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As simple as possible: 00 level trading

  • #17,221
  • Sep 2, 2014 4:04am Sep 2, 2014 4:04am
Quoting Carpathian
USDCAD LONG @ 1.0900 +5 TP {image} During Asia made a higher high, followed by a slight retrace, which was then broken upwards then price reached 00 lvl.
That's a BRN, you broke one of the rules I think

Also in addition to the rules, its quite risky as the 00 level was an earlier resistance level.
  • #17,222
  • Sep 2, 2014 4:05am Sep 2, 2014 4:05am
EU SHORT @.200 BE SL
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 32 KB

DO rejected by doji falling star, which was then confirmed downwards then price hit 00 lvl.
Missed TP only couple pips so I should have manually closed when seeing hesitation.
  • #17,223
  • Sep 2, 2014 4:08am Sep 2, 2014 4:08am
Trade #2
Sell EU @ 1.31200 TS +1.3p
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 73 KB
  • #17,224
  • Sep 2, 2014 4:10am Sep 2, 2014 4:10am
Trade #3
Sell CADCHF @0.84400 TS +0.9p
Attached Image (click to enlarge)
Click to Enlarge Name: CADCHFH1.png Size: 70 KB
  • #17,225
  • Sep 2, 2014 4:12am Sep 2, 2014 4:12am
Quoting Dave.Z
@Carpathian have you done much backtesting with AUD/NZD? May just add it to the currency pairs I'm monitoring
I haven't. I am rather concentrating on the H1-M15 swing breakout followed by 00 level entry approach, being selective on setups rather than pairs now.
  • #17,226
  • Sep 2, 2014 4:12am Sep 2, 2014 4:12am
Quoting Carpathian
USDCAD LONG @ 1.0900 +5 TP {image} During Asia made a higher high, followed by a slight retrace, which was then broken upwards then price reached 00 lvl.
No long at .90 level
  • #17,227
  • Sep 2, 2014 4:14am Sep 2, 2014 4:14am
Quoting Dave.Z
{quote} That's a BRN, you broke one of the rules I think .......
Which one?
  • #17,228
  • Sep 2, 2014 4:17am Sep 2, 2014 4:17am
Quoting Chake
EU is testing my patience... it's hesitating to reach TP @1.3115
TP reached, + 5 for the day, i'm off now, green pips to all off you!
Persistence will get it. Consistency will keep it.
  • #17,229
  • Sep 2, 2014 4:17am Sep 2, 2014 4:17am
Quoting Mr.Ma
{quote} No long at .90 level
It was 900 ))) not 90
  • #17,230
  • Sep 2, 2014 4:18am Sep 2, 2014 4:18am
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
Hi Udine, Good to have you back. Must admit I am a little suprised you are taking EU trades with its current ADR, not such a concern now - are you just expecting a natural rise in the ADR now that we are past August? I personally am waiting to see them start improving
  • #17,231
  • Sep 2, 2014 4:18am Sep 2, 2014 4:18am
Quoting Mr.Ma
{quote} No long at .90 level
If you are referring to rule #6 which says 'No long @ .900 level' that was meant to be the level 10 pips below BRN. So in case of the USDCAD trade that would have been 1.0890.
  • #17,232
  • Sep 2, 2014 4:20am Sep 2, 2014 4:20am
Quoting Mr.Ma
{quote} No long at .90 level
He did fine. Went long on the BRN 1.09000, not at 1.08900.

5. No short @ .100 level
6. No long @ .900 level

isko
SMT, IPDA, Market Structure
  • #17,233
  • Sep 2, 2014 4:23am Sep 2, 2014 4:23am
Quoting isko
{quote} He did fine. Went long on the BRN 1.09000, not at 1.08900. 5. No short @ .100 level 6. No long @ .900 level isko
haha, sorry should have had a closer look on it
  • #17,234
  • Sep 2, 2014 4:24am Sep 2, 2014 4:24am
Quoting Carpathian
{quote} If you are referring to rule #6 which says 'No long @ .900 level' that was meant to be the level 10 pips below BRN. So in case of the USDCAD trade that would have been 1.0890.
Rule #12

After doing extensive back-testing, I'm actually inclined to say NO trades at all (short or long) at 0.900, 0.000 or 0.100 - the MMs do crazy shit at these points sometimes. But I'm not Udine so... his rules
  • #17,235
  • Sep 2, 2014 4:29am Sep 2, 2014 4:29am
Quoting Dave.Z
{quote} Rule #12 After doing extensive back-testing, I'm actually inclined to say NO trades at all (short or long) at 0.900, 0.000 or 0.100 - the MMs do crazy shit at these points sometimes.
Rule 12. 'Distance to RN > 10 pips (see 3 & 4)' only phrases rules 5 and 6 in another way. So the rule does let you trade away from the BRNs.
Nevertheless I agree area around BRNs may be riskier. Though Market Makers are not only active at these regions but anywhere they think and see money could be made.
  • #17,236
  • Sep 2, 2014 4:32am Sep 2, 2014 4:32am
Quoting Carpathian
{quote} Rule 12. 'Distance to RN > 10 pips (see 3 & 4)' only phrases rules 5 and 6 in another way. So the rule does let you trade away from the BRNs. Nevertheless I agree area around BRNs may be riskier. Though Market Makers are not only active at these regions but anywhere they think and see money could be made.
Just do some back-testing into the past 4 weeks and you will see that if you went long at 0.100 or short at 0.900 (which are by your interpretation acceptable by the rules), you would come out with a net loss for all those trades I believe (considering 2:1 SL/TP ratio).

A lot of times the MMs will peak up through 0.100 to eat all the pips and push it back down below the BRN or vice versa. Rarely happens at the other levels.
  • #17,237
  • Sep 2, 2014 4:40am Sep 2, 2014 4:40am
Goodmorning!

Looks like ADRs are decreasing instead of growing with the beginning of september.
I think I'll wait again.
Boring but at least I've got the time to study a lot of interesting stuff.

Have a nice day and Green Pips to everyone .

Lrt
"Every battle is won before it's fought."
  • #17,238
  • Sep 2, 2014 4:42am Sep 2, 2014 4:42am
Quoting Dave.Z
......if you went long at 0.100 or short at 0.900 (which are by your interpretation acceptable by the rules).....
It is not only my interpretation but this is what those rules allow you to do. We may better refer to the author of this forum/system, Udine what do you think?

On the other hand I do not doubt your backtest results, it is only that I saw the UCAD trade a good setup, for me what I saw was worth the risk.
  • #17,239
  • Sep 2, 2014 4:50am Sep 2, 2014 4:50am
Quoting Callum
{quote} Hi Udine, Good to have you back. Must admit I am a little suprised you are taking EU trades with its current ADR, not such a concern now - are you just expecting a natural rise in the ADR now that we are past August? I personally am waiting to see them start improving

thx

there was no alternative trade to see in sight.. btw i am only on demo this week to get back into the rythm

i think the volatility and adr's will get back again... Patience needed..

Udine
Sleep less, live fast, as it aint gonna last
  • #17,240
  • Sep 2, 2014 4:52am Sep 2, 2014 4:52am
Quoting Carpathian
{quote} It is not only my interpretation but this is what those rules allow you to do. We may better refer to the author of this forum/system, Udine what do you think? On the other hand I do not doubt your backtest results, it is only that I saw the UCAD trade a good setup, for me what I saw was worth the risk.
Well in that case Rule #12 is redundant then. Then again, not my rules - personally I've had to add 6 more of my own rules to minimize all the SL hits heh.
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