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As simple as possible: 00 level trading

  • #24,581
  • Dec 12, 2014 2:09am Dec 12, 2014 2:09am
GBP/JPY +5

Price closed right below 186.800. Looked like a nice reversal setup and i couldn't wait to get in. Thats why market order.

The lesson is clear: I have to work on my Patience.
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  • #24,582
  • Dec 12, 2014 2:10am Dec 12, 2014 2:10am
Morning Guys, thought I had a winner on the GJ entry short, but crazy spread on the London open, think it went up to 2,5 spread, took out my TS. At least it's not a loss
  • #24,583
  • Dec 12, 2014 2:16am Dec 12, 2014 2:16am
GJ to TP [H1]
Comment : there was a valid entry for M15 @ .750, but too close to DO. This trade, in addition to break rule 3. (burpees !!), I'm not sure if the entry is valid.
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Porta itineris dicitur longissima esse
  • #24,584
  • Dec 12, 2014 2:21am Dec 12, 2014 2:21am
H1 Method

Nice downside ride during last 3 candles. I decided to not take short from .750 level (M15 method) becouse it was too close to DO.
GJ TP
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  • #24,585
  • Dec 12, 2014 2:33am Dec 12, 2014 2:33am
Good morning all
GJ TS
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  • #24,586
  • Dec 12, 2014 2:36am Dec 12, 2014 2:36am
EU to TP [H1], done for the day-
Comment : again I don't know for sure if it's valid to consider as a valid entry the 1st 00 level after the cross of DO (.200 here).
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Porta itineris dicitur longissima esse
  • #24,587
  • Dec 12, 2014 2:38am Dec 12, 2014 2:38am
Trade #2 - GBPJPY [+5 pips]

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  • #24,588
  • Edited 3:01am Dec 12, 2014 2:42am | Edited 3:01am
again what happend after Udines entry rules

Sometimes i have to let it go


edit 09.58: price reached target for pattern completion now
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  • #24,589
  • Dec 12, 2014 2:53am Dec 12, 2014 2:53am
Quoting bubincka
EU to TP [H1], done for the day- Comment : again I don't know for sure if it's valid to consider as a valid entry the 1st 00 level after the cross of DO (.200 here). {image}
Good morning.
No it's not a valid entry for the H1 system, only short 1.24 would have been valid for this hour.
Persistence will get it. Consistency will keep it.
  • #24,590
  • Dec 12, 2014 3:13am Dec 12, 2014 3:13am
Good Morning Guys!

Trade #1 EJ to TP

Greetz Michael
  • #24,591
  • Dec 12, 2014 3:21am Dec 12, 2014 3:21am
EU to TP +6, EJ to TP +5
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  • #24,592
  • Dec 12, 2014 3:28am Dec 12, 2014 3:28am
Quoting Chake
{quote} Good morning. No it's not a valid entry for the H1 system, only short 1.24 would have been valid for this hour.
Good morning Chake. OK, yours is one interpretation of the rules and that's the reason why I doubt if the entry is correct. But my question is : when the price cross the DO, both H1 & D1 are green and the first 00 level up is 1.24200. So why it's invalid ? Please give me reasons to make me understand. And thank you for this support.
Porta itineris dicitur longissima esse
  • #24,593
  • Dec 12, 2014 3:30am Dec 12, 2014 3:30am
Quoting piphunt3r
again what happend after Udines entry rules Sometimes i have to let it go edit 09.58: price reached target for pattern completion now {image} {image}
Good morning piphunt3r, can you please post some links where lines you put on your charts are explained ? I guess they are called harmonics, from previous posts. Thank you !
Porta itineris dicitur longissima esse
  • #24,594
  • Dec 12, 2014 3:36am Dec 12, 2014 3:36am
Quoting numberman
EU to TP +6, EJ to TP +5 {image} {image}
Which rules confirm you entrys??

Greetz Michael
  • #24,595
  • Dec 12, 2014 3:43am Dec 12, 2014 3:43am
Quoting bubincka
{quote} Good morning Chake. OK, yours is one interpretation of the rules and that's the reason why I doubt if the entry is correct. But my question is : when the price cross the DO, both H1 & D1 are green and the first 00 level up is 1.24200. So why it's invalid ? Please give me reasons to make me understand. And thank you for this support.
Bubincka, the way i see it is that only the first 00 level is valid. (up or down)
In this case the first 00 level up was 1.2410 wich on my chart was below DO, so therefore no buy EU this hour.

But on the other hand, if you have a lot off experience to trade it the way you did, and you are comfortable with it, why not? it's you're money and you're decision.
Persistence will get it. Consistency will keep it.
  • #24,596
  • Dec 12, 2014 3:58am Dec 12, 2014 3:58am
Quoting mwsteiner
{quote} Which rules confirm you entrys?? Greetz Michael
I use 15M rules.
  • #24,597
  • Dec 12, 2014 3:59am Dec 12, 2014 3:59am
Quoting Chake
{quote} Bubincka, the way i see it is that only the first 00 level is valid. (up or down) In this case the first 00 level up was 1.2410 wich on my chart was below DO, so therefore no buy EU this hour. But on the other hand, if you have a lot off experience to trade it the way you did, and you are comfortable with it, why not? it's you're money and you're decision.
Hi Chake, it's the way I see it too. But since this case is controversial and not clear at 100% (al least to me), it should be helpful Udine's view on this.
Porta itineris dicitur longissima esse
  • #24,598
  • Dec 12, 2014 4:05am Dec 12, 2014 4:05am
Quoting bubincka
{quote} Good morning piphunt3r, can you please post some links where lines you put on your charts are explained ? I guess they are called harmonics, from previous posts. Thank you !
Yes it was a harmonic pattern. In this case a AB=CD pattern

It is another tool in the toolbox to decide if it is a high probability entry or not.

I don't enter simply because i see a pattern forming. Many other conditions have to be also in my favour.

And i always enter a trade based on Udines entry rules.


There is an interesting thread about harmonics on forex factory: http://www.forexfactory.com/showthread.php?t=402253


Below you see some common harmonic patterns
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  • #24,599
  • Dec 12, 2014 4:20am Dec 12, 2014 4:20am
Quoting bubincka
{quote} Hi Chake, it's the way I see it too. But since this case is controversial and not clear at 100% (al least to me), it should be helpful Udine's view on this.

its not controversial at all...

its all in the guidelines, and if its not the first 00 level, then its a no trade..

Udine
Sleep less, live fast, as it aint gonna last
  • #24,600
  • Dec 12, 2014 4:30am Dec 12, 2014 4:30am
hey guys,

I did my first trade on UJ (5 pips below 118,500) this morning and it worked very well.
But I am wondering if it would be according to the rules to also trade the very next level (118,400)?

I hope I am not bothering you with the question but I didn't find the answer in this thread at all.

Thanks.
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