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As simple as possible: 00 level trading

  • #12,861
  • Jul 23, 2014 11:11am Jul 23, 2014 11:11am
You can not use a system blindly, for surely you will not be successful. There is no Holy Grail. As I said in another post, the good of Udine system is that it gives very clear guidelines to follow on the opening and closing of trades; and also provides you a plan to follow in time.
But all this is useless if you are blind. You have to study price action, patterns, waves, supports resistances, news, changes sessions, the correlation between pairs, etc., Etc ...
Udine The system will give the signal and you will decide if, with the acquired knowledge and experience, you take that trade or not.
It is my humble opinion.
Donde hay Patron no manda Marinero
  • #12,862
  • Jul 23, 2014 11:13am Jul 23, 2014 11:13am
Quoting Udine
ok guys/girls, I am out of here stay green Udine
ciao
Donde hay Patron no manda Marinero
  • #12,863
  • Edited 11:33am Jul 23, 2014 11:23am | Edited 11:33am
Hi guys, I'm new to this method and i'm not sure if i have understand the method correctly. I took the trade before the London open and i know that was a mistake, but where should i take the trade?

Update: Hmm... i can see that the yellow line i have draw on the first chart still was too early as well. What about on the second chart, was that the correct entry point?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY_H1.jpg Size: 263 KB
Click to Enlarge Name: GBPJPY_H1-1.jpg Size: 261 KB
Blindly following others will make you blind!
  • #12,864
  • Jul 23, 2014 11:29am Jul 23, 2014 11:29am
Quoting Georgebaker
Hi guys, I'm new to this method and i'm not sure if i have understand the method correctly. I took the trade before the London open and i know that was a mistake, but where should i take the trade? Update: Hmm... i can see that was too early as well. {image}
00 levels
Attached Image
Donde hay Patron no manda Marinero
  • #12,865
  • Jul 23, 2014 12:01pm Jul 23, 2014 12:01pm
Quoting Patron
{quote} 00 levels {image}
Patron...

was this trade avoidable ? EJ short 135.500, 1st and 2nd hour of NY...price touched the .500 in both hours...

I had a loss there...
  • #12,866
  • Jul 23, 2014 12:15pm Jul 23, 2014 12:15pm
Quoting Patron
{quote} 00 levels {image}

Thanks Patron!

So what does point 2 mean when it says 'Entry ONLY the first 00 level' when point 4 says 'London open all levels'?
Blindly following others will make you blind!
  • #12,867
  • Jul 23, 2014 12:23pm Jul 23, 2014 12:23pm
Bonus Bonus GJ > TS 1.2 pips

Today 4 Win / 1 Loss / 1 Ts

Live
  • #12,868
  • Jul 23, 2014 12:53pm Jul 23, 2014 12:53pm
Quoting Udine
{quote} you went long ?? Udine
Short.
Entered too early. Should wait for PA to go up and then to enter on the way down. It just hit the SL and reached the desired target. Need to work on patience.
Look for reasons not to take a trade.
  • #12,869
  • Jul 23, 2014 12:57pm Jul 23, 2014 12:57pm
Quoting Patron
You can not use a system blindly, for surely you will not be successful. There is no Holy Grail. As I said in another post, the good of Udine system is that it gives very clear guidelines to follow on the opening and closing of trades; and also provides you a plan to follow in time. But all this is useless if you are blind. You have to study price action, patterns, waves, supports resistances, news, changes sessions, the correlation between pairs, etc., Etc ... Udine The system will give the signal and you will decide if, with the acquired knowledge...
That's the best description of the Method in my opinion.
Look for reasons not to take a trade.
  • #12,870
  • Jul 23, 2014 1:11pm Jul 23, 2014 1:11pm
Quoting Georgebaker
{quote} Thanks Patron! So what does point 2 mean when it says 'Entry ONLY the first 00 level' when point 4 says 'London open all levels'?
Hi George,
When 1H candle is crossing 00 level enter on the first level only. Please start on page 1 and read as much as you can especially Udine's posts. You will understand if you put enough effort. Rules are very simple. Don't forget about post #12866.
Alec
Look for reasons not to take a trade.
  • #12,871
  • Jul 23, 2014 1:19pm Jul 23, 2014 1:19pm
Quoting overseaz
{quote} Hi George, When 1H candle is crossing 00 level enter on the first level only. Please start on page 1 and read as much as you can especially Udine's posts. You will understand if you put enough effort. Rules are very simple. Don't forget about post #12866. Alec
Ok, thanks Alec!
Blindly following others will make you blind!
  • #12,872
  • Jul 23, 2014 1:37pm Jul 23, 2014 1:37pm
Friends... want to test this in strategy tester. I tried downloading the mt4i, but it works once.. and then later if I try any other currency it will not work. Can anybody suggest... a good backtesting software? thanks in advance
  • #12,873
  • Edited 3:46pm Jul 23, 2014 2:00pm | Edited 3:46pm
Quoting Georgebaker
{quote} Thanks Patron! So what does point 2 mean when it says 'Entry ONLY the first 00 level' when point 4 says 'London open all levels'?
The nearest level, not other, for the same hourly candle.
In the following chart the first level is 172.900, not 172.800, at the hourly candle, at this moment.
Attached Image (click to enlarge)
Click to Enlarge Name: levels.PNG Size: 58 KB
Donde hay Patron no manda Marinero
  • #12,874
  • Jul 23, 2014 2:21pm Jul 23, 2014 2:21pm
Hi gents, i'm having a hard time getting the OCO/TS/HTP/HSL to work as supposed as i think it should . Don't worry about xADR indi as i'm just testing the other stuff...

For instance, im taking 2 trades on GBP/USD. 1 long @ 1.70.400, 1 short @ 1.70300, where it did hit the short one, but did not Cancel my Long order. ?

I tested as well this morning with the TS/HTP/HSL and it don't care at all. It just goes through the line without SL/TP.

Can you see from my attached pic's if i've configured it correctly ?.

Thank you sooo much .
/ministeren
Attached Image(s) (click to enlarge)
Click to Enlarge Name: OCO_NO.JPG Size: 146 KB
Click to Enlarge Name: inputs1.JPG Size: 82 KB
Attached Images
  • #12,875
  • Jul 23, 2014 2:29pm Jul 23, 2014 2:29pm
Quoting NewToForex14
{quote} Patron... was this trade avoidable ? EJ short 135.500, 1st and 2nd hour of NY...price touched the .500 in both hours... I had a loss there...
Price Action was doubtful blindly applying the rules in this case.
Five waves, Trendline, divergence...
Attached Image (click to enlarge)
Click to Enlarge Name: price action.PNG Size: 91 KB
Donde hay Patron no manda Marinero
  • #12,876
  • Jul 23, 2014 2:52pm Jul 23, 2014 2:52pm
Quoting overseaz
GJ SL= -10. Mistake #2 today: Entry at the open of 1H candle=00 level. {image}
I had a similar one today with EJ...
http://www.forexfactory.com/showthre...31#post7625231

Technically they were by the rules, so I rather see the problem/mistake in picking our choices: PA just wasn't right. Previous hour's candle closed really high, just some fraction pips above the SHORT entry levels we used, so it was too much hope to expect price turn around without using another 10 pips room to get some consolidation that could hint any intention of it going down again. Also if you look GJ went up 35 pips in the previous two hours without any retrace or so, which means a lot of momentum upwards that makes it quite risky to speculate on the other direction.

This is something I keep hammering in my head: price rarely turns just right around, mostly you get first some consolidation range, then reversal (or continuation).
Áron
  • #12,877
  • Jul 23, 2014 3:18pm Jul 23, 2014 3:18pm
Hi Everyone,
Just found this interesting thread and am trying it out. Took one winning trade eurjpy long.
One thing I did notice is that price seems to oscillate almost evenly around the thick yellow line 100 pips apart. Useful for knowing when price might run out of steam.

Couldn't find any explanation of what RN is and also the significance of green RgL line and brown RgH lines on the chart.

I also see that the WUKAR SL/TP EA has two TP settings, 9 & 20 pips, but my winning trade closed for 9 pips. What is the purpose of the 20 pips TP setting?

Hidden SL was set to False, yet it didn't place a SL line on the chart. Why might that be?

Does it matter that different brokers have different times when their day starts? The white line will not be at the same level for everyone, or does that not matter?

Cheers,


Mike
  • #12,878
  • Jul 23, 2014 3:30pm Jul 23, 2014 3:30pm
Just to break even, you have to win 2 out of 3 trades with SL/TP (10/5)
Quoting FXEmpire
{quote} sure.. just wanted to make sure people are aware of this point.. if one sits and weals away at it all day.. then is not even 50%.. experience focus it is, at least..
  • #12,879
  • Jul 23, 2014 3:41pm Jul 23, 2014 3:41pm
Quoting blott
Hi Everyone, Just found this interesting thread and am trying it out. Took one winning trade eurjpy long. One thing I did notice is that price seems to oscillate almost evenly around the thick yellow line 100 pips apart. Useful for knowing when price might run out of steam. Couldn't find any explanation of what RN is and also the significance of green RgL line and brown RgH lines on the chart. I also see that the WUKAR SL/TP EA has two TP settings, 9 & 20 pips, but my winning trade closed for 9 pips. What is the purpose of the 20 pips TP setting?...
I hope this helps a little.
Second Wukar tp does not work; ignore it.
Attached Image (click to enlarge)
Click to Enlarge Name: signis.PNG Size: 92 KB
Donde hay Patron no manda Marinero
  • #12,880
  • Jul 23, 2014 3:56pm Jul 23, 2014 3:56pm
Hi Patron,
Many thanks...as I suspected.

Your chart shows the answer to another question...RN=Round Number...DOH!

On my chart I don't have what looks like a long red candle between Range High & Range Low. What is that and does it mean anything? Maybe I took my tpls etc. from the 1st page, which I assumed had the latest mods.

Thanks for taking the time to reply so late at night


Mike
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