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As simple as possible: 00 level trading

  • #26,261
  • Jan 28, 2015 9:10pm Jan 28, 2015 9:10pm
Stop out at 17.7 pips, better than 5

Also, wouldn't expect anymore pips in this session, slightly below average but no news coming
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 29-01-2015 12-43-58 PM.png Size: 150 KB
It takes a lot for me to IGNORE you, but you can try.
  • #26,262
  • Jan 28, 2015 9:16pm Jan 28, 2015 9:16pm
Quoting NewSonicer
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...
Re IC MArkets slippage: if that is live account, you really should take them to task - this is what they promise =

The world's first True ECN forex broker
IC Markets True ECN trading environment allows you to trade online on institutional grade liquidity from the worlds leading investment banks and dark pool liquidity execution venues, allowing you to trade on spreads from 0.0 pips. You can now trade along side the worlds biggest banks an institutions with your order flowing straight into our true ECN environment.

Other than that, you need to look at, where are you? who is your local regulator? will your funds be safe?

No use opening an account overseas, it costs $$$ to transfer in and then transfer out, local broker is better, so if we don't know where you are, can't really say much.

And before this gets to carried away, there is complete section for Broker advice here on Forex Factory, read some posts in there.
It takes a lot for me to IGNORE you, but you can try.
  • #26,263
  • Jan 28, 2015 9:25pm Jan 28, 2015 9:25pm
Quoting yelena
{quote} 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. {quote} No. {quote} 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....
Hi Yelena,

I never for one second suggested that you should change anything "midway".

In fact I strongly agree with you running it as you have until the month is up.

What I was suggesting was to consider minor tweaks only after this test period is well and truly over.

Closing out the trade that runs x number of pips against you could work well for account preservation.

Please continue without alteration.

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #26,264
  • Jan 28, 2015 9:47pm Jan 28, 2015 9:47pm
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...
Hi pqpb,

My take on your question......

I don't trade using any fancy dashboards as others might do however I am fond of analyzing appropriate data as required.

I use the psy levels dash as a basic alert which lets me know which group of pairs are "likely" to be running in sync. I then analyse the charts of say 2-3 in sync pairs and based on my own trading techniques I will either take 0,1 ,2 or 3 trades at the same time or in close proximity.

All charts I trade are visible at the same time (max is about 20 charts) but during the trading day I might decide to focus on what I think are the best pairs to trade for the day and this might be only 6-10 pairs (sometimes less, sometimes more).

If the day is running smoothly I will likely limit the number of pairs I trade and this also may occur during volatile periods too.
If the market is quiet I will seek out those pairs I believe are worth trading.

I most definitely trade reversals (both within the rules of this thread and also via harmonics and PA strategies that I use often...not posted here of course).

The problem with currency strengths is not knowing how long that same strength will continue and if in fact when you place a trade is it already too late to get your tiny 5 pip profit.
If you base your trading decisions purely on currency strength meters (which are lagging) then you are taking a risk because you are already behind true price action. Currency meters that show a single value at a given time are useless in my strategies BUT meters that show a continuous flow of data visible on a chart in the form of multiple lines (like spaghetti) have their benefit.

I prefer to analyse the PA, candlestick patterns emerging and to be aware of all obstacles on the chart (pivots, S+R, session patterns etc etc) and make trading decisions based on my own manual analysis of price movement not solely on what an "indicator tells me".

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #26,265
  • Jan 28, 2015 10:00pm Jan 28, 2015 10:00pm
Quoting Erebus
Stop out at 17.7 pips, better than 5 Also, wouldn't expect anymore pips in this session, slightly below average but no news coming {image} {image}
Nice trade!
Thank you for sharing the interesting idea.
  • #26,266
  • Jan 28, 2015 10:23pm Jan 28, 2015 10:23pm
Quoting Erebus
{quote} Re IC MArkets slippage: if that is live account, you really should take them to task - this is what they promise = The world's first True ECN forex broker IC Markets True ECN trading environment allows you to trade online on institutional grade liquidity from the worlds leading investment banks and dark pool liquidity execution venues, allowing you to trade on spreads from 0.0 pips. You can now trade along side the worlds biggest banks an institutions with your order flowing straight into our true ECN environment. Other than that,...
Little example, how reliably ICM is (ironically)! The low is located @1.51353, TP @1.51418 for EURNZD. That's a 6.5 PIP. Spread varied between 3.0 - 3.9 before the TP . ICM has doubled it's spread just before TP! Thus it was not possible to hit TP! It seems ICM is exactly to compare with Oanda, the leader of all bucket shops in the forex market!
Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2015.01.29_12h13m42s_035_.png Size: 20 KB

It's better not to deal with such brokers! Don't be blinded by the favorable spreads!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #26,267
  • Jan 28, 2015 10:30pm Jan 28, 2015 10:30pm
Quoting JibalaPasan
{quote} Little example, how reliably ICM is (ironically)! The low is located @1.51353, TP @1.51418 for EURNZD. That's a 6.5 PIP. Spread varied between 3.0 - 3.9 before the TP . ICM has doubled it's spread just before TP! Thus it was not possible to hit TP! It seems ICM is exactly to compare with Oanda, the leader of all bucket shops in the forex market! {image} It's better not to deal with such brokers! Don't be blinded by the favorable spreads! Jibala
Why are you even thinking of trading this method on EUR-NZD ??? It will eat you up & spit you out!

How about the YEN pairs? they must be better spreads
It takes a lot for me to IGNORE you, but you can try.
  • #26,268
  • Jan 28, 2015 11:08pm Jan 28, 2015 11:08pm
Quoting Erebus
{quote} Why are you even thinking of trading this method on EUR-NZD ??? It will eat you up & spit you out! How about the YEN pairs? they must be better spreads
The momentum & strength was very clear, even the pairs have been sync. It was a trade I've taken manually and spread was below 3 on entry!

These are current spreads for ICM:
Attached Image (click to enlarge)
Click to Enlarge Name: AskBidSpread_ICM.png Size: 71 KB

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #26,269
  • Jan 29, 2015 3:05am Jan 29, 2015 3:05am
Jibala Trading the WSD led me to a new way of life, What is WSD?
FREEDOM IS NOT FREE
  • #26,270
  • Jan 29, 2015 3:05am Jan 29, 2015 3:05am
Quoting yelena
And here are the results based on running balance as of Jan 7th, 2015 HIGHLIGHTS: 4. Maintained lot size because I wanted to see if my theory in #3 happens, which apparently, it does. 5. For entries: No pivots. No candle formations. No price action. No nothing was used.
I think that using criteria such as price being above / below the Daily Open + price moving in same direction on 1 Hour candle could be defined as Price Action, no?

It takes a lot for me to IGNORE you, but you can try.
  • #26,271
  • Jan 29, 2015 3:45am Jan 29, 2015 3:45am
Nobody catching any trades? Come on, it's only 5 pips

It sure seems slow market though

It takes a lot for me to IGNORE you, but you can try.
  • #26,272
  • Jan 29, 2015 3:52am Jan 29, 2015 3:52am
Good morning and good trading everyone.

I'm trying a small change in the strategy today, so i don't know if i'll post the charts.

Asmodai
  • #26,273
  • Jan 29, 2015 4:08am Jan 29, 2015 4:08am
Quoting Erebus
Nobody catching any trades? Come on, it's only 5 pips It sure seems slow market though
I've got 2 ongoing trades for you.
Long CADJPY and a Short AUDUSD both classic H1 trades


UPDATE: final result one SL and one TP in tottal -5p for today
Attached Image(s) (click to enlarge)
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  • #26,274
  • Jan 29, 2015 4:09am Jan 29, 2015 4:09am
Exit strat, M15 close; the candle where either the +5 or -10 was hit. Total: +15

13 days left to observe. I am considering trading on the 2nd and 3rd hours of NY (30 minutes after red news). Not yet EOB. Click image for original rendering.

Black pips to all!
Attached Image (click to enlarge)
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  • #26,275
  • Jan 29, 2015 4:29am Jan 29, 2015 4:29am
Any body now about udine?
FREEDOM IS NOT FREE
  • #26,276
  • Jan 29, 2015 4:38am Jan 29, 2015 4:38am
Quoting yelena
Exit strat, M15 close; the candle where either the +5 or -10 was hit. Total: +15 13 days left to observe. I am considering trading on the 2nd and 3rd hours of NY (30 minutes after red news). Not yet EOB. Click image for original rendering. Black pips to all! {image}
I'm trying something similar to your strategy today.
My entries are the same as my normal strategy, but the exits are -10 SL as usual or at the close of the first candle in profit.

Asmodai
  • #26,277
  • Jan 29, 2015 5:00am Jan 29, 2015 5:00am
Quoting yelena
Exit strat, M15 close; the candle where either the +5 or -10 was hit. Total: +15 13 days left to observe. I am considering trading on the 2nd and 3rd hours of NY (30 minutes after red news). Not yet EOB. Click image for original rendering. Black pips to all! {image}
Yelena,

Most of the times I've noticed that you trade the 1st 15m candle of the hour, but sometimes you also enter on the 3rd or 4th candle . Looking on today's trades especially at the last trade, GBPJPY where u took 5p profit I was wondering why u entered there. Why not on the 2nd candle of the hour at .100 or even at the 3rd at .200? Thanks in advance for your explanation
  • #26,278
  • Jan 29, 2015 5:35am Jan 29, 2015 5:35am
Concentrating in one pair eur jpy, today + 30 pips, 3 trade of 10 pips, i am done for the day, have a good day good luck
FREEDOM IS NOT FREE
  • #26,279
  • Jan 29, 2015 5:41am Jan 29, 2015 5:41am
Quoting gigicualex
{quote} Yelena, Most of the times I've noticed that you trade the 1st 15m candle of the hour, but sometimes you also enter on the 3rd or 4th candle . Looking on today's trades especially at the last trade, GBPJPY where u took 5p profit I was wondering why u entered there. Why not on the 2nd candle of the hour at .100 or even at the 3rd at .200? Thanks in advance for your explanation
He wait for ASH to confirm.. When the prior m15 candle has closed and created a ASH confirmation, then he'll put a pending order..
(I have been studying his trades aswell)
  • #26,280
  • Jan 29, 2015 5:46am Jan 29, 2015 5:46am
@Jibala

The WSD does calculate the long, mid, and short tirm strength right? Do you know what time frames it consider?
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