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As simple as possible: 00 level trading

  • #25,121
  • Dec 22, 2014 3:05am Dec 22, 2014 3:05am
Quoting Udine
What is Christmas? Christmas is a time to think with * kindness about the past, * courage for the present, * hope for the future. It is my wish that you and your loved ones will be blessed with * health, to enjoy life to the max. with all its challenges * serenity, to accept the things you cannot change * courage, to change the things you can despite of all the fears * wisdom, to know the difference and off course * patience * discipline * focus * belief * confidence * consistency I truly wish that all the goals of you and your loved ones, may be...
Likewise to you too Udine.

All the very best to you and your family for the Christmas break.

Masterrmind...........
Master your Mind then Master your Trades
  • #25,122
  • Dec 22, 2014 3:12am Dec 22, 2014 3:12am
Quoting Udine
What is Christmas? Christmas is a time to think with * kindness about the past, * courage for the present, * hope for the future. It is my wish that you and your loved ones will be blessed with * health, to enjoy life to the max. with all its challenges * serenity, to accept the things you cannot change * courage, to change the things you can despite of all the fears * wisdom, to know the difference and off course * patience * discipline * focus * belief * confidence * consistency I truly wish that all the goals of you and your loved ones, may be...
Thanks Udine, same to you and you're family.
Persistence will get it. Consistency will keep it.
  • #25,123
  • Dec 22, 2014 3:15am Dec 22, 2014 3:15am
Quoting maadz
Done for today. {image}
Hi, well done today already!
Would you mind explaining your reasons for entry on those two trades?

Thanks
  • #25,124
  • Dec 22, 2014 3:19am Dec 22, 2014 3:19am
EU -5

Hi Mr Udine, i cut it before it hit my SL, was that because of the resistance line above.
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  • #25,125
  • Dec 22, 2014 3:20am Dec 22, 2014 3:20am
EU -10 pips
This system fails...

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  • #25,126
  • Dec 22, 2014 3:28am Dec 22, 2014 3:28am
Quoting numberman
EU -5 Hi Mr Udine, i cut it before it hit my SL, was that because of the resistance line above. {image}

Why do you think I dont trade live anymore until after the 7th of january, and have done so for the last 3 years..

moves get smaller, less volume in the market, less volatility..

everything slows down for the holidays..

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #25,127
  • Dec 22, 2014 3:31am Dec 22, 2014 3:31am
Quoting flinx
{quote} Hi, well done today already! Would you mind explaining your reasons for entry on those two trades? Thanks
All reasons are regards to Mr. Udine's rules at London opening.
It must come from a need!
  • #25,128
  • Dec 22, 2014 3:33am Dec 22, 2014 3:33am
Quoting Udine
{quote} Why do you think I dont trade live anymore until after the 7th of january, and have done so for the last 3 years.. moves get smaller, less volume in the market, less volatility.. everything slows down for the holidays.. cheers Udine
Okay, thanks mr Udine.
  • #25,129
  • Dec 22, 2014 3:57am Dec 22, 2014 3:57am
Quoting Udine
What is Christmas? Christmas is a time to think with * kindness about the past, * courage for the present, * hope for the future. It is my wish that you and your loved ones will be blessed with * health, to enjoy life to the max. with all its challenges * serenity, to accept the things you cannot change * courage, to change the things you can despite of all the fears * wisdom, to know the difference and off course * patience * discipline * focus * belief * confidence * consistency I truly wish that all the goals of you and your loved ones, may be...
Udine,

Thank you for your kind thoughts and wise words, best wishes to you and yours.
Enjoy the holidays.

PU

"Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime."

Attached Image
  • #25,130
  • Dec 22, 2014 4:21am Dec 22, 2014 4:21am
Quoting Udine
What is Christmas? Christmas is a time to think with * kindness about the past, * courage for the present, * hope for the future. It is my wish that you and your loved ones will be blessed with * health, to enjoy life to the max. with all its challenges * serenity, to accept the things you cannot change * courage, to change the things you can despite of all the fears * wisdom, to know the difference and off course * patience * discipline * focus * belief * confidence * consistency I truly wish that all the goals of you and your loved ones, may be...
Same to you and everyone else.
Merry christmas to all.

Asmodai
  • #25,131
  • Dec 22, 2014 4:30am Dec 22, 2014 4:30am
All the very Best Xmas wishes for a peacefull Yuletide Udine ... and may 2015 be even better than 2014 for you and your followers .... PS the system WORKS ...the human mind FAILS ... and fails to ask "why?" ... let the doubters drop off if they cant obtain and practise the discipline needed ....cheers and "good fortune " ...BUT you will have to WORK for it ....
Whats That? you're trading What?
  • #25,132
  • Dec 22, 2014 4:39am Dec 22, 2014 4:39am
Quoting flinx
Merry Christmas all, I was hoping someone could advise me why this trade lost to SL Just as trade opened: {image} After: {image} According to rules: Both H1 and D1 are green Entry on the first 00 level Trading the first few hours of London Not at .100 or .900 area ADR not reached Above daily open Thanks

wrong time to trade, due to the holiday season...

simple..

Udine
Sleep less, live fast, as it aint gonna last
  • #25,133
  • Dec 22, 2014 4:49am Dec 22, 2014 4:49am
Quoting Udine
{quote} wrong time to trade, due to the holiday season... simple.. Udine
That's probably why you haven't seen me posting many charts........

It's that time of the year where you hang up your terminal..........

But since it's nearing the end of the year and what a great year it has been ...

I'll give the trader a quick 1line analysis........... even though its sticks out like........well you know what??

EDIT: looks like the trader deleted the chart..........hmmm

Masterrmind.............
Master your Mind then Master your Trades
  • #25,134
  • Edited 5:05am Dec 22, 2014 4:52am | Edited 5:05am
Thanks Uldine and Mastermind for getting in touch.

Quoting Masterrmind
I'll give the trader a quick 1line analysis........... even though its sticks out like........well you know what??

Masterrmind.............
Little confused what you mean here Mastermind?

EDIT - was just in the process of reuploading as the deleted chart was circled wrong and noticed you had already replied. Will post again now... Sorry for coonfusion!

Here is the trade upon open:

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Here it is after closing:

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  • #25,135
  • Edited 5:16am Dec 22, 2014 5:05am | Edited 5:16am
@ flinx........

It appears you deleted your chart that you wanted comments on!

From what I remember seeing of your chart take a look at the PA (= price action) and candle formation just before what I believe was your pending long entry (which got triggered and hit TS hard).....

The main concern is not being patient and timing your entry

1. look at the indecision candle (the one with long wicks out each end of its body (this is telling you that buyers and sellers are having a bit of a tiff so no clear direction is the bottom line.

2. the problem with going too early is that you are primarily guessing and guessing in trading is not good practice.

3. Hint: when you see indecision you wait and follow the market wherever it takes you.....

4. Also notice a common pattern.....mini downtrend .....hesitation (=indecision candle) .... many times price will continue in the same direction it was headed prior to the indecision candle which would have been down.

This doesn't mean you guess down either ... you wait and observe and then make an "informed decision" in a way that you "guess" less.

Just as an aside note: If the correct 00 level had of been say 5-7 pips higher than where you entered then its possible that a long entry could have worked out...we will never know!

If you are not very sure then better not to take the trade......just want to try get those 2 good trades so why risk it!

Hope this helps a bit and it is meant to be constructive criticism so I'm hoping you will take it the right way because I am trying to help you.

Good trading,

Masterrmind..............
Master your Mind then Master your Trades
  • #25,136
  • Edited 5:30am Dec 22, 2014 5:07am | Edited 5:30am
Quoting flinx
Thanks Uldine and Mastermind for getting in touch. {quote} Little confused what you mean here Mastermind? EDIT - was just in the process of reuploading as the deleted chart was circled wrong and noticed you had already replied. Will post again now... Sorry for coonfusion! Here is the trade upon open: {image} Here it is after closing: {image}
Check post #25137 above ....let me know if you need more analysis...there is quite a bit in that trade!

EDIT:

Take a look at this chart with annotations.

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Masterrmind...........
Master your Mind then Master your Trades
  • #25,137
  • Edited 6:42am Dec 22, 2014 5:32am | Edited 6:42am
Quoting Masterrmind
{quote} Check post #25137 above ....let me know if you need more analysis...there is quite a bit in that trade! Masterrmind...........
Thanks very much for getting in touch, and for explaining in a clear, simple manner

I understand what you are saying and understand your analysis. I think you are referring to the wrong candle...which is my fault. (I just realised there are those little entry/exit triangles on the chart which could be confusing.. sorry that's my fault.)

Hope this clears it:

Attached Image (click to enlarge)
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So in my mind, price is in the uptrend as suggested by the rules (above daily open, H1 and D1 green) and the white arrows I've drawn on shows what's previously happened. I thought that as price pulled back slightly, it saw it as a retracement before continuing in the same upwards direction. The Doji candle one candle before where I entered I saw as a confirmation that price was struggling to get lower and was bouncing off the 187.200 level.

However just after this is went downhill and got stopped out.

Your analysis would be greatly appreciated,
Huge thanks in advance

Again, really sorry for the cofusion, that's my fault and my eyes for not seeing those triangles!
  • #25,138
  • Dec 22, 2014 5:42am Dec 22, 2014 5:42am
Quoting flinx
{quote} Thanks very much for getting in touch, and for explaining in a clear, simple manner I understand what you are saying and understand your analysis. Just to confirm, you are talking about the same entry as me? (I just realised there are those little entry/exit triangles on the chart which could be confusing.. sorry that's my fault.) Hope this clears it: {image} So in my mind, price is in the uptrend as suggested by the rules (above daily open, H1 and D1 green) and the white arrows I've drawn on shows what's previously happened. I thought...
From my studies in the last few days, you need to look at the London open as a "mini" daily open. From what i notice, if at LO the price goes down it may very well continue down, even if the daily trend (assuming you have NY close DO) is up.
I'm starting to trade very carefully in these situations.

Asmodai
  • #25,139
  • Dec 22, 2014 5:45am Dec 22, 2014 5:45am
Quoting flinx
{quote} Thanks very much for getting in touch, and for explaining in a clear, simple manner I understand what you are saying and understand your analysis. Just to confirm, you are talking about the same entry as me? (I just realised there are those little entry/exit triangles on the chart which could be confusing.. sorry that's my fault.) Hope this clears it: {image} So in my mind, price is in the uptrend as suggested by the rules (above daily open, H1 and D1 green) and the white arrows I've drawn on shows what's previously happened. I thought...

Nope...wrong thinking I'm afraid.

When you see that candle formation you must wait and be patient because price can go up or it can go down.

Wait for the market to tell you....then take appropriate action and if you can't enter the trade because of the 00 rules then walk away from the trade.

Sometimes when you walk away from the trade it turns out for the best..... sometimes not!

In this case its clear.... no trade!

Masterrmind...........
Master your Mind then Master your Trades
  • #25,140
  • Dec 22, 2014 6:47am Dec 22, 2014 6:47am
Quoting Masterrmind
{quote} When you see that candle formation you must wait and be patient because price can go up or it can go down. Wait for the market to tell you.
Thanks for getting in touch.
I value feedback highly and will take it on board.

What I've learned, is not to trade when candle formations are a little unclear as to direction, and avoid trading directly after a doji!
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