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As simple as possible: 00 level trading

  • #26,541
  • Feb 8, 2015 7:30pm Feb 8, 2015 7:30pm
Trade #3

EURUSD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 43 KB


Comment: understanding the charts, following PA, managing your trades and watching out for all obstacles = likely TP!

Masterrmind..........
Master your Mind then Master your Trades
  • #26,542
  • Feb 8, 2015 7:44pm Feb 8, 2015 7:44pm
Quoting Masterrmind
Trade #3 EURUSD +5 TPComment: understanding the charts, following PA, managing your trades and watching out for all obstacles = likely TP! Masterrmind..........
Congrats on that . . . same pair, same level, TP!

I am wondering if by any chance you were watching the M5 charts at the end of the previous hour and saw the "hanging man" candle close, and took that last candle as a PA signal to now enter long with confidence at the same level?

Besides that i also see the PSY levels for EUR currency pairs all green, did that give you some degree of additional confidence as well?

Thanks in advance, i am doing my best to analyze your charts and trading decisions . . . analyze first, questions second.

Best,
N
  • #26,543
  • Feb 8, 2015 7:59pm Feb 8, 2015 7:59pm
Quoting Nik-Nyc
{quote} Congrats on that . . . same pair, same level, TP! I am wondering if by any chance you were watching the M5 charts at the end of the previous hour and saw the "hanging man" candle close, and took that last candle as a PA signal to now enter long with confidence at the same level? Besides that i also see the PSY levels for EUR currency pairs all green, did that give you some degree of additional confidence as well? Thanks in advance, i am doing my best to analyze your charts and trading decisions . . . analyze first, questions second. Best,...
Yes Nik......... you are onto it!

M5 opens up a little bit more information especially at times when extra information is what I'm looking for!

Masterrmind.........
Master your Mind then Master your Trades
  • #26,544
  • Feb 8, 2015 8:44pm Feb 8, 2015 8:44pm
Trade #3 EURUSD TS Manual +1.5pips

I am posting M5 chart for better context.

I entered pending order according to the H1 system at 1.13300 at beginning of new hour. First candle triggered trade and moved nicely in my direction. Second and third candle also moved nicely in long direction, enough to trigger the wheelbarrow and guarantee a BE with a TS. Once forth candle opened it began moving against me and i decided to move TS up higher in order to guarantee more pips. I should have left the TS where the EA placed it, however if i did feel compelled to move it i should have placed it just below the LOW of the previous candle, this would have prevented the eventual trigger.

Long story short, i over-managed the trade and took a +1.5pip manual TS instead of a proper TP had i let the trade run.

More practice and BCC needed.

Happy pips,
N.

http://s3.postimg.org/kvktetnib/Scre...9_25_43_PM.png
  • #26,545
  • Feb 9, 2015 1:41am Feb 9, 2015 1:41am
Good morning, wukar, same pair eurjpy, 10 pips in the bag and done.
FREEDOM IS NOT FREE
  • #26,546
  • Feb 9, 2015 2:23am Feb 9, 2015 2:23am
[Demo] I use TP 7.5 and the same SL 10

EU: 1 TP + 1 TS = +7.5

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AU to TP +7.5

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UJ to TP +7.5

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EJ to TP +7.5

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Click to Enlarge Name: EURJPYM15.png Size: 44 KB


AJ: close manually no clear trend and not first 2 hours of Tokyo -5, and TP later +7.5

Attached Image (click to enlarge)
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Comment: Violated rule open only .400 .500 .600 on FF.

Numberman
  • #26,547
  • Edited 4:15am Feb 9, 2015 2:31am | Edited 4:15am
Hi
Today EU, EJ & GJ to TP

Multimillion stay positive!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU EJ.png Size: 88 KB
Click to Enlarge Name: GJ.png Size: 50 KB
"All will be correctly, in this world is built" - The Master and Margarita
  • #26,548
  • Feb 9, 2015 4:30am Feb 9, 2015 4:30am
GU to TP
Got this on a GBP momentum weakness, not much time to analyze charts-
Attached Image (click to enlarge)
Click to Enlarge Name: GU_TP.png Size: 54 KB
Porta itineris dicitur longissima esse
  • #26,549
  • Feb 9, 2015 5:55am Feb 9, 2015 5:55am
Quoting bubincka
GU to TP Got this on a GBP momentum weakness, not much time to analyze charts- {image}
Attached Image (click to enlarge)
Click to Enlarge Name: GU_TP.png Size: 46 KB
  • #26,550
  • Feb 9, 2015 6:37am Feb 9, 2015 6:37am
Quoting snail69
{quote} {image}
Hi Snail, honestly didn't see that HP (AB=CD ?). I've just begun to read Carney's book as per your suggestion, but still behind.
These patterns are very powerful but aren't easy to recognize at least for me, it takes time to train the eyes.

Best,
bubincka
Porta itineris dicitur longissima esse
  • #26,551
  • Feb 9, 2015 6:42am Feb 9, 2015 6:42am
Quoting bubincka
{quote} Hi Snail, honestly didn't see that HP (AB=CD ?). I've just begun to read Carney's book as per your suggestion, but still behind. These patterns are very powerful but aren't easy to recognize at least for me, it takes time to train the eyes. Best, bubincka
Persistence and you will get there... What you see right now on EU happening ???
  • #26,552
  • Feb 9, 2015 6:49am Feb 9, 2015 6:49am
Just the same move as before on GU
Porta itineris dicitur longissima esse
  • #26,553
  • Feb 9, 2015 7:11am Feb 9, 2015 7:11am
Quoting bubincka
Just the same move as before on GU
Watch 1.1250-ish and check the book why...
  • #26,554
  • Feb 9, 2015 8:16am Feb 9, 2015 8:16am
Quoting bubincka
{quote} Hi Snail, honestly didn't see that HP (AB=CD ?). I've just begun to read Carney's book as per your suggestion, but still behind. These patterns are very powerful but aren't easy to recognize at least for me, it takes time to train the eyes. Best, bubincka
You will thank the day you started to learn these powerful trading techniques.

Once you master them you will indeed be trading with both eyes wide open and you will see setups time and again.

It certainly does take time to master but it is very much worth the effort to learn it!

The main reason why I resisted to discuss harmonics in this thread was because Udine has said he does not want it discussed here since he prefers to keep the 00 method as simple as possible (so its clear to me). If you start adding in all other trading styles into this thread then it will turn chaotic and lose its original intention which is to be very simple.

So that was that and that's perfectly fine because harmonics takes a lot of study and practice and the right application to the right setups.

Good trading,

Masterrmind........... :nerd:
Master your Mind then Master your Trades
  • #26,555
  • Feb 9, 2015 8:19am Feb 9, 2015 8:19am
Quoting Masterrmind
{quote} You will thank the day you started to learn these powerful trading techniques. Once you master them you will indeed be trading with both eyes wide open and you will see setups time and again. It certainly does take time to master but it is very much worth the effort to learn it! The main reason why I resisted to discuss harmonics in this thread was because Udine has said he does not want it discussed here since he prefers to keep the 00 method as simple as possible (so its clear to me). If you start adding in all other trading styles into...
Ok, no more harmonics. Just watch, people, for a simple AB=CD for start. There is much more to it ....(in harmomics).
  • #26,556
  • Feb 9, 2015 8:28am Feb 9, 2015 8:28am
Quoting snail69
{quote} Ok, no more harmonics. Just watch for a simple AB=CD for start. There is much more to it ....(in harmomics).
Hi Snail,

That was not an invitation to stop because as you are aware I live by harmonics, PA and everything that is "chart analysis" and yes the fundamentals too when necessary.

Perhaps you could ask Udine what he thinks about discussing harmonics here...you never know he might have changed his mind .

My guess would be that he'd suggest that you start your own thread on the subject but of course I could be wrong too.

If you did start your own thread on harmonics I would actively participate as I like the way you trade.

A thread would be more than I could handle at the moment so that's not an option (participation for sure)

Of course I would contribute to this thread too as I always have done!

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #26,557
  • Feb 9, 2015 8:56am Feb 9, 2015 8:56am
EU 1 to SL & 1 to TP

Multimillion stay positive!
Attached Image (click to enlarge)
Click to Enlarge Name: EU SL_TP.png Size: 51 KB
"All will be correctly, in this world is built" - The Master and Margarita
  • #26,558
  • Feb 9, 2015 9:11am Feb 9, 2015 9:11am
Quoting Masterrmind
{quote} Hi Snail, That was not an invitation to stop because as you are aware I live by harmonics, PA and everything that is "chart analysis" and yes the fundamentals too when necessary. Perhaps you could ask Udine what he thinks about discussing harmonics here...you never know he might have changed his mind . My guess would be that he'd suggest that you start your own thread on the subject but of course I could be wrong too. If you did start your own thread on harmonics I would actively participate as I like the way you trade. A thread would be...
Maybe Udine can accept a compromise on his thread, that is advanced traders like you and Snail every now and then post simple HP, just to give the taste and inroduce the argument. Of course last word to Udine-

In the meanwhile EJ to TS, and it was good since DP is very close.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ_TS.png Size: 59 KB
Porta itineris dicitur longissima esse
  • #26,559
  • Feb 9, 2015 9:25am Feb 9, 2015 9:25am
Trade #4 EURUSD TP +5
Edit: H1 Method (as usual)

The hour began exactly on an 00 level so i could not place order at 1.13300 but rather 1.13400. Trade triggered and ran smoothly to TP, but soon after reversed straight to order trigger and eventually SL.

Daily total is 2.56% net, rinse and repeat is the plan. As i would like additional chart time i will be trading 1/10th the normal lot sizes if i see high probability setups.

Happy Pipping,
N

http://s12.postimg.org/dz8rhgqkd/Scr...0_14_59_AM.png
  • #26,560
  • Feb 9, 2015 1:13pm Feb 9, 2015 1:13pm
Hey guys, Great system yall are trading with here. I am currently working out the best way to adapt to how I am looking to trade the markets. Any ways just wanted to share some info with you guys in regards to the R:R we are using, Spread and Commission. These stats are based off of FXCM Spread and Commission Structure.

GBPJPY has an avg spread of 1.2 and .80 round trip fee for 10,000 units. So a round trip cost a total of $2.00
So say I am risking 10 pips to make 5 Pips with my SL and TP.

I am really Risking 12 Pips for 3, after spread and commission. So I am actually using a R:R of 4 Risk for 1 Reward. This gets dramatically better with lower pairs.

For example if I focus on EURUSD which has a .2 spread the Round trip cost $1.00

With this Pair I am Risking 11 Pips for 4. So I am actually using a RR of 2.75 risk for 1 reward.

EURJPY has .7 Pip Spread or $1.50 Round Trip After its all said in down.

With this pair I am risking 11.5 for 3.5 Pips so around 3.28 Risk for 1 Reward.

Just something for every one to consider when they are choosing which pairs to trade.

Here is a post describing all this in detail. http://www.forexfactory.com/showthre...69#post8056369

How have most of you guys figured out how to fight off the commissions/spread from eating away too much of your profit?
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