DON'T trade Udine's 00 level Strategy | Page 8 | Forex Factory

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DON'T trade Udine's 00 level Strategy

  • #141
  • Aug 9, 2014 9:13am Aug 9, 2014 9:13am
Quoting pj9999
Udines spends so much time posting his trades after the event why not simply guide rookies by way of explaining if A+ B happens i will take the eur/jpy at .400 level.............Quite simple and it would take the same amount of time... Trades to be taken at your own discretion...Come on really,this should have been stated on the first page... So basically you need to follow all the rules and then add more rules AGAIN WHO HAS MADE CONSISTENT PROFITS FROM THIS SYSTEM OVER THE LAST 3 MONTHS
he won't explain it because he can't because not even he believes in what he's doing.
  • #142
  • Aug 9, 2014 9:39am Aug 9, 2014 9:39am
I am trading in a very similar way but instead of 2:1 i am using 1:2 risk:reward ratio. Not every day is a good trading day and I completely disagree with 8 hours = 8 opportunities way of trading, but the guy has a point -

1. Previous day open usually works as a super strong resistance point and if the current day open is below last day open, you will most certainly see a bearish movement throughout the day. Of course there are fundamental and/or technical factors like monthly low/yearly low or round numbers or even news which can affect that, but anyway.

2. if you take a glance at the 1h or 30m charts you will find how the price usually stalls around 00 levels and i'm not talking about 5 hours range, I'm talking about previous few days or so - just draw a horizontal line and take a look - if the level is broken, you get a nice move, usually lot more than 5 pips. That means not every 00 level is suitable for trading - this is where you have to figure it out. For example, 500 level is usually pierced 2-3 times before the price action breaks it, so that could mean 2-3 losses made before a profitable trade could be taken.

3. The SL is 10 pips which means the next 00 level in opposite direction, which in any breakout strategy seems just fine - SL at the opposite side of the breakout range.

4. I can't see why you need somebody to explain it like in the kindergarten A+B or so. Just see where the price is and put an order on the next 00 level. Is it really, and I mean really so difficult that you can't do it? And if you find it so hard to do - are you sure you are ready for entering the market in the first place?
  • #143
  • Aug 9, 2014 10:02am Aug 9, 2014 10:02am
Quoting FxMasterGuru
Another question: Why does Udine not teach his followers about his "discretionary pearls"...? .
If you chime in on UD thread, with advice or something you think will benefit others, You will be banned.

The problem is they don't even know those pearls of Price action, until they lose a trade, then add in something like,
Oh now don't take a trade when price is near the open......

Remember Udine had a different system he traded be fore this.
That failed, now he onto to this Mechanical Rule based system, Which they add new rules to all the time.
  • #144
  • Aug 9, 2014 10:05am Aug 9, 2014 10:05am
Quoting justin7
{quote} yeah it's a pretty shitty strategy and his rules WILL result in losing. I guess he really has no rules then, which makes the whole point of his system and his persona irrelevant
"yeah it's a pretty shitty strategy and his rules WILL result in losing. I guess he really has no rules then, which makes the whole point of his system and his persona irrelevant"

Well said, Justin!
  • #145
  • Aug 9, 2014 10:08am Aug 9, 2014 10:08am
Quoting Rcubic
{quote} You are not trying to save anyone, you just piss off he put you in ignore list, udine system is great, is not for everyone, and the fact you couldn't make it work doesn't mean every newbie will fail, this system certainly needs some screen time experience, some newbie might get it work straight, some not, and for some experience traders all depends, if the system fit in their personality as a trader, every one have the chance to try it in demo as he stated, so what is all this about? Doesn't work for you? why making so a big deal about it,...
It is not Udine's system- He ripped it off!
  • #146
  • Aug 9, 2014 10:12am Aug 9, 2014 10:12am
Quoting IRISH37
For me I think Udine's gift was setting a realistic daily goal. I have not changed my trading method but I have adjusted my expectations for the better. I am always amazed at the level of vitriol here on Forex Factory. Instead of reading posts to consider thoughtfully some people start making derisory comments. These comments do not help anyone.
This was all done by TRO years ago until FF took his thread down.
The Line system
Take only a few pips a day and quit was all ripped off

Udine is a Fraud
  • #147
  • Aug 9, 2014 10:27am Aug 9, 2014 10:27am
<p>You know whats amazing 8 pages of people defending and apposing a system. The bottom line is can you consistently make money day in and day out. Its about making money this method and most of the methods posted here on ff dont make the cut. Learn to read the chart and you will become profitable if you dont you won't. Watch current price action not old info (indicators).
  • #148
  • Aug 9, 2014 10:52am Aug 9, 2014 10:52am
Quoting fxpivots
<p>You know whats amazing 8 pages of people defending and apposing a system. The bottom line is can you consistently make money day in and day out. Its about making money this method and most of the methods posted here on ff dont make the cut. Learn to read the chart and you will become profitable if you dont you won't. Watch current price action not old info (indicators).
Funny, because the price action is somehow determined by old info (support/resistance do the thing) and if you take your nickname - pivots? What are the pivot points based on again?

The fact is, everyone needs to look at the 'old info' no matter how - indicators, looking at charts from past periods or something else. Most methods here on FF are full of indicators and everyone is trying to predict the future. Well guess what - it's always 50/50. There comes the money management - if you can squeeze more profit and less losses from that 50/50 chances - you are a winner. Everything below or equal 1:1 risk-reward ratio AND profitable is based on pure luck. The luck will end at some point, so we must have enough profit which can bear few consecutive losses until luck strikes in again. Everybody has seen strategies fail, moving averages fail, breakouts fail, people lose money, people bragging about how profitable their system is. Everything comes down to the money management and catching that 50/50 chance. You never know if the Market Open breakout is fake, will it be retraced or stopped by some S&R level. We just hope for the best, limit our losses and maximize our profits.
  • #149
  • Edited 1:58pm Aug 9, 2014 11:39am | Edited 1:58pm
@ksofty

Something has been left out. High-tech news trading strategy. A software just needs to react 1/100th second sooner to the news release than the "retail" crowd and there goes the winner.

There are teams who are doing it successfully and they don't stop at 50:50 chance. Actually 90% is there going rate. Nevertheless, some money management is involved, as stronger news "surprises" get larger lots.
  • #150
  • Aug 9, 2014 11:52am Aug 9, 2014 11:52am
Quoting ksofty
{quote} Funny, because the price action is somehow determined by old info (support/resistance do the thing) and if you take your nickname - pivots? What are the pivot points based on again? The fact is, everyone needs to look at the 'old info' no matter how - indicators, looking at charts from past periods or something else. Most methods here on FF are full of indicators and everyone...
first off fxpivots is not based on a subjective math equation but on market structure telling me where market will turn. Old info like indicators always lag but you already know that. I trade furures with a tick chart and I have no problem letting the chart pinpoint wheee to enter and wheee to exir based on current info. You can debate all you want I make money every month or I wouldnt trade so you can heed advice or not.
  • #151
  • Aug 9, 2014 5:15pm Aug 9, 2014 5:15pm
Quoting ksofty
Most methods here on FF are full of indicators and everyone is trying to predict the future. Well guess what - it's always 50/50.
Anybody who bases their entries around price charts, instead of a coin toss, implicitly believes that technical analysis offers a better chance than 50/50. Sure, nobody can predict the future with 100% certainty, but there are analysis methods that can identify situations of probable directional bias in price movement.
  • #152
  • Aug 9, 2014 6:23pm Aug 9, 2014 6:23pm
Quoting pj9999
Anyone who thinks that Udine,s 00 level strategy is going to make them profitable may be in for a tough ride...
Not to brag but there are many more systems in the trading system section which are rubbish,about 80-85% of the section.Hard to find a good system around there, so this thread is actually useless, as you complain about 1 losing system, whereas almost all of them are losing systems

Its hard to find a winning system nowadays
"There's a sucker born every minute" - P.T. Barnum
  • #153
  • Aug 9, 2014 7:33pm Aug 9, 2014 7:33pm
Don't blame other system ( like a kid ) .. set your own
not euphoria follower
  • #154
  • Aug 9, 2014 10:49pm Aug 9, 2014 10:49pm
Newbies still whining, FF will be loving all these new signups.

Clearly the method is working for some, and not for others. Get over it and stop posting garbage. Do something constructive and delete your accounts, please. Or grow up. Really I don't even know why this thread is still up - it should be deleted for trying to discredit another member whose clearly contributed more than anything you guys have.
  • #155
  • Aug 9, 2014 11:55pm Aug 9, 2014 11:55pm
I was quite active in the actual thread, so I guess I can offer some experiential commentary on the system itself:

I tried trading it for several reasons:

  1. I remember Udine's original thread, it came online when I first started looking into forex trading, so I was curious what he was doing now.
  2. It seemed like a reasonable idea, trading in the direction the market was moving over current trading day and the current hour.
  3. It seemed as if it could be a very simple strategy, possibly one that could be mechanized.

What happened was:

  1. So I traded it for a bit as mechanically as I could, and the results were what I would expect from pure mechanics, not great, but not bad. I made a little money.
  2. I then added some discretion and traded it profitably for a couple more weeks.
  3. I then decided it wasn't worth the time as the discretion required to trade it profitably could be better spent in discretionary systems I already deployed that had better reward for the risk assumed. I frankly have nothing to post in that thread anymore so no longer spend any time in it.

In the end, the simplicity I thought it could offer turned out to be an illusion. The discretion necessary to make the system work is better focused on other analytic models, FOR ME. Do I blame Udine? No - as its been said, if it works for him, great. And its not a bad way of teaching someone to just do the same thing over and over again, which is the hardest part of this all.


In life, we typically have structure provided to us; our parents, our wives, our bosses, the baffled looks of strangers when you're doing something strange, etc. Many of us don't like those structures, and at least for me, sought through trading to find the freedom that I thought "ordinary work" was taking from me [multifamily real estate acquisition]. What became apparent, however, is that to succeed in trading, you now have to impose all those same structures upon yourself, and no one is there to guide you, scold you, congratulate you, promote you, fire you, etc. EXCEPT for yourself.

However, in trading, you can show up to work naked.

Small disciplines repeated with consistency lead to great achievements.
  • #156
  • Aug 10, 2014 1:27am Aug 10, 2014 1:27am
Quoting jmflukeiii
However, in trading, you can show up to work naked.
Man, you just made my day! Haven't laughed so hard recently.

Anyway, there was a point where you mentioned that the system could be mechanized, but most of the comments were about the 'discretion' part that each trader should put into the system in order to make it work somehow. I think that there is something really wrong - in my opinion every system could be turned into an expert advisor and here's why:
1. If there is such a thing as discretion in the trading style, the trader should be able to answer a simple question - Are you going to trade that signal? If no - why? - so after answering why, it could be coded and avoided by the EA. I really cannot understand what's that 'discretion' in almost every trading system - is it so hard to explain in the beginning every possible exit of a situation, and I assume that if you create a system, you don't post it on the next day.
2. Most of us trade through MT4 platform so that means every signal/indicator/tick/price action can be accessed by us through that platform so that means if we have the ability to explain whether or not are we going to trade a particular signal, it could be coded into an EA.

So in conclusion, the thing is that most people on FF don't really understand their systems well enough to give answer to a simple question - "Why?"
That means, in my opinion, that most of them are overcomplicated and can be simplified in a very easy way.
  • #157
  • Aug 10, 2014 2:14am Aug 10, 2014 2:14am
Quoting jmflukeiii
I was quite active in the actual thread, so I guess I can offer some experiential commentary on the system itself: I tried trading it for several reasons: I remember Udine's original thread, it came online when I first started looking into forex trading, so I was curious what he was doing now. It seemed like a reasonable idea, trading in the direction the market was moving over current trading day and the current hour. It seemed as if it could be a very simple strategy, possibly one that could be mechanized. What happened was: So I traded it for...
Very nice, insightful and structured comment. With your approach you should be successful in any profession as you have the right attitude, and the necessary skils can be learnt. But probably you like working naked, which is why you may have chosen this path...
  • #158
  • Aug 10, 2014 2:49am Aug 10, 2014 2:49am
Quoting ksofty
{quote} 1. If there is such a thing as discretion in the trading style, the trader should be able to answer a simple question - Are you going to trade that signal? If no - why? - so after answering why, it could be coded and avoided by the EA. I really cannot understand what's that 'discretion' in almost every trading system - is it so hard to explain in the beginning every possible exit of a situation, and I assume that if you create a system, you don't post it on the next day. 2. Most of us trade through MT4 platform so that means every signal/indicator/tick/price...
No EA can use traders discretion when trading, which is why a lot of them (all, eventually?) fail. That's not to say they won't work for 1 month, or 6 months, but as the market changes, your EA will have to change with it (AI), if it doesn't evolve with market conditions then it will fail over time.

Also discretion in trading would include everything from scanning all the time frames, looking for candle patterns, checking supply and demand zones, looking at trend lines, checking upcoming new releases or ones already issued and probably more factors before taking a trade. And as stated above, all of these continually change as the market changes. This is where experience comes into play and also why even a "100%" mechanical system may work for one person but not the other, because subconsciously if they have enough experience, they will be applying their own discretion whether they know it or not.
  • #159
  • Aug 10, 2014 2:51am Aug 10, 2014 2:51am
Hi,

MasterGuru, pj9999

i just read the thread, what i noticed, you both joined on June 2014, both of you claiming that, you been around

for along time, why not log in with your real Id, so we can read your old comments on other threads.

pj9999 have you lost any of your money on Udines system? Can you show that?

But why you trade this system? you are experienced trader. you could make a big money, right?

MasterGuru, i don,t expect you to sell your Ea. But if you are making money, you can write your entry with Sl and Tp.

I respect Udine,s intention and effort and time. To be honest, not me , not you, we have guts to share our ideas with others .

Good Trading
  • #160
  • Aug 10, 2014 7:10am Aug 10, 2014 7:10am
why do 90% + fail

 

  1. They spend too much time researching stupid system based strategy's like 00 system
  2. They don't put in hard graft such as learning the fundamental reasons why price moves...Mass fundamental analysis(THIS TAKES MONTHS TO UNDERSTAND)Simple analogy would be :if news came out tomorrow that with laws that stated no miners could mine for gold for the next 5 years..

what would happen=everyone would start buying gold as quickly as possible while dumping other positions to free up cash to invest in gold
now you would look at technical to base your entry..

if news came out that Monaco in france was built on land that was causing illness = people may start selling there property=downtrend

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