As simple as possible: 00 level trading | Page 1049 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

As simple as possible: RENKO M5 trading 75 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

Simple Level Trading 1 reply

Trading: As simple as possible, but no simpler - by a real Cityboy 92 replies

Attachments: As simple as possible: 00 level trading
Exit Attachments

As simple as possible: 00 level trading

  • #20,961
  • Nov 7, 2014 9:09pm Nov 7, 2014 9:09pm
Quoting flx69
{quote} Nice MM ! New Pink Floyd album (the first in 20 years) was released today. I think with all those green pips you´ve earned yourself one. Have a great weekend, speak on Monday. flx69
Music is always great!

Masterrmind...........
Master your Mind then Master your Trades
  • #20,962
  • Nov 7, 2014 9:11pm Nov 7, 2014 9:11pm
Quoting rcsltd
{quote} Carry on doing 24.13% and you'll be a billionaire in..........you know the score.
Not really interested in becoming a billionaire......... hmmm

A double digit millionaire will do just fine........... that's the goal!

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #20,963
  • Nov 8, 2014 4:24am Nov 8, 2014 4:24am
Quoting Masterrmind
{quote} Not really interested in becoming a billionaire......... hmmm A double digit millionaire will do just fine........... that's the goal! Good trading, Masterrmind...........
Masterrmind

Do you watch just 1 pair (the one you think will have the best entry) at the start of the hour and keep an eye on psylevels? Or do you have several open at the same time to have options?
  • #20,964
  • Nov 8, 2014 7:56am Nov 8, 2014 7:56am
Quoting 67109442
{quote} Masterrmind Do you watch just 1 pair (the one you think will have the best entry) at the start of the hour and keep an eye on psylevels? Or do you have several open at the same time to have options?
I watch several charts throughout the trading day visible on monitors as well as my laptop and other devices.

Then I focus on the charts that meet my criteria and trade only the best of these pairs.

I use psylevels to alert me to multiple potential trade setups for trading 2 or 3 pairs at a time (sometimes I take 3 trades sometimes I take none...)

Hope this enlightens you a little more however deep inside the thread I have mentioned this before although it might be quite an adventure trying to find it!

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #20,965
  • Nov 8, 2014 11:01am Nov 8, 2014 11:01am
Quoting Masterrmind
{quote} I watch several charts throughout the trading day visible on monitors as well as my laptop and other devices. Then I focus on the charts that meet my criteria and trade only the best of these pairs. I use psylevels to alert me to multiple potential trade setups for trading 2 or 3 pairs at a time (sometimes I take 3 trades sometimes I take none...) Hope this enlightens you a little more however deep inside the thread I have mentioned this before although it might be quite an adventure trying to find it! Good trading, Masterrmind...............

This may be a stupid question but is there any way to get the MT4 charts out of their small platform window? Do you load multiple MT4s at once?

e/ would you mind posting a screenshot of one of your monitors just to see how you set everything up, I'm curious haha
  • #20,966
  • Nov 9, 2014 12:14am Nov 9, 2014 12:14am
Quoting jmag4
{quote} This may be a stupid question but is there any way to get the MT4 charts out of their small platform window? Do you load multiple MT4s at once? e/ would you mind posting a screenshot of one of your monitors just to see how you set everything up, I'm curious haha
First of all there is no such thing as a stupid question ....

Secondly, I'm not sure exactly what it is you wish to achieve.

Perhaps you could explain exactly what you want the charts to do and how you want them to display.

There are many options available.....opening multiple instances of MT4, clicking on the "tile windows" icon and adjusting window sizes until your heart's content.

Could you elaborate on what you wish to achieve?

Masterrmind..........
Master your Mind then Master your Trades
  • #20,967
  • Nov 9, 2014 2:08am Nov 9, 2014 2:08am
Just wondering if this system can be applied to pairs like XAU/USD

How would you define 00 levels in that case.. and what should be the minimum TP

Thanks
Success - It's not always what you see
  • #20,968
  • Nov 9, 2014 2:22am Nov 9, 2014 2:22am
Afternoon Masterrrmind , Agree totally , adjust the instrument window to a size you understand , or set them up on your lower tool bar on window in the order you like , very easy to click and open or click and minimise
Attached Image (click to enlarge)
Click to Enlarge Name: tool bar.jpg Size: 14 KB
Whats That? you're trading What?
  • #20,969
  • Nov 9, 2014 4:08am Nov 9, 2014 4:08am
Quoting Qed
Afternoon Masterrrmind , Agree totally , adjust the instrument window to a size you understand , or set them up on your lower tool bar on window in the order you like , very easy to click and open or click and minimise {image}
Maybe they will provide more information because the question asked needs further clarification.

Perhaps it was as simple as we think.....

Masterrmind...........
Master your Mind then Master your Trades
  • #20,970
  • Nov 9, 2014 4:26am Nov 9, 2014 4:26am
Quoting SakibFX
Just wondering if this system can be applied to pairs like XAU/USD How would you define 00 levels in that case.. and what should be the minimum TP Thanks
Yes I do trade gold with it however it is modified somewhat due to the spread on gold and other differences.

You will need to adjust the settings on the sweetspots gold indicator so that the price can be seen through the sea of yellow lines including a separate tpl for different TF's you may wish to trade.

TP and SL (usually larger ranges) will require a little fine tuning because its gold but this falls outside the intent of this thread (experiment or PM me if you wish).

Good luck,

Masterrmind............
Master your Mind then Master your Trades
  • #20,971
  • Nov 9, 2014 2:46pm Nov 9, 2014 2:46pm
Quoting Udine
{quote} this is correct when you refer to how I trade the 15M.. I wont adjust the rules on page 1, as this is "bonus" for people who have been reading he thread.. Udine
Hi Udine, but does it mean entry only the first 00/05 levels in the next hour or in the next 15 mins ? This point I cannot get .. Thank you.
Porta itineris dicitur longissima esse
  • #20,972
  • Nov 9, 2014 4:31pm Nov 9, 2014 4:31pm
Quoting Masterrmind
{quote} With results like that it is obvious that you have done quite a lot of trading before even though much water has passed under the bridge in the last 10 years some things you simply don't forget! Very good results for a trader who has only been trading this system for 2 days! You are well on your way Good trading, Masterrmind............
Thank you MM!

I was manually backtesting three currency pairs on the weekend for the timeframe of the the last two weeks, marking possible trades according to the system rules. Doing it very carefully on M1 charts in order to spot trailing stops, considering average spread and $7 commission. So it looks that the last week was quite good, while the previous week (27/10 - 31/10) was BE or even losing for EJ and AU.

Udine, Masterrmind, snail69, and everyone who trades actively, have you guys noticed it, was that week worse than average, and the last week better than usual?
  • #20,973
  • Nov 9, 2014 7:30pm Nov 9, 2014 7:30pm
Quoting Stingr
{quote} Thank you MM! I was manually backtesting three currency pairs on the weekend for the timeframe of the the last two weeks, marking possible trades according to the system rules. Doing it very carefully on M1 charts in order to spot trailing stops, considering average spread and $7 commission. So it looks that the last week was quite good, while the previous week (27/10 - 31/10) was BE or even losing for EJ and AU. Udine, Masterrmind, snail69, and everyone who trades actively, have you guys noticed it, was that week worse than average, and...
The last week traded was high up there in terms of excellent profit gains that's for sure.

What you may notice is that profitability changes from week to week. Some weeks everything falls into place whilst in other weeks it seems to be an ongoing struggle.

This is trading I'm afraid........

What you need to do is to take from the market when its in giving mode and protect yourself when its in "difficult" mode.

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #20,974
  • Nov 9, 2014 8:32pm Nov 9, 2014 8:32pm
Hellow everyone,
Wish you a nice green day !
Here is the first trade i made +5. but Udine, i have a little bit confused question. If you have already answered to this, but pls give me a answer again.
Say, D1 green. the price has been break 1.2600 level and but could not reach 1.2650. Now H1 candle has been formed between 1.2600 and 1.2650. Now where we should place our pending order ? 1.2700 or 1.2600.

In this trade i have done it buy placing it a 50 level. but i think i have a doubt. so i want to make sure this poit.

Thanks in advance
Attached Image (click to enlarge)
Click to Enlarge Name: 002.png Size: 28 KB
  • #20,975
  • Nov 9, 2014 10:41pm Nov 9, 2014 10:41pm
Quoting Masterrmind
{quote} The last week traded was high up there in terms of excellent profit gains that's for sure. What you may notice is that profitability changes from week to week. Some weeks everything falls into place whilst in other weeks it seems to be an ongoing struggle. This is trading I'm afraid........ What you need to do is to take from the market when its in giving mode and protect yourself when its in "difficult" mode. Good trading, Masterrmind............
DEAR MM.

Can you help me out in getting updated set of indicators/templates pertaining to this system.

Thanks,
BA
Enter Signature
  • #20,976
  • Nov 10, 2014 1:03am Nov 10, 2014 1:03am
Quoting bubincka
{quote} Hi Udine, but does it mean entry only the first 00/05 levels in the next hour or in the next 15 mins ? This point I cannot get .. Thank you.

I enter when I get the signal..

Udine
Sleep less, live fast, as it aint gonna last
  • #20,977
  • Nov 10, 2014 1:09am Nov 10, 2014 1:09am
Quoting Stingr
{quote} Thank you MM! I was manually backtesting three currency pairs on the weekend for the timeframe of the the last two weeks, marking possible trades according to the system rules. Doing it very carefully on M1 charts in order to spot trailing stops, considering average spread and $7 commission. So it looks that the last week was quite good, while the previous week (27/10 - 31/10) was BE or even losing for EJ and AU. Udine, Masterrmind, snail69, and everyone who trades actively, have you guys noticed it, was that week worse than average, and...

well, if look at the month of June and July, there you see real difficult trading days, weeks... there everybody should have been in survival mode... now its easier, as the ADR's increased... more volatility...

Having said that, it is true that not one day or week is identical, that means you need to be flexible and be happy with what the market is prepared to give you... and be sure to give nothing back...

that means that if there are no great low risk set ups, you should be sitting on your hands... Standing on the sidelines is also a position....

So take each new day as it comes... with PDF & BCC

I know that when I wake up I am able to make money, as long as I stick to my rules with PDF & BCC.... I KNOW my set ups will come, I just need to be ready and take what the market is willing to give me...

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #20,978
  • Nov 10, 2014 1:10am Nov 10, 2014 1:10am
Quoting smfx
Hellow everyone, Wish you a nice green day ! Here is the first trade i made +5. but Udine, i have a little bit confused question. If you have already answered to this, but pls give me a answer again. Say, D1 green. the price has been break 1.2600 level and but could not reach 1.2650. Now H1 candle has been formed between 1.2600 and 1.2650. Now where we should place our pending order ? 1.2700 or 1.2600. In this trade i have done it buy placing it a 50 level. but i think i have a doubt. so i want to make sure this poit. Thanks in advance {image}

If the H1 candle closes above the 1.26... the pending is set at 1.27

Udine
Sleep less, live fast, as it aint gonna last
  • #20,979
  • Nov 10, 2014 1:11am Nov 10, 2014 1:11am
Good morning,

replied all PM's and questions I believe.. In case I missed one just remind me..

new day, new week, new opportunities..

enjoy the ride in the green bus ..

Udine
Sleep less, live fast, as it aint gonna last
  • #20,980
  • Nov 10, 2014 1:12am Nov 10, 2014 1:12am
interesting idea.

I played with this strategy for a few days. The result is ok.

BUT, spread comes in as a BIG problem.

For GBPJPY, one stop loss usually means 11.5 pips instead of 10, and I havent even include the 4 dollars commission.

A win however, is usually just 3.5 pips. Since most of time stop limit order dont get filled and I have to use stop order to get in, and gave away 1.5 pips to the broker, and we have to deduct the commission off the profit.

So, we are talking about 3:1 risk reward instead of 2:1. This makes the difference between night and day. As the risk of ruin increases dramatically.

We need to increase the profit target to at least 7 pips instead of 5, but we are reducing the chance to hit the target by doing this.
43 traders viewing now