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As simple as possible: 00 level trading

  • #25,541
  • Jan 9, 2015 4:25am Jan 9, 2015 4:25am
USDJPY Short @ 119.300 to TP!

Slowly starting to get the hang of this...
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  • #25,542
  • Jan 9, 2015 4:38am Jan 9, 2015 4:38am
GU +5...
I have not taken one short of EJ because the price was above the support of a canal and over the opening of london ... indicators gave the green light but better safe than sorry ... I learned this !
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  • #25,543
  • Jan 9, 2015 4:38am Jan 9, 2015 4:38am
Quoting Vlad13685
USDJPY Short @ 119.300 to TP! Slowly starting to get the hang of this... {image}
Took the same trade. Congrats
  • #25,544
  • Jan 9, 2015 4:42am Jan 9, 2015 4:42am
In one Friday of the month, there is this insidious and unforgiving NFP where most pairs just chops until the news is released. And when it's done, even after two hours, the price whips like 70 points up and down.

Since this system stays away from red, NFP day should be treated like the start of a long weekend for systems like this.

Udine, how does the Renko survive / thrive in such market conditions?
  • #25,545
  • Jan 9, 2015 4:50am Jan 9, 2015 4:50am
Why EU went down? H1, H4, D1 was all green. Enetered new level. No red news. EU -10 sl.

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  • #25,546
  • Jan 9, 2015 4:53am Jan 9, 2015 4:53am
Quoting Mariodrugs
Why EU went down? H1, H4, D1 was all green. Enetered new level. No red news. EU -10 sl. {image}
Resistance you could see on H1 TF...
  • #25,547
  • Jan 9, 2015 4:56am Jan 9, 2015 4:56am
I didn't expect to much until the NFP, but surprisingly there were some good trades.

Trade #1 USDJPY, #2 EURUSD, #3 GBPCAD, #4 NZDJPY, #5 EURCAD, #6 CADCHF, #7 CADJPY

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Today is NFP, so be careful!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #25,548
  • Jan 9, 2015 5:03am Jan 9, 2015 5:03am
Quoting JibalaPasan
{quote} I do not blindly follow the rules just to get in a trade! One can not expect to have the right momentum & strength always at the 1st break of a specified level. Therefore, whenever it happens, a order will be send. Jibala
Good morning Jibala, we had power failure yesterday. I understand what you were trying to show me, what i don't understand is this your comment "One can not expect to have the right momentum & strength always at the 1st break of a specified level. Therefore, whenever it happens, a order will be send". Because the are some good setup that touches the 00 level for the first time and move straight to stoploss before resuming its normal movement. let me look for a chart to make what am trying to say easy to understand. or by first break, are you refering to a new days 00level that has not yet been tested?
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  • #25,549
  • Jan 9, 2015 5:11am Jan 9, 2015 5:11am
UJ h1 chart
Placing a Short pending at 119.2 corresponds to the rules but isn't advisable from PA point of view(we have support area there)
Anyone sharing the same thought?

Same idea applys to EJ 140.80
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  • #25,550
  • Jan 9, 2015 5:11am Jan 9, 2015 5:11am
Quoting JibalaPasan
I didn't expect to much until the NFP, but surprisingly there were some good trades. Trade #1 USDJPY, #2 EURUSD, #3 GBPCAD, #4 NZDJPY, #5 EURCAD, #6 CADCHF, #7 CADJPY {image} {image} {image} {image} {image} {image} {image} Today is NFP, so be careful! Jibala
looking at cadjpy, what made you take that trade as that level was tested and rejected 3 times?
  • #25,551
  • Jan 9, 2015 5:16am Jan 9, 2015 5:16am
Quoting yelena
In one Friday of the month, there is this insidious and unforgiving NFP where most pairs just chops until the news is released. And when it's done, even after two hours, the price whips like 70 points up and down. Since this system stays away from red, NFP day should be treated like the start of a long weekend for systems like this. Udine, how does the Renko survive / thrive in such market conditions?
Yelena,

With renko I take only trades when ne red news is in sight, just like with this strategy..

this morning I had some TP's, but less than usual, as the market is in waiting mode...

For me today means early weekend... I prefer to be safe, instead of sorry

Udine
Sleep less, live fast, as it aint gonna last
  • #25,552
  • Jan 9, 2015 5:19am Jan 9, 2015 5:19am
Quoting gigicualex
UJ h1 chart Placing a Short pending at 119.2 corresponds to the rules but isn't advisable from PA point of view(we have support area there) Anyone sharing the same thought? Same idea applys to EJ 140.80 {image}
agree
  • #25,553
  • Edited 5:42am Jan 9, 2015 5:23am | Edited 5:42am
Gj end in a loss.... this was good to me... bullish swing... above DO... retrace... signal... no S or R .... and after my SL go straight to TP...
red territory again for me today...
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  • #25,554
  • Jan 9, 2015 5:23am Jan 9, 2015 5:23am
Quoting gigicualex
UJ h1 chart Placing a Short pending at 119.2 corresponds to the rules but isn't advisable from PA point of view(we have support area there) Anyone sharing the same thought? Same idea applys to EJ 140.80 {image}
Yes I agree,

Also on the UJ 15M chart the candle just before the hour has a long tail down and short body, suggesting a possible reversal.

Lots of support on the EJ too... good spot
  • #25,555
  • Jan 9, 2015 5:36am Jan 9, 2015 5:36am
Quoting JibalaPasan
{quote} I do not blindly follow the rules just to get in a trade! One can not expect to have the right momentum & strength always at the 1st break of a specified level. Therefore, whenever it happens, a order will be send. Jibala
Another recent example of what I mean. Dont get mad at me please, i'm only trying to learn. You, Udine, Mastermind and snail have a good understanding of this thing, so input from you guys will be very welcoming. until then, no more word from my end. thanks
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  • #25,556
  • Jan 9, 2015 5:47am Jan 9, 2015 5:47am
Quoting Emmpoli
{quote} Another recent example of what I mean. Dont get mad at me please, i'm only trying to learn. You, Udine, Mastermind and snail have a good understanding of this thing, so input from you guys will be very welcoming. until then, no more word from my end. thanks {image}
Are very hard to avoid.. look at my last stop on GJ... after touch to the pip my SL went straight to +25 pips... in this trade even if you use the H1 entry and put the stop order @ 180.70 the spread activate it and push you out @ 181.60 only to go straight right after to 181.85...
  • #25,557
  • Jan 9, 2015 5:50am Jan 9, 2015 5:50am
Quoting Emmpoli
{quote} Good morning Jibala, we had power failure yesterday. I understand what you were trying to show me, what i don't understand is this your comment "One can not expect to have the right momentum & strength always at the 1st break of a specified level. Therefore, whenever it happens, a order will be send". Because the are some good setup that touches the 00 level for the first time and move straight to stoploss before resuming its normal movement. let me look for a chart to make what am trying to say easy to understand. or by first break, are...
If this had been a good setup, then it had hit TP! Once again, I am using 30m chart for the controlling of our automated trading system! If I scroll back to Jan. 05, then I must say, if for any case the strength was good enough, a pending would have been placed 10 Pip above the top. Thus our entry would have been @0.77100 or 0.77150 with TP @0.77182 / 0.77232. Since there was no "buy" for that day on NZDUSD, the strength level wasn't as expected.

Btw Jan. 05 was a completly "short" day (for me)!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #25,558
  • Jan 9, 2015 6:00am Jan 9, 2015 6:00am
Any feedback on this trade? Was sure it was going to be a winner... Only thing I can think of is news?
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  • #25,559
  • Jan 9, 2015 6:00am Jan 9, 2015 6:00am
Anyone else took this looser?
short GU h1
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  • #25,560
  • Jan 9, 2015 6:41am Jan 9, 2015 6:41am
@Emmpoli, have a look on chart above, it's a good example. While gigicualex entered nothing happened here, no reaction! GBP is strong but USD not weak enough. Also PsyLevel is mixed, not sync.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
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