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As simple as possible: 00 level trading

  • #10,301
  • Jul 14, 2014 6:06pm Jul 14, 2014 6:06pm
Quoting verjanso
Hello everyone Thanks Udine for the system. New to here. Trying to make the platform ready to start. Need a little help . I can not find the indicator which shows the RGH/RGL on the screen. what is the name of the indicator?
Market Panel Display Controller
  • #10,302
  • Jul 14, 2014 6:26pm Jul 14, 2014 6:26pm
Quoting ericjschroed
{quote} I believe you can trade again if it retraces but hopefully someone else will confirm. At that point though, it might be a trend reversal.
thanks eric and callum
lets see what MM and Udine's views are too
i may look for opportunities on the retrace and test to see if they work out
  • #10,303
  • Jul 14, 2014 6:32pm Jul 14, 2014 6:32pm
GA + 5
Intraday only.
  • #10,304
  • Jul 14, 2014 6:51pm Jul 14, 2014 6:51pm
Quoting navk
GA + 5
Trading GA during AUD news? burpees!
  • #10,305
  • Jul 14, 2014 6:57pm Jul 14, 2014 6:57pm
Had sell stop at 0.9190 based on hourly sell candle
Intraday only.
  • #10,306
  • Jul 14, 2014 7:02pm Jul 14, 2014 7:02pm
Quoting navk
Had sell stop at 0.9190 based on hourly sell candle
Ok, maybe I'm blind but I can't find any pair at 0.9190. Which one is it? I mean if you followed your rules and made money, Great!
  • #10,307
  • Jul 14, 2014 7:03pm Jul 14, 2014 7:03pm
I am blind. it is 8190. lol
Intraday only.
  • #10,308
  • Jul 14, 2014 7:07pm Jul 14, 2014 7:07pm
AUD is having bit of strength after news.
Intraday only.
  • #10,309
  • Jul 14, 2014 7:18pm Jul 14, 2014 7:18pm
Quoting navk
I am blind. it is 8190. lol
you mean 1.8190, right? Still, if you're comfortable trading during news, that's good, but I'm not. I saw it running away and thought "boy, I'd like to be on that bus", but the bus had already left the station.
  • #10,310
  • Jul 14, 2014 7:20pm Jul 14, 2014 7:20pm
No trades for me today Tokyo -
Small disciplines repeated with consistency lead to great achievements.
  • #10,311
  • Jul 14, 2014 7:22pm Jul 14, 2014 7:22pm
Quoting ericjschroed
{quote} you mean 1.8190, right? Still, if you're comfortable trading during news, that's good, but I'm not. I saw it running away and thought "boy, I'd like to be on that bus", but the bus had already left the station.
I agree with you, trading news ( High impact news ) requires special skill.

But this is not such news.
Intraday only.
  • #10,312
  • Jul 14, 2014 7:23pm Jul 14, 2014 7:23pm
Have seen in the past, AUD employment news and interest hike are high impact.
Intraday only.
  • #10,313
  • Jul 14, 2014 7:27pm Jul 14, 2014 7:27pm
Quoting ericjschroed
{quote} Sorry, I wrote that on the weekend and just fixed the RmUp/RmDn problem. Please redownload this one (I can't delete the other). {file}
Eric thanks for the indicator.

one question, the green line Rgl and red line RgH on the right screen are they stay the same after adjusting time on your indicator, RmUp and RmDn changed like supposed to but lines are still the same,didnt move... am I doing something wrong?
again, thank you for your contributions .
  • #10,314
  • Jul 14, 2014 7:30pm Jul 14, 2014 7:30pm
Quoting jmflukeiii
No trades for me today Tokyo -
jm hi.

why didn't you take EJ 138.400 ?
  • #10,315
  • Jul 14, 2014 7:36pm Jul 14, 2014 7:36pm
Quoting NewToForex14
{quote} Eric thanks for the indicator. one question, the green line Rgl and red line RgH on the right screen are they stay the same after adjusting time on your indicator, RmUp and RmDn changed like supposed to but lines are still the same,didnt move... am I doing something wrong? again, thank you for your contributions .
Sorry, that's a different indi: the Market Panel Display Controller
  • #10,316
  • Jul 14, 2014 7:44pm Jul 14, 2014 7:44pm
Quoting ericjschroed
{quote} Sorry, that's a different indi: the Market Panel Display Controller
yes, Eric... that's right.

thanks.
  • #10,317
  • Jul 14, 2014 7:52pm Jul 14, 2014 7:52pm
Quoting NewToForex14
{quote} yes, Eric... that's right. thanks.
Of course I'm right! I'm always right! Except when I'm wrong.
  • #10,318
  • Jul 14, 2014 7:57pm Jul 14, 2014 7:57pm
Quoting ericjschroed
{quote} Of course I'm right! I'm always right! Except when I'm wrong.
Eric, would you take a trade GJ long 173.600 and EJ long 138.400 at Tokyo open...

everything is by rule...

EDIT....only EJ was by rule.
  • #10,319
  • Jul 14, 2014 8:15pm Jul 14, 2014 8:15pm
Quoting NewToForex14
{quote} jm hi. why didn't you take EJ 138.400 ?
A couple reasons, several related to the rules of this method, others more just general 'market feeling' I guess.

First of all, Tokyo moves are weak. When they spike, its typically because they are reversing (unless some sort of news sparked it). There was no trend out of Sydney, it was flat lined until Tokyo. And even the first 15M bar after Tokyo went no-where. That is trendless. My Tokyo trades do best when they trigger within 15 minutes of the open.

More specifically in this instance, however, the open according to my chart was actually just below .300. And I had a buy stop waiting to place. However, the ask never got low enough to squeeze the buy stop in there. So technically, the first level passed was .300. Just the ask was already above .300 so no trade. That would make .400 the second level in the same hour. And if a trade doesn't trigger in the first hour, I'm done with Tokyo.

Same story on GJ.

Last comment, look left on EJ. Tokyo typically won't have the juice to break through that resistance, even for a 5 pip target. [Now of course it will probably break through resistance tomorrow...].

Hope it helps - these aren't necessarily "rules" per say, just sometimes its feeling good, sometimes not. Often after a good trend day in NY and/or London, Tokyo will try one more time at the trend. EJ did today, but the entry was at .3, not .4 where the resistance was from the end of the London/NY trend.

And who knows - EJ might push back up and break through now but honestly I do not care. This is not FIFO... this is slow Tokyo trading and frankly its way more stressful and significantly less probable than trading with volume in the market.
Small disciplines repeated with consistency lead to great achievements.
  • #10,320
  • Jul 14, 2014 8:22pm Jul 14, 2014 8:22pm
Quoting NewToForex14
{quote} Eric, would you take a trade GJ long 173.600 and EJ long 138.400 at Tokyo open... everything is by rule... EDIT....only EJ was by rule.
It looks right but Tokyo is a whole other beast! See JM's reply. (I was wrong )
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