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As simple as possible: 00 level trading

  • #15,801
  • Aug 11, 2014 8:09am Aug 11, 2014 8:09am
Ok, like what I said, here we go with explanation for the ForexProfitSupreme Meter. May Udine forgive me / us for this post, but since still many of you are without success in this great strategy / system, he hopefully will understand. If for any case not, he has the right do delete this post again since we promised not to start discussing about additional indicators.

As most of you may know, this indicator is part of a complete system, the Forex-Profit-Supreme-System. So then there are some other rules in how to handle with it.

The two parts of the indicator, relative strength panel on the right and the left we really dont know how its calculated and its much different from ours! But it really doesn't matters, since we just took a trade only by watching the rsm.

When the order was placed, we only looked at the panel on the left side. And this was a big mistake! We should have a look on the right panel first. Just compare for yourself.

Attached Image (click to enlarge)
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On the left side the USDCAD is in a very good position for a sell order. But what about the relative strength on the right? It doesnt look really promising! Although CAD is on the top, but what about the USD?

Attached Image (click to enlarge)
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Therefore it happened what should happen. USD becomes stronger and price went opposite almost to SL!

Attached Image (click to enlarge)
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Have a look on M1 chart for yourself and compare how the price moved. Keep on mind to trade only the top against the bottom! You will have less trades but more safe. And - there is no warranty for a winning trade!

Attached Image (click to enlarge)
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It's very easy once you understand how it works. Always remember it's better not to take a trade than to lose a trade. There are many opportunities all over the day / week / mth / year.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #15,802
  • Aug 11, 2014 8:19am Aug 11, 2014 8:19am
EURJPY TP - at last
Attached Image
The problem is not giving offence but taking offence!
  • #15,803
  • Aug 11, 2014 8:22am Aug 11, 2014 8:22am
GJ to SL.

At the beginning of the hour GJ had a little up momentum, GU too.
GBP was by far the strongest currency and JPY was weak.
Everything was ok from my point of view.
As it triggered the order.. SL.
DO was obviously being a resistance but i thought that it could be considered broken if price reached .500.

Suggestions?

Lrt
Attached Image
"Every battle is won before it's fought."
  • #15,804
  • Aug 11, 2014 8:23am Aug 11, 2014 8:23am
Quoting JibalaPasan
Ok, like what I said, here we go with explanation for the ForexProfitSupreme Meter. May Udine forgive me / us for this post, but since still many of you are without success in this great strategy / system, he hopefully will understand. If for any case not, he has the right do delete this post again since we promised not to start discussing about additional indicators. As most of you may know, this indicator is part of a complete system, the Forex-Profit-Supreme-System. So then there are some other rules in how to handle with it. The two parts of...
THANKS Jibala
  • #15,805
  • Aug 11, 2014 8:25am Aug 11, 2014 8:25am
Trade #2 and Trade #3

EJ +5 TP

EJ +5 TP

Attached Image (click to enlarge)
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Comment: 2 trades taken consecutive hours!

Done for the day!

Masterrmind..........
Master your Mind then Master your Trades
  • #15,806
  • Aug 11, 2014 8:26am Aug 11, 2014 8:26am
EJ TP


Done for today (EJ ts, EU tp, GJ ts)
Attached Image
  • #15,807
  • Aug 11, 2014 8:29am Aug 11, 2014 8:29am
Quoting JibalaPasan
Ok, like what I said, here we go with explanation ... Always remember it's better not to take a trade than to lose a trade. There are many opportunities all over the day / week / mth / year. Jibala
Wow, thank you for going to all that effort to explain it. Now it makes a lot more sense
The problem is not giving offence but taking offence!
  • #15,808
  • Aug 11, 2014 8:31am Aug 11, 2014 8:31am
Quoting Lrt.Ita
GJ to SL. ............Suggestions? Lrt {image}
Udine would say: pissing around DO (in your case actually below DO). "i thought that it could be considered broken if price reached .500." Trade what you see not what you think he'd say as well.
Jibala would say: relative strength of GBP and JPY were just too close not much of a difference between them.
What I can add: did price (bid) actually ever reach .500? For me it was .494. BTW I also had a pending in there but slightly higher so it just did not trigger, and when it started coming down a bit and realized the strength thing I just cancelled the order.

Áron
  • #15,809
  • Aug 11, 2014 8:31am Aug 11, 2014 8:31am
Quoting Masterrmind
Trade #2 and Trade #3 EJ +5 TP EJ +5 TP {image} Comment: 2 trades taken consecutive hours! Done for the day! Masterrmind..........
I was sitting here sweating, hoping that my one trade don't hit SL and you put in two. Your are a master at your craft sir.
The problem is not giving offence but taking offence!
  • #15,810
  • Aug 11, 2014 8:34am Aug 11, 2014 8:34am
Quoting Lrt.Ita
GJ to SL. At the beginning of the hour GJ had a little up momentum, GU too. GBP was by far the strongest currency and JPY was weak. Everything was ok from my point of view. As it triggered the order.. SL. DO was obviously being a resistance but i thought that it could be considered broken if price reached .500. Suggestions? Lrt {image}
Been in a 26 pip range for the last 15hrs your trade was at the open and the high side of the range.
  • #15,811
  • Aug 11, 2014 8:38am Aug 11, 2014 8:38am
Quoting ChrisGC
{quote} I was sitting here sweating, hoping that my one trade don't hit SL and you put in two. Your are a master at your craft sir.
Thanks for the compliment.

Entry based on 3 factors only (apart from the rules)

1. PA left of chart - look where it's been!
2. Strong bearish reversals getting me into the trade
3. SL tucked up nicely near the WP1 around the 136.800 level.

Masterrmind.........
Master your Mind then Master your Trades
  • #15,812
  • Aug 11, 2014 8:40am Aug 11, 2014 8:40am
Quoting Masterrmind
Trade #2 and Trade #3 EJ +5 TP EJ +5 TP {image} Comment: 2 trades taken consecutive hours! Done for the day! Masterrmind..........
  • #15,813
  • Aug 11, 2014 8:42am Aug 11, 2014 8:42am
I only trade during the first hour of Tokyo and London session and Tokyo-London overlap.
The result is pretty amazing!
  • #15,814
  • Aug 11, 2014 8:49am Aug 11, 2014 8:49am
Quoting leonlee0116
I only trade during the first hour of Tokyo and London session and Tokyo-London overlap. The result is pretty amazing!
Yes it surely is amazing and very happy it is also working for you !

Masterrmind.........
Master your Mind then Master your Trades
  • #15,815
  • Aug 11, 2014 8:55am Aug 11, 2014 8:55am
Quoting tonyTD
{quote} Thank you all for replying, but today is the first day i am trying to trade other pairs than the ones Udine reccomends and this is because i wasn't able to make profits with them either. I know that this strategy works very well for some of you guys and i must say congrats and i am really jealous, but it seems like I am not able to make profits with it, it really feels like whenever i enter a trade the market moves against me. It's really funny that if i just entered the opposite direction i would be very profitable and my equity...
I recommend you start your journey from Trade Made Simple thread based on 4H chart. This 00 level system is for ultimate professionals. Study from Trade Made Simple for 5 years. You may come back to this 00 level system when you're ready. Anyone with average intelligence can be a successful trader provided he/she has patience. Hope it helps. Good luck to you.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #15,816
  • Aug 11, 2014 8:57am Aug 11, 2014 8:57am
Quoting Carpathian
{quote} Udine would say: pissing around DO (in your case actually below DO). "i thought that it could be considered broken if price reached .500." Trade what you see not what you think he'd say as well. Jibala would say: relative strength of GBP and JPY were just too close not much of a difference between them. What I can add: did price (bid) actually ever reach .500? For me it was .494. BTW I also had a pending in there but slightly higher so it just did not trigger, and when it started coming down a bit and realized the strength thing I just cancelled...

You're right. The strongest currency was (and is) CAD, and for that reason i had a pending on UC short .500.
That trade had a very low % profitability (due to DO above all), i wouldn't have taken it the first week i tried the strategy, and i took it today.
I'm getting worse and I really need a vacation .

Lrt
"Every battle is won before it's fought."
  • #15,817
  • Aug 11, 2014 8:59am Aug 11, 2014 8:59am
Hi all,

I had 2 losses today, mainly because the market is just ranging, and keep hitting my SL's.
So I am done for today and see what tomorrow brings...
Good day.....
BB
  • #15,818
  • Aug 11, 2014 9:04am Aug 11, 2014 9:04am
Quoting Lrt.Ita
......I'm getting worse and I really need a vacation . Lrt
Maybe you could give a try to a CSM, the one Juan posted helped me a lot, though only using it for one day which is not representative.
  • #15,819
  • Aug 11, 2014 9:14am Aug 11, 2014 9:14am
Quoting Carpathian
{quote} Maybe you could give a try to a CSM, the one Juan posted helped me a lot, though only using it for one day which is not representative.
I'm using it.. And it distracted me from taking in consideration the simple structure of the charts, as you see.
If those days I'm losing is also because of the lack of concentration due to the fact that I'm repeatedly changing setups, indicators, rules and timeframes.
BTW, this tool is nice, I'm learning to read it and i think it will be useful.

Lrt
"Every battle is won before it's fought."
  • #15,820
  • Aug 11, 2014 9:17am Aug 11, 2014 9:17am
I am EURCAD SHORT @1.4660
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