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As simple as possible: 00 level trading

  • #17,201
  • Sep 2, 2014 2:43am Sep 2, 2014 2:43am
Hi guys!
Can you check my trade? What was I doing wrong?
Attached Image
  • #17,202
  • Sep 2, 2014 2:46am Sep 2, 2014 2:46am
Quoting Udine
{quote} 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
Ah I see. Thanks for the insight

I must say with your system even in August most of the pairs that I was monitoring had very high hit rates too. Would you consider December a difficult month as well?
  • #17,203
  • Sep 2, 2014 2:47am Sep 2, 2014 2:47am
Quoting Udine
EU to TP coming in sync with EJ Udine {image}
Yeah, and also by the time price arrived to .300 it passed previous hour's high confirming continuation of the mini uptrend (at least for some pips-while), which is a plus in the probability stack.
  • #17,204
  • Sep 2, 2014 2:52am Sep 2, 2014 2:52am
Quoting musicant
Hi guys! Can you check my trade? What were I doing wrong? {image}
SL 10 pips, trailing stop-loss (TS) when 3.5 pips profit @ 3.5 pips

You should have triggered TS with that trade, SL is still not hit yet.

Edit: Also, you need to make sure that the system works for that particular currency pair. Sometimes it just doesn't play well.
  • #17,205
  • Sep 2, 2014 3:00am Sep 2, 2014 3:00am
Quoting Dave.Z
{quote} SL 10 pips, trailing stop-loss (TS) when 3.5 pips profit @ 3.5 pips You should have triggered TS with that trade, SL is still not hit yet. Edit: Also, you need to make sure that the system works for that particular currency pair. Sometimes it just doesn't play well.
Thank you!
1. After + 3.5 I have to break even?
2. SL 10 pips - How about RM (riskmanagment)? TP - 5p and SL - 10p. I heard RM should be 3 to 1.
  • #17,206
  • Sep 2, 2014 3:01am Sep 2, 2014 3:01am
Quoting Dave.Z
.......@ 3.5 pips You should have triggered TS with that trade, SL is still not hit yet.......
Yeah, EURGBP high was 0.79340 this hour so TS should have kicked in.
  • #17,207
  • Sep 2, 2014 3:13am Sep 2, 2014 3:13am
Quoting musicant
{quote} Thank you! 1. After + 3.5 I have to break even? 2. SL 10 pips - How about RM (riskmanagment)? TP - 5p and SL - 10p. I heard RM should be 3 to 1.
RM depends on the trade type and success % as well. Sometimes you can have TP 100 pips, SL 10 pips for some news trading systems. You only need to win like 1 out of 9 trades to be profitable lol.

Udine's system has a very high win % so a 2:1 is fine. When you hit +3.5 pips move the SL to BE.
  • #17,208
  • Sep 2, 2014 3:15am Sep 2, 2014 3:15am
Quoting Udine
EU to TP coming in sync with EJ Udine {image}
I got afraid to take this trade because PA was around DO, but should had looked at the sync and maybe that gave me the confidence for it...

Welcome back Udine!
  • #17,209
  • Sep 2, 2014 3:17am Sep 2, 2014 3:17am
AJ LONG @.500 BE SL
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 33 KB

Moved up in Asia then couple hours retrace, which got lightly broken then price went into .500 level.
  • #17,210
  • Sep 2, 2014 3:19am Sep 2, 2014 3:19am
Quoting Carpathian
AJ LONG @.500 BE SL {image} Moved up in Asia then couple hours retrace, which got lightly broken then price went into .500 level.
I had the exact same trade going hehe. Thinking of whether to move the SL to BE or BE +0.5 pips when +3.5 is hit to cover the commission lol.
  • #17,211
  • Sep 2, 2014 3:23am Sep 2, 2014 3:23am
Quoting Dave.Z
{quote} RM depends on the trade type and success % as well. Sometimes you can have TP 100 pips, SL 10 pips for some news trading systems. You only need to win like 1 out of 9 trades to be profitable lol. Udine's system has a very high win % so a 2:1 is fine. When you hit +3.5 pips move the SL to BE.
Thanks a lot Dave. I got it.
  • #17,212
  • Sep 2, 2014 3:26am Sep 2, 2014 3:26am
One more )
Could you help me adjust a TS expert? Maybe give me a link to post in this thread. Thanks for helping!
  • #17,213
  • Edited 3:44am Sep 2, 2014 3:30am | Edited 3:44am
Also had that AJ trade at 97.500. TS +0.5pips which covers my commision
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYH1.png Size: 63 KB
  • #17,214
  • Sep 2, 2014 3:35am Sep 2, 2014 3:35am
You sure its 0.05 pips? I think you mean 0.5 pips hehe. 0.05 pips would be like $0.35 commission rate per lot. I think Armada is at $2 per lot.
  • #17,215
  • Sep 2, 2014 3:35am Sep 2, 2014 3:35am
Quoting modeco
Also had that AJ trade at 97.500. TS +0.05pips which covers my commision {image}
Is it 0.05 or 0.5 pips that covers your commission? If it is only 0.05 then you have a veeeeeery good broker!
  • #17,216
  • Sep 2, 2014 3:40am Sep 2, 2014 3:40am
AUDNZD LONG @.400 +5 TP
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 32 KB

Asian swings made a higher high and a higher low, last downswing was broken upwards then price hit 00 level.
  • #17,217
  • Sep 2, 2014 3:42am Sep 2, 2014 3:42am
@Carpathian have you done much backtesting with AUD/NZD? May just add it to the currency pairs I'm monitoring
  • #17,218
  • Sep 2, 2014 3:43am Sep 2, 2014 3:43am
Quoting Dave.Z
You sure its 0.05 pips? I think you mean 0.5 pips hehe. 0.05 pips would be like $0.35 commission rate per lot. I think Armada is at $2 per lot.
sorry guys, you're right - its 0.5 pips will correct that mistake.
  • #17,219
  • Sep 2, 2014 3:57am Sep 2, 2014 3:57am
EU is testing my patience... it's hesitating to reach TP @1.3115
Persistence will get it. Consistency will keep it.
  • #17,220
  • Sep 2, 2014 4:00am Sep 2, 2014 4:00am
USDCAD LONG @ 1.0900 +5 TP
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 33 KB

During Asia made a higher high, followed by a slight retrace, which was then broken upwards then price reached 00 lvl.
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