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As simple as possible: 00 level trading

  • #23,281
  • Nov 28, 2014 8:14am Nov 28, 2014 8:14am
Quoting Masterrmind
{quote} First of all never try to test the market or major resistance levels/zones. The market will win every time. The mentality should be ..... how can I position myself to take advantage of what the chart is presenting to me! I kinda know what you were trying to say so I'm just having a friendly dig! I like the way you are starting to analyse your charts...that's good. The question you ask should be answered by yourself because it is you who pulls the trigger and takes the trade or not. You did not take the trade! I think you made the right decision!...
Yeah thats right MM i will learn PA so i have to ask sometimes.

Thanks for your words, helpful as always.

Greetz Michael

PS: Trade #4 GC to TP
  • #23,282
  • Nov 28, 2014 8:18am Nov 28, 2014 8:18am
Quoting Masterrmind
Trade #10 [Bonus trade #8] GBPJPY +5 TP {image} Masterrmind............
Hi Master, DR1 here is 5.6 pips above. AMong other reasons did you decide to place the order because two candles before already crossed DR1 with their bodies and PA was bringing a short term rebound ?
Porta itineris dicitur longissima esse
  • #23,283
  • Nov 28, 2014 8:22am Nov 28, 2014 8:22am
back after a nice lunch in the centre with the wife..

Udine
Sleep less, live fast, as it aint gonna last
  • #23,284
  • Nov 28, 2014 8:27am Nov 28, 2014 8:27am
Quoting rcsltd
{quote} Udine has given us the strategy to find trades but we must use our experience and knowledge to find reasons not to trade them. If you can find any reason not to take a trade then don't. In your example there was clearly a reason not to take it, as Musicant has described. You will see examples posted in this thread of exactly the same situation but where the price has pushed through the resistance. But they are not low risk trades. Think about minimising the risk of failure. If you can find one reason (support, pivot, BRN, long wick etc)...
Dont worry about me my friend i am not here to deny this method or something like that...I just want to say the problems that bothering me with it and want to learn from Udine as he has great success with it.Want to learn how he avoid those?

I said few times and i will say again (just my thought): In this kind of trading (taking few pips) you will always find reason why not take a trade right especially later when your stop loss been hit (support, resistance, pivots, big numbers, not sync,news,choppy periods bla bla).

If you win you will not look at it at all and you will call this as great trade..I wonder how Udine thinks and why take that not the other...

GBP/USD is great example because he took the same trade but 5 pips earlier because use it on 15 min strategy not 1H. I am interested how would he react if use 1H,will he took same trade on 00 and why not if don't so i can learn faster!

You cannot tell that 5 pis difference here (by taking win or loss is major issue of taking vs not taking trade ) because few days ago he didn't use 15m strategy so he would use same trade as me and i would like to hear explanations asnd his thoughts...

This can be crucial here because if you lose 2 trades that day you need 5 to get everything back so mistakes need to be on minimum or you will have very different results!

P.S Iv'e read thread especially all of his comments few times!

Regards!
  • #23,285
  • Nov 28, 2014 8:34am Nov 28, 2014 8:34am
Hey guys...

my trades from today...

CJ +4 and
GU ts out

Any comment?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cadjpy-m5-international-capital-markets.png Size: 72 KB
Click to Enlarge Name: gbpusd-m5-international-capital-markets.png Size: 82 KB
  • #23,286
  • Nov 28, 2014 8:44am Nov 28, 2014 8:44am
Last trade for me today.
GU sell 1.56900 - > 1.56850
No screenshot because I'm not at home.

Have a nice weekend. See you next week.
  • #23,287
  • Nov 28, 2014 8:45am Nov 28, 2014 8:45am
Quoting Zokynho
{quote} Dont worry about me my friend i am not here to deny this method or something like that...I just want to say the problems that bothering me with it and want to learn from Udine as he has great success with it.Want to learn how he avoid those? I said few times and i will say again (just my thought): In this kind of trading (taking few pips) you will always find reason why not take a trade right especially later when your stop loss been hit (support, resistance, pivots, big numbers, not sync,news,choppy periods bla bla). If you win you will...

Ok here we go..
First of all trading the BRN is higher risk...
Now the question: would I trade the BRN like the GU earlier..

the answer:
it depends... on what..

- was the level tested before
- are there any support levels nearby
- is the pair moving nicely in sync with other pairs
- is the pair moving in a nice down trend
- how has been my trading week/month so far
- am I willing to take the risk for a possible loser..

to answer your question..

would I have taken the entry this morning, based on the 1H strategy?

probably the first one yes, the second one not..

hope that answers your question

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #23,288
  • Nov 28, 2014 8:47am Nov 28, 2014 8:47am
Trade #11 [Bonus trade #9]

GBPUSD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 47 KB


Masterrmind............
Master your Mind then Master your Trades
  • #23,289
  • Nov 28, 2014 8:53am Nov 28, 2014 8:53am
Quoting Masterrmind
Trade #11 [Bonus trade #9] GBPUSD +5 TP {image} Masterrmind............
i take the same trade but was a BE...
Why??? I use the H1 candle... TS @35
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-m5-international-capital-markets.png Size: 82 KB
  • #23,290
  • Nov 28, 2014 9:00am Nov 28, 2014 9:00am
Quoting Masterrmind
Trade #11 [Bonus trade #9] GBPUSD +5 TP {image} Masterrmind............
Hi MM
Why you enter on second M15 candle in this hour, not on the first one?
  • #23,291
  • Nov 28, 2014 9:03am Nov 28, 2014 9:03am
Quoting Udine
{quote} probably the first one yes, the second one not.. hope that answers your question cheers Udine
Check back a couple of days and you'll see a couple of tries (and failures) to go below 1.568: -
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 13 KB
  • #23,292
  • Nov 28, 2014 9:06am Nov 28, 2014 9:06am
Quoting Udine
{quote} Ok here we go.. First of all trading the BRN is higher risk... Now the question: would I trade the BRN like the GU earlier.. the answer: it depends... on what.. - was the level tested before - are there any support levels nearby - is the pair moving nicely in sync with other pairs - is the pair moving in a nice down trend - how has been my trading week/month so far - am I willing to take the risk for a possible loser.. to answer your question.. would I have taken the entry this morning, based on the 1H strategy? probably the first one yes,...
Hello Udine hope you enjoyed your meal ,now it time for some work if you can call that work !

Thank you for answear,maybe you didn't understand which trade I was talked about.

There wasn't round number you took trade on 85 cable based on 15 min chart,i took it on 80 based on 1h chart at close of hour! My sl was hit you take profit!

First trade cable today O.K loser- it happens but in your previous post you said that you wouldn't take second trade! What is difference that you took your and difference than mine few min later on 00 lvl,that was my real question?

Thanks in advance

Regards!
  • #23,293
  • Nov 28, 2014 9:09am Nov 28, 2014 9:09am
Trade #12 [Bonus trade #10]

EURCAD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 58 KB


Trade #13 [Bonus trade #11]

AUDCAD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 51 KB


Comment: both in sync that's why the AUDCAD was also taken but RmUP little reddish!

Masterrmind.............
Master your Mind then Master your Trades
  • #23,294
  • Nov 28, 2014 9:09am Nov 28, 2014 9:09am
Quoting rcsltd
{quote} Check back a couple of days and you'll see a couple of tries (and failures) to go below 1.568: - {image}
I agree with you but there is only 5 pips difference beetwen Udine and mine entry and we look at support and resistance as zone not exact pips so i think there is no much difference and just want to know Udine's thought regarding this!


Regards!
  • #23,295
  • Nov 28, 2014 9:12am Nov 28, 2014 9:12am
Quoting Zokynho
{quote} Hello Udine hope you enjoyed your meal ,now it time for some work if you can call that work ! Thank you for answear,maybe you didn't understand which trade I was talked about. There wasn't round number you took trade on 85 cable based on 15 min chart,i took it on 80 based on 1h chart at close of hour! My sl was hit you take profit! First trade cable today O.K loser- it happens but in your previous post you said that you wouldn't take second trade! What is difference that you took your and difference than mine few min later on 00...

on the 15M its a different story... and a 70 %+ for the month helps, so willing to take more risk

Udine
Sleep less, live fast, as it aint gonna last
  • #23,296
  • Nov 28, 2014 9:15am Nov 28, 2014 9:15am
GU to TP (H1)
Comment : if it fails to go up, it will go down
Attached Image (click to enlarge)
Click to Enlarge Name: GU_TP.png Size: 46 KB
Porta itineris dicitur longissima esse
  • #23,297
  • Nov 28, 2014 9:19am Nov 28, 2014 9:19am
Quoting Udine
{quote} on the 15M its a different story... and a 70 %+ for the month helps, so willing to take more risk Udine
Ok thank you for now but I am sure i will have more questions!
  • #23,298
  • Nov 28, 2014 9:20am Nov 28, 2014 9:20am
Trade #14 [Bonus trade #12]

EURJPY +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 51 KB


Comment: When the hourly open is that close to the level I take the initiative!

Masterrmind.............
Master your Mind then Master your Trades
  • #23,299
  • Nov 28, 2014 9:20am Nov 28, 2014 9:20am
Hi Udine, haven't posted in the thread for a few days but I'm doing very well. Up 17.47% in ~2 weeks.
Quick question involving the i-profit tracker. Is there a way to make it calculate how much % you've gained on the account from a day to day basis?
Currently it's saying I'm up 2.11% for the day but that 2% is on my original deposit, and I was hoping to calculate it using continuous compouding if that makes any sense?

example:

Deposit 1000
day 1: 1020 = 2% gain
day 2: 1040.40 = 2% gain (on previous 1020)
day3: 1061.208 = 2% gain (on previous 1040.4)

Rather than:

Deposit 1000
day1: 1020 = 2% gain
day2: 1040 = 2% gain (on initial 1000)
day3: 1060 = 2% gain (on initial 1000)
  • #23,300
  • Nov 28, 2014 9:29am Nov 28, 2014 9:29am
Quoting iwan73
{quote} Hi MM Why you enter on second M15 candle in this hour, not on the first one?
To fine tune my entry which is why I don't use H1 candles.

M15 candles tell me more of the story.

The 2nd M15 candle gives me the confidence I need to place the trade as it has cleared out below the previous bullish candle and heading lower.

Just to be clear I do trade with H1 candles at times!

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