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As simple as possible: 00 level trading

  • #20,601
  • Nov 3, 2014 3:34am Nov 3, 2014 3:34am
Quoting Andrew79
EA to SL. Good set up , bad outcome. Tough start for the week. {image}
There is supply and demand level on 000 line.
Attached Image (click to enlarge)
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  • #20,602
  • Nov 3, 2014 3:43am Nov 3, 2014 3:43am
Quoting Udine
{quote} 1. at what level did the previous 1H candle close ??? 2. so what is the first 00 level ?? Udine
1. previous candle close at 0.87493
2. 1st 00 of the sell side is 0.87400

( i was thinking about the 0.87500 crossing )

anyway , got the point , thank you
gEt BusY LiVinG oR Get bUsy dyIng
  • #20,603
  • Nov 3, 2014 3:47am Nov 3, 2014 3:47am
Quoting asithaya
{quote} 1. previous candle close at 0.87493 2. 1st 00 of the sell side is 0.87400 ( i was thinking about the 0.87500 crossing ) anyway , got the point , thank you
glad to hear...

the .500 level is not of importance

the only important levels are: the close of the previous 1H candle and the next 00 level..

Udine
Sleep less, live fast, as it aint gonna last
  • #20,604
  • Nov 3, 2014 3:56am Nov 3, 2014 3:56am
Quoting bugyibuci
{quote} Good morning everyone, Same here EJ to SL... Green pips to all. BB
And same here, EJ to SL. Explanations given by MM and Snail69 (weekly pivot and AB=BC) are very useful indeed, but go far beyond simple basic rules of Udine's system !!
Attached Image (click to enlarge)
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Porta itineris dicitur longissima esse
  • #20,605
  • Nov 3, 2014 3:59am Nov 3, 2014 3:59am
Quoting bubincka
{quote} And same here, EJ to SL. Explanations given by MM and Snail69 (weekly pivot and AB=BC) are very useful indeed, but go far beyond simple basic rules of Udine's system !! {image}

my reason for not entering was more simple..

EJ was not in sync with EU...

did not look for sync with GJ, as there was red news coming out for the GBP...

Udine
Sleep less, live fast, as it aint gonna last
  • #20,606
  • Nov 3, 2014 4:00am Nov 3, 2014 4:00am
Quoting bubincka
{quote} And same here, EJ to SL. Explanations given by MM and Snail69 (weekly pivot and AB=BC) are very useful indeed, but go far beyond simple basic rules of Udine's system !! {image}
Yes unfortunately these other "rules" fall into the discretion through market experience "wit".

You will need to master the "market wit" to retain overall longevity in the forex market.

These are the facts!

Masterrmind............
Master your Mind then Master your Trades
  • #20,607
  • Nov 3, 2014 4:02am Nov 3, 2014 4:02am
Quoting Udine
{quote} my reason for not entering was more simple.. EJ was not in sync with EU... did not look for sync with GJ, as there was red news coming out for the GBP... Udine
Very true!

Multiple reasons and multiple factors all come to the same conclusion.......don't trade that pair at this time...walk away!

Masterrmind...........
Master your Mind then Master your Trades
  • #20,608
  • Nov 3, 2014 4:08am Nov 3, 2014 4:08am
Quoting Udine
{quote} my reason for not entering was more simple.. EJ was not in sync with EU... did not look for sync with GJ, as there was red news coming out for the GBP... Udine
This is simpler to follow & apply.. In fact now that EU & EJ are in sync it has gone ! But I was too afraid since I was burnt few minutes before
Attached Image (click to enlarge)
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Porta itineris dicitur longissima esse
  • #20,609
  • Nov 3, 2014 4:12am Nov 3, 2014 4:12am
Quoting Masterrmind
{quote} Yes unfortunately these other "rules" fall into the discretion through market experience "wit". You will need to master the "market wit" to retain overall longevity in the forex market. These are the facts! Masterrmind............
Hi MM, "market wit" is the last step of the stair, if and when I'll be there I could trade as you do
Thank you for posting your trades they are a real source of teaching.

Best,
Bubincka
Porta itineris dicitur longissima esse
  • #20,610
  • Nov 3, 2014 4:12am Nov 3, 2014 4:12am
EJ long to TS
GJ long to TP

Thanks
BB.
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  • #20,611
  • Nov 3, 2014 4:17am Nov 3, 2014 4:17am
GJ to TP. AJ to TS forgot trailing set to true,
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: AJ_TS.png Size: 8 KB
Porta itineris dicitur longissima esse
  • #20,612
  • Nov 3, 2014 4:19am Nov 3, 2014 4:19am
Quoting bubincka
{quote} Hi MM, "market wit" is the last step of the stair, if and when I'll be there I could trade as you do Thank you for posting your trades they are a real source of teaching. Best, Bubincka
Yes I must apologise for throwing in all the other factors you need to learn into a basket called "market wit" which tends to over simplify matters when in reality your brain is working quite hard to make sense of what's going on in the chart in front of you.

Keep learning and never stop!

Good luck to you and everyone else!

Masterrmind............
Master your Mind then Master your Trades
  • #20,613
  • Nov 3, 2014 4:30am Nov 3, 2014 4:30am
Trade #3 [Bonus trade #1]

AUDUSD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 48 KB


Masterrmind...........
Master your Mind then Master your Trades
  • #20,614
  • Nov 3, 2014 4:42am Nov 3, 2014 4:42am
Hi MM,

are you monitoring charts all the time or do you have some kind of sound alert when a significant move on a pair starts (like the last trade on AU) ?

Best,
Bubincka
Porta itineris dicitur longissima esse
  • #20,615
  • Nov 3, 2014 4:47am Nov 3, 2014 4:47am
Quoting Masterrmind
Trade #3 [Bonus trade #1] AUDUSD +5 TP {image} Masterrmind...........
Good one. This one I missed as was away from screen....
  • #20,616
  • Nov 3, 2014 4:58am Nov 3, 2014 4:58am
Quoting bubincka
Hi MM, are you monitoring charts all the time or do you have some kind of sound alert when a significant move on a pair starts (like the last trade on AU) ? Best, Bubincka
I watch the charts and I analyse the charts on multiple screens (sometimes I miss very good trade setups because of different reasons, away from the screens or I'm happy with my trading day and might choose to simply watch etc etc)

I'm aware of the news and what impact if any it is likely to have on the pair I'm trading and if I'm unsure then I might not take the trade. (the trading red news rules in this method are worth adhering too!).

Hint: I have other tools in my trading tool kit that I use to make trading decisions but the most important is my brain and my eyes!

Too many alerts on your screen will soon drive you crazy so I prefer to limit them.

All the best,

Masterrmind...........
Master your Mind then Master your Trades
  • #20,617
  • Nov 3, 2014 5:00am Nov 3, 2014 5:00am
Quoting snail69
{quote} Good one. This one I missed as was away from screen....
I also missed some of the good trades you took the other day for multiple reasons.

At least it gets shared around and that's a good thing.

Masterrmind..........
Master your Mind then Master your Trades
  • #20,618
  • Nov 3, 2014 5:05am Nov 3, 2014 5:05am
Quoting Masterrmind
{quote} I also missed some of the good trades you took the other day for multiple reasons. At least it gets shared around and that's a good thing. Masterrmind..........
Very true, let's continue.

Snail
  • #20,619
  • Nov 3, 2014 5:13am Nov 3, 2014 5:13am
Are the indicators in the first post the current ones or is there a post with updated/newer ones?
Tried to search for something because 1k+ pages is hard to go through 1 by 1, but didn't really find anything
  • #20,620
  • Nov 3, 2014 5:22am Nov 3, 2014 5:22am
Quoting snail69
{quote} Very true, let's continue. Snail
I see no point in stopping...............

Apart from possibly taking a short break now until NY Open.... we shall see!

Masterrmind..........
Master your Mind then Master your Trades
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