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As simple as possible: 00 level trading

  • #10,981
  • Jul 16, 2014 6:11am Jul 16, 2014 6:11am
Quoting flx69
Isn´t that awfully close to the Daily Open level (mine is 174.270) ? .... Made a mental note that from now on, I will not take these anymore, unless the distance between DO and Pending Order is minimum 9-9.5 pips...
It is... and that's a good note.

Quoting Udine
why?? Udine
It is according to the rules, UJ is green and though GU got red with its news I saw upward bias since then. However I do agree, there were better choices today, which I've missed. So this is a lack of PDF trade.
Áron
  • #10,982
  • Jul 16, 2014 6:11am Jul 16, 2014 6:11am
Quoting flx69
{quote} Isn´t that awfully close to the Daily Open level (mine is 174.270) ? I was just updating my trade log and found that 90% of my losing trades, although "by the rules", were opened too close to the D.O. Made a mental note that from now on, I will not take these anymore, unless the distance between DO and Pending Order is minimum 9-9.5 pips...

is not as black and white.. otherwise your master would have made it a hard rule..

if I was not on your ignore button, apparently, I would have explained further
Passion, Persist, Patience, Protect
  • #10,983
  • Jul 16, 2014 6:18am Jul 16, 2014 6:18am
Quoting flash4
pending short GU
slowly making up for the shocking week

TP
  • #10,984
  • Jul 16, 2014 6:19am Jul 16, 2014 6:19am
Quoting FXEmpire
{quote} is not as black and white.. otherwise your master would have made it a hard rule.. if I was not on your ignore button apparently I would have explained further
On my ignore button ? You´re not !

It is true that I would make an exception to my new rule (min. distance between DO & Pending 9.0+ pips) if:

- there´s a clear up or down trend in both E or G pairs
- momentum for both pairs

JMFluke once remarked, that in many cases he wouldn´t take a trade if the SL would be on the other side of the DO.
Udine pointed out various times, that if there´s no clear trend and PA is p1ss1ng around the DO, it wouldn´t warrant a trade.

Look at my first trade of today, shouldn´t have....
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 66 KB
  • #10,985
  • Jul 16, 2014 6:22am Jul 16, 2014 6:22am
Quoting flx69
.... JMFluke once remarked, that in many cases he wouldn´t take a trade if the SL would be on the other side of the DO. Udine pointed out various times, that if there´s no clear trend and PA is p1ss1ng around the DO, it wouldn´t warrant a trade.....
Yeah remember.... impatience and 'the forecaster' took over in me. But this system should not be about that.
  • #10,986
  • Jul 16, 2014 6:24am Jul 16, 2014 6:24am
I have one question.
Need some help.

I notes the Time_Vline indicator draw about 8 vertical lines from FF open to NY open. Does that mean each vertical line is the ok time to trade?

i thought we can only trade on the first 2 hours of FF / London/ NY open only.

Thank you for answer in advance.
  • #10,987
  • Jul 16, 2014 6:28am Jul 16, 2014 6:28am
Quoting verjanso
I have one question. Need some help. I notes the Time_Vline indicator draw about 8 vertical lines from FF open to NY open. Does that mean each vertical line is the ok time to trade? i thought we can only trade on the first 2 hours of FF / London/ NY open only. Thank you for answer in advance.
the suggested times are the 2 hours as you noted
the vertical lines are a guide to indicate when the new hours start
  • #10,988
  • Jul 16, 2014 6:30am Jul 16, 2014 6:30am
So do we trade EJ & GJ in 30mins or not due to the USD news?
  • #10,989
  • Jul 16, 2014 6:34am Jul 16, 2014 6:34am
Quoting jeffmichaels
So do we trade EJ & GJ in 30mins or not due to the USD news?
7. No trading 1 hour before RED NEWS on the pair
8. No trading less than 30 minutes after RED NEWS in the pair
  • #10,990
  • Jul 16, 2014 6:35am Jul 16, 2014 6:35am
Did i do some thing wrong...GBP/CAD
It was before 1hr news
Attached Image
  • #10,991
  • Jul 16, 2014 6:36am Jul 16, 2014 6:36am
Quoting flx69
{quote} 7. No trading 1 hour before RED NEWS on the pair 8. No trading less than 30 minutes after RED NEWS in the pair
So as its not on that pair; yes i understand
  • #10,992
  • Jul 16, 2014 6:45am Jul 16, 2014 6:45am
Made a mistake of taking long trade in GJ at 174.30 at open price. Came out BE. Had a stop at 174.18 though.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM15.png Size: 64 KB
Intraday only.
  • #10,993
  • Jul 16, 2014 6:45am Jul 16, 2014 6:45am
Quoting shajika
Did i do some thing wrong...GBP/CAD It was before 1hr news {image}

yes..

basically trading that whole pair is whats wrong.. especially today with cad having all kinds of important news all day long.. I won't even mention the spread.
Passion, Persist, Patience, Protect
  • #10,994
  • Jul 16, 2014 6:46am Jul 16, 2014 6:46am
Quoting navk
Made a mistake of taking long trade in GJ at 174.30. Came out BE. {image}
that's alright it's only demo..
Passion, Persist, Patience, Protect
  • #10,995
  • Jul 16, 2014 6:48am Jul 16, 2014 6:48am
Quoting flash4
{quote} the suggested times are the 2 hours as you noted the vertical lines are a guide to indicate when the new hours start
what i mean is there are series of yellow lines from FF to 3hours after NY open. So we can trade from FF to 3hours after NY?

Becos i see the Rules are just trade the first 2 hours of FF London and NY which mean you only have 6 chances to trade. But i saw some members here are trading now (already past the London open and before NY open). Am i missing something here?
  • #10,996
  • Jul 16, 2014 6:52am Jul 16, 2014 6:52am
Quoting Qed
Nitecop ... stop ... look ,.....listen ..... I wasnt game to press the trigger for 12 months ... my advise is to do the SMALLEST possible deal u can ..... set your "comfortale " loss ... maybe $1 ... DO thet deal ... analysise why you won or lost ... DO NOT PANIC about another loss ... work it out ... and TRY AGAIN .. ONE DAY m8 the "light " will COME ON OK .....Cheers Q

thanks qed, i'm just going to be patient and practice. It gives me hope that others have walked my path too! will think about reducing position size, although im afraid it will feel like demo to me perhaps i will need to sleep on it.
  • #10,997
  • Jul 16, 2014 6:52am Jul 16, 2014 6:52am
Today :

GA + 5
GA +4
GC +4
GJ : BE
Intraday only.
  • #10,998
  • Jul 16, 2014 6:52am Jul 16, 2014 6:52am
Quoting FXEmpire
{quote} yes.. basically trading that whole pair is whats wrong.. especially today with cad having all kinds of important news all day long.. I won't even mention the spread.
Thanks,mate...lesson learned
  • #10,999
  • Jul 16, 2014 6:53am Jul 16, 2014 6:53am
Quoting FXEmpire
{quote} that's alright it's only demo..
you're a snarky SOB
  • #11,000
  • Jul 16, 2014 7:00am Jul 16, 2014 7:00am
any pending orders for NY?
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