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As simple as possible: 00 level trading

  • #24,141
  • Dec 5, 2014 3:21pm Dec 5, 2014 3:21pm
Quoting snail69
{quote} ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- This system is very simple but need a lot of experience to master! but one needs to adhere to the rules and newbies stick to only majors. Even EJ, GJ are a bit more than a little volatile. OK, Fakey, let's go. Pic. No: 1) & 2) NU - has large spread, very volatile, not proper trading time during Europe mostly - not for new traders Your trade is during red marked news...
Ok Thanls a loooooot!

1) no NU for now
2) Must see the PP
3) More attention to zone of major R/S
4) I would look close to harami formation

What about the change of coluor... in your setup mark in my graph i see that you take the trade when the indi's, the lower, in a short scenario turn green, turn back red and after this you put the order... is this right?
  • #24,142
  • Dec 5, 2014 3:22pm Dec 5, 2014 3:22pm
Quoting musicant
{quote} I am sorry i am not veteran. But I am sure you could avoid all of these losses. If you want I can explain it when I will be at home. Today I had onlly NU loss of your pictures but it was my falt.
Absolutely!
I want to master this good tecnique!
  • #24,143
  • Edited 5:32pm Dec 5, 2014 4:30pm | Edited 5:32pm
Quoting fakeylover
{quote} absolutely! I want to master this good tecnique!
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if somebody is interesting I wrote down some rules for me to avoid stop loss. Because 1 stop loss costs 3 green trades almost.
(15m method)

Once again it's my rules adding only for me

1. do not go in 1st candle new color
2. do not go in 4th candle same color
3. do not go after doji
4. do not go against long wick (half of candle or more)
5. do not go after candle without a wick. Be careful of candles without wicks!
6. do not go round numbers
7. do not go level recently was bounced

I hope it will be helpful. For me it works and helps me avoid some frustrating trades

Nowadays I am in step "not to do any mistake" I am not focusing to amount of money but to a color of digit "GREEN" )))))))

Gene.
  • #24,144
  • Dec 5, 2014 5:13pm Dec 5, 2014 5:13pm
Quoting Udine
Why a possible long and short set up?? Due to the Daily open line. Price below the Daily open line means the Daily candle = red Price above the daily open line means the daily candle = green for me the moment the price is below the Daily open line, I simply put a pending short order @ 171.600. simply because if since the open of the new 1H candle the price continues to go down, the 1H candle will be RED !! in this case the price did not go down, but went up.. to above the Daily open line..means the Daily candle turned Green = only long trades so...
Udine, i wonder it. You answered a question on Jun 4, post 219. "in this case the price did not go down, but went up.. to above the Daily open line..means the Daily candle turned Green = only long trades so a pending long order set @ 171.800" thus far i see. My broker gives me 5 pip spread for GBPJPY or 3 pips EURJPY. I set a pending order at 171.800 ok, but at that moment metatrader's price will be 171.750 / 171.800, you know short price is 171.75 and long price is 171.80 ... How should i set my pending order? Metatrader shows 171.750 but long price is 171.800 at that moment. I hope that tell you If i set pending order at 171.800 for long trade, metatrade shows still 171.750. If i set 171.50 that it's not 00 level, I am so confused. I would be glad if you give answers. Thank you!
  • #24,145
  • Dec 5, 2014 5:44pm Dec 5, 2014 5:44pm
Damm went to bed 5mins too early re xau ..MM
Whats That? you're trading What?
  • #24,146
  • Dec 5, 2014 6:15pm Dec 5, 2014 6:15pm
Quoting Stingr
{quote} Hi Masterrmind, those two AUDUSD trades were very interesting for me as I was watching this pair for the whole day, knowing that it was at its lowest since 2009, looking at the very strong support line at 0.83700, the price bouncing between DO and this line, and thinking to myself that there's no way on Earth I was going to short it off this level. Please take a look at two charts below. Did you decide to finally short it after you saw two M15 candles closing below that support line? {image} {image}
Good observation!

I was following all day too and aware of the support level.

The first candle that closed under support got my attention fairly quickly especially when I tend to look for breaks away from the DO line as well as support + resistance levels.

Then the next candle to the right of the 1st breakout candle gave me the confidence to short the pair!
(you can use a fast moving MA too just to get a feel for how the pair is traveling but I don't base my trades solely on an MA but as a general guide sometimes).

Good trading,

Masterrmind.........
Master your Mind then Master your Trades
  • #24,147
  • Dec 5, 2014 6:30pm Dec 5, 2014 6:30pm
Quoting piphunt3r
{quote} Why you have the "feeling" that he uses a bigger SL? I studied hundreds of his charts and i never saw that.
That's right my SL's are still at 10 pips.

When I enter a pending order using Udine scripts its always a 10 pip SL without fail.

When I enter a pending order via MT4 terminal the WUKAR trailing EA will paint an EmergencySL at 15 pips (so on some of my completed trades you can see a red dash mark at 15 pips from the entry price: this does not mean I use a 15 pip SL, that is not true!) but the HiddenSL is set at 10 pips and it is this value of 10 pips which is my SL.

This means that my SL should always be triggered at 10 pips or very close to it relative to the time taken to execute the SL (sometimes slippage might occur).

The hard SL is registered at my broker as a back up in the event that the internet connection fails and should the trade head towards SL then the max risk on that trade is close to 15 pips (subject again to execution time but you could almost say it will be the 15 pips)

So I use a SL = 10 pips.....

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #24,148
  • Dec 5, 2014 6:31pm Dec 5, 2014 6:31pm
Quoting Qed
Damm went to bed 5mins too early re xau ..MM
Yes there were some trades to be had with gold...............

Masterrmind............
Master your Mind then Master your Trades
  • #24,149
  • Dec 5, 2014 6:40pm Dec 5, 2014 6:40pm
If I had taken those 2 deals on audusd on those candles I would have been stopped (100 s/l) out on the spike 9 candles later ,
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Whats That? you're trading What?
  • #24,150
  • Dec 5, 2014 7:20pm Dec 5, 2014 7:20pm
Quoting Qed
If I had taken those 2 deals on audusd on those candles I would have been stopped (100 s/l) out on the spike 9 candles later , {image}
I can't see how it is possible for you to have hit SL had you had taken those 2 AUDUSD trades?

I shorted from the 700 level.
Maximum DD was only 2.5 pips and far away from SL level which was at 800 level.

Please refer to the chart below:

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Note: Trade#1 TP is hit 4 by M15 candles later and for trade #2 TP is hit 2 by M15 candles later (not 9 candles...)

Masterrmind............
Master your Mind then Master your Trades
  • #24,151
  • Dec 5, 2014 8:04pm Dec 5, 2014 8:04pm
yeh apolagise see ur right .... was looking at the chart with blue lines , didnt see ur close arrow ... shoulda check b4 I opened my gob burpees
Whats That? you're trading What?
  • #24,152
  • Dec 6, 2014 1:27am Dec 6, 2014 1:27am
Something for NY session. :nerd:
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  • #24,153
  • Dec 6, 2014 1:28am Dec 6, 2014 1:28am
Quoting Qed
yeh apolagise see ur right .... was looking at the chart with blue lines , didnt see ur close arrow ... shoulda check b4 I opened my gob burpees
No problem.

All sorted!

Masterrmind.........
Master your Mind then Master your Trades
  • #24,154
  • Dec 6, 2014 1:36am Dec 6, 2014 1:36am
Quoting snail69
Something for NY session. :nerd: {image}
That's a good start snail69!

Plenty of other things to be aware of too.

Last Friday of the month plenty of profit taking which causes "nice" reversals in the market since traders (especially the big boys/girls) are keen to show case maximum profit gains to their bosses and clients.

We probably should upload a pdf file ....hmmm!

However, study the movements of price on the charts and you will soon see lovely little patterns that occur over and over again....

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #24,155
  • Dec 6, 2014 3:36am Dec 6, 2014 3:36am
Quoting musicant
{quote} {image} {image} {image} {image} if somebody is interesting I wrote down some rules for me to avoid stop loss. Because 1 stop loss costs 3 green trades almost. (15m method) Once again it's my rules adding only for me 1. do not go in 1st candle new color 2. do not go in 4th candle same color 3. do not go after doji 4. do not go against long wick (half of candle or more) 5. do not go after candle without a wick. Be careful of candles without wicks! 6. do not go round numbers 7. do not go level recently was bounced I hope it will be helpful....
Thank you very much!

I don't understand your first 2 rules to avoid SL?

I've download all the kind of H1 ash or Absolute or HA alert... but i don't know why it dont' work....
  • #24,156
  • Dec 6, 2014 3:58am Dec 6, 2014 3:58am
Quoting musicant
{quote} {image} {image} {image} {image} if somebody is interesting I wrote down some rules for me to avoid stop loss. Because 1 stop loss costs 3 green trades almost. (15m method) Once again it's my rules adding only for me 1. do not go in 1st candle new color 2. do not go in 4th candle same color 3. do not go after doji 4. do not go against long wick (half of candle or more) 5. do not go after candle without a wick. Be careful of candles without wicks! 6. do not go round numbers 7. do not go level recently was bounced I hope it will be helpful....
Thank you for sharing. I think a very good observation. How understand exactly:" do not go in 1st candle new color". If a new 15-minute candle formed another color you cancel your oder?
  • #24,157
  • Dec 6, 2014 6:12am Dec 6, 2014 6:12am
I'm look to some old chats post here and i've found this where a master of this method take different entry right in the near of a pivot point, and other entry that are not on the first usefull level... http://www.forexfactory.com/showthre...59#post7700759
Why do you that MM?
  • #24,158
  • Edited 12:23pm Dec 6, 2014 11:51am | Edited 12:23pm
Some old entries...
What do you think of this?
  • #24,159
  • Edited 12:23pm Dec 6, 2014 11:59am | Edited 12:23pm
Why not try to take a 1:1 RR??
If the trade is selected well 10 pips will come
  • #24,160
  • Edited 12:24pm Dec 6, 2014 12:14pm | Edited 12:24pm
Another +10... from an old screen shot...
i think this... if price can arrive to +5 and bring us a profit why don't protect our trade and try to reach the target in just 1 trade?
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