As simple as possible: 00 level trading

ok thanks for clearing it up.

(I can't think of an example where this wouldn't be the case? If it's a green/long day. An hourly bar closes(either red or green). You place a long order at the next 00 above the last close. If it hits, the currently forming hourly has to be green at that point.)

Anyway it's a great thread, great ideas. thank you for sharing & contributing so readily - it's one huge thread!!!

And how do you use the strengh meter to enter a trade?Thanks again

Bonus trade #1 o/t day (a half the lot size): CC to TP.

I should have left the pending placed earlier, need to work on the C...

flx69

Hourly Candle opened @ 0.89644 so the next valid level is clearly long from the 700 level.

Both H1 and D1 at the time the trade was opened were both green.

Trade is valid and by the rules.

Masterrmind........

GJ SL = -10 (entered on the 2d touch of .400, 1st touch would result TS).
GU TP =+10
EU TP =+10
UC TP= +8.4(slippage)

maybe someone already asked.. have you your TP = 10 ?

Thanks Messiah01, sorry for the late reply I only just found where it tells me that someone has quoted on my post.......LEARNING AS FAST AS I CAN......

I have another question that may be a little harder to answer but I've been looking everywhere for an EA that will basically have a field for me to enter the signal price target say for e.g. @137.200 and when the price hits this it will be activated and then wait for the price to pull back a set value say @137.180, and then at this point fire a buy order....
The reasoning behind this is a way that I think one can cheat the spreads...I will do my best to explain....

Let’s say all the rules have been followed and the set up is there and your buy stop was triggered at 137.200 and you are in the trade + spread let’s say @ 137.220, so to make the 5pips price needs to go past the 137.250 level to 137.270 which is asking for a little more momentum that may not be there, also your SL is at the 137.120 level which is also reducing the room for which price can retract before taking out your SL.. I understand that this whole trading system is based around these round numbers and the closer your order can be to Entry @ 137.200 SL @ 137.100 TP @ 137.250 the better chance you have of the momentum of the market paying out green pips...
So if I can assume if I’m in at 137.200 by completely following the rules then if price was to pull back to 137.180 then at this point regardless I would be in this trade minus 20points + spread, but if I were to hold off and enter the market @ 137.180 then I’m in the trade that I was always going to be in anyway and my 5pip TP is now set closer to the 137.250 mark and my SL is now closer to the - 10pips @137.100.....It’s almost like letting the market bounce off the RN pay for the cost of business....
Of course everything has a drawback, let’s say price does not pull back and keeps on moving up there for the market never offered an acceptable price and the trade was not taken...But let’s not forget when we enter a trade we are always buying one side of the pair so why would you pay $1000 for a red car worth $750 just because there is a chance another red one may not come along??????

I would still like the option to set a pending order at the close of the hour just like Udine's rules so I can spend less time at the PC but instead of jumping in at the RN Id like my system to wait a little for the price to suit my appetite for risk....

So if anyone has any ideas for this EA that would be great and being new to this kind of thing please let me know if I have stepped outside the boundaries of the forum topic as I said I'm learning fast..

Regards and Green Pips to all

PotatoFX

EU long @ 1.29200 + 5pips
After price retraced in the area of DO line and saw next candle to be green, i anticipated that price will carry on upwards. Also EU and GU was in sync (both retraced and carried on up)
BB

EU LONG @.200 +5 TP.

Previous M15 retrace was broken up at entry at 00 level.

EJ LONG @.400 BE SL.

Previous M15 small retrace was broken up at entry at 00 level. EUR strong against JPY but risky trade concerning dry pre-NYO hour and extended uptrend in EJ.

I send pending order
EU L .300

RED NEWS!!

Rule #7 & 8

GL, but USD news soon, so you shouldn't put it

wrong !!!

RED USD NEWS !!!

Udine

EURGBP SHORT @.500 -10 SL.

Entry made based on M5 retrace pattern showing breakdown. Maybe too little retrace. And entry in pre-NYO then it gets decided in NYO, too risky..

sorry, but i see nothing that has to do with the system

Udine

EU LONG @.300 +2 manual TP.

Entry: Prior H1 retrace broken up in previous hour continued confirmed at entry of 00 level. Violation of red news rule (forgot about it).
Exit: Wrong entry, red news coming.

Why, I don't see any rules violated. Am I missing something?

5M timeframe
HL / LH
trendlines

not part of the system

Udine

Hi Udine, thanks for your efforts) Working with good broker is a crucial part of your system as 5 pips TP doesnt like huge spreads and slippage. Could you recommend one? PM, please

Yes. I decided from the begining to increase profit to 10 pips making RR to 1:1 when I understand the Method better. I feel with this RR it's easier to come back after a losing trade. Today it worked good. May be it's just a lucky day.
Alec