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As simple as possible: 00 level trading

  • #24,361
  • Dec 10, 2014 3:25am Dec 10, 2014 3:25am
Quoting Kubiasty
-5 pips sl EURJPY. What was wrong? {image}
Hi Kubi
My opinion.
You had entered one bar to late. Entry should be on 147.400 at green bar and it would be TP (the momentum was strong downward . After that green bar has finished you could re-enter because it is considered as pullback at 147.500 but at high risk and it would also be TP.
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  • #24,362
  • Dec 10, 2014 3:28am Dec 10, 2014 3:28am
Quoting GoForPip
{quote} Hi Kubi My opinion. You had entered one bar to late. Entry should be on 147.400 at green bar and it would be TP (the momentum was strong downward . After that green bar has finished you could re-enter because it is considered as pullback at 147.500 but at high risk and it would also be TP. {image}
Thanks my friend.
  • #24,363
  • Dec 10, 2014 3:30am Dec 10, 2014 3:30am
JUST imo ... you know what ur spread is with ur broker .... take that into account when looking at position..... allow for it and either enter or not ... if its not worth the trouble WAIT ,,, there WILL BE a better entry very soon (in the scheme of life ).....
Whats That? you're trading What?
  • #24,364
  • Dec 10, 2014 3:39am Dec 10, 2014 3:39am
Quoting Kubiasty
{quote} Thanks my friend.
The example of re-entry i just took on GJ ( not by the rules) to show you how it can be done. VERY high risk
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  • #24,365
  • Dec 10, 2014 3:47am Dec 10, 2014 3:47am
Quoting GoForPip
{quote} The example of re-entry i just took on GJ ( not by the rules) to show you how it can be done. VERY high risk {image}
What led you to do this
  • #24,366
  • Dec 10, 2014 3:52am Dec 10, 2014 3:52am
UC +6
Gj +5
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  • #24,367
  • Dec 10, 2014 3:55am Dec 10, 2014 3:55am
Quoting GoForPip
{quote} The example of re-entry i just took on GJ ( not by the rules) to show you how it can be done. VERY high risk {image}
Sorry GoForPip, but if it's VERY high risk, for a TP of just 5 pips, it's VERY dumb to take the trade.
Persistence will get it. Consistency will keep it.
  • #24,368
  • Dec 10, 2014 3:56am Dec 10, 2014 3:56am
USDCAD to TP (nice morning star)
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  • #24,369
  • Dec 10, 2014 3:57am Dec 10, 2014 3:57am
Quoting Kubiasty
{quote} What led you to do this
It was just an example to show you re-entry similar to what could be done at EJ. (NOT by the rules)
And this is valid entry on GJ +5 one bar later (current bar)
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  • #24,370
  • Dec 10, 2014 3:59am Dec 10, 2014 3:59am
Quoting fakeylover
UC +6 Gj +5 {image} {image}
Took the same one nice trade!

nice AB=CD pattern after Udines entry rules

magic!
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  • #24,371
  • Dec 10, 2014 4:03am Dec 10, 2014 4:03am
Quoting Chake
{quote} Sorry GoForPip, but if it's VERY high risk, for a TP of just 5 pips, it's VERY dumb to take the trade.
Yes it was.
It was example of what could be done / not what should be done.
Remember snipe your trades. Wait for a kill.
TP is always 5 pips.
  • #24,372
  • Dec 10, 2014 4:11am Dec 10, 2014 4:11am
GJ was the one I took.. and gave me TP..

Udine
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Sleep less, live fast, as it aint gonna last
  • #24,373
  • Dec 10, 2014 4:11am Dec 10, 2014 4:11am
Quoting GoForPip
{quote} Yes it was. It was example of what could be done / not what should be done. Remember snipe your trades. Wait for a kill. TP is always 5 pips.
Ok, fair enough.
What i ment with 5 pips TP is, that if you're willing to take a high risk trade it should go for the jackpot, not just 5 pips.
Persistence will get it. Consistency will keep it.
  • #24,374
  • Dec 10, 2014 4:14am Dec 10, 2014 4:14am
Quoting piphunt3r
{quote} Took the same one nice trade! nice AB=CD pattern after Udines entry rules magic! {image}
Very nice Pip
  • #24,375
  • Dec 10, 2014 4:15am Dec 10, 2014 4:15am
Quoting BilboFX
Hi Lilizen, I permit myself to reply to you and inform you that looks like the error isn't in the calculation that you have made but in using a broker that charge you 3 Pips per trade. Stay green; BilboFX {quote}
thank you for answering BilboFX
what broker you're using ,if i could get better spreads i think i could make this strategy work,

take care and stay green
  • #24,376
  • Dec 10, 2014 4:23am Dec 10, 2014 4:23am
Crazy day... I don't like what my charts show me
  • #24,377
  • Dec 10, 2014 4:45am Dec 10, 2014 4:45am
Quoting Udine
GJ was the one I took.. and gave me TP.. Udine {image}

Is this trade was not first level ?
Can you explain more about what were the reasons open this order?
  • #24,378
  • Dec 10, 2014 4:47am Dec 10, 2014 4:47am
Quoting sEit89
Crazy day... I don't like what my charts show me

so sit on your hands

Udine
Sleep less, live fast, as it aint gonna last
  • #24,379
  • Dec 10, 2014 4:48am Dec 10, 2014 4:48am
Quoting Topro
{quote} Is this trade was not first level ? Can you explain more about what were the reasons open this order?

15M strategy..

candle where all line up has close @ 186.717, so pending order set @ 186.700 and TP @ 186.650

Udine
Sleep less, live fast, as it aint gonna last
  • #24,380
  • Dec 10, 2014 4:54am Dec 10, 2014 4:54am
Hi All

As its "quiet" on this method for the moment, I thought I would share a few rookie errors with you.
I have mentioned before that I like to learn by doing and this active learning puts me in a lot of marginal trades.
IMO this was a valid setup except for my error on entry and I only saw it when I did a quick review of the trade. Another lesson delivered by Mr Market .

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The M1 shows how I made this mistake

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PU
I have another "lesson" if anyone is interested:nerd:

Edit
there was a clue in this that I didn't see at the time
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