Porta itineris dicitur longissima esse
As simple as possible: 00 level trading
- #17,661
- Sep 9, 2014 5:36am Sep 9, 2014 5:36am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
- #17,662
- Sep 9, 2014 5:45am Sep 9, 2014 5:45am
- Joined Jul 2008 | Status: Trader | 5,763 Posts
Sleep less, live fast, as it aint gonna last
- #17,663
- Sep 9, 2014 5:50am Sep 9, 2014 5:50am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
Porta itineris dicitur longissima esse
CHFJPY LONG @.600 -10 SL.
FFO high followed by retrace, missed .500 entry, entered at .600. Good example of why you want to be looking for levels which are the first after a retrace is broken.
Check out the same pair done well by MM from .500 level... you gotta be quick and with eyes of an eagle in this business.
Nevertheless if you look at this on H1 TF:
The idea was that previous retrace marked with blue trendline was nicely broken upwards in the hour when I entered.
FFO high followed by retrace, missed .500 entry, entered at .600. Good example of why you want to be looking for levels which are the first after a retrace is broken.
Check out the same pair done well by MM from .500 level... you gotta be quick and with eyes of an eagle in this business.
Nevertheless if you look at this on H1 TF:
The idea was that previous retrace marked with blue trendline was nicely broken upwards in the hour when I entered.
- #17,665
- Sep 9, 2014 6:03am Sep 9, 2014 6:03am
- Joined Jul 2008 | Status: Trader | 5,763 Posts
Sleep less, live fast, as it aint gonna last
AUDCAD LONG @1.0200 -10 SL
Entry: previous hour candle jumping away from DO got continuation confirmation upon entering the level, a reason for me to enter.
Conclusions: could have manually got out at BE. I was too stubborn to acknowledge my wrong. And the entry though supported by my momentum continuation rule(s), was a baaaaad setup concerning the pair was moving around DO in a 15 pip range, and attacked the BRN from there, too much expectations.
If there comes any, a restart up from a nice retrace could be a better opportunity.
Entry: previous hour candle jumping away from DO got continuation confirmation upon entering the level, a reason for me to enter.
Conclusions: could have manually got out at BE. I was too stubborn to acknowledge my wrong. And the entry though supported by my momentum continuation rule(s), was a baaaaad setup concerning the pair was moving around DO in a 15 pip range, and attacked the BRN from there, too much expectations.
If there comes any, a restart up from a nice retrace could be a better opportunity.
- #17,668
- Sep 9, 2014 6:13am Sep 9, 2014 6:13am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Master your Mind then Master your Trades
{quote} "Was it a limit order that opened in the mini retrace at the beginning of the hour? " Very good and yes you are correct! ps. important point is the mini retrace..... Masterrmind.........
1. When it has already reached the 3.5 pips BE level I would not use a limit order to enter as that PA would originally take you to BE in this system ie. out of your position not into. So only keep a limit set as long as price does not reach BE (eg. +3.5 pips).
2. If you don't enter with a stop you may not have a 'mini' retrace (that conforms with the situation described in no. 1), but price may go to TP w/o getting back to 00 level, then just because of entry techniques you miss an opportunity that you gave careful thoughts to and spent time on when analyzing and selecting.
3. Provided you have situation no. 1 the advantage of a limit order entry is that you won't have slippage.
What is your opinion?
- #17,671
- Sep 9, 2014 6:33am Sep 9, 2014 6:33am
- Joined Jul 2008 | Status: Trader | 5,763 Posts
{quote} Sorry I just missed it somehow! Seems today I am not really focused... You know what is blowing my mind? That it was just in the past 2 weeks that I realized the importance of retrace/range - breakout/breakdown in this system (as well!). Okay, now I know what you mean by high or low probability setups I just seem to still trade many what I think instead of see... Also very frustrating that now I see zillions of swings where the 5 pips could be realized however many times the 00 level rules just do not allow taking it. On the other hand certainly...
slow down !!!
you only need 2 low risk, highporbability set ups per day !!!
Focus on just a few pairs and get your 2 trades and close up shop
Udine
Sleep less, live fast, as it aint gonna last
- #17,672
- Sep 9, 2014 6:39am Sep 9, 2014 6:39am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Sorry I just missed it somehow! Seems today I am not really focused... You know what is blowing my mind? That it was just in the past 2 weeks that I realized the importance of retrace/range - breakout/breakdown in this system (as well!). Okay, now I know what you mean by high or low probability setups I just seem to still trade many what I think instead of see... Also very frustrating that now I see zillions of swings where the 5 pips could be realized however many times the 00 level rules just do not allow taking it. On the other hand certainly...
There is no easy way you simply have to learn the right methods and apply them at the right times and experience is what makes such a big difference.
Hate to say it but it's true..........plenty of chart time and analysis and figuring out why the price moved the way it did in that particular session.
It's like a gigantic jig-saw puzzle that you have no idea where it ends...its that big!
Just like anything else in this world....if you really want it...you gotta work for it!
Good luck.
Masterrmind...........
Master your Mind then Master your Trades
{quote} Sorry I just missed it somehow! Seems today I am not really focused... You know what is blowing my mind? That it was just in the past 2 weeks that I realized the importance of retrace/range - breakout/breakdown in this system (as well!). Okay, now I know what you mean by high or low probability setups I just seem to still trade many what I think instead of see... Also very frustrating that now I see zillions of swings where the 5 pips could be realized however many times the 00 level rules just do not allow taking it. On the other hand certainly...
1. Make sure the 00 rules work for the particular pair
2. Follow the 00 rules
3. Identify any extra rules that you need to adhere within the framework of 00 trading to ensure high probability trading
4. Follow the extra rules
There are like less than 5 important extra rules that you can discover on your own. The 'rest' of the traditional analysis like trendlines, pivots are completely not needed when using this system. Based on backtesting they do not significantly increase winning success %.
E.g. if you had paid attention to nos. 1 and 3/4 above, you would have avoided all the SLs you hit today.
Just my 2c
- #17,677
- Sep 9, 2014 6:51am Sep 9, 2014 6:51am
- Joined Jul 2008 | Status: Trader | 5,763 Posts
Sleep less, live fast, as it aint gonna last
- #17,679
- Sep 9, 2014 6:59am Sep 9, 2014 6:59am
{quote} slow down !!! you only need 2 low risk, highporbability set ups per day !!! Focus on just a few pairs and get your 2 trades and close up shop
We keep on throwing terms and hints around but not clear definition of what it really is.
Rules and setups that we have to discover for ourselves without any explanation but what are these?
There are less than a handful of traders on here that post successful trades, so I think we need a bit of help here.
The problem is not giving offence but taking offence!
- #17,680
- Sep 9, 2014 7:03am Sep 9, 2014 7:03am
- Joined Jul 2008 | Status: Trader | 5,763 Posts
Sleep less, live fast, as it aint gonna last