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As simple as possible: 00 level trading

  • #15,881
  • Aug 12, 2014 3:16am Aug 12, 2014 3:16am
Trade #3 EA TP.

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Just have a look on the FSP indicator! AUD on the top while EUR is sleeping on the bottom.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #15,882
  • Aug 12, 2014 3:17am Aug 12, 2014 3:17am
I am AC LONG @1.0140
  • #15,883
  • Aug 12, 2014 3:18am Aug 12, 2014 3:18am
eurjpy +5 TP hit
  • #15,884
  • Aug 12, 2014 3:22am Aug 12, 2014 3:22am
Trade #3

Sold EUR/JPY @136.700. TP +5. Sold it because candle pattern see screenshot. Up 15 for the day.

Going to trade news again.
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  • #15,885
  • Aug 12, 2014 3:24am Aug 12, 2014 3:24am
Trade #4 EJ TP.

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Kindly look at the FSP indicator how it was working during the session.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #15,886
  • Aug 12, 2014 3:30am Aug 12, 2014 3:30am
Quoting Jysticim
{quote} Strenght meters a really good, I know they work but for me it's for now a no no. Could you or anyone else link a page with the math behind the indicator? What I use is mostly price action: - Minor resistance & support - Big resistance & support - Double tops & bottoms - Catching trends up & down - Candlestick patterns Goodluck everyone.
thanks for your reply,
No i do not know how the meters calculate strength. i think each of them are slightly different. Some calculate overall pips traveled and some calculate ROC and some maybe a combination of both. Im not advocating them really.... i was just wondering how many of the good traders around here use them. Ive been testing a few out and have had mixed success mainly because they seem to have very little predictive power IMO. They have actually been very distracting too by taking my focus off of PA. i think just like you and MM said they are useful but just like anything else there is no substitute for reading PA.
Bill
  • #15,887
  • Edited 3:34am Aug 12, 2014 3:31am | Edited 3:34am
Any suggestion on top 5 best pairs for this system?
  • #15,888
  • Aug 12, 2014 3:48am Aug 12, 2014 3:48am
Goodmorning!

Got a lot of things to do today, i won't trade.

Lrt
"Every battle is won before it's fought."
  • #15,889
  • Aug 12, 2014 3:58am Aug 12, 2014 3:58am
Quoting Jysticim
Trade #3 Sold EUR/JPY @136.700. TP +5. Sold it because candle pattern see screenshot. Up 15 for the day. Going to trade news again. {image}
Quoting JibalaPasan
Trade #4 EJ TP.....Kindly look at the FSP indicator how it was working during the session. Jibala
Hello Jibala, Jysticim,
both the EJ and EU trades were against rule 7, red news on EUR coming. So seeing these w/o any notes may be confusing for some people following this thread.
Do you suggest that keeping 1 hour no-trade before red news is too much when other conditions are met, moreover CSM or candle patterns show nice situation for a pair?
  • #15,890
  • Aug 12, 2014 4:06am Aug 12, 2014 4:06am
AUDCHF LONG @0.8420 +5 TP.
Choice made mostly based on FSP CSM also a nice uptrend.
  • #15,891
  • Aug 12, 2014 4:12am Aug 12, 2014 4:12am
Quoting JibalaPasan
Trade #4 EJ TP. {image} {image} {image} {image} Kindly look at the FSP indicator how it was working during the session. Jibala
Jibala,

Do you find these trades with the strength meter or do you find good trades and then confirm them with the strength meter?
  • #15,892
  • Aug 12, 2014 4:24am Aug 12, 2014 4:24am
Trade #5 EU TP.

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Pending order set. Although FPS indicator showed strong signal it took 1,5h to trigger entry!

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Fast TP right after the news.

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Above shows result how it works for us almost every day. Some days more some others less but average 5 / 6 trades per day. The system works well, but not for all of you. Thus do not talk bad if it doesn't for you. Just move on and look for something other.

I think above is a lot of materials to study the FSP indicator, therefore I will not post more charts with it. You have to do your homework. Watch it and try to understand.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #15,893
  • Aug 12, 2014 4:32am Aug 12, 2014 4:32am
Quoting billko1977
{quote} thanks for your reply, No i do not know how the meters calculate strength. i think each of them are slightly different. Some calculate overall pips traveled and some calculate ROC and some maybe a combination of both. Im not advocating them really.... i was just wondering how many of the good traders around here use them. Ive been testing a few out and have had mixed success mainly because they seem to have very little predictive power IMO. They have actually been very distracting too by taking my focus off of PA. i think just like you and...
Precisely right!

Masterrmind..........
Master your Mind then Master your Trades
  • #15,894
  • Aug 12, 2014 4:32am Aug 12, 2014 4:32am
Quoting Masterrmind
{quote} Try the 4 main ones EJ, GJ, EU and GU and add a high ADR pair from a session that you prefer to trade. Example: If Tokyo try high ADR AUD or JPY If London try high ADR EUR, GBP etc If New York try high ADR USD, CAD etc ps. In the end you will find a pair that you like and really it could be any pair in any session. Masterrmind...........
thanks masterrmind
  • #15,895
  • Aug 12, 2014 4:34am Aug 12, 2014 4:34am
Quoting billko1977
{quote} Jibala, Do you find these trades with the strength meter or do you find good trades and then confirm them with the strength meter?
3 of 5 only by the FSP indicator. Without I would not have taken!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #15,896
  • Aug 12, 2014 5:19am Aug 12, 2014 5:19am
Quoting JibalaPasan
{quote} 3 of 5 only by the FSP indicator. Without I would not have taken! Jibala
Thank you sir... your help is greatly appreciated

Quoting Masterrmind
{quote} Precisely right! Masterrmind..........
I think for me and maybe some of the newer traders that the meters can be good its just that relying on them too much could be a issue. Im not bashing the meters by any means. actually this week since ive gotten the hang of using them (especially panamamikes) ive had the best two days of trading ive ever had. theres just a fine line that each trader must learn to walk between using the meters and reading PA and im still figuring out exactly where to draw that line.
Thanks
  • #15,897
  • Aug 12, 2014 5:45am Aug 12, 2014 5:45am
UC, trade taken prior to LO that took forever for a small +2.3 pip gain. Saw it late for manual entry and closed manually before TS or stop hit. TS was hit on 3 trades yesterday that immediately turned and hit TP (Yes I realize the TS can be a double edged sword) Returning to manually managing trades this week with fewer trades running concurrently. We shall see.....

Relative to posted meter discussions; IMO it is a great asset when used as a pair scanner giving a heads up on a specific pair deserving further analysis.

Cigarguy
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Keep It Simple
  • #15,898
  • Aug 12, 2014 5:49am Aug 12, 2014 5:49am
GJ LONG @.700 BE manually.
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Chose pair and setup by CSM but closed out as it is dry hours and resistance and GU still below DO. Actually it is a no-go if I was looking for reasons not to take it.
  • #15,899
  • Aug 12, 2014 5:53am Aug 12, 2014 5:53am
Quoting Masterrmind
{quote} From my screen shots you will most likely understand that I only use version 1 but I'll see what I can do! Masterrmind...........
Thanks MM.
I don't mind using ver1. How do you set it so that the pairs will be at the extreme right side?
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #15,900
  • Aug 12, 2014 5:56am Aug 12, 2014 5:56am
Quoting ejiexe
{quote} Thanks MM. I don't mind using ver1. How do you set it so that the pairs will be at the extreme right side?
Set the variable name "corner" = 1 [right side of chart]

Then you may need to change offset_X and offset_Y to your own personal preferences.

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