As simple as possible: 00 level trading

Goodmorning.
As i was getting bored i decided to trade anyways, also today, but with less stress.

I took 4 trades this hour, on trending crosses involving currencies that were strong/weak in a nice way, without big S or R involved in the trade range.

Result:

2 TP (+10)
1 BE (+0.2)
1 SL (closed manually at -5, i actually reduced the loss)

Result for all this? Only a +0.5%.. Risking a total amount of 40 pips (8,8%).
This deserves a big LOL.
Here the screens.
Some might say that the bad ones were too close to the RgH.. That's maybe true, but RmUp was green on both of them, and streght way really high on the indis and also by looking the AUD-involved pairs.
The very thing is that there is always a reason for not taking a trade.
The AUDJPY cross was in a retracement condition, and the trade was beyond the previous big high so if i lost it some could say "you should have waited for it to continue the uptrend".
The EURAUD had the entry level on a big support formed in yesterdays NYsession, RmDn was RED and the trade was on a BRN.

Anyways, congratulate with me as I'm green today . Going to buy a Huracan.

Lrt

EU +5
If I had returned a little earlier, it seems I would have already won twice.

Oh, what a cruel, exploitive .... scalper!
Nevertheless a very appropriate approach.

HEHE Im downloading everychart u posted to find common denominater.... ive done ok today on aud nz /aud usd but not as "clean" as I would like

london time

i comming to ny open

news at 7:30

Hi Lrt, me too took the AU long @ .700 that went to SL. The only thing I noticed after as PA was the triple top around that level, then a move down could be expected. But this of course is hindsight. I think the problem is that we took too many trades..

What happen?JPY strength up quickly but gold didn't move

how the hell do I disable "alerts " tried everything driving me crazy

The strategy is based on 5 pip TP's ........scalping it is indeed!

Masterrmind........

Set alert mode = 0 if you are talking about the psy levels dashboard

Masterrmind.........

OK, my todays balance- 6trades, 2 TP, 4SL. Total, -30pips.
The good thing that I am still demo trading and again- now I have an idea how I could avoid atleast 3 of my stop loses.

Done for today, so I dont kill by sweat confidence baby that has just born, but rasie it with patience instead

good luck everyone who is still trading. Most probbably I wount be able to join tomorrow morning, but mabybe I will on NY open.

here are all the trades I took today (coments most wellcome!):

yeh thanx , rekn Ive loaded all to charts with 1 enabled ,,,,

Bubincka, tell me a circumstance where a move down or a move up couldn't be expected .

I'm going into the conclusion that you really need to have years and years of experience (or a very experienced trader teaching you by side) to pick the very right trades and be profitable with a W/L ratio like this.
I think that this W/L ratio isn't suitable for beginners, there's a lot of risk involved everytime.
It is possible that I've changed my mind about that only because this month is going really bad for me, but afterall, rationally, i think that isn't very further from truth.
Psychological levels work, we can see that often. Those levels generally tend to reject price, upwards or downwards, so if it breaks those levels it continues in the direction for more than 5 pips, but if the price is bounced by them and retraces a little it is very rare for it to turn again, break and go to TP (before touching the SL).
I noticed in these months, watching all my trade screens, that when the price retraces to -5 pips after the triggering of the order, in the very vast majority of times it goes directly to SL. On the other hand (the same thing but opposite) when price reaches the TP it then generally continues on his way for a few pips more, sometimes a lot of pips more as the PA is supported by all the reasons that made you take the trade (no resistances/supports, high strenght, conformation etc).
Therefore I think I will try to build a trading scheme more suitable for me in risk and potential profit, following all the rules of this strategy (whose I'm getting used to follow and seem to work nicely) except for the TP/SL/BE.
If any of you have suggestions I'll be very pleased to read them.

Lrt


(I forgot to say that obviously, if and when I'll start trading this strategy with a custom money management I won't be here posting trades that doesn't combine with the original Udine's rules. That's just a simple matter of respect.)

PA was too fast; I missed GU and AU.


COMMENT: I use my own script to place a pending order at the next 00 level. That's why there's a red arrow at 0.93600 AU. I canceled that order.

Hi easygoing,

Are you by any chance using the Udine sell/buy script from this thread? I downloaded it and started to use it as well, it worked fine at the beginning but now if I place an order the price hits the pending order but immediately closes the trade. Would you know why this happens? I am a bit baffled since it was working fine when I first started using it.
Thanks
BB

sorry, I use the script of my own writing. I use hard TP and SL to be safer.

Not to worry, thanks for responding anyway

I believe you can write scripts for yourself. Mine are composed of very simple codes.

Thanks, I see what I can do

maybe I won't trade until 14:30 UTC because 2 RED USD news are coming and right now it is hard for me to tell the trends of my monitoring pairs.