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As simple as possible: 00 level trading

  • #12,281
  • Jul 22, 2014 2:50am Jul 22, 2014 2:50am
Quoting panamamike
{quote} I wasn't trying to be critical...in fact my CSM said take the trade...1 hr had failed to crack that level on several tries...i passed, you didn''t; you made $$$, I didn't. Well done.
There's nothing wrong with constructive criticism as long as it's aimed at improving the perception of a trader.

I did not take your comment as critical Mike

All good here my friend.

Masterrmind........
Master your Mind then Master your Trades
  • #12,282
  • Jul 22, 2014 2:51am Jul 22, 2014 2:51am
helluva reversal in JPY pairs to start LO
  • #12,283
  • Jul 22, 2014 2:52am Jul 22, 2014 2:52am
Udine, did you take EU 1.3520?

I think this is in your style.
  • #12,284
  • Jul 22, 2014 2:52am Jul 22, 2014 2:52am
Quoting Masterrmind
{quote} That was bad timing Udine especially at the start of London. But sometimes these things can't be helped. Plenty more green pips waiting here for you........feast away! Masterrmind............

these things could not wait... I know there will be other opportunities..

Udine
Sleep less, live fast, as it aint gonna last
  • #12,285
  • Jul 22, 2014 2:53am Jul 22, 2014 2:53am
Quoting panamamike
helluva reversal in JPY pairs to start LO
Yep, RmDn on the EJ will quickly turn red after crossing the BRN...
  • #12,286
  • Jul 22, 2014 2:55am Jul 22, 2014 2:55am
Quoting owner2005
Udine, did you take EU 1.3520? I think this is in your style.

no trades taken so far, have been busy with other stuff..

next hour is mine

Udine
Sleep less, live fast, as it aint gonna last
  • #12,287
  • Jul 22, 2014 2:58am Jul 22, 2014 2:58am
Hi Udine,

Greeting Everyone. I have lurking this thread since last week. This thread is really going is a light speed. Been trying to read the thread from page #1 over the week-end, I am up to page 50 now. Jumping back and forth to the page 500 onward then back again, trying to catch up with new posts.

Thank you Udine for Starting this Thread and sharing the system.

I am now trying this system. Have few issues though.

The Spread charged by my broker for GJ = 3.6 - 3.8 pips, EJ = 3.5 pips, GU = 2.5 pips.

Does anyone have a Script for Buy Stop and Sell Stop? The Simple Script without the SL and TP. As I have Accidentally click wrong pending order button, several times. It was supposed to be Stop Order by when I click, I click the market oder button by mistake. as to put Stop Oder I had to go through several clicks. This has actually caused the trade loss. Old dog learning new tricks.

Rgds
  • #12,288
  • Jul 22, 2014 2:58am Jul 22, 2014 2:58am
Quoting Udine
{quote} no trades taken so far, have been busy with other stuff.. next hour is mine Udine
Ok, green bus is waiting for you )
  • #12,289
  • Jul 22, 2014 3:01am Jul 22, 2014 3:01am
#1 trade of the day
GU +5
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My hope has been almost completely shattered, but not completely yet
  • #12,290
  • Jul 22, 2014 3:03am Jul 22, 2014 3:03am
Quoting Jok
Hi Udine, Greeting Everyone. I have lurking this thread since last week. This thread is really going is a light speed. Been trying to read the thread from page #1 over the week-end, I am up to page 50 now. Jumping back and forth to the page 500 onward then back again, trying to catch up with new posts. Thank you Udine for Starting this Thread and sharing the system. I am now trying this system. Have few issues though. The Spread charged by my broker for GJ = 3.6 - 3.8 pips, EJ = 3.5 pips, GU = 2.5 pips. Does anyone have a Script for Buy Stop and...
Your broker spreads is huge!
My broker spread for GJ is about 2.5 and it's big anyway. I trade GJ from another broker.
I think spreads must be less than 1 pip.
With such spreads you will catch many stops.
  • #12,291
  • Jul 22, 2014 3:06am Jul 22, 2014 3:06am
EJ short @.000 full lot

GU&EU short half lot size..

Lrt
"Every battle is won before it's fought."
  • #12,292
  • Jul 22, 2014 3:06am Jul 22, 2014 3:06am
Quoting flx69
{quote} Yep, RmDn on the EJ will quickly turn red after crossing the BRN...
? i have it red not before 136.80...so for me enough room for a short, about 20 pips
  • #12,293
  • Jul 22, 2014 3:09am Jul 22, 2014 3:09am
Quoting Jok
Hi Udine, Greeting Everyone. I have lurking this thread since last week. This thread is really going is a light speed. Been trying to read the thread from page #1 over the week-end, I am up to page 50 now. Jumping back and forth to the page 500 onward then back again, trying to catch up with new posts. Thank you Udine for Starting this Thread and sharing the system. I am now trying this system. Have few issues though. The Spread charged by my broker for GJ = 3.6 - 3.8 pips, EJ = 3.5 pips, GU = 2.5 pips. Does anyone have a Script for Buy Stop and...
with these huge spreads this system will not work!
look for another broker, prefer an ECN broker:

http://www.100forexbrokers.com/stp-ecn-brokers
  • #12,294
  • Jul 22, 2014 3:09am Jul 22, 2014 3:09am
cancelled GU short
pending short EJ 137.000 & EU 1.35000
My hope has been almost completely shattered, but not completely yet
  • #12,295
  • Jul 22, 2014 3:13am Jul 22, 2014 3:13am
Quoting easygoing
pending long GJ @173.418 (my spread is 1.8 now, so I raised my stop order)
Hello Easy,
I was also thinking about where to put the buy/sell order levels to get entries that are valid in terms of 'did the price really got to the certain/00/05 etc. level?'. I've just compared spreads of two different brokers (a fixed and an ECN) and found that they're calculated by adding spread/2 to the mid-price (woooow.... what a big finding..!). That makes me place buystop to 00+spread/2 and sellstop to 00-spread/2.

Suppose you're trading EJ with spread 2.0, while the same for another trader is 1.0. You place a buystop @00+2, because you say that is the corresponding ask to your bid (ie. charted price level) when it reaches 00, while the other trader is already having his/her bid shown on the chart @00+1. Given that lots of big whales are looking at prices with veeeery tight spreads (ie. 0-0.5) that makes me think when eg. your 2.0 spread broker shows you bid at say 173.390, ECN players are already seeing a bid price of 173.397 or maybe 173.400 making them conclude price reached 00 so it is time to enter (whatever decision, I am just using this system's example...).

So that is why I'd put a buystop @173.410 in case of a 2.0 spread. Using the same logic I'd put a sellstop @173.390 because the bigger the spread the lower bid you're shown making you think price already got to a level on the way down, while for many other players it hasn't yet.

Áron

ps. As long as you're having spreads up to 1.0 or less the above described is not that much important though.
  • #12,296
  • Jul 22, 2014 3:13am Jul 22, 2014 3:13am
first one of the day.. EJ to TP

Udine
Attached Image
Sleep less, live fast, as it aint gonna last
  • #12,297
  • Jul 22, 2014 3:14am Jul 22, 2014 3:14am
EJ +5 TP

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Masterrmind............
Master your Mind then Master your Trades
  • #12,298
  • Jul 22, 2014 3:15am Jul 22, 2014 3:15am
EURJPY TP
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Lets WUKAR FIFO!! - Udine
  • #12,299
  • Jul 22, 2014 3:16am Jul 22, 2014 3:16am
EJ to TP.

I put in a pending for the EU at 1.3500 that somehow didn´t get triggered, strange...
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  • #12,300
  • Jul 22, 2014 3:16am Jul 22, 2014 3:16am
you know after seeing today's drastic movements in aud and eur pairs I'm now seeing what udine meant by using your 'left eye and right eye' instead making complicated scientific analysis for pairs to be sync; either side of the pair could move and you just have to compare different pairs to determine which side of it has obvious decisive direction and momentum.
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