As simple as possible: 00 level trading | Page 670 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

As simple as possible: RENKO M5 trading 75 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

Simple Level Trading 1 reply

Trading: As simple as possible, but no simpler - by a real Cityboy 92 replies

Attachments: As simple as possible: 00 level trading
Exit Attachments

As simple as possible: 00 level trading

  • #13,381
  • Jul 25, 2014 3:16am Jul 25, 2014 3:16am
Quoting FXEmpire
{quote} lrt.. that level has not been broken firmly since last Friday.. for most part the slight break has been nothing but a failure reaction.. multiple times this week..
Yes you are right, but I didn't need the price to start downtrending under that level, I only needed it to go 5 pips below as it did a very lot of times.
From now on i will check trends over a level and no more just a bunch of pips multiple times to consider it as "already broken".
Thank you.

Lrt
"Every battle is won before it's fought."
  • #13,382
  • Jul 25, 2014 3:18am Jul 25, 2014 3:18am
Quoting Lrt.Ita
{quote} Yes you are right, but I didn't need the price to start downtrending under that level, I only needed it to go 5 pips below as it did a very lot of times. From now on i will check trends over a level and no more just a bunch of pips multiple times to consider it as "already broken". Thank you. Lrt

well did it go 5 pips?.. not even 1.. bcz hit the brick wall..
all we are saying, it's not higher probability...
hell anything at anytime can happen, that's irrelevant though.
Passion, Persist, Patience, Protect
  • #13,383
  • Jul 25, 2014 3:26am Jul 25, 2014 3:26am
Quoting Lrt.Ita
..... I didn't need the price to start downtrending under that level, I only needed it to go 5 pips below as it did a very lot of times......
Yeah this is also my problem, when there's a visible level that price could not break, okay but still for this 5 pip TP many times there's enough room and many times it is fulfilled. However it is also true a well established/confirmed level poses higher risk.
  • #13,384
  • Jul 25, 2014 3:32am Jul 25, 2014 3:32am
Quoting FXEmpire
{quote}.. not even 1..
The last 6 times an H1 candle opened between .800 and .900 and then touched .800 lvl it has moved down by at least 5 pips so there would have been 6 consecutive TP.
This, also, gives a to the strategy.

Edit: sorry, it was the last 5, not 6. The first one in the pic is not valid, opened >.900

Lrt
Attached Image (click to enlarge)
Click to Enlarge Name: .800 example.jpg Size: 373 KB
"Every battle is won before it's fought."
  • #13,385
  • Jul 25, 2014 3:45am Jul 25, 2014 3:45am
Quoting ChrisGC
mrTD ... I think there might be a problem with the WUKAR_News display? {image}
Hi Chris,
Mine did the same thing this morning. I cured mine by changing the timeframe to daily for 30 seconds or so then back to whatever timeframe you are using. I find I have to change timeframes each morning to clear the large number of news bars that accumulate anyway.
  • #13,386
  • Jul 25, 2014 3:46am Jul 25, 2014 3:46am
Quoting Lrt.Ita
{quote} The last 6 times an H1 candle opened between .800 and .900 and then touched .800 lvl it has moved down by at least 5 pips so there would have been 6 consecutive TP. This, also, gives a to the strategy. Edit: sorry, it was the last 5, not 6. The first one in the pic is not valid, opened >.900 Lrt {image}
That's a great start Lrt now when you have time check some of the other levels for GJ....then EJ.

You will be amazed at how PA likes to repeat itself at certain levels over certain periods of time.

It doesn't always tell you what PA is going to do but it does tell you what is likely to happen and then with this knowledge you can trade or not trade accordingly.

It's powerful stuff!

Masterrmind............
Master your Mind then Master your Trades
  • #13,387
  • Jul 25, 2014 3:47am Jul 25, 2014 3:47am
I might be asking a dumb question here, but how do you use the Eric pending Order Line script?

1) How do I know that it is going to execute a buy or a sell order?
2) When I try to put 2 pending orders, only one line appeared and I am not sure if there are 2 pending orders or one?

Eric or anyone that is familiar, please advise.

Thanks.
  • #13,388
  • Jul 25, 2014 3:50am Jul 25, 2014 3:50am
Quoting Lrt.Ita
{quote} The last 6 times an H1 candle opened between .800 and .900 and then touched .800 lvl it has moved down by at least 5 pips so there would have been 6 consecutive TP. This, also, gives a to the strategy. Lrt {image}
Yeah it is always easier to tell in retrospect why something happened. Eg. saying it did not even go 1 pip cos it hit a wall. The same way could have gone some more.

Nevertheless in the last 7 hours prior to the trade price was ranging between .900 resistance and .800 support and only made 5 pips when turning down from .900 never even touching .800.
So taken all that when you've got the next hour coming and price just opens slightly below .900 it may be just too much to expect price take .800 and also make the 5 pips. On the other hand one may think, well LO new money may push it down, but that is already not what I see but what I think, because what we can say about the new money related to market open hour(s) is only that very probably it'll increase volatility but you can only speculate on the direction of that increased volatility.

For me the most difficult thing is to be able to perform that kind of analysis at the advent of the new hour and not only retrospect.

I also had a pending GJ SHORT @.800, but as I put them .5 pips lower than the lvl it just did not get triggered this time so I was just lucky to stay out of this. Because the analysis above I did not complete fully in my mind before. I had doubts but I was also thinking well it may as well break down.
Áron
  • #13,389
  • Jul 25, 2014 3:55am Jul 25, 2014 3:55am
Thank you all, really learning a lot .
Hope this will be useful even for other newbies like me that are reading!

Lrt
"Every battle is won before it's fought."
  • #13,390
  • Jul 25, 2014 3:55am Jul 25, 2014 3:55am
Quoting Lrt.Ita
{quote} The last 6 times an H1 candle opened between .800 and .900 and then touched .800 lvl it has moved down by at least 5 pips so there would have been 6 consecutive TP. This, also, gives a to the strategy. Edit: sorry, it was the last 5, not 6. The first one in the pic is not valid, opened >.900 Lrt {image}
two of those 5 has been during news.. which had force behind it to break and you having no business to be in it according to the rules here..
and there has been some straight up bounces.. lets say just two..
so 3 winners of 5 pips.. two losses of 10 pips..

to say the least still not high probable, that's all..

just simple observation based on your analysis..


anyways audibles are necessary as you all see the OP does it all the time (and others) as to how he accepts and rejects valid setups.. discretion plays a big role in this method and for all method as matter of fact.. and that is why consistent profitability in trading is so damn hard.. but doable..
Passion, Persist, Patience, Protect
  • #13,391
  • Jul 25, 2014 3:56am Jul 25, 2014 3:56am
Quoting sj9bp20
{quote} Hi Chris, Mine did the same thing this morning. I cured mine by changing the timeframe to daily for 30 seconds or so then back to whatever timeframe you are using. I find I have to change timeframes each morning to clear the large number of news bars that accumulate anyway.
I tried your suggestion and it changed it to grey bars and green bars?
Attached Image (click to enlarge)
Click to Enlarge Name: WUKAR_news_mrtd.JPG Size: 96 KB
The problem is not giving offence but taking offence!
  • #13,392
  • Jul 25, 2014 3:59am Jul 25, 2014 3:59am
Right now we're just facing the same lvl question in both EJ GJ...
  • #13,393
  • Jul 25, 2014 4:04am Jul 25, 2014 4:04am
I do not see attractive orders to put.
Donde hay Patron no manda Marinero
  • #13,394
  • Jul 25, 2014 4:04am Jul 25, 2014 4:04am
Quoting Carpathian
Right now we're just facing the same lvl question in both EJ GJ...

i got a short pending on ej 900 lv..

I just hope it does not get trigger during my meal as it would be unattended.. I don't eat and trade, lol.. however drink and trade is totally fine..
Passion, Persist, Patience, Protect
  • #13,395
  • Jul 25, 2014 4:04am Jul 25, 2014 4:04am
Quoting Carpathian
Right now we're just facing the same lvl question in both EJ GJ...
Or not... as both are quite close to DO.
  • #13,396
  • Jul 25, 2014 4:05am Jul 25, 2014 4:05am
Quoting FXEmpire
{quote} i got a short pending on ej 900 lv.. I just hope it does not get trigger during my meal as it would be unattended.. I don't eat and trade, lol.. however drink and trade is totally fine..
I did not want to put that order, I do not see attractive.
Donde hay Patron no manda Marinero
  • #13,397
  • Jul 25, 2014 4:07am Jul 25, 2014 4:07am
Quoting Patron
{quote} I did not want to put that order, I do not see attractive.
That is well phrased!
I have it on.
  • #13,398
  • Jul 25, 2014 4:08am Jul 25, 2014 4:08am
Quoting ChrisGC
{quote} I tried your suggestion and it changed it to grey bars and green bars? {image}
Grey bars shows its working. Green bars mean nothing imminent. It cannot look backwards so no red bars will show. It will update as time goes on.
  • #13,399
  • Jul 25, 2014 4:09am Jul 25, 2014 4:09am
Quoting FXEmpire
{quote} i got a short pending on ej 900 lv.. I just hope it does not get trigger during my meal as it would be unattended.. I don't eat and trade, lol.. however drink and trade is totally fine..
900 is the second level my friend
  • #13,400
  • Edited 4:23am Jul 25, 2014 4:10am | Edited 4:23am
Bonus Trade

#3

NU +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 58 KB


#4

AN +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 51 KB



Masterrmind............
Master your Mind then Master your Trades
42 traders viewing now