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As simple as possible: 00 level trading

  • #17,381
  • Sep 4, 2014 3:56am Sep 4, 2014 3:56am
Quoting Masterrmind
Trade #1 AUDJPY +5 TP {image} Masterrmind...........
Really picking THE ONE
  • #17,382
  • Sep 4, 2014 4:08am Sep 4, 2014 4:08am
Quoting Masterrmind
Trade #1 AUDJPY +5 TP {image} Masterrmind...........
LOL you took the trade right through the BRN, well done

I don't have the guts for that trade.
  • #17,383
  • Sep 4, 2014 4:18am Sep 4, 2014 4:18am
Quoting Carpathian
{quote} Really picking THE ONE
I wonder if those with %90+ winning percentages would post their trades when they enter as opposed to after they've exited, if they'd still have nearly the same winning percentage...Food for thought.
  • #17,384
  • Sep 4, 2014 4:24am Sep 4, 2014 4:24am
Quoting Carpathian
{quote} Really picking THE ONE
Mini breakout strategy used........

PA pulling away from the DO and having to take out recent highs (very recent) to get me into the trade.

Look where my SL was placed with this setup.

Masterrmind........
Master your Mind then Master your Trades
  • #17,385
  • Sep 4, 2014 4:34am Sep 4, 2014 4:34am
Quoting Masterrmind
Trade #1 AUDJPY +5 TP {image} Masterrmind...........
Am I correct in assuming that you don't allow for the commission in your trades, I know Udine doesn't either so all is good. If that is the case then the pip gain is more like 4.4/5? The only reason I ask is that the high on that candle with my broker - IC - was 98.052 and my round turn comm is 5.5 so if I had taken the trade my TP wouldn't have been triggered because I have a TP of 5.5 and not 5. Wondering whether I should change that as every missed TP because of an extra 0.5 that results in a 10p SL is really significant when doing one's stats.
  • #17,386
  • Sep 4, 2014 4:42am Sep 4, 2014 4:42am
Quoting Masterrmind
....PA pulling away from the DO and having to take out recent highs (very recent) to get me into the trade. Look where my SL was placed with this setup. Masterrmind........
Yeah, similar thoughts here, for me the picture is: after a higher high early today a decent retrace, ending in a not-lower-low, then when price by a bounce up from DO took the BRN it was also a break of the retrace upwards.

What do you mean, I fail to see your SL on the chart, am I missing something?
  • #17,387
  • Sep 4, 2014 4:56am Sep 4, 2014 4:56am
Quoting silversurfer
{quote} Am I correct in assuming that you don't allow for the commission in your trades, I know Udine doesn't either so all is good. If that is the case then the pip gain is more like 4.4/5? The only reason I ask is that the high on that candle with my broker - IC - was 98.052 and my round turn comm is 5.5 so if I had taken the trade my TP wouldn't have been triggered because I have a TP of 5.5 and not 5. Wondering whether I should change that as every missed TP because of an extra 0.5 that results in a 10p SL is really significant when doing one's...
For simplicity sake we use 5 pips.

From a net pip gain this will likely vary between all of us so it makes sense to just say 5 pip TP.

Net gain of course would be less "cost of doing business".

Masterrmind..........
Master your Mind then Master your Trades
  • #17,388
  • Sep 4, 2014 5:00am Sep 4, 2014 5:00am
Quoting Carpathian
{quote} Yeah, similar thoughts here, for me the picture is: after a higher high early today a decent retrace, ending in a not-lower-low, then when price by a bounce up from DO took the BRN it was also a break of the retrace upwards. What do you mean, I fail to see your SL on the chart, am I missing something?
You know we use a SL = 10 pips right?

On my chart you can see where my trade opened.

Now look to see where my SL would be located when I opened the trade....hint: 10 pips below where I entered.

Now then which side of the DO would that put my SL with respect to my opened trade...

Hope that helps.

Masterrmind...........
Master your Mind then Master your Trades
  • #17,389
  • Sep 4, 2014 5:09am Sep 4, 2014 5:09am
Quoting Masterrmind
{quote} For simplicity sake we use 5 pips. From a net pip gain this will likely vary between all of us so it makes sense to just say 5 pip TP. Net gain of course would be less "cost of doing business". Masterrmind..........
I haven't done the math but is does change the equation if the SL is 10 and the TP is 4.45 in my case (allowing for $5.50 per round turn on 1 lot).

Breakeven % would now be more likely to be higher than 70% I would suspect - any math orientated people want to have a go?
  • #17,390
  • Sep 4, 2014 5:11am Sep 4, 2014 5:11am
NU LONG @.300 -2 manual SL.
Attached Image

Entry: NZD being strong USD being weak across the board. PA: though .300 was a resistance in past one day this last swing approached the resistance with two steady white candles so as the last candle's high was taken out along with taking the 00 level I saw room for some pips upward.
Exit: a risky entry from the beginning so when PA was reluctant to gain momentum upwards I decided I am better out.
  • #17,391
  • Sep 4, 2014 5:13am Sep 4, 2014 5:13am
been reading a book, as on the charts there is nothing what interests me to see..

the waiting game

Udine
Sleep less, live fast, as it aint gonna last
  • #17,392
  • Sep 4, 2014 5:15am Sep 4, 2014 5:15am
Quoting Masterrmind
....Now then which side of the DO would that put my SL with respect to my opened trade....
Yeah okay, on the short side of DO @.900. I can see the short red line drawn by MT4 as well now.
But that's okay, with entries < 10 pip from DO we are going to have the SL on the other side that's a consequence, still those setups can be good ones IMO.
  • #17,393
  • Sep 4, 2014 5:17am Sep 4, 2014 5:17am
Okay, and now I am in reality going to go out and mow the lawn!
  • #17,394
  • Sep 4, 2014 5:17am Sep 4, 2014 5:17am
Quick maths using 4.45 TP and 10 SL

10/10 = 44.5
9/10 = 30.95
8/10 = 16.4
7/10 = 1.85

I think I got these right and they are quite different to the previous stats posted.

I seem to remember that Udine alluded to a higher TP before his holiday break so keen to hear what he has come up with.
  • #17,395
  • Sep 4, 2014 5:18am Sep 4, 2014 5:18am
Quoting Carpathian
{quote} Yeah okay, on the short side of DO @.900. I can see the short red line drawn by MT4 as well now. But that's okay, with entries < 10 pip from DO we are going to have the SL on the other side that's a consequence, still those setups can be good ones IMO.
Yes because it gives a little extra confidence knowing that price needs to completely reverse to take you out!

Masterrmind..........
Master your Mind then Master your Trades
  • #17,396
  • Sep 4, 2014 5:21am Sep 4, 2014 5:21am
Quoting silversurfer
Quick maths using 4.45 TP and 10 SL 10/10 = 44.5 9/10 = 30.95 8/10 = 16.4 7/10 = 1.85 I think I got these right and they are quite different to the previous stats posted. I seem to remember that Udine alluded to a higher TP before his holiday break so keen to hear what he has come up with.

i came up with nothing

my tp @ 5 pips what remains is enough for me

Udine
Sleep less, live fast, as it aint gonna last
  • #17,397
  • Sep 4, 2014 5:24am Sep 4, 2014 5:24am
Quoting silversurfer
Quick maths using 4.45 TP and 10 SL 10/10 = 44.5 9/10 = 30.95 8/10 = 16.4 7/10 = 1.85 I think I got these right and they are quite different to the previous stats posted. I seem to remember that Udine alluded to a higher TP before his holiday break so keen to hear what he has come up with.
Of course they will be different because the TP is getting eaten into...

I calculated the following based on Tp = 4.45 pips and SL = 10 pips:

10/10 = 44.5 pips
9/10 = 9x4.45 - 10 = 30.05 pips
8/10 = 8x4.45 - 20 = 15.6 pips
7/10 = 7x4.45 - 30 = 1.15 pips and
6/10 = 6x4.45 -40 = -13.3 pips.

Based on a TP=4.45 pips you'd need an average win rate of about 8 out of every 10 trades because 7/10 is far too fine.

Masterrmind............
Master your Mind then Master your Trades
  • #17,398
  • Sep 4, 2014 5:30am Sep 4, 2014 5:30am
popcorn and beer ready...

movie to start in 30 minutes

Udine
Sleep less, live fast, as it aint gonna last
  • #17,399
  • Sep 4, 2014 5:31am Sep 4, 2014 5:31am
my 2 bobs worth again ... I never show my stop loss pt (just asking to be churned) untill Im ITM ... THEN and only then sl at be or + pips ... mind you it requires dicipline or big bank , but never give the suckers an even break IMO ...cheers Q
Whats That? you're trading What?
  • #17,400
  • Sep 4, 2014 5:33am Sep 4, 2014 5:33am
LOVE your total DISCIPLNE UDINE ,, regardless of all the whizz bang bells and whistles ...its rules RULE and PROFITS flow ... thnx M8 uve helped me heaps cheers Q
Whats That? you're trading What?
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