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As simple as possible: 00 level trading

Quoting gigicualex
{quote} Risky trade IMO. u shorted into support(look left)
If you look at the 1hr chart you will see that price had tested the 50 level 3 times before. I was fairly confident that price was going to go lower and test the lower support.

If you notice on the 15 min chart the candle before I entered the trade tested the 93.50 and rejected for a few pips, Once the price started down again I entered at 93.50.

So not as risky as you believe.
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Second trade of the day. EURJPY long for 11 pips. Thought this might test the last high, which it did.
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Quoting ozziedave
{quote} If you look at the 1hr chart you will see that price had tested the 50 level 3 times before. I was fairly confident that price was going to go lower and test the lower support. If you notice on the 15 min chart the candle before I entered the trade tested the 93.50 and rejected for a few pips, Once the price started down again I entered at 93.50. So not as risky as you believe. {image} {image}
Thank you Dave for this detailed explanation. Yes makes sence
Quoting diallist
GJ +5 I entered about five seconds before close of candle. Not sure of validity of trade as the actual "first" level of the new candle was 100, on which no shorts can be taken. Burpees? {image}

Diallist, are you THE Diallist ? missing for this forum for many years, and all of a sudden you just show up ! years ago when i first joined ff, i sent you many messages but got no reply. looks like you are still around. you must like this trading method very much for you to come out of hibernation !

iam wondering if your own trading systems that you have here on ff ever actually stood the test of time ? just curious.....

udines method i tried briefly but it wasnt for me, so i moved on. i wonder if anyone since inception has made any money with this method being that several SL's will make your many winners redundant. i doubt it willhave an edge overall in the long run.
All,

EURJPY - TP 1hr strategy!

keep pippin!
Quoting lionsden
All, EURJPY - TP 1hr strategy! keep pippin!
Great to hear your positive tone lionsden.

Always welcome my friend.....

Many pips to you

Masterrmind...........
Master your Mind then Master your Trades
Like i posted before concentrating just on one pair eurjpy, new york gave + 30 pip, thats a total of 50 pips
FREEDOM IS NOT FREE
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FREEDOM IS NOT FREE
Quoting tantor1973
Like i posted before concentrating just on one pair eurjpy, new york gave + 30 pip, thats a total of 50 pips
Yes indeed..........

GJ, GU, EU .......harmonic heaven

What a day!

Time for rest,

Good trading to you all,

Masterrmind...........
Master your Mind then Master your Trades
Quoting Masterrmind
{quote} Great to hear your positive tone lionsden. Always welcome my friend..... Many pips to you Masterrmind...........

It is due to the consistent results and help from traders like yourself....You must be positive to attract positive results. I have been trading for a while and it doesn't get much simpler then this. If you add in PA you really have it licked! For those that don't have that experience to know enough about PA, they should watch your trades and others that are generous enough to comment accordingly with Pics and rationale. Hats off to Udine and the like once again for sharing. They clearly didnt have to.


Just my two cents!

Peace
Lionsden
First trade of the day. Thought I'd try the Asian session as I work during the London session.

Short AUD for 5 pips. I was in a faction early before the 79.20 level. As price was so close to 79.20 my trading platform would not allow me to place a pending order. So a manual order will have to do.
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All,

EU - TP short

Keep Pippin!
I just wanted to show everyone what happens sometime. I just shorted the AUD for 5 pips and price kept on dropping. It dropped close to another 20 pips before it hit support.

Now could I sit here and beat myself up cause I didn't stay in the trade or should I be satisfied that I executed my trade plan properly and met my objective by taking out 5 pips?

I say if your following your rules it doesn't matter if you win or lose because in the long run you'll be a much more disciplined and better trader.
I also tend to believe you'll win more trades especially if you have an edge like this system gives you.

I know some of you worry about the SL being 10 pips and the TP level of 5 pips so you have to have a win percentage of like 70% to make any pips. All I can say is with some experience you'll start to know when to let the trade run a little and when to take your 5 pips and get out of Dodge.

I just wanted to thank Udine for this simple yet effective trading methodology.

PS: Looks like I broke one of Udines rules...no trading if there is red news folder within 1 hour. Just looked at the AUD and it has taken off for the sky based on the red news announcement. I was lucky this time. Not paying attention can cost you. My bad.
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All,

UJ - TP long

Keep ya pip hand strong!

Lionsden-
Quoting ozziedave
I just wanted to show everyone what happens sometime. I just shorted the AUD for 5 pips and price kept on dropping.
There are some great Trailing Stop EA's that will help you capture some more pips, I'm surprised there is no mention of them that I can find.

Lock in your 5 pips, let it trail by 10, if one of those huge move happens...
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step Return This Week: na
Quoting Erebus
{quote} There are some great Trailing Stop EA's that will help you capture some more pips, I'm surprised there is no mention of them that I can find. Lock in your 5 pips, let it trail by 10, if one of those huge move happens...
Hi Erebus

I wasn't complaining about missing the bigger move. I was just stating that you need to be satisfied with a well executed trade. Keep in mind that most pairs don't move more than 20-40 pips in a swing on average on a 15 minute chart and we are trying to capture our 5 pips without exposing ourselves to the market for hours or days. Trailing stops are ok but my point was the market will do what the market does, we should be happy when we stick to our trading rules no matter what the outcome of the trade.
Quoting lionsden
{quote} It is due to the consistent results and help from traders like yourself....You must be positive to attract positive results. I have been trading for a while and it doesn't get much simpler then this. If you add in PA you really have it licked! For those that don't have that experience to know enough about PA, they should watch your trades and others that are generous enough to comment accordingly with Pics and rationale. Hats off to Udine and the like once again for sharing. They clearly didnt have to. Just my two cents! Peace Lionsden
The ones that are less lazy and study the charts and learn how to analyse them correctly so that they can "imitate" similar trades are the traders that will benefit the most.

It is truly all in the charts!

Masterrmind............
Master your Mind then Master your Trades
Indeed...Indeed!
Hi Jibala:

Great trades as usual. In an earlier post you talk about smart money change indicator. Is this a Stoch or some other indi that helps determine the change?

Thx
Quoting ozziedave
{quote} Hi Erebus I wasn't complaining about missing the bigger move. I was just stating that you need to be satisfied with a well executed trade. Keep in mind that most pairs don't move more than 20-40 pips in a swing on average on a 15 minute chart and we are trying to capture our 5 pips without exposing ourselves to the market for hours or days. Trailing stops are ok but my point was the market will do what the market does, we should be happy when we stick to our trading rules no matter what the outcome of the trade.
I never took it as a complaint, only a statement of the method. You also said about letting the trade run sometimes, I was under the impression you must use hard stops and take profits.

As you say, when the percentage is so low, you need to stick to the system; I was only suggesting that perhaps using a proven trailing stop EA, you may catch the occasional trade that runs away, thereby helping the winning statistics, without making any change to the 5 pip rule.

That's all, I may test out this EA I have, cheers
If you trade like me, you'll be homeless and broke within a week.
Texas-2-Step Return This Week: na
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