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As simple as possible: 00 level trading

  • #13,601
  • Jul 25, 2014 11:13am Jul 25, 2014 11:13am
Quoting Masterrmind
{quote} Not sure if you can see clearly on the chart but I have just changed the WUKAR EA to the one that uses the magic number ie version 1.3.3e. It is operating not the way it is meant too in fact I noticed it didn't even paint the TS lines or HTP lines on the chart (parameters are all set correctly). Best I PM Eric about it and in the meantime I will have to change back to the 2nd version. The trade did run close to SL and yes it turned out well. Masterrmind........
Strange, the only thing different between 1.3.2 and 1.3.3 is MagicNumber. Try the latest update I posted.
  • #13,602
  • Jul 25, 2014 11:14am Jul 25, 2014 11:14am
Quoting ericjschroed
{quote} What was the entry price and what is the high of that bar? Price has to move TrailingStop (35) PLUS the spread (10 on your screen) so if it didn't move that far it would not trigger.
Being that is a long, spread wouldn't matter as the exit (and the trail stop) would be based on selling to exit the trade, which would be at the bid, which is displayed by the chart. So if the high of that candle displayed on that chart was 3.5 pips above the entry, then the trail stop should have kicked in, if that's what the setting was set to.

EDIT: looking at the chart, it appears the entry had a bit of slippage and was above the 00 line so perhaps this is where the confusion is.
Small disciplines repeated with consistency lead to great achievements.
  • #13,603
  • Jul 25, 2014 11:28am Jul 25, 2014 11:28am
Jibala you have a PM.
The problem is not giving offence but taking offence!
  • #13,604
  • Jul 25, 2014 11:36am Jul 25, 2014 11:36am
Good Work, UdineFx
Packing and shutting shop for the day.
njoy the weekend...
Cheers!
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  • #13,605
  • Jul 25, 2014 11:52am Jul 25, 2014 11:52am
Quoting Pixie01
hi guys..:-) question to Udine or other experienced traders here - if I may please..;-) I have re-read Udine's word doc about this system (few times) - great stuff Udine - Thank you a million! I have a question please regarding ADR - AVERAGE DAILY RANGE as I am a bit vague about it Udine stated to trade only pairs with highest ADR, and he also said he usually checks if his pair reached it's ADR limit. If it did - no more trading for that pair. He also gave a number of that limit as 100 OK so here it goes. I am looking at GBP/JPY - at the moment...
Pixie since no one else is answering at the moment I will attempt to give you my understanding, quoting from Udines .doc
"Say the ADR (Average Daily Range) of a pair for the last 20 days is 100 pips.

Lets use the Daily open line as the centre... so the daily potential of the pair is going higher: daily open + 100 pips and going lower: daily open -/- 100 pips, although it almost never goes exactly like this..."

The higher the ADR for a pair the more the opportunity for it to range widely giving more trading opportunity.
The daily range is indicate by the RgH / RgL indicating that if it reached that level the daily range limit has been reached.
The 100 in the .doc is just used as an example, GBY/JPY 65 is the avg. over I can't remember how many days.
If you measure today from RgL 172.447 to RgH 173.397 for today you will see it is something like 95 for today.
So every pairs ADR will be different.

Hope that answer your question.
The problem is not giving offence but taking offence!
  • #13,606
  • Jul 25, 2014 12:20pm Jul 25, 2014 12:20pm
Quoting ChrisGC
{quote} Pixie since no one else is answering at the moment I will attempt to give you my understanding, quoting from Udines .doc "Say the ADR (Average Daily Range) of a pair for the last 20 days is 100 pips. Lets use the Daily open line as the centre... so the daily potential of the pair is going higher: daily open + 100 pips and going lower: daily open -/- 100 pips, although it almost never goes exactly like this..." The higher the ADR for a pair the more the opportunity for it to range widely giving more trading opportunity. The daily range is...


Udine
Sleep less, live fast, as it aint gonna last
  • #13,607
  • Jul 25, 2014 12:21pm Jul 25, 2014 12:21pm
ok I am out of here

enjoy the weekend

stay green

Udine
Sleep less, live fast, as it aint gonna last
  • #13,608
  • Jul 25, 2014 12:22pm Jul 25, 2014 12:22pm
Quoting Udine
ok I am out of here enjoy the weekend stay green Udine
Have a good one Udine. See you Monday.
The problem is not giving offence but taking offence!
  • #13,609
  • Jul 25, 2014 12:30pm Jul 25, 2014 12:30pm
GJ TP 1st one for the day; last one for the week. Enjoy the weekend.
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The problem is not giving offence but taking offence!
  • #13,610
  • Jul 25, 2014 12:32pm Jul 25, 2014 12:32pm
very interesting video.

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the system is great but he should give credit where credit is due.

Also most people get banned for posting TRO indis, wonder why the mods never cared on this thread.
The Meek Shall Inherit The Earth...
  • #13,611
  • Jul 25, 2014 12:41pm Jul 25, 2014 12:41pm
End of 2nd week. With 4 execution mistakes I made= -20 pips. Better than last week, but still down.
Have a good weekend guys.
Look for reasons not to take a trade.
  • #13,612
  • Jul 25, 2014 12:47pm Jul 25, 2014 12:47pm
Quoting IBBinary
very interesting video. http://www.youtube.com/watch?v=g0A9R...j5NVSxsoBbbiYQ the system is great but he should give credit where credit is due. Also most people get banned for posting TRO indis, wonder why the mods never cared on this thread.
my friend, you are a little late...we been through this subject a few weeks ago... Udine already explained what is what...
  • #13,613
  • Jul 25, 2014 12:50pm Jul 25, 2014 12:50pm
Quoting jmflukeiii
{quote} Being that is a long, spread wouldn't matter as the exit (and the trail stop) would be based on selling to exit the trade, which would be at the bid, which is displayed by the chart. So if the high of that candle displayed on that chart was 3.5 pips above the entry, then the trail stop should have kicked in, if that's what the setting was set to. EDIT: looking at the chart, it appears the entry had a bit of slippage and was above the 00 line so perhaps this is where the confusion is.
True but you don't buy at the Bid, you buy at the Ask, so even if he got filled on the Ask at x00, the Bid is still at x90 so price has to move 10 points or 1 Pip farther to trigger TS or exit. In this case, price only moved to x42 so with his entry (x08) he would never hit TS because the difference is only 34 points. If filled at x00 he would need a spread of 7 points (0.7) for the Bid to be 35 points above the Enter price (Ask) to hit TS. And possibly 1 point more. This is a case where Udine's low spreads would have triggered TS but anything higher would not. Like mine
  • #13,614
  • Jul 25, 2014 12:54pm Jul 25, 2014 12:54pm
Quoting ericjschroed
{quote} True but you don't buy at the Bid, you buy at the Ask, so even if he got filled on the Ask at x00, the Bid is still at x90 so price has to move 10 points or 1 Pip farther to trigger TS or exit. In this case, price only moved to x42 so with his entry (x08) he would never hit TS because the difference is only 34 points. If filled at x00 he would need a spread of 7 points (0.7) for the Bid to be 35 points above the Enter price (Ask) to hit TS. And possibly 1 point more. This is a case where Udine's low spreads would have triggered TS but anything...
Once you are in a long, it doesn't matter where the ask is. The bid is all that matters for your profit calculations. If he had entered at the 00 level, x42 would have been 0.7 pips above the necessary level to activate the TS.

Not sure why he entered at 08 unless you guys are doing something whereby you enter when the bid reaches the line, not the ask, which is not how Udine trades it. The spread is irrelevant for exits from longs no matter what.
Small disciplines repeated with consistency lead to great achievements.
  • #13,615
  • Jul 25, 2014 1:03pm Jul 25, 2014 1:03pm
Hey MM,

PM sent your way.

Thanks!
Jake
  • #13,616
  • Jul 25, 2014 1:08pm Jul 25, 2014 1:08pm
Quoting jmflukeiii
{quote} Once you are in a long, it doesn't matter where the ask is. The bid is all that matters for your profit calculations. If he had entered at the 00 level, x42 would have been 0.7 pips above the necessary level to activate the TS. Not sure why he entered at 08 unless you guys are doing something whereby you enter when the bid reaches the line, not the ask, which is not how Udine trades it. The spread is irrelevant for exits from longs no matter what.
Sorry, yes, I am getting things confused. Based on his entry he missed the TS by 1 point. Any entry below that should have triggered TS.
  • #13,617
  • Jul 25, 2014 1:13pm Jul 25, 2014 1:13pm
Quoting ericjschroed
{quote} Sorry, yes, I am getting things confused. Based on his entry he missed the TS by 1 point. Any entry below that should have triggered TS.
Did you create some sort of entry script that triggered a buy when the bid hit the 00? I seem to recall some talk of that awhile back...
Small disciplines repeated with consistency lead to great achievements.
  • #13,618
  • Jul 25, 2014 2:24pm Jul 25, 2014 2:24pm
What site are you using for checking the sync/correlated pairs?

I am using www.myfxbook.com/forex-market/correlation on M15 time frame. Is that okay?

EURJPY - CHFJPY 98% and USDJPY 92%

GBPJPY - GBPCAD 85% (only one pair above 80%)

EURUSD - AUDUSD 83% and NZDUSD 82%

GBPUSD - GBPCHF 93% and AUDUSD 85%

Different sites shows different percent. Is the above okay in your eyes?
  • #13,619
  • Jul 25, 2014 2:57pm Jul 25, 2014 2:57pm
Quoting LFN
What site are you using for checking the sync/correlated pairs? I am using www.myfxbook.com/forex-market/correlation on M15 time frame. Is that okay? EURJPY - CHFJPY 98% and USDJPY 92% GBPJPY - GBPCAD 85% (only one pair above 80%) EURUSD - AUDUSD 83% and NZDUSD 82% GBPUSD - GBPCHF 93% and AUDUSD 85% Different sites shows different percent. Is the above okay in your eyes?
LFN - Any good strategies on correlation?
Blindly following others will make you blind!
  • #13,620
  • Jul 25, 2014 6:03pm Jul 25, 2014 6:03pm
Quoting Udine
{quote} Udine
@ChrisGC - OF COURSE!....Now it is crystal clear..:-)))) thank you......:-).....
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