thread with interest, and I would only guess that some of you guys are currently short 137.80 EJ and 173.50 GJ. They both look like good likely trades to me. (just watching though)

Both have conflict color for h1 and d1. Not matching the rule.
Outcome is not important at all, but correct technique is what only matters
  • #9,433
  • Jul 10, 2014 6:21pm Jul 10, 2014 6:21pm
Quoting szpowerx
{quote} Both have conflict color for h1 and d1. Not matching the rule.

EURAUD would match at 4500, but not at 4490(current position) with Udine's style.
Outcome is not important at all, but correct technique is what only matters
  • #9,434
  • Jul 10, 2014 6:51pm Jul 10, 2014 6:51pm
Quoting MrTD
Hi Guys & Gals Just had a message that there is an error in the SellStopPending order script when using fixed lot size... sorry Please download and replace...
MrTD, many thanks for these scripts. But 1 question, do these work in conjunction with Eric's Wukar_WM_Trail stop EA? i.e. Magic number must match as mentioned here http://www.forexfactory.com/showthre...94#post7590494

I've run a few limited tests on AudJPY (sell) and it doesn't appear to use the trail stop numbers/BE of Eric's modded script, just the hard TP/SL of your EA.
Or have I got this all a*se about
Thx
  • #9,435
  • Jul 10, 2014 7:05pm Jul 10, 2014 7:05pm
Friday Trading Day

Morning All,

Tokyo session about to kick off.
Looks like there has been some movement already earlier.

Only RED NEWS is for CAD pairs in New York session.

Good luck trading today!

Masterrmind..........
Master your Mind then Master your Trades
  • #9,436
  • Jul 10, 2014 7:08pm Jul 10, 2014 7:08pm
EJ & GJ to target - done!
Attached Image (click to enlarge)
Click to Enlarge Name: EJ GJ 7.10.14.PNG Size: 37 KB
Small disciplines repeated with consistency lead to great achievements.
  • #9,437
  • Jul 10, 2014 7:10pm Jul 10, 2014 7:10pm
A quick + 6 in GJ.
Intraday only.
  • #9,438
  • Jul 10, 2014 7:13pm Jul 10, 2014 7:13pm
Quoting Beachie41
{quote} MrTD, many thanks for these scripts. But 1 question, do these work in conjunction with Eric's Wukar_WM_Trail stop EA? i.e. Magic number must match as mentioned here http://www.forexfactory.com/showthre...94#post7590494 I've run a few limited tests on AudJPY (sell) and it doesn't appear to use the trail stop numbers/BE of Eric's modded script, just the hard TP/SL of your EA. Or have I got this all a*se about Thx
The scripts do work with the mod version of Eric's trailing stop EA, you just have to enter 789 as the magic number in the EA.
  • #9,439
  • Jul 10, 2014 7:14pm Jul 10, 2014 7:14pm
Trade #1

GJ +>5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB


Masterrmind...........
Master your Mind then Master your Trades
  • #9,440
  • Jul 10, 2014 7:18pm Jul 10, 2014 7:18pm
Quoting jmflukeiii
EJ & GJ to target - done! {image}
Nice!

Masterrmind........
Master your Mind then Master your Trades
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