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As simple as possible: 00 level trading

  • #17,341
  • Sep 3, 2014 9:16am Sep 3, 2014 9:16am
@ Carpathian
@ ChrisGC

Great to see a few winners showing up but they are rare at the moment............

Nice work!

Masterrmind............
Master your Mind then Master your Trades
  • #17,342
  • Sep 3, 2014 9:17am Sep 3, 2014 9:17am
That's it from me.....

Good luck everyone and I hope you grab a heap of great trades.

Time for rest.........

Masterrmind............
Master your Mind then Master your Trades
  • #17,343
  • Sep 3, 2014 9:20am Sep 3, 2014 9:20am
Enjoy your rest MM!
  • #17,344
  • Sep 3, 2014 10:11am Sep 3, 2014 10:11am
GU SHORT @.400 +5 TP.
Attached Image (click to enlarge)
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After yesterdays black day made lower low below DO, then higher high above DO (increasing volatility), then it came under DO again, then retracing however after a black candle at top of the retrace the little uptrend was broken downwards by hitting very near 00 level offering a continuation entry for me.

GBPCHF SHORT @.200 +5 TP.
Attached Image (click to enlarge)
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After yesterdays black day it went above DO some but then fell sharply below making a lower low, followed by some retrace in which the last candle closed black and low just above the 00 level, making an entry at this level also a confirmation of previous bearish candle AND the downwards break of the retrace.

NZDCHF LONG @.500 -5 manual SL.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 36 KB

Entry: Low below DO followed by higher high then higher low. Upon entry at 00 level the high of two previous candles were exceeded prompting for some trend continuation upward.
Exit: PA performed weak during the hour so when I already had 15 pips in the bag I decided it was better book -5 and end up with 10 today for sure.
  • #17,345
  • Sep 3, 2014 10:16am Sep 3, 2014 10:16am
Quoting Masterrmind
{quote} Thanks flx69..... But to be honest it has not been easy trading over the last few days as really good setups have been harder to find. Hopefully this will change soon. I hope things turn around for you very soon. Masterrmind............
MM, I donīt quite understand. ADRs are soaring !!! This should make it much easier to find good setups ?

Oh, by the way; what do you make of the EJ short 137.800 at London Open which went to SL (I believe ChrisGC posted a screenshot).
There was no SR1, SR2 or other imaginary barrier between the pending and the TP level. Looking back on it, the only reason I can see not to take it were the long wicks on the downside.
As usual, your views are greatly appreciated !

flx69
  • #17,346
  • Sep 3, 2014 11:04am Sep 3, 2014 11:04am
was not very active today, tried some coding but did not work...

thx Kilian for doing it for me

this afternoon had some charttime with Lrt.ita here...

was good to get back into the PDF & BCC again

Cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #17,347
  • Sep 3, 2014 11:13am Sep 3, 2014 11:13am
Quoting Masterrmind
Trade #4 and Trade #5 [Bonus Trade #1 and #2] GBPJPY +5 to TP GBPJPY +5 to TP {image} Comment: The 1st trade should have been taken from the BRN but I wanted PA to clear out below mini support on the left hence I shorted from 900! Masterrmind...........
MM, wouldnt the BRN be too close to DO to take the trade? I also entered the 900 level, but got stopped out by TS
  • #17,348
  • Sep 3, 2014 11:44am Sep 3, 2014 11:44am
Iīm out guys, speak to you tomorrow at London Open.

flx69
  • #17,349
  • Sep 3, 2014 12:00pm Sep 3, 2014 12:00pm
same here..

speak tomorrow

Cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #17,350
  • Sep 3, 2014 1:54pm Sep 3, 2014 1:54pm
Quoting Masterrmind
{quote} I very quick calculation shows that with a TP = 5 pips and a SL = 10 pips that if you have just 1 loss in 10 trades your % drops from 100 down to 70. Here are a few quick examples based on 10 trades: 1. 10/10 trades = 50 pips =100% [no loss trade] 2. 9/10 trades = 35 pips = 70% [only 1 losing trade] 3. 8/10 trades = 20 pips = 40% [only 2 losing trades] 4. 7/10 trades = 5 pips = 10% [only 3 losing trades] 5. 6/10 trades = -10 pips = -20% [only 4 losing trades] This does not consider spread, commission or other related "cost of doing...
Isn't it very tough to win 9 out of 10 trades?
  • #17,351
  • Sep 3, 2014 3:01pm Sep 3, 2014 3:01pm
Quoting javaboy
{quote} Isn't it very tough to win 9 out of 10 trades?
You don't need to win 9 out of 10.

If we exclude commissions or slippage in case of doing a max 10 SL max 5 TP business two winners make up for one loss. If counting in tens we may say 7 winners against 3 losers will get you +5 pips on 10 trades (70% win rate).
IMO in reality average ECN market commissions make this an 11 pip loss vs. 4 pip gain game where you need to make 15 winners against 5 losers to get you +5 pips after 10 trades (75% win rate).
  • #17,352
  • Sep 3, 2014 3:11pm Sep 3, 2014 3:11pm
Quoting Udine
{quote} Hi Loucasx 1. percentage since the start has been between 76 - 83 % consistently 2. the wheelbarrel can follow to give more pips if you remove the TP level in the WUKAR EA, or simply increase the TP from 5 pips to whatever level you want Cheers Udine
Thanks Udine my friend. I'm Mediterranean too from Cyprus and you know how enthusiastic we can get for such nice guys like you, that give their time to help other people to improve their skills! God bless you!
  • #17,353
  • Sep 4, 2014 12:15am Sep 4, 2014 12:15am
Quoting flx69
{quote} MM, I donīt quite understand. ADRs are soaring !!! This should make it much easier to find good setups ? Oh, by the way; what do you make of the EJ short 137.800 at London Open which went to SL (I believe ChrisGC posted a screenshot). There was no SR1, SR2 or other imaginary barrier between the pending and the TP level. Looking back on it, the only reason I can see not to take it were the long wicks on the downside. As usual, your views are greatly appreciated ! flx69
Simple..........

Look at the chart and follow PA before and during the FF session..........
(don't use a H1 candle or you'll see nothing so drop down in TF to say M15 or lower)

Decide for yourself where price had been and where it was likely to be going including any likely obstacles.

Understand PA likely patterns during FF and what usually happens to PA coming into the first hour of London (answer: it might reverse direction!!)

Trading EJ at London Open under these conditions of PA = NO TRADE!

I have left a few gaps in amongst my response so you can have a think about it.

Hope that helps.

Masterrmind..........
Master your Mind then Master your Trades
  • #17,354
  • Sep 4, 2014 12:28am Sep 4, 2014 12:28am
Quoting modeco
{quote} MM, wouldnt the BRN be too close to DO to take the trade? I also entered the 900 level, but got stopped out by TS
Nope!

What I generally consider to be too close to the BRN (but not always) is < 5 pips.

Anything < 5 pips and I'd need to have very good reasons to take the trade (I always have good reasons for doing so!).

The GJ trades I took were about 17 pips below the DO so hardly close in my opinion.

Masterrmind..........
Master your Mind then Master your Trades
  • #17,355
  • Sep 4, 2014 12:40am Sep 4, 2014 12:40am
Quoting Carpathian
{quote} Hello to All Today! Dave, I am not sure where I should see the trade on your chart(s). Am I missing something? thanks: Áron
Hi Carpathian, as it was a TS the red price label indicates entry and exit point. Sorry if it was not clear, based on the rules I entered at the preceding red bar on a short.

I still think it was a decent trade and would have probably hit TP if not for the Ukraine news that blew the EUR upwards lol.
  • #17,356
  • Sep 4, 2014 12:41am Sep 4, 2014 12:41am
Quoting javaboy
{quote} Isn't it very tough to win 9 out of 10 trades?
Winning 9/10 trades over the short term or the long term is a challenge but it can be done!

You only need to be winning 7/10 or better to be profitable (depending on "your cost of doing business").

If you have greater costs related to your trading then you may find you need to be winning 8/10.

The important thing to realise is firstly that yes it can be done and secondly out of the entire trading day you just need to find 2 high probability trades and then stop for that trading day.

Forget about "bonus trades" until you can prove to yourself continued high strike rate of winners and only then consider inserting the odd bonus trade when it presents itself.

Master the strategy before over-extending yourself.

Masterrmind........
Master your Mind then Master your Trades
  • #17,357
  • Sep 4, 2014 12:44am Sep 4, 2014 12:44am
@MM do you think it is a good idea to stay out today given the potential low volatility across all the major pairs caused by the pending BOE/ECB interest rate decisions?

Very tempted to try my hand at news trading here...
  • #17,358
  • Sep 4, 2014 12:54am Sep 4, 2014 12:54am
Quoting Dave.Z
@MM do you think it is a good idea to stay out today given the potential low volatility across all the major pairs caused by the pending BOE/ECB interest rate decisions? Very tempted to try my hand at news trading here...
I always take a look at the charts after considering all the factors so I wouldn't be saying don't trade today.

Each chart should be based on its own merits at least that is what I do.

Trading the news does not form part of the strategy of this thread which means posting red news trades would be frowned upon.

What you do outside this thread though is your own business and all I can do is to wish you good luck.

I'm hopeful that enough opportunities will present themselves to make it a worthwhile day....time will tell.

Masterrmind..........
Master your Mind then Master your Trades
  • #17,359
  • Sep 4, 2014 1:21am Sep 4, 2014 1:21am
Quoting Masterrmind
{quote} I always take a look at the charts after considering all the factors so I wouldn't be saying don't trade today. Each chart should be based on its own merits at least that is what I do. Trading the news does not form part of the strategy of this thread which means posting red news trades would be frowned upon. What you do outside this thread though is your own business and all I can do is to wish you good luck. I'm hopeful that enough opportunities will present themselves to make it a worthwhile day....time will tell. Masterrmind..........
Yes I definitely won't post red news trades here lol, if I did news trades they would not have any semblance with the rules here - something like SL 5 pips TP 100 pips with TS 10 pips? lol.

Thanks for the insight! PA really gets tricky at the 15min charts and below, but guess I'll start incorporating 15min PA into the analysis before deciding on a trade.
  • #17,360
  • Sep 4, 2014 1:25am Sep 4, 2014 1:25am
Quoting Dave.Z
{quote} Hi Carpathian, as it was a TS the red price label indicates entry and exit point. Sorry if it was not clear, based on the rules I entered at the preceding red bar on a short. I still think it was a decent trade and would have probably hit TP if not for the Ukraine news that blew the EUR upwards lol.
Good Morning Everyone,

Hello Dave,
Ok I see, so they're the red price tags that show the trades. Do you put them manually, or with a script?
You may wanna try the built-in MT4 feature: you can drag 'the trade' from account history onto the chart and you'll have the trade entry, exit, SL and TP marked. Just an idea, have a nice day!
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