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As simple as possible: 00 level trading

  • #17,181
  • Sep 1, 2014 2:03pm Sep 1, 2014 2:03pm
Today 4 trades, 1TP; 3TS; +7.3pips and at least 20 burpees for Trade#1 and Trade #3.
Green day, but basicaly becouse of good luck, not of good trading. Hopefully tomorrow I will more stick to PDF.

Trade#1
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too close to RgH; put at London open- long enough before red news

Trade#2
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too big spread; too close to red news

Trade#3
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no idea what went wrong. is this the first valid 00level of the day, as 1.31300 would be too close to DO?

Trade#4
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could be TP if I didnt use TS, but better TS than -2% of account
  • #17,182
  • Edited 4:05pm Sep 1, 2014 3:35pm | Edited 4:05pm
Quoting Carpathian
...... UC: I was thinking about closing at -4 or -5 to prevent a possible full -10 loss at the time of a fast up move, then it turns out waiting some payed off, even it may have been wrong to take it out -1......
Position management story self reflection -- and finally UC, it would be neither TP nor SL yet but I'll just close this story here. Price is moving upwards so now an SL is quite likely, anyways it was the right thing to close at -1 as now I would be in a bigger loss still undecided.
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Lessons learned? Well conclusions from 3 trades cannot be drawn. One thing is sure: as time passes market conditions change. The usual volatility of session opens fades out, or red news may come upon the horizon, in both cases uncertainty grows about where market would go. So look for FIFO (Fast In Fast Out) entries. Look for timings/setups when market is more likely to rush 5 pips in one direction before it would go 10 in the other, as MM said some time.

Looking at the entries today:
Trend is your friend, it applies here as well. Look for the daily trend (the D color) and then try entering by the rules after price already resumed that daily trend having ranged or retraced some before. Do draw a trendline have you not done yet so. Price passing the extreme of H1 candle or breaking a retrace-trend visible on M15 is a good opportunity to look for the next 00 level entry. Check out the thick blue lines on the attached charts.
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A way to pick battles wiser, IMO. Won't always work as nothing does but does give you an edge. May give you a better chance to manage your position should it not TP.
Udine wouldn't even touch two pairs out of these four, not to talk about today's market, still looking at this day the approach seems to work on all of them. The approach works but that is not equal to making money on them consistently.

Good night to All.

ps. sorry taking USDCHF @0.9190 would have been against rule 6.
  • #17,183
  • Sep 1, 2014 7:16pm Sep 1, 2014 7:16pm
Quoting Udine
{quote} Ciao Probabilita, I never tried the M1... why should I, I have plenty time on the 15M or 1H to set up my trades. The AUDUSD I have never tested it , so you have to do that yourself. If your system works for you great, but I prefer you wont post those charts as we trade here differently.. thanks in advance and stay green Udine
Ciao Udine, got it. OK, i will try it. And if i want to post image, i will try to post xxx/JPY one ..
At the beginning of the thread, i read some where that the win probability you get is very big (>75%) , how about it at the moment ? Do you still get around that win probability ?

Thanks
  • #17,184
  • Sep 1, 2014 9:25pm Sep 1, 2014 9:25pm
UJ TSed +1.2pips
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My hope has been almost completely shattered, but not completely yet
  • #17,185
  • Sep 1, 2014 10:41pm Sep 1, 2014 10:41pm
Booked around 17 pips in EURNZD move up.

Should have waited to book more, not happy at all.

Yesterday too I booked only 15 pips in EURNZD short.

Had I waited patiently, would have booked another 30 to 40 pips more.

Shame on myself.
Intraday only.
  • #17,186
  • Edited 11:54pm Sep 1, 2014 11:44pm | Edited 11:54pm
Quoting Carpathian
{quote} Dear MM, Sorry for bringing up this old post above but this is a nice example of 'those types' you (also) seem to make success with so I wonder what is behind. I checked all your charts posted in this forum. As it seems to me from a mere PA swing/wave perspective most of them feature the following setup: identify daily trend, wait for a retrace (or some ranging), AFTER the retrace is broken on M15 TF in the direction of the daily trend enter on next valid 00 level in accordance with other rules. However there are some cases where that change...

I use multiple techniques in my trading and attempt to have those trade entries line up with the rules of this thread! It's easy to walk away from the trade on a certain chart if it doesn't match up with the rules (takes a split second) and then I'm onto the next chart analysing it (many times I glance over several charts at the same time and quickly pick the ones that grab my attention and then analyse them in far greater detail).

Depending on the chart of interest I don't always concern myself with the retrace as you put it although this is a powerful technique.

I look over the whole chart...left to right.... I use what I believe is the right technique for that chart. It may or may not be the same technique used on other charts. Could include retracement factors, PA proximity to DO or levels of S+R, pivots, patterns etc etc.

Most likely better if you gave a brief analysis of the charts of mine you re-posted so I know what you are thinking and in that regard I can see what you are seeing instead of me just giving you the answer.

PM is the best option here since analysing 8 trades would likely take up a lot of space!

Just as an example though I'll tell you why I took the AUDUSD trade:

1. PA initially pulled up and away from the DO after trading flat (only a few pips but enough to cause interest....ie a mini "r" level).
2. Then PA broke below the DO and retraced up towards the DO again.
3. Check where PA was headed in terms of retesting that level
4. PA rejected the level and retraced down to TP.

Note: Usually these days I would avoid taking a trade so close to the DO due to trend issues however not always and I will weigh up all the factors before rejecting it.

Hope that helps.

Masterrmind......
Master your Mind then Master your Trades
  • #17,187
  • Sep 2, 2014 12:56am Sep 2, 2014 12:56am
Rm up is already exhausted so probably no trading today. Do you have any rules how you handle those situations if the market already spiked that early during the day? For now I would stay away but just because I am inexperienced with this method.
  • #17,188
  • Sep 2, 2014 1:03am Sep 2, 2014 1:03am
What a boring Frankfurt open today... no opportunities
  • #17,189
  • Sep 2, 2014 1:05am Sep 2, 2014 1:05am
Quoting Masterrmind
{quote} I use multiple techniques in my trading and attempt to have those trade entries line up with the rules of this thread! It's easy to walk away from the trade on a certain chart if it doesn't match up with the rules (takes a split second) and then I'm onto the next chart analysing it (many times I glance over several charts at the same time and quickly pick the ones that grab my attention and then analyse them in far greater detail). Depending on the chart of interest I don't always concern myself with the retrace as you put it although this...
Thanks for the analysis, I have read it with great interest. It helps me to view my charts in more detail and get more information out of them. ��
  • #17,190
  • Sep 2, 2014 1:09am Sep 2, 2014 1:09am
Quoting Kilian19
Rm up is already exhausted so probably no trading today. Do you have any rules how you handle those situations if the market already spiked that early during the day? For now I would stay away but just because I am inexperienced with this method.
PDF is the key again...
we have to wait for the price pullback back in our "trading zone" and then we we will be there to enter
  • #17,191
  • Sep 2, 2014 1:29am Sep 2, 2014 1:29am
good morning all..

looks like EJ and GJ have done most of their work already today

Udine
Sleep less, live fast, as it aint gonna last
  • #17,192
  • Sep 2, 2014 1:30am Sep 2, 2014 1:30am
Quoting navk
Booked around 17 pips in EURNZD move up. Should have waited to book more, not happy at all. Yesterday too I booked only 15 pips in EURNZD short. Had I waited patiently, would have booked another 30 to 40 pips more. Shame on myself.

dont complain green pips = green pips!!

there will be other opportunities

Udine
Sleep less, live fast, as it aint gonna last
  • #17,193
  • Sep 2, 2014 1:53am Sep 2, 2014 1:53am
Good morning everybody ;-)
  • #17,194
  • Sep 2, 2014 1:55am Sep 2, 2014 1:55am
hi mastermind:
I have tried udine and yours method for several weeks.and made good profits on demo account manualy.but I want make sure the accurity foot print on this method.first of all,d1h4h1m15 should be the same color in psydashboard next I can select the pair that machs the udine's rule.price under or below the first oolevel.at this time we can select stronger one from fsm .finaly we use script pending order so that we catch the target pips?
Its correct?
Thx!
  • #17,195
  • Sep 2, 2014 2:07am Sep 2, 2014 2:07am
Quoting Masterrmind
.....Most likely better if you gave a brief analysis of the charts of mine you re-posted so I know what you are thinking and in that regard I can see what you are seeing instead of me just giving you the answer. PM is the best option here since analysing 8 trades would likely take up a lot of space!.....
Good Morning,
Thank you for your detailed answer MM!
Sometimes I may grab the opportunity and PM you regarding specific setups I have questions about.
Áron
  • #17,196
  • Sep 2, 2014 2:12am Sep 2, 2014 2:12am
EU to TP

coming in sync with EJ

Udine
Attached Image
Sleep less, live fast, as it aint gonna last
  • #17,197
  • Sep 2, 2014 2:20am Sep 2, 2014 2:20am
Quoting Carpathian
{quote} Good Morning, Thank you for your detailed answer MM! Sometimes I may grab the opportunity and PM you regarding specific setups I have questions about. Áron
Yes that response by me was very brief and to the point but really needs to be done in far more comprehensive detail....

All the best,

Masterrmind...........
Master your Mind then Master your Trades
  • #17,198
  • Sep 2, 2014 2:29am Sep 2, 2014 2:29am
Quoting liuxiaobing
hi mastermind: I have tried udine and yours method for several weeks.and made good profits on demo account manualy.but I want make sure the accurity foot print on this method.first of all,d1h4h1m15 should be the same color in psydashboard next I can select the pair that machs the udine's rule.price under or below the first oolevel.at this time we can select stronger one from fsm .finaly we use script pending order so that we catch the target pips? Its correct? Thx!
First off try to relax and take it easy....

Make sure you read over the rules several times so that you are very familiar with them.

You only really need to have D1 and H1 the same color and at this stage I don't recommend looking at any other TF's until you understand the main 2 TF'S.

The psy levels dashboard is not required to trade this method successfully but later on if you choose ...it can be a useful tool that alerts you to other potential trades. But initially you shouldn't be over complicating what really should be a simple to apply strategy which is how Udine meant it to be "as simple as possible......"

Make sure you set up the global script first (various parameters such as % position size etc etc) and then apply either buy or sell stop pending orders as the rules allow at the right time which usually means as soon as the current hour has just started.

Good luck

Masterrmind............
Master your Mind then Master your Trades
  • #17,199
  • Sep 2, 2014 2:32am Sep 2, 2014 2:32am
Quoting Udine
good morning all.. looks like EJ and GJ have done most of their work already today Udine
Hi Udine, I'm currently monitoring 7 pairs but excluded GJ because of very high SL hit rate in the last few weeks.

As of now its a 100% win for all 7 pairs today according to your rules lol (if you exclude the rule about ADR heh). Pretty insane. Of course because of the ADR rule the only pairs with trades are like EU and NJ, all still winners.
  • #17,200
  • Sep 2, 2014 2:37am Sep 2, 2014 2:37am
Quoting Dave.Z
{quote} Hi Udine, I'm currently monitoring 7 pairs but excluded GJ because of very high SL hit rate in the last few weeks. As of now its a 100% win for all 7 pairs today according to your rules lol (if you exclude the rule about ADR heh). Pretty insane. Of course because of the ADR rule the only pairs with trades are like EU and NJ, all still winners.
DEave,

August is a difficult month to trade... there is a reason I am not trading..

I am not risking my account.. prefer spending some on vacation

I stick to the EU/EJ/GJ/GU.. and all will be fine and get back to "normality" again..

Udine
Sleep less, live fast, as it aint gonna last
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