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As simple as possible: 00 level trading

  • #13,001
  • Jul 24, 2014 3:17am Jul 24, 2014 3:17am
Quoting Udine
I am patient.. Udine
That usually pays off, doesn´t it ?

EJ to TP.
Together with my first strike during Tokyo open, that makes +10 pips so far.

flx69
Attached Image (click to enlarge)
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  • #13,002
  • Jul 24, 2014 3:18am Jul 24, 2014 3:18am
Quoting nitecop
I only have a pending on EU; EJ dint seem like good odds unless EU had the momentum also experimenting with EuroCAD
I thought the purpose of following this strategy is to comply with the rules and not to deviate
E/J just hit TP
  • #13,003
  • Jul 24, 2014 3:19am Jul 24, 2014 3:19am
Quoting Udine
I am patient.. Udine
me too...dont like the erratic movement and too much news influence
  • #13,004
  • Jul 24, 2014 3:20am Jul 24, 2014 3:20am
Quoting Carpathian
I am EJ LONG @136.700
TP +3.5. It went up to .749 then started shivering so I closed it out. Also the UJ is still below its DO so not the best setup.
  • #13,005
  • Jul 24, 2014 3:21am Jul 24, 2014 3:21am
Quoting Udine
{quote} i saw reasons not to take the trade... and you ?? Udine
the only reason was maybe because the 700 line was close to the open of the one hour candle??WAS I NOT FOLLOWING THE RULES??
  • #13,006
  • Jul 24, 2014 3:22am Jul 24, 2014 3:22am
Quoting flx69
{quote} That usually pays off, doesn´t it ? EJ to TP. Together with my first strike during Tokyo open, that makes +10 pips so far. flx69 {image}
That is an incredibly low spread you have on EJ. Looks like I will have to research brokers again. Any advice??
  • #13,007
  • Jul 24, 2014 3:22am Jul 24, 2014 3:22am
Quoting pj9999
{quote} the only reason was maybe because the 700 line was close to the open of the one hour candle??WAS I NOT FOLLOWING THE RULES??
Well a reason may be that .700 proved to be resistance in the past 12 hours or so. Hm?
  • #13,008
  • Jul 24, 2014 3:23am Jul 24, 2014 3:23am
Quoting pj9999
{quote} I thought the purpose of following this strategy is to comply with the rules and not to deviate E/J just hit TP

like panamamike mentioned; we must be selective in picking trades since our risk to reward is 2:1; all my failed trades in the past failed because they din't have very high odds and i had taken similar trades to yours; some were profitable but i was never profitable daily like the pros here. so i began to look back where i went wrong and compared my trades to the pros of this forum and then i realized they patiently waited only for extremely high probabilities and THEN applying the rules of this strategy. This way they achieved profitability EVERYDAY!
  • #13,009
  • Jul 24, 2014 3:23am Jul 24, 2014 3:23am
Quoting pj9999
{quote} I thought the purpose of following this strategy is to comply with the rules and not to deviate E/J just hit TP

I am glad it worked out for you..

but there is a lot more to trading than a few rules...

these rules are the basics, then you have to stack the odds into your favor..

try to find the lowest risk entries possible, with the highest probability of profit... and you only need two of those per day

the EU had already reached its ADR.. the EJ was near the DO.. could have turned down easily... making the trade a losing one...

so why would I risk my money on a not so good entry?? In this case it would have turned into a winner,, so I missed one... no problem there will be others..

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #13,010
  • Jul 24, 2014 3:24am Jul 24, 2014 3:24am
Quoting pj9999
{quote} why didnt you take the EJ trade at the 700 level??
I think it is the feeling which cannot be explaned into words about the market, which comes only after lots of chart time.

regards
jeet
  • #13,011
  • Jul 24, 2014 3:24am Jul 24, 2014 3:24am
Quoting pj9999
{quote} I thought the purpose of following this strategy is to comply with the rules and not to deviate E/J just hit TP

the purpose of this strategy, or any other strategy for that matter, is to be profitable !!

Udine
Sleep less, live fast, as it aint gonna last
  • #13,012
  • Jul 24, 2014 3:26am Jul 24, 2014 3:26am
Quoting nitecop
{quote} like panamamike mentioned; we must be selective in picking trades since our risk to reward is 2:1; all my failed trades in the past failed because they din't have very high odds and i had taken similar trades to yours; some were profitable but i was never profitable daily like the pros here. so i began to look back where i went wrong and compared my trades to the pros of this forum and then i realized they patiently waited only for extremely high probabilities and THEN applying the rules of this strategy. This way they achieved profitability...
OK so what you are saying is that you could not make profit with this strategy by following the rules as per page one??
  • #13,013
  • Jul 24, 2014 3:27am Jul 24, 2014 3:27am
Quoting Udine
{quote} I am glad it worked out for you.. but there is a lot more to trading than a few rules... these rules are the basics, then you have to stack the odds into your favor.. try to find the lowest risk entries possible, with the highest probability of profit... and you only need two of those per day the EU had already reached its ADR.. the EJ was near the DO.. could have turned down easily... making the trade a losing one... so why would I risk my money on a not so good entry?? In this case it would have turned into a winner,, so...

OH shit! i did not see the ADR part, no wonder you did not place a pending! good think it dint trigger
  • #13,014
  • Jul 24, 2014 3:27am Jul 24, 2014 3:27am
Quoting pj9999
{quote} why didnt you take the EJ trade at the 700 level??
Personally, I looked to the left on 1 hr chart. Last push up missed hitting that TP area, and it touched many hours ago and rejected. I avoid trades if my target is not an obvious objective. Glad it worked for you, and again I am happy to have passed.
  • #13,015
  • Jul 24, 2014 3:28am Jul 24, 2014 3:28am
Quoting sj9bp20
{quote} That is an incredibly low spread you have on EJ. Looks like I will have to research brokers again. Any advice??
PM

flx69
  • #13,016
  • Jul 24, 2014 3:30am Jul 24, 2014 3:30am
Quoting Udine
{quote} I am glad it worked out for you.. but there is a lot more to trading than a few rules... these rules are the basics, then you have to stack the odds into your favor.. try to find the lowest risk entries possible, with the highest probability of profit... and you only need two of those per day the EU had already reached its ADR.. the EJ was near the DO.. could have turned down easily... making the trade a losing one... so why would I risk my money on a not so good entry?? In this case it would have turned into a winner,, so I missed one......
Everyone that is struggling, and even those that are not, should print this post out and re-read it before every trading session. Just my .02
  • #13,017
  • Jul 24, 2014 3:31am Jul 24, 2014 3:31am
Quoting Udine
....the EU had already reached its ADR...... cheers Udine
Ooops did not realize that!
Yeah, these are the moments when I realize how little I am able to capture at a time of the whole image...
  • #13,018
  • Jul 24, 2014 3:32am Jul 24, 2014 3:32am
Quoting pj9999
{quote} OK so what you are saying is that you could not make profit with this strategy by following the rules as per page one??

What I'm saying is following rules is only 50% of trading, the other 50% is seeing what the market is doing and understanding that, this is why an EA would fail while a manual trader would benefit, it will come with time; i suggest comparing all the trades taken by the pros (especially udine) of this forum and compare them with your failed trades and you'll quickly see why they took it.
  • #13,019
  • Jul 24, 2014 3:35am Jul 24, 2014 3:35am
Quoting flx69
{quote} PM flx69

Thank you Sir.
I have the good fortune to be both a UK and an Aussie citizen so will take a good look at your recommendations.
  • #13,020
  • Jul 24, 2014 3:36am Jul 24, 2014 3:36am
Quoting Udine
{quote} I am glad it worked out for you.. but there is a lot more to trading than a few rules... these rules are the basics, then you have to stack the odds into your favor.. try to find the lowest risk entries possible, with the highest probability of profit... and you only need two of those per day the EU had already reached its ADR.. the EJ was near the DO.. could have turned down easily... making the trade a losing one... so why would I risk my money on a not so good entry?? In this case it would have turned into a winner,, so I missed one......
Fair enough lad....if E/J HAD NOT REACHED ITS ADR can i assume you would have taken the trade at the 700 level??
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