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As simple as possible: 00 level trading

  • #10,321
  • Jul 14, 2014 10:25pm Jul 14, 2014 10:25pm
Quoting jmflukeiii
{quote} 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...
Thanks for the detailed reply. I would like to trade Tokyo more often but I (am starting to) understand it a little better, as you described. I saw the Resistance and wondered if it could break through. I also believe if I take a trade in the first hour and it doesn't reach TP, CLOSE IT! (as close to BE as possible.) It always seems to reverse. That's why I'm only trading Asia on demo right now. I appreciate what you said about the first 15 minutes; that is something I will watch.
  • #10,322
  • Jul 14, 2014 10:28pm Jul 14, 2014 10:28pm
Quoting jmflukeiii
{quote} 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...
jm...

thank you for sharing with your experience ...
  • #10,323
  • Jul 14, 2014 10:29pm Jul 14, 2014 10:29pm
Quoting ericjschroed
{quote} It looks right but Tokyo is a whole other beast! See JM's reply. (I was wrong )
I wouldn't call it a beast... its like a whole other.... mouse...
Small disciplines repeated with consistency lead to great achievements.
  • #10,324
  • Jul 14, 2014 10:30pm Jul 14, 2014 10:30pm
The price range is 20 - 30 pips in Asia in AUD, JPY pairs.
Intraday only.
  • #10,325
  • Jul 14, 2014 10:32pm Jul 14, 2014 10:32pm
Quoting ericjschroed
{quote} Thanks for the detailed reply. I would like to trade Tokyo more often but I (am starting to) understand it a little better, as you described. I saw the Resistance and wondered if it could break through. I also believe if I take a trade in the first hour and it doesn't reach TP, CLOSE IT! (as close to BE as possible.) It always seems to reverse. That's why I'm only trading Asia on demo right now. I appreciate what you said about the first 15 minutes; that is something I will watch.
I like that idea about closing it.. probably a good choice -

As for the 15 minutes, its not a hard and fast rule, but generally if the first one, and definitely two, 15 minute candles of the Tokyo open don't do anything, I'd be suspicious that anything is really going to happen. I was eager for the .300 trade on EJ for the trend continuation reason I mentioned - that is something to definitely watch for - Tokyo will make that one last push in the direction price was going during the big sessions. And .30 would have setup a nice retest of the highs from the trend. It just didn't want to let me in unfortunately..
Small disciplines repeated with consistency lead to great achievements.
  • #10,326
  • Jul 14, 2014 10:58pm Jul 14, 2014 10:58pm
Morning All,

Later start for me today than usual as was busy earlier doing other important things.

Although I'm not sure I have missed anything?

Let's check the charts after I grab a a coffee and see what's on offer.

Masterrmind..........
Master your Mind then Master your Trades
  • #10,327
  • Jul 14, 2014 11:16pm Jul 14, 2014 11:16pm
Quoting jmflukeiii
{quote} I like that idea about closing it.. probably a good choice..
Yes, today is another apparently typical example where I'm in a long EJ trade at 138.400 and stuck in DD since then. The second hour offered plenty of opportunity to exit at BE. Learning... learning... learning.
  • #10,328
  • Jul 14, 2014 11:41pm Jul 14, 2014 11:41pm
Good morning,,,,Good whatever ing everyone, I am ready for the Green Pips
Never say no to PIPS
  • #10,329
  • Jul 14, 2014 11:42pm Jul 14, 2014 11:42pm
Frankfurt Open is the next open....too late in the Asian session now....nothing much happening.

Red News scattered throughout the sessions as well so this should provide enough opportunities to grab our pips by trading around the news.

Masterrmind.......
Master your Mind then Master your Trades
  • #10,330
  • Jul 14, 2014 11:51pm Jul 14, 2014 11:51pm
Quoting Masterrmind
Frankfurt Open is the next open....too late in the Asian session now....nothing much happening. Red News scattered throughout the sessions as well so this should provide enough opportunities to grab our pips by trading around the news. Masterrmind.......
MM, could you please tell me what is the usage for the range thing under spread?
Never say no to PIPS
  • #10,331
  • Jul 15, 2014 12:04am Jul 15, 2014 12:04am
Quoting flash4
i think my understanding of the ADR rule might have been mistaken if ADR gets hit for the day does that mean no more trading on the pair? what if the ADR gets hit and price retraces away e.g. if RmUP was -2 then price retraced and RmUP was +25 does that mean we cannot trade at +25 even though there is space for the price to go back to ADR limit?
MM
any thoughts on my query (it will be lost in the weeds if i dont bring it up again )
callum and eric have kindly voiced their views already too
  • #10,332
  • Jul 15, 2014 12:40am Jul 15, 2014 12:40am
Quoting lazyegg
{quote} MM, could you please tell me what is the usage for the range thing under spread?
Just ATR same as the T value in the lower indicator on your chart.

It only lets you know about volatility and never about price direction.

For this method of trading you only really need to be aware of the ADR value by choosing higher value pairs hence in general EJ and GJ.

But looking at the ATR value will give you an idea of volatility.

Hope that helps........

Masterrmind...........
Master your Mind then Master your Trades
  • #10,333
  • Jul 15, 2014 12:49am Jul 15, 2014 12:49am
Quoting flash4
{quote} MM any thoughts on my query (it will be lost in the weeds if i dont bring it up again ) callum and eric have kindly voiced their views already too
Usually if the ADR has been hit for a particular pair I will not trade it.

There are at least 3 other key pairs that you can grab your pips from so why complicate the system.

Just choose another pair that fits the criteria and trade it.

Remember we are only after 2 by 5 pip TP's to get our 2% for the day and that's all.

Bonus trades should be traded @ reduced risk (eg 1/2 usual position size or less in my opinion) or not at all.

Try not to add any action to your trading that could unnecessarily increase the risk on that trade!

Masterrmind............
Master your Mind then Master your Trades
  • #10,334
  • Jul 15, 2014 12:50am Jul 15, 2014 12:50am
JPY presser begins 30 mins after FO. May bring some volatility with it.
  • #10,335
  • Jul 15, 2014 12:55am Jul 15, 2014 12:55am
I've got BOJ press conference coming up in 37 mins according to my news indicator. FF has it tentative.
Anyone have anything more definitive on timing.
(edit. just saw panamamikes comment)
  • #10,336
  • Jul 15, 2014 12:59am Jul 15, 2014 12:59am
Quoting panamamike
JPY presser begins 30 mins after FO. May bring some volatility with it.
Buenos días familia,

Bear in mind the BOJ Press Conference hour is "tentative", although in our calendar itīs marked 30 min. after Frankfurt Open.
If the meeting drags on, the press conference might also start at London Open.
Basically, we donīt know until it starts.
Trading in the Yen pairs will probably be slow until the press conference anyway...
  • #10,337
  • Jul 15, 2014 1:00am Jul 15, 2014 1:00am
good morning boys/girls,

2nd coffee and the newspaper...

JPY red news coming up .. so waiting for London open

Udine
Sleep less, live fast, as it aint gonna last
  • #10,338
  • Jul 15, 2014 1:01am Jul 15, 2014 1:01am
one note..

with the kind of JPY red news coming up, then its normal market behaviour that it will be slow until the red news...

Udine
Sleep less, live fast, as it aint gonna last
  • #10,339
  • Jul 15, 2014 1:02am Jul 15, 2014 1:02am
Quoting Udine
one note.. with the kind of JPY red news coming up, then its normal market behaviour that it will be slow until the red news... Udine

ic, but if gbp or euro was around 40/50/60 levels would you trade usd pairs?
  • #10,340
  • Jul 15, 2014 1:03am Jul 15, 2014 1:03am
Quoting nitecop
{quote} ic, but if gbp or euro was around 40/50/60 levels would you trade usd pairs?

RULES RULE !!!

so you know the answer... (yes)

Udine
Sleep less, live fast, as it aint gonna last
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