As simple as possible: 00 level trading | Page 1319 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

As simple as possible: RENKO M5 trading 75 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

Simple Level Trading 1 reply

Trading: As simple as possible, but no simpler - by a real Cityboy 92 replies

Attachments: As simple as possible: 00 level trading
Exit Attachments

As simple as possible: 00 level trading

  • #26,361
  • Feb 2, 2015 3:11am Feb 2, 2015 3:11am
Good morning all
EJ TP
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-02-02_1006.png Size: 27 KB
  • #26,362
  • Feb 2, 2015 3:35am Feb 2, 2015 3:35am
Quoting JibalaPasan
{quote} If we compare the numbers only, you are right! But you might have noticed "Past results are not indicative of future results."! Something like this happens once in a while, therefore we do not have to overact on it. Jibala
Noted.

Numberman
  • #26,363
  • Feb 2, 2015 4:24am Feb 2, 2015 4:24am
GM All,

Trade #1 GJ to TP (M15)

Greetz Michael
  • #26,364
  • Feb 2, 2015 4:40am Feb 2, 2015 4:40am
EJ to TP
GJ to TS (x2): really hard to trade this pair. many occasions, but many traps & risk too.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EJ_TP.png Size: 52 KB
Click to Enlarge Name: GJ_TS.png Size: 55 KB
Porta itineris dicitur longissima esse
  • #26,365
  • Feb 2, 2015 4:49am Feb 2, 2015 4:49am
Quoting sada69
{quote} Hi, Masterrmind May I ask you a question? I've watched UJ this morning. What do you think about taking UJ long trade during today's Tokyo session? I couldn't that because it looked like downtrend according to D1, H4, H1 formations. On the other hand, it was very bullish on lower time frame.....
An interesting question..... but a chart would probably help because then I could pinpoint exactly which hour within the Tokyo session you were referring too.

You need to be more aware of what is actually going on in your charts rather than higher TF trends although it does suggest stacking the odds in your favor.

However, care needs to be exercised because "mini" retracements within much larger retracements can spoil an otherwise good trade since these occur frequently and will likely go more than 10 pips against the direction of the daily and also hourly candle resulting in a loser.

In a nut shell....... follow the flow of the market and pinpoint opportune times to open a trade..... chart analysis will guide you but you need to work at it..it's work I'm afraid but well worth it!

If you could please post a chart I'll give you my take on it....no problem at all....

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #26,366
  • Feb 2, 2015 5:10am Feb 2, 2015 5:10am
Trade #2

AUDJPY +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 48 KB


Trade #3

AUDUSD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 47 KB


Trade #4

EURJPY +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 50 KB


Masterrmind..........
Master your Mind then Master your Trades
  • #26,367
  • Feb 2, 2015 5:13am Feb 2, 2015 5:13am
Quoting Masterrmind
Trade #2 AUDJPY +5 TP {image} Trade #3 AUDUSD +5 TP {image} Trade #4 EURJPY +5 TP {image} Masterrmind..........
The open price of EJ is too close to the 300 lv, it could be bearish.

Numberman
  • #26,368
  • Feb 2, 2015 5:16am Feb 2, 2015 5:16am
#2 [H1] UJ to TP

Numberman
Attached Image
  • #26,369
  • Feb 2, 2015 5:19am Feb 2, 2015 5:19am
Trade #5

USDJPY +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 45 KB


Masterrmind.........
Master your Mind then Master your Trades
  • #26,370
  • Feb 2, 2015 5:23am Feb 2, 2015 5:23am
Quoting numberman
{quote} The open price of EJ is too close to the 300 lv, it could be bearish. Numberman
The question should be what is it most likely to be based on current price action over the last few hours?

Please check at and close to my entry for hidden clues all within the chart.

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #26,371
  • Feb 2, 2015 5:37am Feb 2, 2015 5:37am
Quoting Masterrmind
Trade #2 AUDJPY +5 TP {image} Trade #3 AUDUSD +5 TP {image} Trade #4 EURJPY +5 TP {image} Masterrmind..........

Nice Trading MM.
  • #26,372
  • Feb 2, 2015 6:04am Feb 2, 2015 6:04am
Quoting Masterrmind
{quote} An interesting question..... but a chart would probably help because then I could pinpoint exactly which hour within the Tokyo session you were referring too. You need to be more aware of what is actually going on in your charts rather than higher TF trends although it does suggest stacking the odds in your favor. However, care needs to be exercised because "mini" retracements within much larger retracements can spoil an otherwise good trade since these occur frequently and will likely go more than 10 pips against the direction of the daily...
Thank you for the reply, Masterrmind.

Usually I look for trading opportunities in first 3 hours in Tokyo session. (sometimes also after Tokyo lunch time)
Today there were 4 entry candidates.(A, B, C, D on my chart)

A: I passed because H1 candle openned at too close to 00 level.
B: M5 chart was nicely bullish. But I saw "trend line" on H1. So passed.
C: This is technically out of rules a bit, but looked like not bad entry point in hindsight.
D: I thought price was too high for buying. So I passed.
Attached Image


What's your opinion?
Thanks in advance.
  • #26,373
  • Feb 2, 2015 6:15am Feb 2, 2015 6:15am
Quoting Masterrmind
{quote} The question should be what is it most likely to be based on current price action over the last few hours? Please check at and close to my entry for hidden clues all within the chart. Good trading, Masterrmind...........
Thanks MrM.

I wondering you do bonus trade anymore?

Numeberman
  • #26,374
  • Feb 2, 2015 8:10am Feb 2, 2015 8:10am
#3 [H1] EJ to TP

Numberman
Attached Image
  • #26,375
  • Feb 2, 2015 9:15am Feb 2, 2015 9:15am
Quoting numberman
#3 [H1] EJ to TP Numberman {image}
Sounds like you had a good day numberman! Good to see!

Vlad
  • #26,376
  • Feb 2, 2015 9:17am Feb 2, 2015 9:17am
had an amazing day trading different pairs using this simple system. only things to watch out is those high spread chf pairs. btw. my psylevel dashboard seems to be lagging, anyone experiencing this problem?
  • #26,377
  • Feb 2, 2015 9:41am Feb 2, 2015 9:41am
Quoting numberman
{quote} Thanks MrM. I wondering you do bonus trade anymore? Numeberman
I just limit all my trades that I post as I think most traders can get plenty of information and hints out of what has already been posted!

Sometimes I get keen to post several trades but it might be limited slightly from now on.

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #26,378
  • Feb 2, 2015 11:19am Feb 2, 2015 11:19am
Trade #1 EURUSD TP +5pips

Simple H1 trade, waited for price to settle after construction PMI news . . . rinse & repeat :-)

Nice to see all the green trades from earlier in the day.

http://s3.postimg.org/ftvts7wg3/Scre...2_14_21_PM.png
  • #26,379
  • Feb 2, 2015 11:27am Feb 2, 2015 11:27am
Quoting Vlad13685
{quote} Sounds like you had a good day numberman! Good to see! Vlad
I feel i on the track right now. Sometimes i still feel insecure with my entries. There are lots of thing to learn.

Numberman
  • #26,380
  • Feb 2, 2015 12:04pm Feb 2, 2015 12:04pm
Ok first time looking at this today but following the rules on EJ as far as I can tell would have resulted in 2 losers this morning.

Trade 1: 8am GMT london open, Price opens at 133.03, day is green, place buy order 133.10 (first 00 level). Looking at 15min candles, price moved up to 133.11 just triggering the trade, then dropped to 132.95 which would have stopped it out...before rocketing straight up to 133.52 (which would have really p'd me off if I had taken it and lost before it did that!)

Trade 2: One trade per hour so next trade 9am GMT 1 hour after london open. Price opens at 133.28. Realistically next available 00 level is 133.40 so place buy order here. Price shot up to 133.40 exactly, triggering the trade before dropping to 133.16 stopping it out....again before flying up to 133.59 (and this would have been the second time in 2 trades in 2 hours that the exact same thing happened, by then i would have REALLY p'd off!

As far as I can tell both of those were valid trades against every rule. I haven't looked at any other pairs and am just paper trading it for now but those 2 really put me off, unable to get more than a single pip into profit before being stopped out, let alone 5 pips. I may have missed a rule that would have invalidated both trades, and people obviously seem to have made some pips today bit if I had been trading this live I would be starting off with 2 losers.
41 traders viewing now