Simple & profitable: 00 horizontal line trading

Gambling and trading have both similarities and differences. Statistics may exist. I am not aware of their location.

Welcome Edbegs.

Charts without trades are for instruction. Charts with trades show application and could be considered bragging. Chart above shows how price rose through the 00 level even when daily candle was red. D1[0] line is today's daily open. The weekly candle was green. H1/W1 green when D1 red and entry near D1 open is how to "bend" the H1/D1 rule.

Hi TooSlow

Can you tell us the pairs & spreds that you trade these methods with? And times of the day?

Thanks

Zee

I tend to trade pairs with the best AHR (the best hourly volatility).
The GBPJPY has been my fav for 6yrs.

The spreads will vary by broker.
Once volatility picks up, the spreads are not as much of an issue.

In this low volatility environment, It does seem to make a difference.

To add to the above:

I personally only trade the hours that meet my criteria for volatility.
This is usually the London open and NY opens. This is where AHR is usually the biggest.

I do a quick Volatility analysis every Sunday.

EURJPY, EURUSD, GBPUSD, AUDUSD, NZDUSD. Trade NY session and sometimes Asian session.

What is your process?

I learned alot from TRO.
But to me these systems are about price moving. I look for the hours with the most volatility.
You can use a simple website like forexticket or something.

I then make adjustments to the system based on the Hourly ranges.
I am more concerned with the Hourly ranges than the ADR.

Certain pairs I don't trade because as much as they may have good ranges or good AHR, they tend to Stay in tight coils too often.

Earlier in the year (2014) volatility was real good.
Sure I take what I can get, but I like to get some real runners too.

EURJPY had some long legs earlier today, Pholva9. What did you learn?

Trading with H1 and D1 in agreement can yield profit. D1[0] is the daily open line.

Nice run early in the session. Afterwards not so much.

Hi TooSlow.

Apologies for the question about indicators but i have followed the descriptions and links earlier but cannot find any one that resembles the M-Candles one that you use.
The one i have is fine - but i really like the version that you have with the very feint dotted wicks.
Also - the indicator that you use to keep track of Daily Highs, Lows, Opens with previous days included e.g. D1 High [0], D1 Low[1] etc. running down the side of the chart - i cannot find this in any of the lists.
Can you please advise me of their names?
Let me make myself clear - I dont want free ones if they are for sale as commercial indicators - Im more than happy to pay but i need to know what they are in the first place!

Cheers

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