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As simple as possible: 00 level trading

  • #15,821
  • Aug 11, 2014 9:19am Aug 11, 2014 9:19am
Quoting Lrt.Ita
...........lack of concentration due to the fact that I'm repeatedly changing setups, indicators, rules and timeframes.........
Yeah same problem for me.
  • #15,822
  • Aug 11, 2014 9:25am Aug 11, 2014 9:25am
Quoting Carpathian
I am EURCAD SHORT @1.4660
Closed it +2 as PA went down to .46541 (bid) but due to slippage at entry I had TP at .46541 (ask) which needed another 12 points to go which I did not want to risk seeing PA.
And also TS was already at BE+some points so there was little room for PA to hesitate between these two.
  • #15,823
  • Aug 11, 2014 9:30am Aug 11, 2014 9:30am
Quoting Carpathian
I am AUDCAD SHORT @1.0150
TP +5
  • #15,824
  • Aug 11, 2014 9:36am Aug 11, 2014 9:36am
Trade #4

[Bonus Trade #1]

GBPCAD +5 TP

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


Trade #5

[Bonus Trade #2]

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 52 KB


Masterrmind...........
Master your Mind then Master your Trades
  • #15,825
  • Aug 11, 2014 9:42am Aug 11, 2014 9:42am
Hello everyone.
I'm new to forex but I'm already monitoring this estretégia a long time, think this entry was good?
Attached Image (click to enlarge)
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  • #15,826
  • Aug 11, 2014 9:46am Aug 11, 2014 9:46am
Quoting Masterrmind
Trade #4 [Bonus Trade #1] GBPCAD +5 TP {image} Trade #5 [Bonus Trade #2] {image} Masterrmind...........
Don't you think currency strength meter helps?
Intraday only.
  • #15,827
  • Aug 11, 2014 9:46am Aug 11, 2014 9:46am
Quoting cderfv
Hello everyone. I'm new to forex but I'm already monitoring this estretégia a long time, think this entry was good? {image}
Yes it's a good trade !

Masterrmind..........
Master your Mind then Master your Trades
  • #15,828
  • Aug 11, 2014 9:51am Aug 11, 2014 9:51am
Quoting navk
{quote} Don't you think currency strength meter helps?
I take more interest in what the chart is showing me (after all we seek a mere 5 pips) but there are times when I look at strength meters.

Use what works for you.

Masterrmind............
Master your Mind then Master your Trades
  • #15,829
  • Edited 10:08am Aug 11, 2014 9:51am | Edited 10:08am
Quoting surf54
Just been reading the thread of DO NOT trade the 00-lvl strategy... I implemented a lot from THIS thread into my trading methods on one of my DEMO accounts. Udine clearly states whatever works for you mate! I must say I am not a newbie in trading. Done live and demo trading very intense for a year now. Yes I did my homework. For starters I watched a lot of videos from gurus like Steve Nison about candles/trading, Barry Burns his energies, Freedom Formulas on trending, etc. etc many times. I also know that breakout strategies need a lot of ADR to...
Forex is in a period of extreme low volatility, the lowest volatility since 2005. The summer holidays have only pushed volatility lower. After summer is over, we might see increased volatility. Regardless, it will probably be a while before Forex goes back to 2011-2013 levels of volatility.

In Forex, you need to learn to adapt to changing market conditions. You cannot trade the exact same way for ten years because markets change too often. I am not saying you need to overhaul your entire trading strategy... I certainly haven't done that. However, you need to make some tweaks to your strategy so it suits current market conditions.

Take a look at this EUR/USD example

Attached Image


In 2009 one of the smallest candles on the daily chart is larger than one of the largest daily chart candles we have seen in the last month or two.

I believe that this is why breakout trading is not as effective. Over the last few years I stopped trading breakouts entirely. I use to trade a mix of breakouts and reversals, now I trade only reversals.

I am not saying breakout trading is completely ineffective. I am saying, that in my opinion, breakout trading is less effective now than it was last year. In fact, even just six months ago volatility was much higher than it is now.

So, if you've noticed over the last 6-12 months that breakout trading has become less effective, volatility is the reason...

Is breakout trading still effective? Yes, you just need to change the way you manage your trades. You cannot have the same targets, you cannot expect the same moves. You need to adapt your strategy to current market conditions. Even if breakout trading is not as effective, you can manage your trades more effectively.
  • #15,830
  • Aug 11, 2014 9:52am Aug 11, 2014 9:52am
That's all from me it's rest time !

Good luck everyone !

Masterrmind...........
Master your Mind then Master your Trades
  • #15,831
  • Aug 11, 2014 9:56am Aug 11, 2014 9:56am
Quoting Masterrmind
{quote} (after all we seek a mere 5 pips). Masterrmind............

I agree with you on this.
Intraday only.
  • #15,832
  • Aug 11, 2014 10:24am Aug 11, 2014 10:24am
i was check the supreme meter

and i took the
CADJPY BUY +5
USDCAD SELL (no 00 rules) but i like the down way +4

total today
5 win +20
1 loss -10
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: USDCADM15.png Size: 56 KB
  • #15,833
  • Aug 11, 2014 10:29am Aug 11, 2014 10:29am
Trade #2

Starting late again, was away from PC today.

Sold AUD/CAD @1.01400. TP +5. Sold it because nice downtrend and just before it would consume all the range.
Attached Image (click to enlarge)
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  • #15,834
  • Aug 11, 2014 10:33am Aug 11, 2014 10:33am
master mind.. do you ever post a losing trade? lol
  • #15,835
  • Aug 11, 2014 10:47am Aug 11, 2014 10:47am
Guppy is in love with DO.
  • #15,836
  • Aug 11, 2014 10:48am Aug 11, 2014 10:48am
just came back from the movie to find
EJ to SL -10pips　GJ to TS +0.7pips　Today -8pips
Attached Image(s) (click to enlarge)
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My hope has been almost completely shattered, but not completely yet
  • #15,837
  • Aug 11, 2014 11:00am Aug 11, 2014 11:00am
panel pairs
Attached Image (click to enlarge)
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  • #15,838
  • Aug 11, 2014 11:10am Aug 11, 2014 11:10am
Trade #3

Sold USD/CAD. TP +5. Sold it because it was a good downtrend just a nobrainer. Up 15 for the day.
Attached Image (click to enlarge)
Click to Enlarge Name: Udine30.png Size: 31 KB
  • #15,839
  • Aug 11, 2014 12:22pm Aug 11, 2014 12:22pm
Quoting isko
{quote} 1. M15 Trend is up. {image} 2. Friday candlestick created a long doji on D1. {image} 3. You did not do your analysis before entering a trade. Isko
The trend may be up, but the M15 and Daily candles were red, and I followed all the rules that are in Post#1
  • #15,840
  • Aug 11, 2014 1:00pm Aug 11, 2014 1:00pm
Quoting messiah01
{quote} Thanks for this Eric - you've made some great contributions :0) Do you, or anyone else on here have a position size calculator without visual lines where it works out the calculation out based on the currency of the MT4 account (mine is GBP and a lot are for USD) - and where you have the option to enter a custom balance instead of it using the balance of the account?? There are hundreds of them but I can't find one with the above features together - cheers
Most of the online ones you can choose whatever you want, like this http://www.alpari.com/research-tools/calculators
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