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As simple as possible: 00 level trading

  • #16,561
  • Aug 22, 2014 8:42am Aug 22, 2014 8:42am
Quoting leonlee0116
{quote} Hmmm.. Currently I trade EJ GJ AJ UJ. I wonder any traders trade this during NY session? Or just Tokyo Open?
Exception UJ we trade them too. Actual the PsyLevel Dashboard is mixed well, no sync pairs. Just stay on the sideline and wait. There are still some minutes until red us news. Maybe something will happen on pairs beside the us pairs.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #16,562
  • Aug 22, 2014 8:50am Aug 22, 2014 8:50am
Quoting Lrt.Ita
{quote} Are you sayin that is very important to take a look on what the cross also did specifically in the last 4 hours? I'm asking that because a H4 candle could be red even after a 4hr uptrend, if a new candle started by a few minutes and it is some pips down, and that's extremely obvious. The H4 color depends a lot on the broker time (and yours is totally different from the one most of us have). The same goes for D1. After all looks like discrection and experience are the only things that really make a difference here.. Lrt
You can believe in it or not, but it makes the difference! Many times I saw the guys here failing because the trade was against H4 and "we" didnt take it! Therefore for us it has been extended to D1-H4-H1-M15 and only if all shows the same direction it is a valid signal.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #16,563
  • Aug 22, 2014 9:11am Aug 22, 2014 9:11am
Quoting JibalaPasan
{quote} You can believe in it or not, but it makes the difference! Many times I saw the guys here failing because the trade was against H4 and "we" didnt take it! Therefore for us it has been extended to D1-H4-H1-M15 and only if all shows the same direction it is a valid signal. Jibala
I believe you, i was just saying that your values for D1 and H4 are different from mine and from the ones that the vast majority of the traders here have .
Btw thanks for the advice, i removed the psylevel dashboard few weeks ago.. Now I'm looking at it again!

Lrt
"Every battle is won before it's fought."
  • #16,564
  • Edited 9:40am Aug 22, 2014 9:13am | Edited 9:40am
NZDJPY TP long @.400.
Now the platform is freezed since 10 mins ago.. Those red news on USD seem to be pretty strong.

Lrt
Attached Image
"Every battle is won before it's fought."
  • #16,565
  • Aug 22, 2014 9:21am Aug 22, 2014 9:21am
Quoting Lrt.Ita
NZDJPY TP long @.400. Now the platform is freezed since 10 mins ago.. Those red news on USD seem to be pretty strong. Lrt
Freezing here too but this is the way Oanda does! The data stream blew up 20 times more than usual. Oanda doesn't want their clients to trade during news, thus they send too much data or they cut the lines even. Oanda is the worst bucket shop in Forex market!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #16,566
  • Aug 22, 2014 9:24am Aug 22, 2014 9:24am
Guys,

I am finished for the week, green pips for everyone still trading.

Don't forget it is Bank Holiday on Monday in the UK so London will be closed.

Back on Tuesday


Good luck

BB
  • #16,567
  • Aug 22, 2014 9:28am Aug 22, 2014 9:28am
Quoting JibalaPasan
{quote} Freezing here too but this is the way Oanda does! The data stream blew up 20 times more than usual. Oanda doesn't want their clients to trade during news, thus they send too much data or they cut the lines even. Oanda is the worst bucket shop in Forex market! Jibala
I'm with ICMarkets, 30 mins from the news and still freezed.. Never happened before for so long!

Lrt
"Every battle is won before it's fought."
  • #16,568
  • Aug 22, 2014 9:35am Aug 22, 2014 9:35am
Trade #4

[Bonus Trade #2]

AUDJPY +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 51 KB


Trade #5

[Bonus Trade #3]

GBPCHF +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 50 KB


Comment: Nice way to finish off the week!

Masterrmind...........
Master your Mind then Master your Trades
  • #16,569
  • Aug 22, 2014 9:41am Aug 22, 2014 9:41am
Trade #8 NU TP.

Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2014.08.22_22h29m58s_001_.png Size: 74 KB


Entry long time before the red news!

Call it a week! In consideration of all those aggravating circumstances this is a great result.

Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2014.08.22_22h34m14s_002_.png Size: 58 KB


Wish you all a nice weekend.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #16,570
  • Aug 22, 2014 10:00am Aug 22, 2014 10:00am
Same to you Jibala!

Have a great weekend.

Masterrmind...........
Master your Mind then Master your Trades
  • #16,571
  • Aug 22, 2014 10:03am Aug 22, 2014 10:03am
Good luck to all remaining traders

Have a great weekend when you finally get there.

See you all next week!

Masterrmind...........
Master your Mind then Master your Trades
  • #16,572
  • Aug 22, 2014 10:11am Aug 22, 2014 10:11am
Quoting JibalaPasan
Trade #8 NU TP. {image} Entry long time before the red news! Call it a week! In consideration of all those aggravating circumstances this is a great result. {image} Wish you all a nice weekend. Jibala
Great results.

I used to trade this method earlier as you know.

Open price and below sell, open price and above buy.

These days, I take trades as per this method and as well as trending method.

Result is too good for me too.
My average return % is 5.2 % per day ( 26 % this week ) in two live accounts.


Have a nice week end.
Intraday only.
  • #16,573
  • Aug 22, 2014 9:51pm Aug 22, 2014 9:51pm
Quoting Adeleke
{quote} if I understand that RULE2 probably, its saying I should trade .000 the very first time PA hits that level after London open right?
nope. It is against another RULE (if I understand you correctly).

Judging from the attached chart,
yesterday you can long at the Tokyo Open and the 3rd hour of the NY session,
and you can short at the previous hour of the Frankfurt Open and the 4th hour of the London session.
Attached Image (click to enlarge)
Click to Enlarge Name: 1408231146445798.png Size: 47 KB
My hope has been almost completely shattered, but not completely yet
  • #16,574
  • Aug 23, 2014 4:22am Aug 23, 2014 4:22am
Many thanks to Undine, Mastermind, Jibala and many other experienced traders for sharing their knowledge, ideas and vision about decision making and also results! Without you guys I would have already give up this strategy with belief, that it just doesnt work!
After seeing Jibala's weekly results I started thinking about mine. It is interesting that in same market conditions one trader can be profitable, but an other not... Last week I had 14 trades in 3 trading days, 6 of them where loosers. Total gain "-30.2 pips". After analyzing looser trades in 5 of them I found some indications in charts why I shouldnt take those trades. Hope that lessons are learned good, and look forward to next trading week, hopefully more succesfull.

Thanks again, and good luck everyone!
  • #16,575
  • Aug 23, 2014 5:34am Aug 23, 2014 5:34am
Modeco... ok good to see... looks like your learning to look for reasons NOT to trade ..... even 1 reason against a plethera of "this is must trade "shows you're THINKING about your BUSINESS...... be Disciplined,Patient and focused on Protecting Capital ...... only take risks with what you are prepared to LOSE cheers Good fortune ..Q
Whats That? you're trading What?
  • #16,576
  • Aug 23, 2014 8:50am Aug 23, 2014 8:50am
Quoting modeco
Many thanks to Undine, Mastermind, Jibala and many other experienced traders for sharing their knowledge, ideas and vision about decision making and also results! Without you guys I would have already give up this strategy with belief, that it just doesnt work! After seeing Jibala's weekly results I started thinking about mine. It is interesting that in same market conditions one trader can be profitable, but an other not... Last week I had 14 trades in 3 trading days, 6 of them where loosers. Total gain "-30.2 pips". After analyzing looser trades...
Hello @modeco, many thanks for counting me to the experienced traders, but I am not. I am still learning like many others too. My only big advantage is my mentor! Honor to whom honor is due!

Looking back to your # post 16,472 http://www.forexfactory.com/showthre...36#post7691236 I wanna suggest to change in settings of the m-candles indicator paramter TFBar Value to 240 (4h). It will give you another view of your chart. IIRC there were 2 answers only, but none of them telling exactly what was your mistake.

1. Did you notice that the next candle after the last short candle did not make a lower low?
2. Only take the 1st possible level above / below DO. Means you should have taken it before already and you would have done well. Like we did!

Btw you are talking of 14 trades but you showed us 2 charts only! How the pros can analyze your mistakes if you don't show your charts?

Good luck for the upcoming week and many green pips!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #16,577
  • Aug 23, 2014 3:55pm Aug 23, 2014 3:55pm
Quoting JibalaPasan
{quote} Hello @modeco, many thanks for counting me to the experienced traders, but I am not. I am still learning like many others too. My only big advantage is my mentor! Honor to whom honor is due! Looking back to your # post 16,472 http://www.forexfactory.com/showthre...36#post7691236 I wanna suggest to change in settings of the m-candles indicator paramter TFBar Value to 240 (4h). It will give you another view of your chart. IIRC there were 2 answers only, but none of them telling exactly what was your mistake. 1. Did you...
Hi Jibala,
Like it or not, but after publishing your last week's account history, you have become one of my FX gurus so what if you are still learning... I believe that we all are, and you cant be sucessfull without neverending learning in this industry.
Thanks, for your advice regarding M-candles setup - I have already done that after reading your posts about trend sync in d1-h4-h1-m15 charts while analyzing my mistakes. The candle you mentioned- i did notice that WHILE analyzing the mistakes and reading some additional literature about candle forms and its meanings. Previously I didnt pay such a big attention to candle forms and maybe that is answer why I havnt suceeded very well. And moreover if we take a look at m15 chart on that trade, there it is an obvious uptrend in that situation, and now selling at that point seams not a wise idea (see the added chart).

I hope, that further on I will suceed better to identify such important candle forms and trends before opening the order, not only when analyzing the losses

I will take also into account what you say about trading only the first 00 level after the DO, but actually I dont remember that Undine would write something like that? Is it your idea, or I have just missed it? And what if PA crosses that level for the second or third time- would you trade that?

regarding the charts- yes I have been too lazy to share all charts will try to improve also in this point.
Attached Image (click to enlarge)
Click to Enlarge Name: 40350141-m15.png Size: 47 KB
  • #16,578
  • Aug 23, 2014 4:06pm Aug 23, 2014 4:06pm
Here is another interesting chart of my last week's EJ SL. I believe that I shouldnt take this trade because of the strong support zone colored blue in the picture. Because there is a high probability that price wouldnt break trough it. And yes- again- not the first 00 level below the DO. But would you really trade only the 137.900 level here?
Attached Image (click to enlarge)
Click to Enlarge Name: 40350200.png Size: 40 KB
  • #16,579
  • Aug 23, 2014 4:11pm Aug 23, 2014 4:11pm
ok ... but later the blue support zone was easily broken .... (or was that outbreake caused by any news ?)
... I think I never saw a rule recommending the use of only the first 00 level after DO ? Is that a new rule ? That would be a strong limitative filter ...
  • #16,580
  • Edited Aug 24, 2014 5:32am Aug 23, 2014 6:48pm | Edited Aug 24, 2014 5:32am
Nice thread! Happy trading all
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