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As simple as possible: 00 level trading

  • #14,141
  • Jul 29, 2014 4:40am Jul 29, 2014 4:40am
Still not able to pick the battles wisely..
GU short @1.69700
  • #14,142
  • Jul 29, 2014 4:43am Jul 29, 2014 4:43am
Quoting overseaz
{quote} Thanks man! Supply was gone with the first touch of the level. Price was going up from Daily Demand and 1H Demand. That's why I took a chance. Alec
Yes, I thought if EURJPY, returned to attack the zone, maybe pips is reached. But still, I had no courage to make the trade. I have panic resistance.
I'm also short on EURJPY (another system)
Donde hay Patron no manda Marinero
  • #14,143
  • Jul 29, 2014 4:45am Jul 29, 2014 4:45am
Quoting ravitelang
Still not able to pick the battles wisely.. GU short @1.69700
Where is your DO?
  • #14,144
  • Jul 29, 2014 4:47am Jul 29, 2014 4:47am
Quoting Patron
{quote} Congratulations, billko1977 How was the high priest? How it looks today the MMs? Just kidding, eh
Thank you patron.... i really like your posts. You are always all business!

[quote=cigarguy;7636940]
Quoting billko1977
GU to TP +8.7 My First screenshot and first full win.... I believe it qualifies {image}[/quot billko1977, Good trade! I see that your putting our conversations into action Cigarguy
Our talks have been invaluable in helping me be patient and wait for the right set ups. cant thank u enough...
  • #14,145
  • Jul 29, 2014 4:47am Jul 29, 2014 4:47am
Quoting Carpathian
{quote} Where is your DO?
@1.69830
  • #14,146
  • Jul 29, 2014 4:49am Jul 29, 2014 4:49am
Quoting ravitelang
Still not able to pick the battles wisely.. GU short @1.69700

was NOT the first 00 level...

Udine
Sleep less, live fast, as it aint gonna last
  • #14,147
  • Jul 29, 2014 4:50am Jul 29, 2014 4:50am
Quoting ravitelang
Still not able to pick the battles wisely.. GU short @1.69700
Anyways wherever your DO is... that was the second 00 level the hour so it is not about wisdom but violation of rule #2.
  • #14,148
  • Jul 29, 2014 4:50am Jul 29, 2014 4:50am
Quoting yag
masterrmind, udine said he needs to focus 10 minutes before every hour, so also to decide to take the trade or not. how do you handle this? for example would you decide after 15-20 minutes in the new hour to take a trade because something has changed in the behavour of the currency?
What I do is similar I guess however because I look at many more pairs than 4 it means that I have to allocate a far greater amount of time to analyse the charts for potential setups.

I analyse charts most of the time though either directly or indirectly.

The intensity of concentration goes up considerably in the last 5 minutes before the turn of the hour.

After much chart time you "simply" know what to look for and can tell whether a chart is good for trading or better avoided.

What I look for is the probability of that trade being successful or not and then trade accordingly.

Masterrmind........
Master your Mind then Master your Trades
  • #14,149
  • Jul 29, 2014 4:50am Jul 29, 2014 4:50am
Quoting Udine
{quote} was NOT the first 00 level... Udine
but it was too close to DO
  • #14,150
  • Jul 29, 2014 4:53am Jul 29, 2014 4:53am
Quoting Patron
{quote} Yes, I thought if EURJPY, returned to attack the zone, maybe pips is reached. But still, I had no courage to make the trade. I have panic resistance. I'm also short on EURJPY (another system)
Could stop and bounce from the level, I agree. Anything can happen. I trade from the S|D zones with my main method.
Look for reasons not to take a trade.
  • #14,151
  • Jul 29, 2014 4:54am Jul 29, 2014 4:54am
[quote=billko1977;7636960]{quote} Thank you patron.... i really like your posts. You are always all business!
Quoting cigarguy
{quote} Our talks have been invaluable in helping me be patient and wait for the right set ups. cant thank u enough...

billko1977,

Glad to be of assistance any time you have that burning desire and you'll do great and your confidence will come with experience!

Regards,
Cigarguy
Keep It Simple
  • #14,152
  • Jul 29, 2014 4:56am Jul 29, 2014 4:56am
Quoting ravitelang
{quote} but it was too close to DO

if its too close to the DO, then you DONT TAKE THE 2nd LEVEL !!! simple

Udine
Sleep less, live fast, as it aint gonna last
  • #14,153
  • Jul 29, 2014 4:58am Jul 29, 2014 4:58am
Quoting ravitelang
Still not able to pick the battles wisely.. GU short @1.69700
Wrong trade ...

You have broken the 2nd rule ( Entry ONLY the FIRST 00 level )
Here , you have entered the trade at 2nd 00 level at that hour.

Am I correct ? Any suggestions ?
  • #14,154
  • Jul 29, 2014 4:59am Jul 29, 2014 4:59am
Quoting Udine
{quote} if its too close to the DO, then you DONT TAKE THE 2nd LEVEL !!! simple Udine
So I must have pass this trade and wait for next hour Udine
  • #14,155
  • Jul 29, 2014 5:01am Jul 29, 2014 5:01am
Quoting Masterrmind
{quote} What I do is similar I guess however because I look at many more pairs than 4 it means that I have to allocate a far greater amount of time to analyse the charts for potential setups. I analyse charts most of the time though either directly or indirectly. The intensity of concentration goes up considerably in the last 5 minutes before the turn of the hour. After much chart time you "simply" know what to look for and can tell whether a chart is good for trading or better avoided. What I look for is the probability of that trade being successful...
thx!

do you also look for "stop fishings" happened?
  • #14,156
  • Jul 29, 2014 5:03am Jul 29, 2014 5:03am
I think I will not open more trades today. In addition, I will prepare food for my children. Today I cook: spaghetti carbonara.
Good trading to all. Bye now.
Donde hay Patron no manda Marinero
  • #14,157
  • Jul 29, 2014 5:03am Jul 29, 2014 5:03am
I am GU SHORT @1.6970
  • #14,158
  • Jul 29, 2014 5:07am Jul 29, 2014 5:07am
Quoting oneki
{quote} Wrong trade ... You have broken the 2nd rule ( Entry ONLY the FIRST 00 level ) Here , you have entered the trade at 2nd 00 level at that hour. Am I correct ? Any suggestions ?
I think I am still struggling to get the whole procedure correctly..Correct me if I am wrong in the following procedure
1. Strictly go for hourly pending orders even if I am watching for 15M chart
2. Check H1 & D1 candles at the start of that hour and follow the trend
3. If no setup available as per rules wait for next hour
4. Even if the entry is close to DO, enter only first 00 level
  • #14,159
  • Jul 29, 2014 5:08am Jul 29, 2014 5:08am
Quoting Patron
I think I will not open more trades today. In addition, I will prepare food for my children. Today I cook: spaghetti carbonara. Good trading to all. Bye now.
I only finished eating a short time ago.

Enjoy your spaghetti !

Masterrmind.............
Master your Mind then Master your Trades
  • #14,160
  • Jul 29, 2014 5:10am Jul 29, 2014 5:10am
Quoting yag
{quote} thx! do you also look for "stop fishings" happened?
I'm not sure what you are asking.

Masterrmind...........
Master your Mind then Master your Trades
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