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As simple as possible: 00 level trading

  • #16,161
  • Aug 14, 2014 10:33am Aug 14, 2014 10:33am
Quoting messiah01
{quote} Sure, instead of TS at 3.5 I was trialling just moving to BE at 3 or 3.5 - I found it gave just that little bit more space for the trade to breathe and some of the 1 pip TS trades would go on to win, if not the BE still takes you out. As I say though I'll do a more methodical and systematic test when I fire up this system again
Thanks for the reply. I like using the EA taking emotions from the trade but still working on that TS thingy.....

Cigarguy
Keep It Simple
  • #16,162
  • Aug 14, 2014 10:42am Aug 14, 2014 10:42am
Quoting Carpathian
CADCHF SHORT 0.8290 -10 SL {image} Pair selected by CSM. It's a low ADR pair so maybe expecting another 5 pips after 30 pips move in a row is too much.
Why you didn't take the BRN short?

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #16,163
  • Aug 14, 2014 10:45am Aug 14, 2014 10:45am
Quoting Carpathian
CADCHF SHORT 0.8290 -10 SL {image} Pair selected by CSM. It's a low ADR pair so maybe expecting another 5 pips after 30 pips move in a row is too much.
You took this at previous day low and missed 2 levels before you took this trade ? Also the previous H1 candle was more than double the size of any other for the day could have expected a bounce. Plus S/D.
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  • #16,164
  • Aug 14, 2014 10:53am Aug 14, 2014 10:53am
Quoting Masterrmind
{quote} Yes you need to keep your wits about you and as always choose wisely. After that last TS I will make slight changes come Friday that is if I actually decide to trade it! Masterrmind............
Quoting cigarguy
{quote} 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...

Wise words Mastermind & Cigarguy
  • #16,165
  • Aug 14, 2014 11:24am Aug 14, 2014 11:24am
Quoting bugyibuci
{quote} Quoting cigarguy {quote} 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...
No one is using indicators are they? I don't class CSM as a lagging indicator, it's just a guide of how one currency is performing against another which can be useful to see. In my opinion it can be worth experimenting with minor changes to a system so that it works for your style, I agree the market is quiet for this type of trading though, I'll be back to it in September.
  • #16,166
  • Aug 14, 2014 11:54am Aug 14, 2014 11:54am
GJ TP 5.1pips
I'm done today.
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My hope has been almost completely shattered, but not completely yet
  • #16,167
  • Aug 14, 2014 11:59am Aug 14, 2014 11:59am
Quoting messiah01
{quote} No one is using indicators are they? I don't class CSM as a lagging indicator, it's just a guide of how one currency is performing against another which can be useful to see. In my opinion it can be worth experimenting with minor changes to a system so that it works for your style, I agree the market is quiet for this type of trading though, I'll be back to it in September.
All Indicators are Lagging the CSM if you watch it will show one heavy strength over the other even when price isn't moving and by the time it does show price is already on the way without you. No replacement for chart time.
  • #16,168
  • Edited 12:40pm Aug 14, 2014 12:07pm | Edited 12:40pm
Quoting turboguru
{quote} All Indicators are Lagging the CSM if you watch it will show one heavy strength over the other even when price isn't moving and by the time it does show price is already on the way without you. No replacement for chart time.
I personally don't class it as a traditional indicator and have found it a useful addition to the method - each to their own though.
  • #16,169
  • Aug 14, 2014 12:55pm Aug 14, 2014 12:55pm
Quoting JibalaPasan
{quote} Why you didn't take the BRN short? Jibala
I just wasn't trading that time...
On the other hand taking it @.8300 is violation of rule 2.
  • #16,170
  • Aug 14, 2014 1:00pm Aug 14, 2014 1:00pm
Quoting turboguru
{quote} You took this at previous day low and missed 2 levels before you took this trade ? Also the previous H1 candle was more than double the size of any other for the day could have expected a bounce. Plus S/D.{image}
Previous day low was 10 pips lower than where I entered.
Well I 'missed' 2 levels because I wasn't trading at that time. On the other hand taking it @.8310 is violation of rule 5. Taking it @.8300 is violation of rule 2.

So I can only take your latter two remarks which is true that is was not a wisely picked situation should have skipped.
  • #16,171
  • Aug 14, 2014 1:33pm Aug 14, 2014 1:33pm
Quoting sledgehammer
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.
Sounds interesting. We can discuss this by PM if you want, and if Udine doesn't want that discussion here.
  • #16,172
  • Aug 14, 2014 1:34pm Aug 14, 2014 1:34pm
Quoting messiah01
{quote} Sure, instead of TS at 3.5 I was trialling just moving to BE at 3 or 3.5 - I found it gave just that little bit more space for the trade to breathe and some of the 1 pip TS trades would go on to win, if not the BE still takes you out. As I say though I'll do a more methodical and systematic test when I fire up this system again
That's good too. That's why I left both options there in case someone did not want the TS as well as BE (which TS does anyway).
  • #16,173
  • Aug 14, 2014 2:11pm Aug 14, 2014 2:11pm
Quoting Carpathian
{quote} Previous day low was 10 pips lower than where I entered. Well I 'missed' 2 levels because I wasn't trading at that time. On the other hand taking it @.8310 is violation of rule 5. Taking it @.8300 is violation of rule 2. So I can only take your latter two remarks which is true that is was not a wisely picked situation should have skipped.
If 8300 violated rule 2 wouldn't the 90 level do the same ? I don't believe 10 pips is enough room to risk trading into S/D.
  • #16,174
  • Aug 14, 2014 2:14pm Aug 14, 2014 2:14pm
Quoting messiah01
{quote} I personally don't class it as a traditional indicator and have found it a useful addition to the method - each to their own though.
But it needs to be because it gets all it's info from traditional indies. I have not seen a strength meter on MT4 that didn't.
  • #16,175
  • Edited 5:46pm Aug 14, 2014 5:23pm | Edited 5:46pm
Quoting Masterrmind
{quote} 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............
Thats basically what im doing. back and forth back and forth. i actually thought maybe i was "over analyzing" by switching TF too much.

Thanks

Quoting cigarguy
{quote} 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
Larry,
Yes absolutely i understand that no system is one size fits all. I like these lower time frames but now that i have a exact set of rules ive laid out for myself in my own trade plan that i put together last week im finding that im much less disciplined than i thought. I went form watching 4 pairs to trying to keep up with 20+ pairs and a couple strength meters because i somehow felt like i was going to miss something. In the span of a few days i broke almost every major rule that i had for myself. very eye opening and for me i realize that another strategy or more pairs to watch are not going to fix the problem. I am the problem. Now i just have to figure out how to overcome my own lack of discipline. Not sure what else to do other than start over and try again and keep at it til it sticks.
Thanks
Bill

EDIT: I have been trading very small position sizes which cost me a little more than 1 dollar for a loss. I have been thinking of increasing my size to 10 dollars a loss in an effort to persuade myself to be more picky in my trade selection. Im thinking that a 10 dollar loss would hurt more than a 1 dollar loss and could possibly assist in disciplining me to stick to my trade plan. I guess the only way to find out is too try it.
  • #16,176
  • Aug 14, 2014 6:05pm Aug 14, 2014 6:05pm
Quoting Carpathian
{quote} I just wasn't trading that time... On the other hand taking it @.8300 is violation of rule 2.
For me it was valid because the 1st level was close to DO therefore I would have taken the 2nd as the 1st.

On the other hand, if the rules will lead me to a loser trade I will violate the rules. Always better!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #16,177
  • Aug 14, 2014 6:40pm Aug 14, 2014 6:40pm
Quoting billko1977
{quote} Thats basically what im doing. back and forth back and forth. i actually thought maybe i was "over analyzing" by switching TF too much. Thanks {quote} Larry, Yes absolutely i understand that no system is one size fits all. I like these lower time frames but now that i have a exact set of rules ive laid out for myself in my own trade plan that i put together last week im finding that im much less disciplined than i thought. I went form watching 4 pairs to trying to keep up with 20+ pairs and a couple strength meters because i somehow felt...

Bill,

I believe we discussed this earlier in a PM, but what I suggest is for you to clear your charts with only the thread system indicators and maybe one FPS and keep it simple. Then I would pick maybe 4 pairs or less to watch and get to know them and their rhythm well. From your above post I can see that you are stressing yourself out worrying about missing an opportunity. Relax and keep your lots small and be very selective in your trades. Their will always be opportunities. When I first started trading I had so many indicators (aka lagging crutches) on my charts I could not see PA. IMO when it comes to trading "less is more".

Green pips to you my friend and don't get discouraged, we have all been their and done that!!

Regards,
Cigarguy
Keep It Simple
  • #16,178
  • Aug 14, 2014 6:55pm Aug 14, 2014 6:55pm
Quoting cigarguy
{quote} Bill, I believe we discussed this earlier in a PM, but what I suggest is for you to clear your charts with only the thread system indicators and maybe one FPS and keep it simple. Then I would pick maybe 4 pairs or less to watch and get to know them and their rhythm well. From your above post I can see that you are stressing yourself out worrying about missing an opportunity. Relax and keep your lots small and be very selective in your trades. Their will always be opportunities. When I first started trading I had so many indicators (aka lagging...
Thankfully im over the "indicator madness" phase. I use only the system indi's and the strength meter. Ive already deleted all the extra pairs and am going down to two pairs. If i can get most of the trades while im at my platform on these two in the a.m. after LO then ill be doing much better than i am now trying to keep up with more.
thanks for the words of encouragement Larry.....

Bill
  • #16,179
  • Aug 15, 2014 1:05am Aug 15, 2014 1:05am
Quoting turboguru
{quote} If 8300 violated rule 2 wouldn't the 90 level do the same ? I don't believe 10 pips is enough room to risk trading into S/D.
Hello Turbo,
Rule 2 'Entry ONLY the FIRST 00 level' means you can only enter the first 00 level in a given hour. So level 90 did not violate as it was a new hour. That's about the rules of the system that the author of this thread laid down.
On the other hand I agree 10 pips is not enough room to trade into S/D.
All these together mean the trade was according to rules but not a wisely picked one.
  • #16,180
  • Aug 15, 2014 1:26am Aug 15, 2014 1:26am
Quoting JibalaPasan
...........On the other hand, if the rules will lead me to a loser trade I will violate the rules. Always better! Jibala
Hello Jibala,
I agree, however as we're discussing trading in this specific thread I find it important to note if something against the rules laid down on page 1.
Over the time I saw that you've had very good results so maybe it is worth sharing your ideas in a separate thread so that they're not mixed and conflicting with that of Udine's which ultimately may lead to something more successful for many others as well.
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