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As simple as possible: 00 level trading

  • #24,521
  • Dec 11, 2014 4:35am Dec 11, 2014 4:35am
Quoting Topro
{quote} After new candle open first level. if short down if long up. {image}
Thanks for answer Topro, but that what you paint is wrong. Udine said "Circle 1" entry is wrong too.
  • #24,522
  • Dec 11, 2014 4:46am Dec 11, 2014 4:46am
Quoting Masterrmind
Trade #3 [Bonus trade #1] AUDNZD +5 TP {image} Masterrmind...........
What do you think about this setup on AUDJPY?

My reason to consider this as high probability setup for long at 98.100 according to H1 Udine rules:

-nice completion of Harmonics before entry
- round number and DO on the same level Pa shows weakness
- extended inside up formation if 98.100 level is reached.
-AUD/USD in sync showed also signal of reversal
-GBP/JPY and EUR/JPY moved strong upwards while AUD/JPY was falling.



-
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  • #24,523
  • Dec 11, 2014 4:56am Dec 11, 2014 4:56am
Quoting Kubiasty
{quote} So you open manually now trades or pending orders just like the 1. page rules says?

always pendings

Udine
Sleep less, live fast, as it aint gonna last
  • #24,524
  • Dec 11, 2014 5:12am Dec 11, 2014 5:12am
Trade #4 [Bonus trade #2]

NZDJPY +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 50 KB


Masterrmind...........
Master your Mind then Master your Trades
  • #24,525
  • Dec 11, 2014 5:18am Dec 11, 2014 5:18am
Quoting Topro
{quote} After new candle open first level. if short down if long up. {image}

are you sure ????

Udine
Sleep less, live fast, as it aint gonna last
  • #24,526
  • Dec 11, 2014 5:19am Dec 11, 2014 5:19am
Quoting honestknave
{quote} Raises an interesting point... my understanding (and consequent application) of this method is that not every entry meeting the rules is taken. Discretion is required, assessing PA, momentum, fibs, S/D etc to separate the high probability trades from the weak setups. Otherwise an EA could be knocked up in a few hours. No?

I dont use fancy stuff, I only use my left eye and right eye..

besides there has been made an EA many moons ago..

Udine
Sleep less, live fast, as it aint gonna last
  • #24,527
  • Dec 11, 2014 5:24am Dec 11, 2014 5:24am
Quoting Kubiasty
{quote} Thanks for answer Topro, but that what you paint is wrong. Udine said "Circle 1" entry is wrong too.
Sorry, I thought that 1H questions about strategy, not understood the question.
if 15 M strategy this is your candle opened 147,100, if you wanted a long position your buy stop was to be 147,150, on next candle (last on chart) buy stop- 147.350
  • #24,528
  • Dec 11, 2014 5:24am Dec 11, 2014 5:24am
Quoting piphunt3r
{quote} What do you think about this setup on AUDJPY? My reason to consider this as high probability setup for long at 98.100 according to H1 Udine rules: -nice completion of Harmonics before entry - round number and DO on the same level Pa shows weakness - extended inside up formation if 98.100 level is reached. -AUD/USD in sync showed also signal of reversal -GBP/JPY and EUR/JPY moved strong upwards while AUD/JPY was falling. - {image}
Hmmmm.....

Great trade in terms of PA etc...............but

Taking trades from on top of the DO line should really be avoided (in general)

Yes I know I took the AN trade on top too but based on great PA setup mostly.

I prefer trades that are about 10 pips from the DO (5 pips at the bare minimum)..... AN trade was a rare exception.

Keep profitable,

Masterrmind............
Master your Mind then Master your Trades
  • #24,529
  • Dec 11, 2014 5:39am Dec 11, 2014 5:39am
Quoting Udine
{quote} the EJ was a NO NO... Euro news in less than 40 minutes.. Udine
oooops.. missed that.
Porta itineris dicitur longissima esse
  • #24,530
  • Dec 11, 2014 5:47am Dec 11, 2014 5:47am
Quoting Masterrmind
{quote} Hmmmm..... Great trade in terms of PA etc...............but Taking trades from on top of the DO line should really be avoided (in general) Yes I know I took the AN trade on top too but based on great PA setup mostly. I prefer trades that are about 10 pips from the DO (5 pips at the bare minimum)..... AN trade was a rare exception. Keep profitable, Masterrmind............
Yes i agree on top of DO is too risky. Thats why i adjusted the entry point to 98.100 - next 00levle (10 pips away from DO)

Entering on the 98.050 level was also too risky i think because if it reaches this level its not clear to me if the bulls are strong enough to push higher
  • #24,531
  • Dec 11, 2014 5:50am Dec 11, 2014 5:50am
Quoting Udine
{quote} are you sure ???? Udine

I meant the first level of the opening scheme. for example if open candle 147,100, then expose stop buy 147,200 on 1H system or stop buy on 147,150 15M system? something wrong?

In this case, only talked about the scheme, because I do not see Indicators that would allow buy (or sell) by the system.
  • #24,532
  • Dec 11, 2014 5:53am Dec 11, 2014 5:53am
Quoting Masterrmind
Trade #4 [Bonus trade #2] NZDJPY +5 TP {image} Masterrmind...........
Hi MM,

Congrat .... as usual ... but I am wondering if this one was not a not risky ? (long stick the hour before and wide spread)
  • #24,533
  • Dec 11, 2014 5:57am Dec 11, 2014 5:57am
Quoting bluexpec
Hey Guys, I've had a bit of a rough time and haven't been paying a lot of attention to the thread with business and some personal stuff. Any scripts yet for .50 entry 1% 5tp and 10 pip s/l? Sorry to ask this again, doing it manually at this moment with no problems, just asking.
Yes there is a script for .50 entry

http://www.forexfactory.com/showthre...51#post7894851
  • #24,534
  • Dec 11, 2014 5:59am Dec 11, 2014 5:59am
Quoting totowah
{quote} Hi MM, Congrat .... as usual ... but I am wondering if this one was not a not risky ? (long stick the hour before and wide spread)
I was confident of a further push up based on the chart but you are right..spread is a bit high and the trade did have some risk attached!

Masterrmind...........
Master your Mind then Master your Trades
  • #24,535
  • Dec 11, 2014 6:09am Dec 11, 2014 6:09am
Quoting Topro
{quote} I meant the first level of the opening scheme. for example if open candle 147,100, then expose stop buy 147,200 on 1H system or stop buy on 147,150 15M system? something wrong? In this case, only talked about the scheme, because I do not see Indicators that would allow buy (or sell) by the system.

ok

Udine
Sleep less, live fast, as it aint gonna last
  • #24,536
  • Dec 11, 2014 6:22am Dec 11, 2014 6:22am
Quoting Masterrmind
{quote} I was confident of a further push up based on the chart but you are right..spread is a bit high and the trade did have some risk attached! Masterrmind...........
nice trade

looks like harmonics was involved once again
  • #24,537
  • Dec 11, 2014 6:25am Dec 11, 2014 6:25am
A few comments having read most of the thread, which may or may not be welcome.

Firstly, as a trader:
I believe it is a great system. Thank you for sharing Udine. It is working well for me in combination with discretional entries and for that I thank you.

Secondly, as a coder:
I am aware there are some EAs, the latest being moved to the commercial section I believe. From a personal standpoint, I don't think this system is well suited to an EA and that is why I haven't coded my own. The filters I apply to this system with my "left eye and my right eye" are too subjective to incorporate into an EA. But I wish the best of luck to those who are trying and I look forward to seeing the results.

Thirdly, as an instructor:
The beauty of this system is its simplicity. The rules can (and have been) scribbled down in a few lines. But now we have 1227 pages, undoubtedly filled with some great contributions but also with a fair amount of posts that seem very self-indulgent, doing very little to educate others IMHO.

I didn't make that last comment to be offensive... what I have noticed, from the sidelines, is that the inexperienced are applying the simple rules mechanically and failing to grasp why the system isn't working for them. This is because there is very little discussion about how to filter the good from the bad, which is crucially important in a system with a R/R like this one.

It is not surprising that certain posters are getting frustrated when all they see is a catalogue of successful trades often without so much as a hint of an explanation, yet their own trades keep failing despite seemingly following the rules. This is not my thread, and as MM pointed out I haven't contributed to the post count. But I do think it would be a worthwhile direction to proceed from after over 24,500 posts.

Just my humble musings. Apologies if I offended anyone.
For me, I'm going back to trading this killer system

PS I am aware there is a lot more to harmonics than AB=CD, but thanks for the pointer...
  • #24,538
  • Dec 11, 2014 6:52am Dec 11, 2014 6:52am
Quoting Udine
ok that was nice of the GU... to TP.. early bird, dont know how much time I will have to trade today, so this is nice of the market Udine {image}
Udine why did u opened this position ? its from

  1. Dec 3, 2014 8:20

last candle was very small...

Attached Image
  • #24,539
  • Dec 11, 2014 7:01am Dec 11, 2014 7:01am
Quoting honestknave
A few comments having read most of the thread, which may or may not be welcome. Firstly, as a trader: I believe it is a great system. Thank you for sharing Udine. It is working well for me in combination with discretional entries and for that I thank you. Secondly, as a coder: I am aware there are some EAs, the latest being moved to the commercial section I believe. From a personal standpoint, I don't think this system is well suited to an EA and that is why I haven't coded my own. The filters I apply to this system with my "left eye and my right...
1. thx for the kind words
2. never expected any EA would work either
3. each needs to learn and analyze themselves; here they get the guidelines, the hints and then the people have to do the work themselves

no offense taken..

in the thread there are more than enough explanations given, and if people would take the time to gather all my posts or the posts of any other trader, and put them in a PDF, they would have a great book with hundreds of live trades and more than enough explanations..

But hey, who am I.., this is only MHO..

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #24,540
  • Dec 11, 2014 7:08am Dec 11, 2014 7:08am
Quoting Udine
{quote} 1. thx for the kind words 2. never expected any EA would work either 3. each needs to learn and analyze themselves; here they get the guidelines, the hints and then the people have to do the work themselves no offense taken.. in the thread there are more than enough explanations given, and if people would take the time to gather all my posts or the posts of any other trader, and put them in a PDF, they would have a great book with hundreds of live trades and more than enough explanations.. But hey, who am I.., this is only MHO.. cheers Udine...
It's your thread and I respect your standpoint.
I'll "wind my neck in" and just stick to trading. Awesome system - 2 trades on NY open taking TP in less than 3 minutes. Beautiful
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