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As simple as possible: 00 level trading

  • #26,241
  • Jan 28, 2015 7:08am Jan 28, 2015 7:08am
2 TS so far. NzdUsd gone to TP after making me SL.. i missed one good chance at CadJpy at 12:00...
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do not stand out in the open with gun ;stand in the bushes with knife..
  • #26,242
  • Jan 28, 2015 7:08am Jan 28, 2015 7:08am
A quick one..
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  • #26,243
  • Jan 28, 2015 7:26am Jan 28, 2015 7:26am
Tomorrow there is Red News for the EUR - "German Prelim CPI m/m" - Listed as "All Day".

Is this a day to stay away from trading EUR pairs?

Vlad
  • #26,244
  • Jan 28, 2015 7:29am Jan 28, 2015 7:29am
Quoting Erebus
{quote} 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
No worries Erebus

Never really tested an EA. Let us know how it goes if you try it.
  • #26,245
  • Jan 28, 2015 7:47am Jan 28, 2015 7:47am
Trading is not looking very good today. If you look at the 1hr charts on most major pairs price is stuck in a range for example EJ.
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  • #26,246
  • Jan 28, 2015 7:55am Jan 28, 2015 7:55am
First trade of the day GU long. Was a little late on the entry but got 5 pips.
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  • #26,247
  • Edited 9:03am Jan 28, 2015 8:20am | Edited 9:03am
Quoting ozziedave
look at the 1hr charts on most major pairs price is stuck in a range for example EJ. {image}
That's what happens 8 hours before FOMC and NFP.
Go have some beauty sleep, wake up in 6 hours, 30 mins to warm up, then trade 3:30pm EST. And you will be a happy trader. There will be lots of residual movements during TO and HK open. But will deliberately miss for the European acid test.
Quoting Vlad13685
Tomorrow there is Red News for the EUR - "German Prelim CPI m/m" - Listed as "All Day". Is this a day to stay away from trading EUR pairs? Vlad
No.
Quoting Masterrmind
{quote}perhaps a little fine tuning could improve the results further eg minimising the maximum loss per losing candlestick, challenging perhaps because until the candle closes its hard to gauge exactly at what price it will close...maybe too difficult to manage..........
Thanks for your inputs. But I am adamant to see this exit strategy to completion without any adjustments midway. To see the first account do what second did is just astonishing. I cannot fathom that entries and exits could be this simple. I want to complete this because it's my way of giving appreciation to the OTA, that he can exit as simply as he entered, with better returns. Surely, the single trade margin call-day will come and the possibility is 1/247. When that day comes, it will only touch a portion of profit generated from the 246/247.
  • #26,248
  • Jan 28, 2015 8:55am Jan 28, 2015 8:55am
Had to push it today and took my first loss. AUD long expecting a 3 wave correction and the trade failed at resistance. This one hurt a bit, -12 pips, as it quickly pushed down passed 7960 to 58. Didn't have my SL in place.
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  • #26,249
  • Jan 28, 2015 9:00am Jan 28, 2015 9:00am
Quoting ozziedave
Trading is not looking very good today. If you look at the 1hr charts on most major pairs price is stuck in a range for example EJ. {image}
Nothing to complain about!

Signals / Orders sent for EURUSD, EURJPY, EURNZD, NZDJPY, USDCAD (there are still for EJ & EU level 9/8)

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #26,250
  • Jan 28, 2015 9:45am Jan 28, 2015 9:45am
question for those who trade lots of different currency pairs (specifically masterrmind, or JibalaPasan, or anyone else)

When looking at the Psylevels Dashboard, looking for a good set up to trade, what are you looking for?

If the day and the hourly are both the same color, then likely the move has already happened.

Are you looking for a pull back? (IE Red daily, green hourly or vice versa)

I have enough screen time, that I can generally spot a good set up fairly quickly, but scrolling through numerous currency pairs is time consuming,

(just thinking out loud now) I guess part of the trick is seeing which currency is the strongest vs which is the weakest

Any feed back?
  • #26,251
  • Jan 28, 2015 12:39pm Jan 28, 2015 12:39pm
another TS and after it direct to my TP from EU .. today was not bad for the range market... as you know it is FOMC day...
I want to thnk Udine for this concept .. i am trading a bit different but also obeying all the rules..
ı will share my dicipline if Udine let me..
good luck all.
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do not stand out in the open with gun ;stand in the bushes with knife..
  • #26,252
  • Jan 28, 2015 2:40pm Jan 28, 2015 2:40pm
Quoting ozziedave
Trade #1 for the day, AUDJPY short for 9 pips. {image}
What broker opened AUD-JPY at 93.84? What timezone is that working to open & close daily charts?

I've got Axitrader and it shows 93.526 as open with New York candles closing at 5 pm

Your trade looks fine even the other guy criticize about support, on a 15 minute chart? come on

That's why there is indicator showing the possible range of the day

Also, if he looks at your chart, price already tried to break up 3 times and failed - 3 times !!!

And price broke a nice trend line on 4 hours chart - how far does he want to take the analysis for a 5 pip trade ???
It takes a lot for me to IGNORE you, but you can try.
  • #26,253
  • Jan 28, 2015 4:26pm Jan 28, 2015 4:26pm
Quoting Erebus
{quote} What broker opened AUD-JPY at 93.84? What timezone is that working to open & close daily charts? I've got Axitrader and it shows 93.526 as open with New York candles closing at 5 pm Your trade looks fine even the other guy criticize about support, on a 15 minute chart? come on That's why there is indicator showing the possible range of the day Also, if he looks at your chart, price already tried to break up 3 times and failed - 3 times !!! And price broke a nice trend line on 4 hours chart - how far does he want to take the analysis...
I use Vantage which opens GMT +2 so it may be different then other brokers charts.

When I do my analysis I try to identify support and resistance levels on the 1hr chart that are close to current price. Nothing too complicated.

I also look at the ADR if we are close or have exceeded the ADR then trade with caution.
  • #26,254
  • Jan 28, 2015 4:34pm Jan 28, 2015 4:34pm
Got up this morning and took a look at my AUD trade that lost. The 3 wave correction long did play out I was just in a bit too early. The 3 rd wave took out the high of the first wave but only by about 5 pips.

Sometimes your analysis is correct it's just your entry is off.
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  • #26,255
  • Jan 28, 2015 5:23pm Jan 28, 2015 5:23pm
Quoting ozziedave
{quote} I use Vantage which opens GMT +2 so it may be different then other brokers charts. When I do my analysis I try to identify support and resistance levels on the 1hr chart that are close to current price. Nothing too complicated. I also look at the ADR if we are close or have exceeded the ADR then trade with caution.
Sorry, my mistake, was looking at older posts & now realize I was 1 day out with the open...
It takes a lot for me to IGNORE you, but you can try.
  • #26,256
  • Jan 28, 2015 5:36pm Jan 28, 2015 5:36pm
Can someone upload please newest version of the system with indicators, EAs and template? I got lost in all this...

Btw is Wukar using points instead of pips? 1 pip = 10 points and I see in Wukar's options tp on 50 and sl on 100.
  • #26,257
  • Jan 28, 2015 8:02pm Jan 28, 2015 8:02pm
Quoting Dovilo
Can someone upload please newest version of the system with indicators, EAs and template? I got lost in all this... Btw is Wukar using points instead of pips? 1 pip = 10 points and I see in Wukar's options tp on 50 and sl on 100.
Try the first post!
  • #26,258
  • Jan 28, 2015 8:42pm Jan 28, 2015 8:42pm
Can someone recommend me a good broker please???

I have 2 brokers but I cant trade profitabily with them using Udine's method.

1) IC Markets - there is always slippage (I am talking about no news release) between 1 to 2 pips when I put my buy/sell stop at the 00 level. This is frustrating as I always get stop out or cannot reach my TP level because of the slippage SL becomes nearer and TP becomes further. However, there is no minimum pip distance for pending orders.

2) FX Primus - seldom slippage but pending orders can only be placed at least 3-4 pips away from current price. Hence I may sometimes miss out a breakout trade.

I see that most of you have great success trading this method so I like to know which broker has tight/no slippage and no minimum pip distance for pending orders.

If it's not convenient to say, can you please PM me...

Really appreciate any help out there!!!

Thanks
  • #26,259
  • Jan 28, 2015 8:50pm Jan 28, 2015 8:50pm
Quoting pgpb
question for those who trade lots of different currency pairs (specifically masterrmind, or JibalaPasan, or anyone else) When looking at the Psylevels Dashboard, looking for a good set up to trade, what are you looking for? If the day and the hourly are both the same color, then likely the move has already happened. Are you looking for a pull back? (IE Red daily, green hourly or vice versa) I have enough screen time, that I can generally spot a good set up fairly quickly, but scrolling through numerous currency pairs is time consuming, (just thinking...
Hello pgpb, I'll try to explain a little bit our point of view. Although we are a group of traders, it's not possible to watch over all 28 pairs and keep them sync between us. Therefore Nathalia has had the idea to design and develop a Dashboard almost 1 year ago. For the 3rd version of the WSD, which is the current, it was completely redesigned by Ron.

The key is not only PDF & BCC but momentum & strength! Therfore the WSD uses, beside the original rules and filters, some special indicators which also have been developed by the both. How it works exactly I can't explain in detail because the both keep it as their secret.

The best way to explain is to show some screen shots I took this morning.

First to show how the PsyLevels is lagging, what you (and I too in earlier posts) said already.

The PsyLevels compared to ours:
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On the screen above you can see that CADCHF is ready to go for entry @450 / @500! Not ready (sync) on PsyLevels because of it's lagging. The only reason not to enter is because of a non acceptable high spread! But it would have been worked out what next screen states.
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Our signals / orders for Tokyo on AUDJPY, EURJPY, GBPJPY, NZDJPY and USDJPY so far.
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The result is amazing as always.
Attached Image

Done for today!

Note: The WSD is not for sell! It is not offered elsewhere! There are some offers but it's just a stupid not working copy! Thus stay away of it! The WSD has been designed / developed for personal use only!

Wish you best of luck and a lot of green pips.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #26,260
  • Jan 28, 2015 9:03pm Jan 28, 2015 9:03pm
Here is a trade on USD-JPY to test out my trailing stop ideas, sure not the best time to trade in early Asia but it has to be done

Entry 117.8, first stop loss = 23 which is 2 x ATR (of 15 min chart), Take Profit 116, (10 x ATR), Trailing Stop 11 (1 x ATR)

Also, no loss set after 10 pips

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Attached File(s)
File Type: txt CaveMan_Notepad.txt   3 KB | 393 downloads
It takes a lot for me to IGNORE you, but you can try.
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