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As simple as possible: 00 level trading

  • #9,641
  • Jul 11, 2014 2:48am Jul 11, 2014 2:48am
Buenos días familia,

Trade #1 o/t day: EURAUD to SL.

Made a note to stay away from BRN for a long time to come...
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  • #9,642
  • Jul 11, 2014 2:48am Jul 11, 2014 2:48am
EA buy @ 1.45000 -> SL
first real loss in two weeks
i guess i shouldn't have traded BRN
  • #9,643
  • Jul 11, 2014 2:48am Jul 11, 2014 2:48am
  • #9,644
  • Jul 11, 2014 2:49am Jul 11, 2014 2:49am
Quoting bubincka
{quote} it's the first level since D1 turned green for EJ, so it's the first valid lvl on the long side

nope, its not valid..

if in the same hour it crosses 2 levels below the DO line and then you enter on the "first "level above the daily open line... it is entry on the 3rd 00 level... which is violation of rule 2 !!

Udine
Sleep less, live fast, as it aint gonna last
  • #9,645
  • Jul 11, 2014 2:50am Jul 11, 2014 2:50am
Quoting FXEmpire
{quote} unless ones DO is under 300lv.. correct?

Please if this is clear can you kindly explain what you think is
Rule 2: Entry ONLY the FIRST 00 level

As lot of people have issues with this? , Would be much appreciated and save the same repeating !

Thanks
  • #9,646
  • Jul 11, 2014 2:50am Jul 11, 2014 2:50am
patience indeed...

sitting on the hand so far has made my hands numb, lol
Passion, Persist, Patience, Protect
  • #9,647
  • Jul 11, 2014 2:50am Jul 11, 2014 2:50am
Quoting Udine
{quote} 173.613 it was not the first 00 level to cross.. so violation of rule 2 Udine
but my daily open is at 173.49. so the first cross upside will be 173.60 as 173.50 will be too close? are you saying 173.50 should be the first 00 level?
  • #9,648
  • Jul 11, 2014 2:51am Jul 11, 2014 2:51am
Apologies if this has been answered - I have read a lot of the thread but it has exploded lately and I just can't keep up
One things that I'm struggling with is how you are all making money with the spreads we see in the retail market.
Targeting small gains is difficult with a spread higher than 1 pip or so.

Q: Is the entry at the 00 level or 00 level+spread. Similar for TP?
  • #9,649
  • Jul 11, 2014 2:51am Jul 11, 2014 2:51am
Guys/girls,

you are all way to eager to start trading...

ALL PAIRS are just f@#king around their DO lines... let the market decide first where it wants to go.. our chances will come...

Udine
Sleep less, live fast, as it aint gonna last
  • #9,650
  • Jul 11, 2014 2:52am Jul 11, 2014 2:52am
Quoting Alpe
{quote} but my daily open is at 173.49. so the first cross upside will be 173.60 as 173.50 will be too close? are you saying 173.50 should be the first 00 level?

yes, but I would not have traded it as it was too close to the DO line...

So i would have passed on the trade and wait for the next hour..

Udine
Sleep less, live fast, as it aint gonna last
  • #9,651
  • Jul 11, 2014 2:53am Jul 11, 2014 2:53am
Quoting Udine
Guys/girls, you are all way to eager to start trading... ALL PAIRS are just f@#king around their DO lines... let the market decide first where it wants to go.. our chances will come... Udine
Awesome encouragement Udine. Thanks!
Know your edge and trade within it
  • #9,652
  • Jul 11, 2014 2:53am Jul 11, 2014 2:53am
what does BRN mean?
  • #9,653
  • Jul 11, 2014 2:54am Jul 11, 2014 2:54am
Quoting Udine
Guys/girls, you are all way to eager to start trading... ALL PAIRS are just f@#king around their DO lines... let the market decide first where it wants to go.. our chances will come... Udine
Wish i could have good patience like this. Thanks!
Outcome is not important at all, but correct technique is what only matters
  • #9,654
  • Jul 11, 2014 2:54am Jul 11, 2014 2:54am
Quoting Udine
Guys/girls, you are all way to eager to start trading... ALL PAIRS are just f@#king around their DO lines... let the market decide first where it wants to go.. our chances will come... Udine

thanks for the tip will add that to my list; dint know strong trend was important, i thought just as long it complied with rules it's okay
  • #9,655
  • Jul 11, 2014 2:54am Jul 11, 2014 2:54am
Quoting andys0506
Apologies if this has been answered - I have read a lot of the thread but it has exploded lately and I just can't keep up One things that I'm struggling with is how you are all making money with the spreads we see in the retail market. Targeting small gains is difficult with a spread higher than 1 pip or so. Q: Is the entry at the 00 level or 00 level+spread. Similar for TP?
Fast execution from a low spread ECN or similar broker is your first port of call.

Masterrmind........
Master your Mind then Master your Trades
  • #9,656
  • Jul 11, 2014 2:54am Jul 11, 2014 2:54am
Quoting Udine
Guys/girls, you are all way to eager to start trading... ALL PAIRS are just f@#king around their DO lines... let the market decide first where it wants to go.. our chances will come... Udine
True, the only "exception" I found was the EURCAD pair which seemed to be nicely moving up along with the other E´s...
  • #9,657
  • Jul 11, 2014 2:55am Jul 11, 2014 2:55am
Quoting adler
{quote} Please if this is clear can you kindly explain what you think is Rule 2: Entry ONLY the FIRST 00 level As lot of people have issues with this? , Would be much appreciated and save the same repeating ! Thanks

I dunnoo, lol you should ask the master.. I am just a humble student here..

but if your daily open is under 300.. then the 200LV becomes the 1st lv I assume.. if it over it.. then it makes the 300lv the 1st lv..
Passion, Persist, Patience, Protect
  • #9,658
  • Jul 11, 2014 2:55am Jul 11, 2014 2:55am
Thanx Again Udine , another good day +3.5%
Whats That? you're trading What?
  • #9,659
  • Jul 11, 2014 2:55am Jul 11, 2014 2:55am
Quoting Udine
Guys/girls, you are all way to eager to start trading... ALL PAIRS are just f@#king around their DO lines... let the market decide first where it wants to go.. our chances will come... Udine
Got it, Master!
My hope has been almost completely shattered, but not completely yet
  • #9,660
  • Jul 11, 2014 2:55am Jul 11, 2014 2:55am
Quoting nitecop
what does BRN mean?
Big Round Number i.e. the .000 levels
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