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As simple as possible: 00 level trading

  • #16,121
  • Aug 14, 2014 4:48am Aug 14, 2014 4:48am
Quoting Masterrmind
{quote} Hi Lrt, Yes it's very tough trading at the moment. Winners are becoming rare! Masterrmind...........
The thing i hate is the fact that those 2 TS i got suddenly reversed and run in extremely high profit..
The last i got was USDCHF short @.700.
Take a look on it, closed to TS and then down for 25 pips.. LOL
The other was NZDUSD long @.800 London Open time.. TS and then up for 30 pips.

Feels bad!

Lrt
"Every battle is won before it's fought."
  • #16,122
  • Aug 14, 2014 4:54am Aug 14, 2014 4:54am
Quoting Lrt.Ita
{quote} those 2 TS i got suddenly reversed and run in extremely high profit.. Lrt
Hi, Lrt. That kind of thing just happens. I try to think of it as a very good way of capital preservation. Winners will come!
My hope has been almost completely shattered, but not completely yet
  • #16,123
  • Aug 14, 2014 5:07am Aug 14, 2014 5:07am
OFF TOPIC!

I decided to have a relaxing week and went back to demo. I'm following all Udine's rules (with some discretion as I normally would) except one. I'm using Eric's Trail 3.2e but with no TP. I'm just letting the 3.5 pip TS take me out.

I'm getting very good results. My best week so far (famous last words!).

All the best to everyone.
  • #16,124
  • Aug 14, 2014 5:32am Aug 14, 2014 5:32am
AJ +5
Attached Image
My hope has been almost completely shattered, but not completely yet
  • #16,125
  • Aug 14, 2014 5:35am Aug 14, 2014 5:35am
Quoting Lrt.Ita
{quote} The thing i hate is the fact that those 2 TS i got suddenly reversed and run in extremely high profit.. The last i got was USDCHF short @.700. Take a look on it, closed to TS and then down for 25 pips.. LOL The other was NZDUSD long @.800 London Open time.. TS and then up for 30 pips. Feels bad! Lrt
Yes I know how you feel.

I've had plenty of them especially since the start of August.

I'm still using the TS at the moment but that might change.

The danger of course is less protection!

Masterrmind.........
Master your Mind then Master your Trades
  • #16,126
  • Aug 14, 2014 5:37am Aug 14, 2014 5:37am
Quoting Masterrmind
{quote} Hi Lrt, Yes it's very tough trading at the moment. Winners are becoming rare! Masterrmind...........
This is for any of you guys that are PA traders, not just MM.

When your "reading" price action for this strategy are you mainly watching the 15m candles? Yes, i understand that other time frames are also taken into account before you make your decision. Im just interested to know the primary TF you leave your charts on while your looking for whatever you define as your edge.

Thanks
Bill
  • #16,127
  • Aug 14, 2014 5:43am Aug 14, 2014 5:43am
Another little consideration:
Udine's method alone in this market really doesn't work by itself, nor by the simple application of the rules (and that is normal and obvious) neither with the discrection of the trader by looking the charts structure. Being constantly profitable now takes a lot of experience and knowledge MORE than it was needed 1/2 months ago. I see a lot of newbies getting fired by that trendless market with volatility and daily range at their historical lows (I am one of those).
I, as most of you, am using indicators and stuff that are not part of the method itself.. Those tools are surely helping us but are distracting us from what this method really should be: AS SIMPLE AS POSSIBLE and STRESSFREE.
Everything here is becoming hard, harder than any other method i used before.
I think we (the losing ones) should just do something else until the market turns into his normal condition, otherwise we should not judge the efficiency of the method now, because we are not applying it correctly (as it is impossible).

Just my 2 cents..

Lrt
"Every battle is won before it's fought."
  • #16,128
  • Aug 14, 2014 5:54am Aug 14, 2014 5:54am
Quoting billko1977
{quote} This is for any of you guys that are PA traders, not just MM. When your "reading" price action for this strategy are you mainly watching the 15m candles? Yes, i understand that other time frames are also taken into account before you make your decision. Im just interested to know the primary TF you leave your charts on while your looking for whatever you define as your edge. Thanks Bill
I mainly use H1 candles because I want the process as simple as possible, but as you know things have been becoming tough lately... So, in addition, I sometimes use M15 and M5. And sometimes I see D1 bars and their Bollinger bands too.
My hope has been almost completely shattered, but not completely yet
  • #16,129
  • Aug 14, 2014 5:55am Aug 14, 2014 5:55am
UC SHORT @1.0900 +5 TP
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 35 KB

Pair chosen by CSM data.
  • #16,130
  • Aug 14, 2014 6:09am Aug 14, 2014 6:09am
Quoting easygoing
{quote} I mainly use H1 candles because I want the process as simple as possible, but as you know things have been becoming tough lately... So, in addition, I sometimes use M15 and M5. And sometimes I see D1 bars and their Bollinger bands too.
Thank you Sir..... (or Mam)

I personally gravitate to the 30m TF but im having really mixed success.

anyone else?
Bill
  • #16,131
  • Aug 14, 2014 6:21am Aug 14, 2014 6:21am
Quoting Lrt.Ita
Another little consideration: Udine's method alone in this market really doesn't work by itself, nor by the simple application of the rules (and that is normal and obvious) neither with the discrection of the trader by looking the charts structure. Being constantly profitable now takes a lot of experience and knowledge MORE than it was needed 1/2 months ago. I see a lot of newbies getting fired by that trendless market with volatility and daily range at their historical lows (I am one of those). I, as most of you, am using indicators and stuff that...

I feel the same way. Lets hope the market gets better from September.
  • #16,132
  • Aug 14, 2014 6:24am Aug 14, 2014 6:24am
USDCHF TSed +0.2 pips
Attached Image
My hope has been almost completely shattered, but not completely yet
  • #16,133
  • Aug 14, 2014 6:25am Aug 14, 2014 6:25am
Quoting bugyibuci
{quote} I feel the same way. Lets hope the market gets better from September.
me too!
My hope has been almost completely shattered, but not completely yet
  • #16,134
  • Aug 14, 2014 6:26am Aug 14, 2014 6:26am
USD CHF short @.600..
Again closed by TS, after having missed the TP by 0.5 pips. Reached the +50 lvl, but the 0.5 spread made the game.
This is is pip surgery, not trading .

Lrt
"Every battle is won before it's fought."
  • #16,135
  • Aug 14, 2014 6:48am Aug 14, 2014 6:48am
Quoting Masterrmind
{quote} Yes I know how you feel. I've had plenty of them especially since the start of August. I'm still using the TS at the moment but that might change. The danger of course is less protection! Masterrmind.........
I'm now at RR 1:1 with no TS, with +19 gain yesterday (not posted discretionary trades) 3 of those trades would have hit TS but reversed for profit. Just FYI because you're on the brink with the double edged sword aka TS !! As you are aware, the market is not static it's dynamic and ever changing and so must we to survive. The system/method I traded in '05 will not serve me well in '14.

Cigarguy
Keep It Simple
  • #16,136
  • Aug 14, 2014 6:55am Aug 14, 2014 6:55am
Quoting billko1977
{quote} This is for any of you guys that are PA traders, not just MM. When your "reading" price action for this strategy are you mainly watching the 15m candles? Yes, i understand that other time frames are also taken into account before you make your decision. Im just interested to know the primary TF you leave your charts on while your looking for whatever you define as your edge. Thanks Bill
Good question Bill.

I personally use multiple TF's (M1 through to D1).
The lower the TF the greater the detail of PA.

With this trading strategy though the most often used TF's are M5, M15 and H1.

ps. Different TF's for different reasons and sometimes depends on the chart being traded and whether I think I need more info before placing the trade.

Masterrmind............
Master your Mind then Master your Trades
  • #16,137
  • Aug 14, 2014 7:04am Aug 14, 2014 7:04am
Quoting cigarguy
{quote} I'm now at RR 1:1 with no TS, with +19 gain yesterday (not posted discretionary trades) 3 of those trades would have hit TS but reversed for profit. Just FYI because you're on the brink with the double edged sword aka TS !! As you are aware, the market is not static it's dynamic and ever changing and so must we to survive. The system/method I traded in '05 will not serve me well in '14. Cigarguy
Very true..... it's dynamic by nature!

Simply put ....... I trade for profit as a number one priority and in saying that I make other trades with adjustments as deemed necessary however I will never post them to this thread out of respect for Udine.

I guess it is his intention to keep the system as simple as possible and that is what it is.

The other argument would be that when things are very quiet like they are generally in August then perhaps we should abstain from trading this method until ADR's get higher once again.

Trouble is I like the backbone of this strategy and so I also love to trade.

Every trader gets to make up their own mind but I guess you have no one to blame but yourself if things start to go pear shaped.

Food for thought!

Masterrmind.........
Master your Mind then Master your Trades
  • #16,138
  • Aug 14, 2014 7:11am Aug 14, 2014 7:11am
Quoting billko1977
{quote} This is for any of you guys that are PA traders, not just MM. When your "reading" price action for this strategy are you mainly watching the 15m candles? Yes, i understand that other time frames are also taken into account before you make your decision. Im just interested to know the primary TF you leave your charts on while your looking for whatever you define as your edge. Thanks Bill
Bill,

As we have discussed before and similar to MM, I have the M1, M5 and M15 charts active on my monitors. I glance at the H1 as well but mainly watch PA on the lower t/f's moving in sync with the H1 and then entering on M5 or M15. As you are well aware, each trader must find what works for Him/Her in regards to their personalities and time available to trade. Any trading system/method is not a "one size fits all" and must be made to be their own by the trader.

Many Pips and Regards,
Cigarguy
Keep It Simple
  • #16,139
  • Aug 14, 2014 7:23am Aug 14, 2014 7:23am
Quoting Masterrmind
{quote} Very true..... it's dynamic by nature! Simply put ....... I trade for profit as a number one priority and in saying that I make other trades with adjustments as deemed necessary however I will never post them to this thread out of respect for Udine. I guess it is his intention to keep the system as simple as possible and that is what it is. The other argument would be that when things are very quiet like they are generally in August then perhaps we should abstain from trading this method until ADR's get higher once again. Trouble is I like...
Yes agreed, I too like the backbone and simplistic nature of this "very easy to learn simple system". On that note, what I personally see happening here, is what is common with most threads. When the market becomes stagnant, as is evidenced by the current PA, traders become restless and start reaching for indicators as life rafts and deviating from the original proven successful system. I raise my hand that I am guilty of the same failing and have, at times paid the price. By nature traders want to be active and trade and find it difficult to sit on their hands.

Regards,
Cigarguy
Keep It Simple
  • #16,140
  • Aug 14, 2014 7:23am Aug 14, 2014 7:23am
Trade #3

EURCAD out by TS

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 50 KB


Comment: Right direction just not far enough!

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