Trade #4
[Bonus Trade #2]
EURJPY +5 TP
Masterrmind........
[Bonus Trade #2]
EURJPY +5 TP
Masterrmind........
Master your Mind then Master your Trades
As simple as possible: 00 level trading
- #17,501
- Sep 5, 2014 9:13am Sep 5, 2014 9:13am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
- #17,503
- Sep 5, 2014 9:52am Sep 5, 2014 9:52am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Trade #5 [Bonus Trade #3]
GBPCAD +5 TP
Trade #6 [Bonus Trade #4]
NZDJPY +5 TP
Comment: Nice way to finish off the trading week!
Masterrmind............
GBPCAD +5 TP
Trade #6 [Bonus Trade #4]
NZDJPY +5 TP
Comment: Nice way to finish off the trading week!
Masterrmind............
Master your Mind then Master your Trades
- #17,504
- Sep 5, 2014 9:55am Sep 5, 2014 9:55am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Have a great weekend everyone when you finally get there and see you next week.
It is my hope that profitable trades will come more easily from now on so lets hope so!
All the best and good luck with your trading.
Masterrmind...........
It is my hope that profitable trades will come more easily from now on so lets hope so!
All the best and good luck with your trading.
Masterrmind...........
Master your Mind then Master your Trades
- #17,505
- Sep 5, 2014 10:02am Sep 5, 2014 10:02am
Hi!
Can anyone help me to understand what was wrong with this trade?
I noticed the red support level at about 1.51835, so i didnt short any sooner. When the first m15 candle broke that level, I waited for H1 candle to close bellow that level as well. So right at NYO I shorted from level 1.51700. Looks like it hardly trigered my sell stop, then hit SL and then went down - my way. In the next 2 m15 candles we see big movements - could these be related with USA NFP?
I see 3 possible reasons why I shouldnt take that trade:
1) not the first daily 00 level
2) todays ADR at that time was about 58 - maybe that is too much?
3) does NFP have impact on the pair? can we trade non USD pairs during NFP announcment?
maybe there is some thing else?
Can anyone help me to understand what was wrong with this trade?
I noticed the red support level at about 1.51835, so i didnt short any sooner. When the first m15 candle broke that level, I waited for H1 candle to close bellow that level as well. So right at NYO I shorted from level 1.51700. Looks like it hardly trigered my sell stop, then hit SL and then went down - my way. In the next 2 m15 candles we see big movements - could these be related with USA NFP?
I see 3 possible reasons why I shouldnt take that trade:
1) not the first daily 00 level
2) todays ADR at that time was about 58 - maybe that is too much?
3) does NFP have impact on the pair? can we trade non USD pairs during NFP announcment?
maybe there is some thing else?
- #17,515
- Edited 5:54pm Sep 7, 2014 5:22pm | Edited 5:54pm
- | Joined Jun 2014 | Status: Trader | 576 Posts
.....I see 3 possible reasons why I shouldnt take that trade: 1) not the first daily 00 level 2) todays ADR at that time was about 58 - maybe that is too much? 3) does NFP have impact on the pair? can we trade non USD pairs during NFP announcment? maybe there is some thing else?
(1) Some (successful) others do make green pips on taking not the first 00 lvl the day, so I don't think it's a reason.
(2) I don't understand what you mean by 'too much'? What is too much?
(3) Well, think about it, at times of NFP announcements markets can move 60-100 pips. Though GBPCHF is not directly USD related, however GBPUSD and USDCHF are exposed (in the opposite direction), so at the time of NFP their movement won't be defined by their respective power to each other however respective to the USD, so both will be affected by USD globally strengthening or weakening but with different extent on the pairs. Now imagine what happens if GBPUSD moves 70 pips USDCHF 'only' 60 pips, that will be 10 pips difference on GBPCHF then your SL is bumm gone.
I mean there are smaller impact red US news where you may wanna try trading non-direct USD pairs however NFP is a big impact one.
Regardless of NFP the reason I would not have taken this GBPCHF trade is because previous hour candle's low was not yet passed when price entered the .700 level. It is just that each hour's HI or LO acts as a support/resistance if you take a look. It seems to me entries where H1 HI/LO is also passed (broken), or an M15 retrace is broken are higher probability ones. Also see my interpretation of GBPCHF for this day.
I would allow for price to make ideally 1-2 pips passing HI/LO before it enters the 00 level. Of course the HI/LO pass won't guarantee 100% success, see my failure(s) on Friday (eg. http://www.forexfactory.com/showthre...30#post7719230) however it does stack the odds in your favor IMO.
Cheers,
Áron
ps. I am not saying Mastermind took or would have taken the one designated with his name it is just I see similar patterns on his charts a lot.
- #17,516
- Sep 7, 2014 7:57pm Sep 7, 2014 7:57pm
Have a great weekend everyone when you finally get there and see you next week. It is my hope that profitable trades will come more easily from now on so lets hope so! All the best and good luck with your trading. Masterrmind...........
Thanks
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