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As simple as possible: 00 level trading

  • #20,121
  • Oct 22, 2014 8:13am Oct 22, 2014 8:13am
AJ +5 TP
Comment: RmUp wasn't red.
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Porta itineris dicitur longissima esse
  • #20,122
  • Oct 22, 2014 8:40am Oct 22, 2014 8:40am
#3 NU lunch in NY is near so is the end of trading day. Till tomorrow.
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  • #20,123
  • Oct 22, 2014 8:40am Oct 22, 2014 8:40am
early finish for me..

speak tomorrow

stay green

Udine
Sleep less, live fast, as it aint gonna last
  • #20,124
  • Edited 12:46pm Oct 22, 2014 12:19pm | Edited 12:46pm
Hello everyone. Firstly, I'd like to thank everyone whos participated in this thread and offered help. I'm very interested in this system, so thank you Udine for sharing it.

I've been trying to read the thread but it is very large. Should I begin reading from the start? From the end towards the start? From page 900?

a few questions which hopefully have not been answered in the thread yet.

I'm trading NY session. Would the best pairs to focus on still be GJ and EJ? And what hours should I generally be trading for? 8am-12pm eastern?

After reading some of the later posts, I've noticed that many of the traders have put some focus into supply/resistance, which "00 zone" works the best (ie first/5th/8th zone). Has anyone written more on what consititues as a higher probability zone rather than just blindly entering according to the rules? (I'm not knocking the system here as it looks great, but if there is ways to make it even more profitable I'd love to read up on it.

Finally, I saw early in t he thread that Udine has had ~76% accuracy with this method. I was curious to see if this has changed and if anyone else such as MasterMind could state his accuracy.

I apologize if these questions have been answered

Hopefully I'll be contributing to this thread very soon. Thanks very much for everyones effort.
  • #20,125
  • Oct 22, 2014 6:37pm Oct 22, 2014 6:37pm
uc +5+5
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  • #20,126
  • Oct 22, 2014 6:51pm Oct 22, 2014 6:51pm
Quoting jmag4
Hello everyone. Firstly, I'd like to thank everyone whos participated in this thread and offered help. I'm very interested in this system, so thank you Udine for sharing it. I've been trying to read the thread but it is very large. Should I begin reading from the start? From the end towards the start? From page 900? a few questions which hopefully have not been answered in the thread yet. I'm trading NY session. Would the best pairs to focus on still be GJ and EJ? And what hours should I generally be trading for? 8am-12pm eastern? After reading...
This was answered for me recently so I'll do my best to pass it on. If I'm wrong then someone please correct me!

- Read the first 20 and the last 20 pages. Udine is trading pretty much the same system since the beginning, others have made their own changes.
- As the rules say, try and trade the opening of the sessions. This is where the best action is for this method. Udine trades EJ GJ EU GU, as do I. Others trade more but it's too difficult for me at this stage.
- S/R plays a part in all trading, but it isn't core to this system. You should be aware of it though, of course. The rules say don't trade short at the 100 level or long at the 900 level, and be careful around BRN (big round numbers). Aside from that, nothing about what levels are the best.
- Key to this system is trade selection, and what Udine calls PDF - Patience, Discipline and Focus. As the Risk/Reward is 0.5:1, you need to be very selective about your trading, but if you follow the rules you can easily find 1-5 setups per day across 4 pairs that will tick all the boxes.

Hope that helps.

Everything I just said is in this forum. Spend the time reading it, read the rules and stick to them.
  • #20,127
  • Oct 22, 2014 8:25pm Oct 22, 2014 8:25pm
Quoting scottik187
{quote} This was answered for me recently so I'll do my best to pass it on. If I'm wrong then someone please correct me! - Read the first 20 and the last 20 pages. Udine is trading pretty much the same system since the beginning, others have made their own changes. - As the rules say, try and trade the opening of the sessions. This is where the best action is for this method. Udine trades EJ GJ EU GU, as do I. Others trade more but it's too difficult for me at this stage. - S/R plays a part in all trading, but it isn't core to this system. You should...
Not a bad summary scottik187...........

@jmag4.....

Several of us traders have been trading this method since "almost" the beginning of the thread and therefore have read every post (pretty much).

For someone new it might sound a little unfair to start reading from the start and continue through 20,000+ posts but that would always be my recommendation to anyone keen enough to master the system (you really don't want to be missing anything mentioned, although as per usual there will be a small % of information that is less useful)

I would suggest that a new trader to the method do the following:
1. Read the whole thread (at least as much as possible to get a good overall idea of what it's all about)
2. Understand the rules
3. Understand the risks (0.5:1 - reward:risk)
4. PM Udine or longer term traders if you have any "basic" questions to keep the thread fairly clean
5. Study as many of the charts as possible and look for reasons why the trader took that trade (this is where the power and forethought develops)
6. Practice on demo or a relatively small funded account
7. Don't trade this method mechanically (choose high probability setups and understand why they are high prob trades)
8. Observe the PDF .... patience is the true nature of the game and not being blindly gung-ho!
9. Rinse and Repeat once you feel comfortable in all the reasons for trading and when not to trade (more important!)
10. Interact with other traders and learn from them, especially from their charts.

NOTE: shoot for 2 trades (TP) initially in a trading day and no more and you will do fine.

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #20,128
  • Oct 22, 2014 9:43pm Oct 22, 2014 9:43pm
Quoting jmag4
Hello everyone. Firstly, I'd like to thank everyone whos participated in this thread and offered help. I'm very interested in this system, so thank you Udine for sharing it. I've been trying to read the thread but it is very large. Should I begin reading from the start? From the end towards the start? From page 900? a few questions which hopefully have not been answered in the thread yet. I'm trading NY session. Would the best pairs to focus on still be GJ and EJ? And what hours should I generally be trading for? 8am-12pm eastern? After reading...
Please refer to the info in the above post.

You really need to get very very good at understanding the following as they apply to the charts:

Support and resistance levels and Pivots and Daily Open (DO) (either start at slightly higher TF (eg H1, H4 etc) and draw horizontal lines on your chart where prices are seen to bounce off levels on multiple occurrences and refine this by dropping down to a lower TF and repeating the process. Your chart will soon have S+R levels for a given currency pair...alternatively choose a reliable S+R indi available for free here on FF.

Understand PA principles (search it on the net)

Candle stick patterns (search it on the net)

Session price patterns and price behavior (London and NY lunch times...hours leading up to the close of business...what usually happens??)

Understand reversal patterns and timing.

Understand leg extensions (AB=CD)

Fibonacci ratios and EW methodologies and how they relate to PA (when to use them and when not to use them)

As you can see this is just the beginning and it might appear to be a "Mount Everest" to climb but understanding the basics will give you a level of understanding that will improve your longevity in the FX market.

It is no wonder then that to progress to higher levels of understanding takes a lot of study and a lot of time to get it right and then after all this is learnt ... no-one is ever 100% right all the time (no-one!)

You then need experience............ a lot of relevant trading experience and relevant chart analysis and having the ability to quickly recognise chart patterns, candlestick patterns and combinations of factors that produce a "higher probability trade setup"

ps. in terms of success rate you can do your own research here as you will probably learn a lot more than if someone just gives you the answer.

Bottom line is that with the probability on your side and applying experience and market wit you will be amazed at how easy it is to get 5 pips from the market.

I wish you well on your trading journey!

Good Trading,

Masterrmind............
Master your Mind then Master your Trades
  • #20,129
  • Oct 22, 2014 11:07pm Oct 22, 2014 11:07pm
Quoting Masterrmind
{quote} Not a bad summary scottik187........... @jmag4..... Several of us traders have been trading this method since "almost" the beginning of the thread and therefore have read every post (pretty much). For someone new it might sound a little unfair to start reading from the start and continue through 20,000+ posts but that would always be my recommendation to anyone keen enough to master the system (you really don't want to be missing anything mentioned, although as per usual there will be a small % of information that is less useful) I would...

Awesome. Masterrmind and Scottik187 thank you so much, exactly what I was looking for. I will take the time to read through the thread.

I do have a lot of the knowledge that you stated Masterrmind, such as supp/demand, price action etc, so I guess everything comes into play here to get the best probability trade which makes sense, and which is what I already assumed.

Again, a big thanks to the both of you for taking the time to write out such thorough replies. I really appreciate it, and will hopefully be a good contributer to this thread once I start seeing some success.
  • #20,130
  • Oct 22, 2014 11:22pm Oct 22, 2014 11:22pm
Good morning all,

write down in your agenda's:

Wintertime shift:

Europe the 26th October 2014
USA the 2nd November 2014

The clocks will go back 1 hour.

enjoy the new day..

Udine
Sleep less, live fast, as it aint gonna last
  • #20,131
  • Oct 22, 2014 11:37pm Oct 22, 2014 11:37pm
Hello Udine and everyone here.

I congratulate you on a well thought out system. Your technical conditions and your money management are sound.

I am almost finished reading the entire 1007 pages of the thread and will be incorporating your system into the way I scalp with some additional indicators that I use.

I feel you may be able to increase the winning percentage of the system by incorporating an additional simple filter at entry. A simple 50 Day MA average to keep you from trading in the wrong direction on very strong trends. See picture attached of UJ Daily. If price is above the 50 MA, Buys only. If price is Below, Sells only. After all, would you have sold the UJ from Oct. 2012 to June 2013? Or the GU from July 2013 to July 2014? Even if price is below the Daily open on any particular day, it would behoove you to stay out of those pairs and look elsewhere.

In order to give you the strongest trends at any particular moment, I am including an indicator that will list the top 8 pairs for you. On my system, I have it set up to give me the steepest 50 MA slopes on the Daily time frame.

Thank you again for your contribution and may the green pips always be with you.
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File Type: ex4 #top 8 trenders all brokers.ex4   24 KB | 670 downloads
File Type: mq4 #top 8 trenders all brokers.mq4   7 KB | 695 downloads
Observation is the path to discovery.
  • #20,132
  • Oct 23, 2014 12:08am Oct 23, 2014 12:08am
Quoting Alorente
Hello Udine and everyone here. I congratulate you on a well thought out system. Your technical conditions and your money management are sound. I am almost finished reading the entire 1007 pages of the thread and will be incorporating your system into the way I scalp with some additional indicators that I use. I feel you may be able to increase the winning percentage of the system by incorporating an additional simple filter at entry. A simple 50 Day MA average to keep you from trading in the wrong direction on very strong trends. See picture...

Buenos Dais,

welcome and thanks for the kind words.. I will have a look into the filter..

Stay green

Udine
Sleep less, live fast, as it aint gonna last
  • #20,133
  • Oct 23, 2014 12:29am Oct 23, 2014 12:29am
Good morning to all !

#1 UCh
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  • #20,134
  • Oct 23, 2014 12:37am Oct 23, 2014 12:37am
#2 NU (1st harami not taken as it was around LO)

In both trades a nice AB=CD.
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  • #20,135
  • Oct 23, 2014 12:49am Oct 23, 2014 12:49am
AUDCAD
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #20,136
  • Oct 23, 2014 1:27am Oct 23, 2014 1:27am
Quoting snail69
#2 NU (1st harami not taken as it was around LO) In both trades a nice AB=CD. {image}
Interesting chart you have there because on my NU chart only shorts have been possible for the entire day.

My Chart:

NU Open @ 0.79288
NU High of the day @ 0.79288

In other words since the "opening bell" the price has never gone above where it started and has just gradually made a continual fall!

Out of interest what is your NU Open for today.

ps. nice harami by the way as well as profit............

EDIT: Must be completely different DO levels from our respective brokers......

Masterrmind..........
Master your Mind then Master your Trades
  • #20,137
  • Oct 23, 2014 1:34am Oct 23, 2014 1:34am
Quoting Alorente
Hello Udine and everyone here. I congratulate you on a well thought out system. Your technical conditions and your money management are sound. I am almost finished reading the entire 1007 pages of the thread and will be incorporating your system into the way I scalp with some additional indicators that I use. I feel you may be able to increase the winning percentage of the system by incorporating an additional simple filter at entry. A simple 50 Day MA average to keep you from trading in the wrong direction on very strong trends. See picture...
Hi Alorente,

may you can explain how you work with your indicator? I think its a good "big" filter but do you think with Udines 4 pairs (EJ;GJ;EU;GU) you can make 2 low-risk trades per day? You wrote no sold for GU between july 2013 to july 2014 so there are only 3 pairs in this year, is this right?

Excuse for my english and thank you!

Greetz Michael
  • #20,138
  • Oct 23, 2014 1:43am Oct 23, 2014 1:43am
Quoting mwsteiner
{quote} Hi Alorente, may you can explain how you work with your indicator? I think its a good "big" filter but do you think with Udines 4 pairs (EJ;GJ;EU;GU) you can make 2 low-risk trades per day? You wrote no sold for GU between july 2013 to july 2014 so there are only 3 pairs in this year, is this right? Excuse for my english and thank you! Greetz Michael

Michael,

no sold for GU between july 2013 to july 2014 => means that you only trade long during that time.. you only trade the long signals

Udine
Sleep less, live fast, as it aint gonna last
  • #20,139
  • Oct 23, 2014 1:54am Oct 23, 2014 1:54am
Quoting Udine
{quote} Michael, no sold for GU between july 2013 to july 2014 => means that you only trade long during that time.. you only trade the long signals Udine
OMG I was "standing on the line" (austrian, for a little bit slow on uptake at the moment)

Everything clear, i have to go to lunch .

Thanks

Greetz Michael
  • #20,140
  • Oct 23, 2014 2:00am Oct 23, 2014 2:00am
+5 EJ +5 EU on London open. Had a couple BE trades before that.

Done for the day - will keep an eye on things but doubt I'll trade.
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