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As simple as possible: 00 level trading

  • #24,301
  • Dec 9, 2014 3:44am Dec 9, 2014 3:44am
PA ranging so time to wait NY open for new opportunities...
  • #24,302
  • Dec 9, 2014 4:00am Dec 9, 2014 4:00am
Today a lot of TS
AU ts
GU ts ( right after touch my TS go straight into my +10 tp! )

Now i'll wait to NO to open
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  • #24,303
  • Dec 9, 2014 4:31am Dec 9, 2014 4:31am
Hi Guys - Firstly thanks Udine for a great system and your continued time and commitment. I have been lurking around trading this on demo for quite some time, doing a lot of learning. Also thanks to MM - I have really enjoyed learning a lot from you also.

So I went live yesterday, and made some silly errors which I fully understood. I can't for the life of me though understand why this went wrong today though, any ideas from anybody ? I had been sitting on my hands all morning, but this entry looked valid to me ?
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  • #24,304
  • Dec 9, 2014 4:38am Dec 9, 2014 4:38am
I'm in on .2375 on EU, price broker D&W pivot with momentum... all is up... let's see...TP .2385

Fast edit... i think that anything was good this time...anyway sl -10 price touch to the pip my sl and come back up
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  • #24,305
  • Dec 9, 2014 4:40am Dec 9, 2014 4:40am
EU +20 allowed to open position below pivot level , but above 23500 level. Seeing harmonic pattern to be finished I went for it. At the same time, time was just right.

7:20 am EST around corner. What is that time in NY for ???

Udine's entry will be TP.
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  • #24,306
  • Dec 9, 2014 5:00am Dec 9, 2014 5:00am
Quoting rogerha
Hi Guys - Firstly thanks Udine for a great system and your continued time and commitment. I have been lurking around trading this on demo for quite some time, doing a lot of learning. Also thanks to MM - I have really enjoyed learning a lot from you also. So I went live yesterday, and made some silly errors which I fully understood. I can't for the life of me though understand why this went wrong today though, any ideas from anybody ? I had been sitting on my hands all morning, but this entry looked valid to me ? {image}
My view...........

1. Price is clearly in an over-extended range on the down side.

2. Look how far it has been dropping (check harmonics also)

3. You should have noticed how price took an "obvious" break from the down trend @ L +2 hours

4. When PA drops like that .......... what you need to look for is an effective looking pull back to the long side, when trend continues down you trade with it and get into a high probability setup.

5. If PA and 00 entry levels don't match up "sweet" for an entry then you walk away ok! Look elsewhere my friend.

What you did wrong:

Attempting to short an already "temporarily" exhausted trend........ with the line up of pending shorts you have painted on your chart was the wrong course of action

You were teasing price as I do but unfortunately not at the right time.

What you need to do:

Get in on a setup after a nice little retrace and follow it in the direction of the trend.

Watch your pivots, DO line, S+R levels as you know!

Plenty more I could say but that will do for now...........

Better trading next time !

Masterrmind............
Master your Mind then Master your Trades
  • #24,307
  • Dec 9, 2014 5:04am Dec 9, 2014 5:04am
Quoting snail69
EU +20 allowed to open position below pivot level , but above 23500 level. Seeing harmonic pattern to be finished I went for it. At the same time, time was just right. 7:20 am EST around corner. What is that time in NY for ??? Udine's entry will be TP. {image}
Harmonic is indeed very powerful

On USD/JPY i spotted a Bat pattern if i'm not mistaken. Entry would have been with the M15 system (HA and ASH turned red)

I didn't take this trade however because it was under the RgL.
Attached Image
  • #24,308
  • Dec 9, 2014 5:12am Dec 9, 2014 5:12am
Quoting piphunt3r
{quote} Harmonic is indeed very powerful On USD/JPY i spotted a Bat pattern if i'm not mistaken. Entry would have been with the M15 system (HA and ASH turned red) I didn't take this trade however because it was under the RgL. {image}


Note: I am not good at all with their names, spot them seems sufficient.
  • #24,309
  • Dec 9, 2014 5:22am Dec 9, 2014 5:22am
Quoting Masterrmind
{quote} My view........... 1. Price is clearly in an over-extended range on the down side. 2. Look how far it has been dropping (check harmonics also) 3. You should have noticed how price took an "obvious" break from the down trend @ L +2 hours 4. When PA drops like that .......... what you need to look for is an effective looking pull back to the long side, when trend continues down you trade with it and get into a high probability setup. 5. If PA and 00 entry levels don't match up "sweet" for an entry then you walk away ok! Look elsewhere my friend....
MM- Thanks so much, a very interesting insight to what initially looked quite 'simple' to me. I just wanted to clarify some of my thinking, my feeling was that the retracement from the downward trend that temporarily pushed price above the DO was valid and that price was going to continue to the downside. I would have entered after that retracement but the DO, some support and the Weekly pivot meant that didn't seem right, and indeed would not have been a high probability entry.

If I understand you correctly then, rather than just walking away and waiting for the next opportunity I made a mistake in placing an order for which technically there was no real setup (or at least not of any quality), worse still it almost had no relationship to my thinking above.

Not sure how you can easily spot the fact that price was clearly over-extended, plain old experience I suppose ? I looked at the available room down within the ADR and thought it had space to move so I need to revisit that comment and understand it a little better.

Good learning though and a great insight, off to study a little more about harmonics.

Thanks again for your time MM.
  • #24,310
  • Dec 9, 2014 5:26am Dec 9, 2014 5:26am
Quoting rogerha
{quote} MM- Thanks so much, a very interesting insight to what initially looked quite 'simple' to me. I just wanted to clarify some of my thinking, my feeling was that the retracement from the downward trend that temporarily pushed price above the DO was valid and that price was going to continue to the downside. I would have entered after that retracement but the DO, some support and the Weekly pivot meant that didn't seem right, and indeed would not have been a high probability entry. If I understand you correctly then, rather than just walking...
If the chart has too many uncertainties or obstacles in your way for a potential trade setup......... just walk away!

Do not give the market a reason to take your money......

Masterrmind...........
Master your Mind then Master your Trades
  • #24,311
  • Dec 9, 2014 5:33am Dec 9, 2014 5:33am
Done for the day!
5 x trades - EU,AU,GJ,USDCAD,EURJPY = 5 x TP = 4.42% for the day , only got back to the office 1 and a half hours ago so very happy about the result.
Such a awesome system Udine, thanks again!
  • #24,312
  • Dec 9, 2014 5:35am Dec 9, 2014 5:35am
Trade #4 [Bonus trade #2]

CADJPY +5 TP

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Trade #5 [Bonus trade #3]

NZDJPY +5 TP

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Masterrmind............
Master your Mind then Master your Trades
  • #24,313
  • Dec 9, 2014 5:46am Dec 9, 2014 5:46am
Quoting snail69
{quote} Note: I am not good at all with their names, spot them seems sufficient.
yeah the main point is it makes money
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  • #24,314
  • Dec 9, 2014 5:50am Dec 9, 2014 5:50am
GU to SL -10
Hi mr Mastermind, can you clarify what i went wrong.
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  • #24,315
  • Dec 9, 2014 6:09am Dec 9, 2014 6:09am
Trade #6 [Bonus trade #4]

EURCAD +5 TP

Attached Image (click to enlarge)
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Masterrmind...........
Master your Mind then Master your Trades
  • #24,316
  • Dec 9, 2014 6:18am Dec 9, 2014 6:18am
Quoting numberman
GU to SL -10 Hi mr Mastermind, can you clarify what i went wrong. {image}
Hints:

1. What was the trend (roughly) through FF ?

2. What was PA doing at the end of the very first candle of the London Open on your chart?

Keep the probability on your side......... it clearly was not in this case.

Masterrmind.............
Master your Mind then Master your Trades
  • #24,317
  • Dec 9, 2014 6:20am Dec 9, 2014 6:20am
Quoting piphunt3r
{quote} yeah the main point is it makes money {image}
Stack all the reasons to take a trade in your favor and many things nice begin to happen!

Masterrmind...........
Master your Mind then Master your Trades
  • #24,318
  • Dec 9, 2014 6:28am Dec 9, 2014 6:28am
Good luck everyone....

Time for some rest....

Masterrmind..........
Master your Mind then Master your Trades
  • #24,319
  • Dec 9, 2014 6:34am Dec 9, 2014 6:34am
Quoting Masterrmind
Good luck everyone.... Time for some rest.... Masterrmind..........
Sweet dreams !
  • #24,320
  • Dec 9, 2014 6:40am Dec 9, 2014 6:40am
Hi Udine - with liquidity dying down over Christmas (like your August break) just wondering how much time off you will take from the markets at this time of year? - Cheers
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