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As simple as possible: 00 level trading

  • #22,341
  • Nov 21, 2014 7:20am Nov 21, 2014 7:20am
missed heaps just now ..ah well time for cot cyas Good Fortune ,, rather than good luck ..." fortune favours the brave and the aware"
Whats That? you're trading What?
  • #22,342
  • Nov 21, 2014 7:24am Nov 21, 2014 7:24am
Quoting Udine
{quote} 1. I sit on the sidelines (read, watch documentaries, learn, or teach) 2. no other methods, better be good at one method than mediocre at several 3. look at the ff calendar and you tell me.. Udine
The point N2 is my bigger problem ... today i do a very big disaster in my demo account becouse i have miscelous other methods
Tomorrow i restar with only this method , that i like it .... Max max max , but only max , only one more method that i must try that
  • #22,343
  • Nov 21, 2014 7:28am Nov 21, 2014 7:28am
Trade #12 [Bonus trade # 10]

USDJPY +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 49 KB


Comment: Watched it like a hawk!

Masterrmind.........
Master your Mind then Master your Trades
  • #22,344
  • Nov 21, 2014 7:32am Nov 21, 2014 7:32am
Quoting Udine
{quote} Danny, its all explained several times in the thread, otherwise maybe somebdoy else might want to answer for me.. Udine
Udine if i may,

3. Frankfurt open only .400/.500/.600 levels
These are the only levels of price you can trade on the FRANKFURT market...i.e. EU 1.2440, 1.2450 etc
4. London open all levels
On the LONDON market all levels are fair game (except the ones in 5 and 6 like below)

5. No short @ .100 level
You can not short from this level because it would run you directly into a BRN (big round number i.e EU 1.2400) there are natural levels of support there.

6. No long @ .900 level
You can not go long from this level because it would run you directly into a BRN again. See number 5 example

12. This should be more transparent based on BRN explanation in number 5.

Hope that helps. Udine let me know if I am off.

Lionsden
  • #22,345
  • Nov 21, 2014 7:34am Nov 21, 2014 7:34am
Quoting lionsden
{quote} MM, Greetings. Are you looking for bounce off DP or DO on the GBPUSD?....of course all other signals apply. Lionsden
Yes as for the GU trade that's part of the equation.......... I look at bounces off everything on a chart.

S+R, pivots, DO, zones of hesitation, movements within a candle (eg an M15 candle can tell you a lot about the likely direction)

Check out my 2nd last UJ trade, study that chart, ask me questions!

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #22,346
  • Nov 21, 2014 7:34am Nov 21, 2014 7:34am
Quoting Qed
I was talking to Arkan re green candle I was bit slow replying to him ....LOl hehe you entered on green candle on way back down after the upper wick I rekn .. sometimes u just gotta grab the moment
  • #22,347
  • Nov 21, 2014 7:35am Nov 21, 2014 7:35am
Quoting Udine
{quote} 1. I sit on the sidelines (read, watch documentaries, learn, or teach) 2. no other methods, better be good at one method than mediocre at several 3. look at the ff calendar and you tell me.. Udine
Looking at the calendar, the next week can be better. Well, depending on Kuroda-san speach on Tuesday.
Meanwhile I'm studying PA. I remember it has always been called "candlestick patterns"
PS: News trading can sometimes also be interesting - I've just got 50 pips on EURCAD move down.
Attached Image
  • #22,348
  • Nov 21, 2014 7:38am Nov 21, 2014 7:38am
Quoting lionsden
{quote} Udine if i may, 3. Frankfurt open only .400/.500/.600 levels These are the only levels of price you can trade on the FRANKFURT market...i.e. EU 1.2440, 1.2450 etc 4. London open all levels On the LONDON market all levels are fair game (except the ones in 5 and 6 like below) 5. No short @ .100 level You can not short from this level because it would run you directly into a BRN (big round number i.e EU 1.2400) there are natural levels of support there. 6. No long @ .900 level You can not go long from this level because it would run you directly...
Hi Lionsden,

Many,many thanks for your explanation.

Kind regards,

Danny
  • #22,349
  • Nov 21, 2014 7:38am Nov 21, 2014 7:38am
Quoting Masterrmind
{quote} Yes as for the GU trade that's part of the equation.......... I look at bounces off everything on a chart. S+R, pivots, DO, zones of hesitation, movements within a candle (eg an M15 candle can tell you a lot about the likely direction) Check out my 2nd last UJ trade, study that chart, ask me questions! Good trading, Masterrmind............
MM, for to put a sell pending order, you need a confirmation, for example the previus h1 bar was red or the las 15m canlde was red ?
  • #22,350
  • Nov 21, 2014 7:41am Nov 21, 2014 7:41am
Quoting lionsden
{quote} Udine if i may, 3. Frankfurt open only .400/.500/.600 levels These are the only levels of price you can trade on the FRANKFURT market...i.e. EU 1.2440, 1.2450 etc 4. London open all levels On the LONDON market all levels are fair game (except the ones in 5 and 6 like below) 5. No short @ .100 level You can not short from this level because it would run you directly into a BRN (big round number i.e EU 1.2400) there are natural levels of support there. 6. No long @ .900 level You can not go long from this level because it would run you directly...


Udine
Sleep less, live fast, as it aint gonna last
  • #22,351
  • Nov 21, 2014 7:41am Nov 21, 2014 7:41am
Quoting Masterrmind
{quote} Yes as for the GU trade that's part of the equation.......... I look at bounces off everything on a chart. S+R, pivots, DO, zones of hesitation, movements within a candle (eg an M15 candle can tell you a lot about the likely direction) Check out my 2nd last UJ trade, study that chart, ask me questions! Good trading, Masterrmind............
Hey just took a quick look at your second trade. I see a consolidation on the 15M at the BRN 118.00, which gives us natural resistance along with the DO and DP above that point suggesting that it would take quite a bit of momentum to move up forward. This would constitute a high probability trade on your short which was the outcome. It also looks like it will be a 15M trade going forward once we get change on the indi's. Does this sound right.

TIA
Lionsden
  • #22,352
  • Nov 21, 2014 7:42am Nov 21, 2014 7:42am
Quoting arkan1976
{quote} MM, for to put a sell pending order, you need a confirmation, for example the previus h1 bar was red or the las 15m canlde was red ?
That's very limited "intell"...........

What exactly is your question please?

Masterrmind............
Master your Mind then Master your Trades
  • #22,353
  • Nov 21, 2014 7:42am Nov 21, 2014 7:42am
Quoting Dannyiow
{quote} Hi Lionsden, Many,many thanks for your explanation. Kind regards, Danny
No problem...we are here to learn and teach one another.

L
  • #22,354
  • Nov 21, 2014 7:44am Nov 21, 2014 7:44am
Quoting Masterrmind
{quote} Pin bar reversal candle is the obvious reason but........ Wick more than double the length of its body and momentum drying up was the catalyst required to place the order. You might find the UJ trade I took later even more interesting! Masterrmind...........
Tried the same setup on GU MM, and got TP
There are no arrows on my chart, so short @ 1.5675 and TP @ 1.6570
Attached Image (click to enlarge)
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Persistence will get it. Consistency will keep it.
  • #22,355
  • Nov 21, 2014 7:44am Nov 21, 2014 7:44am
Quoting Masterrmind
Trade #11 [Bonus trade #9] USDJPY +5 TP {image} Masterrmind...........
MM, the way i see it, you were expecting that the current 1h candle would close red, bouncing off DO. So you entered short at the point where you expected the upper part of the candle body would be.
Am i right in this way of thinking??

Asmodai
  • #22,356
  • Nov 21, 2014 7:46am Nov 21, 2014 7:46am
Quoting Chake
{quote} Tried the same setup on GU MM, and got TP There are no arrows on my chart, so short @ 1.5675 and TP @ 1.6570 {image}
Chake,

PA was there but what color were the indi's when you took trade? Was it rules based trade?
  • #22,357
  • Nov 21, 2014 7:47am Nov 21, 2014 7:47am
Guys , Is this a good set up this Sell Stop ?

Attached Image (click to enlarge)
Click to Enlarge Name: UD.png Size: 131 KB


PS .The streight indicator in near to become red
  • #22,358
  • Nov 21, 2014 7:51am Nov 21, 2014 7:51am
Quoting Masterrmind
{quote} Pin bar reversal candle is the obvious reason but........ Wick more than double the length of its body and momentum drying up was the catalyst required to place the order. You might find the UJ trade I took later even more interesting! Masterrmind...........
Very interesting, but difficult to take and to understand..
Porta itineris dicitur longissima esse
  • #22,359
  • Nov 21, 2014 8:03am Nov 21, 2014 8:03am
Quoting lionsden
{quote} Hey just took a quick look at your second trade. I see a consolidation on the 15M at the BRN 118.00, which gives us natural resistance along with the DO and DP above that point suggesting that it would take quite a bit of momentum to move up forward. This would constitute a high probability trade on your short which was the outcome. It also looks like it will be a 15M trade going forward once we get change on the indi's. Does this sound right. TIA Lionsden
Good ........... but not quite there!

Look at PA 4 hours prior to NY and what do you see?

A definite rejection of the DO...the wick of that candle is screaming up trying to touch the DO line but fails.

Then price went down and away and went about its business..........

Then PA rose up again trying to "touch" the DO in the form of a powerful pin bar but failed again reaching as high as 118.100

Entry thought process:

1. Based on the above observations a pending short from the BRN @ 118.000 is considered however the candle open makes it a little tight for entry and therefore patience is required (and observation)
2. The trigger to entry is actually the 2nd M15 candle of that particular hour because price rises up again and again it is rejected and this gives me all the reason I need to place the order and my SL is located up near to where the pin bar wick fell short of going any higher.
3. Position is opened and TP achieved.

Hope that helps your understanding.

It is one thing to understand the technique but it is something quite different to apply it in real time.

Practice makes perfect!

Good trading,

Masterrmind..........
Master your Mind then Master your Trades
  • #22,360
  • Nov 21, 2014 8:10am Nov 21, 2014 8:10am
Quoting Chake
{quote} Tried the same setup on GU MM, and got TP There are no arrows on my chart, so short @ 1.5675 and TP @ 1.6570 {image}
Yes the arrows on the chart would have made it easier for me to see but sounds good.

Happy to hear you are applying it.

Well done!

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