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As simple as possible: 00 level trading

  • #19,181
  • Oct 6, 2014 3:52am Oct 6, 2014 3:52am
Trade #2 o/t day: EU to TP

flx69
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  • #19,182
  • Oct 6, 2014 4:03am Oct 6, 2014 4:03am
GU +5pips TP : pure price action here with a failed 2nd entry short, shooting through 00-level. By rules it was 1 hr since last trade, this is my 2nd now just watch [watching my swing trades on side guys! Best of Luck!]
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  • #19,183
  • Oct 6, 2014 4:04am Oct 6, 2014 4:04am
Trade #7 EURUSD TP.

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While I took a nap.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #19,184
  • Oct 6, 2014 4:08am Oct 6, 2014 4:08am
Quoting JibalaPasan
Trade #7 EURUSD TP. {image} While I took a nap. Jibala
I have sent you a PM.

Arian
  • #19,185
  • Oct 6, 2014 4:11am Oct 6, 2014 4:11am
USDCAD -10 PIP
was it a correct entry?
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  • #19,186
  • Oct 6, 2014 4:17am Oct 6, 2014 4:17am
Quoting arianptc01
Hello guys, Just to make sure, I have a question. let say at London Open price is above the daily open line and the next 00 level is 3rd level or 4th level(sweetspot/yellow dot line). can I set a buy stop pending order? or first 00 level after daily open line is acceptable? Arian
As long as I remember, Udine once said 'the first 00 level of each hour' .....CMIIW
  • #19,187
  • Edited 5:55am Oct 6, 2014 4:20am | Edited 5:55am
Quoting arianptc01
USDCAD -10 PIP was it a correct entry? {image}
Entry was according to the rules.
It wasn´t the "correct entry" insofar, that it ended in a loss...

Look below where the Daily Pivot is (not part of the rules, but helpful).

flx69
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  • #19,188
  • Oct 6, 2014 4:21am Oct 6, 2014 4:21am
Quoting budim2006
{quote} As long as I remember, Udine once said 'the first 00 level of each hour' .....CMII
That's how I understand it too budim2006. But arianptc01 that looks like a simple short independent of any system - what when wrong, I guess I can't read your chart cause it looks so complex. ...Griff

EDT: Yep, flx69 has the answer...
  • #19,189
  • Oct 6, 2014 4:23am Oct 6, 2014 4:23am
Quoting JibalaPasan
Trade #7 EURUSD TP. {image} While I took a nap. Jibala
Nice JiPa

I see on your chart you previously took another EU long at the .200 level, is that correct ?

flx69
  • #19,190
  • Oct 6, 2014 4:36am Oct 6, 2014 4:36am
Hi All

I have a question about placing an order. How do place an order? Do you use pending orders? I am new to forex. I have opened up a new demo account. But when I try to place a pending order, it complains " Invalid SL ot TP". If I do buy market or sell market then with the spreads order is way out.
  • #19,191
  • Oct 6, 2014 4:38am Oct 6, 2014 4:38am
Quoting budim2006
{quote} Hi Q, looks like you're not using SL. not following the rules ..... why?
I dont use when watching.after a few yrs of setting Sl and seeing trades get churned to SL I just prefer to watch and act ... its too easy for the computer to see stop loss once a certain number of SL hit a certain point IMO IF I cant watch and Im in profit I will set stop loss at b/e other wise I CLOSE for the loss ..im prepared to get hit anyway so thats 1 for the market cheers Q
Whats That? you're trading What?
  • #19,192
  • Oct 6, 2014 4:41am Oct 6, 2014 4:41am
Quoting bpatel111
Hi All I have a question about placing an order. How do place an order? Do you use pending orders? I am new to forex. I have opened up a new demo account. But when I try to place a pending order, it complains " Invalid SL ot TP". If I do buy market or sell market then with the spreads order is way out.
Right click in the Market Watch window, choose Symbols, choose the pair you tried to set the pending order for, choose properties.
Like in the screenshot below. What´s the value in the "stops level" ?

flx69
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  • #19,193
  • Oct 6, 2014 4:45am Oct 6, 2014 4:45am
Hi

I just check EURUSD - set to 20 and GBPUSD set to 30. Some other pairs are set to 0. What should it be?

Thanks
  • #19,194
  • Oct 6, 2014 4:52am Oct 6, 2014 4:52am
Quoting bpatel111
Hi I just check EURUSD - set to 20 and GBPUSD set to 30. Some other pairs are set to 0. What should it be? Thanks
EU set to 20 means that your broker requires a minimum of 2 pips distance from current price to the next 00-level where you wish to place your pending order.
GU 3 pips required.

You have a PM.

flx69
  • #19,195
  • Oct 6, 2014 4:56am Oct 6, 2014 4:56am
usdcad new hour new stop loss : -10 pip

is it correct entry?
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  • #19,196
  • Oct 6, 2014 4:58am Oct 6, 2014 4:58am
Quoting flx69
{quote} Nice JiPa I see on your chart you previously took another EU long at the .200 level, is that correct ? flx69
That's correct. If you have read my previous post of this morning, you'll know what happend.

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Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #19,197
  • Edited 5:09am Oct 6, 2014 4:58am | Edited 5:09am
Just saw a great setup on GU : a re-entry @ .800 level, double top and then some. Anyone take it? Easy money! Cannot go long @ .900 level as per rules Oh, that looks like a short-trap (would have collected peoples SL if they had one @ pp) as it hit the .900 and its going south - what a great rule!
  • #19,198
  • Oct 6, 2014 5:04am Oct 6, 2014 5:04am
Quoting arianptc01
usdcad new hour new stop loss : -10 pip is it correct entry? {image}
See post # 19.188.
History repeats.

flx69
  • #19,199
  • Oct 6, 2014 5:13am Oct 6, 2014 5:13am
Quoting arianptc01
usdcad new hour new stop loss : -10 pip is it correct entry? {image}
The entry was by the rules just not the right time! Pls change paramater of M-Candles indicator to 240 when using H1 chart, otherwise it's useless.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #19,200
  • Oct 6, 2014 5:16am Oct 6, 2014 5:16am
Trade #2 GJ short + 5pips
Comment: H1,H4,D1 all red, Ash Red
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