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As simple as possible: 00 level trading

  • #19,521
  • Oct 9, 2014 7:50am Oct 9, 2014 7:50am
Trade #1

CHFJPY +5 TP

Attached Image (click to enlarge)
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Masterrmind..........
Master your Mind then Master your Trades
  • #19,522
  • Oct 9, 2014 8:25am Oct 9, 2014 8:25am
Trade #6 o/t day: AJ to SL
Trade #6 o/t day: AU to TP
Trade #7 o/t day: NU to TP

flx69
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  • #19,523
  • Oct 9, 2014 8:26am Oct 9, 2014 8:26am
Trade #3 EJ to TS (some seconds later TP)


Greetz Michael
Attached Image (click to enlarge)
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  • #19,524
  • Oct 9, 2014 8:29am Oct 9, 2014 8:29am
Quoting flx69
Trade #6 o/t day: AJ to SL Trade #6 o/t day: AU to TP Trade #7 o/t day: NU to TP flx69 {image} {image} {image}

nice flx but why is on NU your D1 green?!

Greetz
  • #19,525
  • Oct 9, 2014 8:46am Oct 9, 2014 8:46am
Well observed Michael

I work with 2 Daily Open lines. One is my brokerīs D.O., which is Tokyo time (white line on the chart below).
The other one is set to Frankfurt as Daily Open, is the magenta line (which happens to be the same as JiPaīs).
I donīt trade Tokyo, and if weīd just imagine that my D.O. would be the magenta line, this trade would be H1, H4 and D1 in red, RmUp & RmDn all clear, ADR not maxed out yet, ...
Together with the forexgrail Excel sheet strength values enough for me to set a pending short at the third level from the "D.O.".
Hope that explains it.

flx69
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  • #19,526
  • Oct 9, 2014 8:55am Oct 9, 2014 8:55am
Quoting flx69
Well observed Michael I work with 2 Daily Open lines. One is my brokerīs D.O., which is Tokyo time (white line on the chart below). The other one is set to Frankfurt as Daily Open, is the magenta line (which happens to be the same as JiPaīs). I donīt trade Tokyo, and if weīd just imagine that my D.O. would be the magenta line, this trade would be H1, H4 and D1 in red, RmUp & RmDn all clear, ADR not maxed out yet, ... Together with the forexgrail Excel sheet strength values enough for me to set a pending short at the third level from the "D.O."....
perfect!

Greetz Michael
  • #19,527
  • Oct 9, 2014 9:37am Oct 9, 2014 9:37am
Quoting snail69
{quote} Hi, Jiba has 9 and 21 wma on open, I use 8 and 25 ema on open. Watching each pair as individual "personality", sure some are related e.g. uj , uch and eu... PS: May slightly take a different approach on news ban. Like now missed opp on Eu and Chf. Both went to TP. Had placed pending but removed them, because of news. Very often before news price rushes like to catch something. If it is a "proper" direction, then why not ?
Appreciate for a great reply Just during August and September watching pairs as "personality" didn't work well. If there was no sync, then basically it was very risky to get into trade
  • #19,528
  • Oct 9, 2014 10:54am Oct 9, 2014 10:54am
Ok guys, I am out.

Speak tomorrow.

flx69
  • #19,529
  • Oct 9, 2014 4:46pm Oct 9, 2014 4:46pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Hello. I've spent the past couple of hours scouring the beginning of the tread & picked up one of the author's rules for entry are pending orders only. I'd really appreciate input from those using the system.

Are most folks here using the system entering the market on STOP orders or LIMIT orders? Many thanks for your input.
  • #19,530
  • Oct 9, 2014 5:52pm Oct 9, 2014 5:52pm
Quoting eggs
Hello. I've spent the past couple of hours scouring the beginning of the tread & picked up one of the author's rules for entry are pending orders only. I'd really appreciate input from those using the system. Are most folks here using the system entering the market on STOP orders or LIMIT orders? Many thanks for your input.
Eggs - everything you need to know is in this thread. I use the scripts in the first post.
  • #19,531
  • Oct 10, 2014 1:14am Oct 10, 2014 1:14am
Quoting bubincka
Hi Udine and other fellow traders, out of curiosity, all other rules been equal why don't enter at market instead of using pending orders ? Sometimes price is so close to the next 00 level that you end up missing the entry and other times it's enough far so that you don't reach TP for a fraction of pip. Couldn't be better to enter at market provided that trend/PA/momentum and of course the rules are respected ?
Anybody ? Ideas ??
Porta itineris dicitur longissima esse
  • #19,532
  • Oct 10, 2014 1:18am Oct 10, 2014 1:18am
Quoting bubincka
{quote} Anybody ? Ideas ??

never tried it... have you ??

Udine
Sleep less, live fast, as it aint gonna last
  • #19,533
  • Oct 10, 2014 1:37am Oct 10, 2014 1:37am
Quoting Udine
{quote} never tried it... have you ?? Udine
Hi Udine,
thank for your reply. I'm paper trading it since a few days, so too short time to say anything.

The first impression is that is not to be meant as a replacement to pending stop orders but more an alternative. According to price action, proximity vs distance to the next 00 level you will have one more option to choose from when entering a trade.
Porta itineris dicitur longissima esse
  • #19,534
  • Oct 10, 2014 1:49am Oct 10, 2014 1:49am
Quoting bubincka
{quote} Hi Udine, thank for your reply. I'm paper trading it since a few days, so too short time to say anything. The first impression is that is not to be meant as a replacement to pending stop orders but more an alternative. According to price action, proximity vs distance to the next 00 level you will have one more option to choose from when entering a trade.
Mostly higher slipage on marekt order.

Thanks
  • #19,535
  • Oct 10, 2014 2:18am Oct 10, 2014 2:18am
Trade #1 AUDUSD TP.

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Have a green day all together!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #19,536
  • Oct 10, 2014 2:19am Oct 10, 2014 2:19am
Good morning everyone,

EU short @ 1.26800 + 5 pips

Thanks
BB.
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  • #19,537
  • Oct 10, 2014 2:20am Oct 10, 2014 2:20am
EU short to TP as well!
  • #19,538
  • Oct 10, 2014 2:25am Oct 10, 2014 2:25am
USDCAD to SL
Where is I am wrong? I don't understand.
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  • #19,539
  • Oct 10, 2014 2:28am Oct 10, 2014 2:28am
GU short @ 1.60900 TP +5
AU short @ 0.87500 TP +5
GJ short @ 173.546 SL -10
Comment: third trade (GJ) was taken using a market order, since I'm experimenting this kind of entry leaving all the other rules unchanged.
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Porta itineris dicitur longissima esse
  • #19,540
  • Oct 10, 2014 2:30am Oct 10, 2014 2:30am
Quoting bubincka
{quote} Hi Udine, thank for your reply. I'm paper trading it since a few days, so too short time to say anything. The first impression is that is not to be meant as a replacement to pending stop orders but more an alternative. According to price action, proximity vs distance to the next 00 level you will have one more option to choose from when entering a trade.
@ all, i think it is a very good habbit to investigate because you get a lot off insight in this system and the market in general.
But i'm sure in the end you will find that there's no need to add something to a winning system, most times you are destroying it.

It's not about the alternatives you can discover, it's about you, because everybody can win with the rules in post 1. The difficulty is when to enter and when not, that's not in the rules and that is something that a trader has to develop, it takes time and at times it hurts when you think you got it only to discover next week that you don't. So far my serious rant lol.
Persistence will get it. Consistency will keep it.
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