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As simple as possible: 00 level trading

  • #17,141
  • Sep 1, 2014 6:34am Sep 1, 2014 6:34am
Quoting Masterrmind
{quote} Nope! Please check the rules. The 1 st 00 level is what you trade provided all the other rules are adhered too! The example I showed is a different situation showing why I chose not to take the 1st 00 level and why I took the 300...that's all! Masterrmind........
That i why i am asking how u identify that level, its not written in the rule isnt it ? btw the rule no.12 is so confusing , so many people are asking about it .
  • #17,142
  • Sep 1, 2014 6:40am Sep 1, 2014 6:40am
to buy or not to buy EU @ 1.31400?
everything seems to be by rules, but the US bank holliday. Is it worth trying the risk?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 55 KB
  • #17,143
  • Sep 1, 2014 6:41am Sep 1, 2014 6:41am
Quoting easygoing
pending set of UJ long 104.300 (expired at the end of this hour) and I'll go out.
UJ is at 10 week high and is nearing a supply area. IMO, it is not wise to go long on this pair as of this time.

Attached Image (click to enlarge)
Click to Enlarge Name: 09-01-14_UJ_D1_analysis.png Size: 125 KB


isko
SMT, IPDA, Market Structure
  • #17,144
  • Sep 1, 2014 6:42am Sep 1, 2014 6:42am
Quoting jasonhaw
{quote} That i why i am asking how u identify that level, its not written in the rule isnt it ? btw the rule no.12 is so confusing , so many people are asking about it .
I thought I explained it well enough.

Personally I trade the chart I'm analysing and then pull the trigger if it abides by the rules. That means I make the final decision (it's my money after all) so I don't trade it solely as a mechanical system but rather with "market wit" and common sense applied.

Masterrmind...........
Master your Mind then Master your Trades
  • #17,145
  • Sep 1, 2014 6:47am Sep 1, 2014 6:47am
Quoting jasonhaw
{quote} That i why i am asking how u identify that level, its not written in the rule isnt it ? btw the rule no.12 is so confusing , so many people are asking about it .
check this out, I have posted a visual explanation regarding on rule # 12.

http://www.forexfactory.com/showthre...01#post7664501

isko
SMT, IPDA, Market Structure
  • #17,146
  • Sep 1, 2014 7:04am Sep 1, 2014 7:04am
I have one question about commissions.With my broker (demo),when i take a trade and stop at breakeven,i'm always on negative.... Spread low (0.1 to 1) but high commission!How do you manage this type of situation??
If commission cost average price of one pip,how do we do for daily target?
i'm confused about that....
  • #17,147
  • Sep 1, 2014 7:42am Sep 1, 2014 7:42am
Quoting rochild
..........when i take a trade and stop at breakeven,i'm always on negative.... Spread low (0.1 to 1) but high commission!How do you manage this type of situation?? If commission cost average price of one pip,how do we do for daily target? i'm confused about that....
Yeah, no miracles, in case of a commission broker anyone closing the trade at the price where it was opened nets negative.
(1) Find a broker with as low commission as possible.
(2) Only a high win rate compensates the actual 4/11 - 4.5/10.5 risk/reward ratio.
(3) Careful position management may also help whereas you don't let every trade run to -10 SL or +5 TP, but take action earlier on both sides (ie. close at less loss or gain in case you find PA is against your position). Nevertheless doing so too often may make it too discretionary and turn the expectancy of the system around.

You may also try experimenting with different SL/TP settings but then you are no longer trading this specific system.
Áron
  • #17,148
  • Sep 1, 2014 7:50am Sep 1, 2014 7:50am
ea+5
ec ts
gu+5
gj+5

london time 3.44%
  • #17,149
  • Sep 1, 2014 7:55am Sep 1, 2014 7:55am
Quoting profitfarmer
{quote} With a 7 pip spread, I would think you better to either trade other pairs with this system, or start to look for a broker that let you trade GJ with
Ok. Thanks for your tip.
What spreads do you have?
  • #17,150
  • Sep 1, 2014 8:18am Sep 1, 2014 8:18am
GU LONG @.200 +1 TP manual.
Attached Image


EJ LONG @137.00 +1 TP manual.
Attached Image


Choice: USD and JPY weak across the board and H1 trend PA they were also okay.
Why exit: Dry market, I was not confident they'd make it.
  • #17,151
  • Sep 1, 2014 8:34am Sep 1, 2014 8:34am
Quoting musicant
{quote} Ok. Thanks for your tip. What spreads do you have?
On ECN it is variable, right now about 0.8-1 pip + commission on GJ...the later amount about 0.5 pip, so, total is no more than 1.5 pip.Lately brokers started offer mini ECN account. (200-300USD min. deposit). For this stategy, I use demo ECN, for the very reason to try to minimize the spread, ie. make it easier to reach the target price.
there is always, always another trade!!
  • #17,152
  • Sep 1, 2014 8:34am Sep 1, 2014 8:34am
Anyone still here, typically a day we should tell holiday stories instead of taking positions.
  • #17,153
  • Sep 1, 2014 8:38am Sep 1, 2014 8:38am
USDCAD SHORT @.600 -1 SL manual.
Attached Image

Choice: USD weak CAD strong across the board.
Exit: .600 was strong support should not have entered, dry market so after the pull up I was happy to exit.
  • #17,154
  • Sep 1, 2014 8:39am Sep 1, 2014 8:39am
Quoting isko
{quote} check this out, I have posted a visual explanation regarding on rule # 12. http://www.forexfactory.com/showthre...01#post7664501 isko
hi so it just means no short at 100 level and long at 900 level ? i tot it meant other things cuz its quite vague. thanks for ur visual really appreciate !
  • #17,155
  • Sep 1, 2014 8:40am Sep 1, 2014 8:40am
Quoting Carpathian
Anyone still here, typically a day we should tell holiday stories instead of taking positions.
ok I'll go first

holiday story: biggest issue: no laptop with me..

postions : sidelines, simply watching charts doing nothing...

slowly getting into the flow of trading again

Udine
Sleep less, live fast, as it aint gonna last
  • #17,156
  • Sep 1, 2014 8:47am Sep 1, 2014 8:47am
Quoting Carpathian
Anyone still here, typically a day we should tell holiday stories instead of taking positions.
I am also still here, busy at work, so I can only view the charts every now and then. Not much happening though
  • #17,157
  • Sep 1, 2014 8:49am Sep 1, 2014 8:49am
EURAUD close manual aprox 5.0 pips
Attached Image (click to enlarge)
Click to Enlarge Name: eureaud tp udine.PNG Size: 93 KB
Donde hay Patron no manda Marinero
  • #17,158
  • Sep 1, 2014 8:49am Sep 1, 2014 8:49am
Quoting jasonhaw
{quote} hi so it just means no short at 100 level and long at 900 level ? i tot it meant other things cuz its quite vague. thanks for ur visual really appreciate !

Yes, and the rules should be updated.

3. Frankfurt open only .400/.500/.600 levels
4. London open all levels
5. No short @ .100 level
6. No long @ .900 level
7. No trading 1 hour before RED NEWS on the pair
8. No trading less than 30 minutes after RED NEWS in the pair
9. After 4 losses stop trading for the day
10. Higher probability at market opens (new money into the market
11. Check ADR
12. Distance to RN > 10 pips (see 3 & 4) --> should be (see 5 & 6)


isko
SMT, IPDA, Market Structure
  • #17,159
  • Sep 1, 2014 8:58am Sep 1, 2014 8:58am
Quoting Carpathian
Anyone still here, typically a day we should tell holiday stories instead of taking positions.


Out sailing -> no PC, no mobile phone, just beers and sunsets...

Studied EJ and GJ PA charts and (re-)read trading related books.

flx69
  • #17,160
  • Sep 1, 2014 8:59am Sep 1, 2014 8:59am
Quoting Patron
EURAUD close manual aprox 5.0 pips {image}
Uy Patron, que falta de confianza !
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