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As simple as possible: 00 level trading

  • #26,781
  • Feb 20, 2015 4:32am Feb 20, 2015 4:32am
Hi to all!
Firstly of course all the best to Udine, hope he get better soon.

EU&GU to TP
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Stay positive Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #26,782
  • Feb 20, 2015 4:46am Feb 20, 2015 4:46am
Quoting Masterrmind
{quote} Very high probability trade setup. Well done ......... Masterrmind...........
Hi master Masterrmind, watching carefully all your trades. Could you please comment the high probability of this Bubincka trade? I see previous level price moved down from and PA on retesting it. But what is your picture of very high probability in this place?
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Thanks in advance

Stay positive Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #26,783
  • Feb 20, 2015 5:21am Feb 20, 2015 5:21am
Quoting nasap
{quote} Regarding to your post http://www.forexfactory.com/showthre...08#post8080808 are you sure that you fully understand the use of such dashboard? If your answer is "yes" I am wondering why you use 5/8 baskets only? This dashboard will never ever show you a perfect setup and please keep on mind what I mentioned already, both indicators are lagging. If you want to know more about how pairs are related to each others and what you have to look for, search for the thread "basket trading". You'll find many useful information....
Thanks for your advices nasap,

I just use the Psydashboard like another confirmation for Mr.Udine's rules, not the reason to enter trade.

I use 5/8 because that are pairs i trade. Sure i will look for "basket trading"

Numberman
  • #26,784
  • Feb 20, 2015 5:29am Feb 20, 2015 5:29am
Quoting Masterrmind
{quote} Numberman, Please check out the following thread if you are interested in Basket trading. http://www.forexfactory.com/showthread.php?t=446654 Seller9 operates the thread and produced an excellent dashboard for setting up multiple basket trades and managing them with an EA. I don't really participate in the thread but I do use the Basket trading EA's since I trade multiple pairs at a time - phenomenal software and all free. You will need a larger monitor though to use the basket writer EA for offline chart creation but that's easy...
Thanks for the link and your advices,

I will check it out.

Numberman
  • #26,785
  • Feb 20, 2015 5:35am Feb 20, 2015 5:35am
sorry for my last reply, Udine are right, all the information is there, yelena are right don't complicated this KISS system, my main mind was : FF give us the opportunity to share, to develop and to fine tuning some strategy with your own perception. I read the first 200 pages and also I followed the last 300 pages and I can tell a big thankyou for this strategy. also My personnal perception and How I work in my live is : if I can help or if some person can help you is the true sharing and if some peoples give you some idea and you can develop something around because Ex. you are a coder. I think you can GIVE TO NEXT

sorry if i don't send some chart I missed time and how to do that and It is hard in English...

thank Udine, I think I am better trader with your system ( after 10 day my account grow around 50% and my DD ( because I did some mistake is around25%).

the only difference is I spot the last fractal ( last swing ) And I put the trade is respect to the DO , the stop loss is the DO or the nearest 00 line ( nearest the DO) and I adjust my lot size with the easy order scrpt found in the FF adjust to 1-2% ( also the target at this time is around 50% fo the last swing iF the last swing is 45 pips my OWN TRAGET IS AROUNG 20-25 PIPS).
My second entry is the last HIGH or LOW of the prvious day with target the 5 pips.
my 3e entry is the low or high of the previous 1hr M-CAndle indicator.


have a nice day at all

liberty55
  • #26,786
  • Feb 20, 2015 5:44am Feb 20, 2015 5:44am
GJ to TP
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Click to Enlarge Name: GJ to TP.png Size: 68 KB


if somebody can see "reasons not to trade" on my screens please let me know.

Stay positive Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #26,787
  • Feb 20, 2015 5:50am Feb 20, 2015 5:50am
Quoting Multimillion
{quote} Hi master Masterrmind, watching carefully all your trades. Could you please comment the high probability of this Bubincka trade? I see previous level price moved down from and PA on retesting it. But what is your picture of very high probability in this place? {image} Thanks in advance Stay positive Multimillion
Sure here goes my take on that trade!

1.Focus deeply on the chart

2. Observe what PA has been doing from the left side to the right side of the chart (fairly safe to say its highly bearish...YES?)

3. Notice what PA did the very 1st time it met with the DO.......... it stopped hard...YES?

4. Then it dropped down hard and reversed back up to take a look at the DO line.

5. Focus on the green bullish candle and note how hard it stops in its tracks...pretty hard right? Its a long candle (longer than the others nearby, it pulls up on a dime right at the DO....so what is highly likely to happen?

6. Bullish strength has turned into bearish power and it is highly likely that a reversal will occur for a 5 pip gain.

7. I take these types of trades all the time and I know about bounces off the daily open line.............


8. Since the overall PA is bearish then I would short that entry from the DO line like there was no tomorrow (just joking!)..........easy trade if you can read PA on a chart

You need to understand what price can do, is likely to do and does do on any chart with regular frequency.

Chart analysis using PA and order flow is key to your understanding (I suggest learning it!)

Note also that the better entry would have been at the start of the next hour in this case because you would have witnessed that 1st bearish candle before entry.

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #26,788
  • Feb 20, 2015 6:18am Feb 20, 2015 6:18am
this is to illustrate how I ADJUSTED THE UDINE STRATEGY for me to work with kiss system . You can obsert also I remove the 30 min candle for more clear chart.

you can find the dtails info from the post 26787.

the second chart show the previous high and low and the dayly open line... I use with the same strategy fro udine but I can move the target in fonction the differenec bethwennthe high and low ( 70 pips yesterday it is help to decide of target but I don't forget it is better to have 1-2% by day.....

thank
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  • #26,789
  • Feb 20, 2015 6:18am Feb 20, 2015 6:18am
Hi Masterrmind, I'm frightened... you are a magician who can read minds...
And yes, of course that green bullish candle stopped by DO line was the key.
Thanks one more time for all your teachings.

Best,
Bubincka
Porta itineris dicitur longissima esse
  • #26,790
  • Feb 20, 2015 6:33am Feb 20, 2015 6:33am
Quoting liberty55
sorry for my last reply, Udine are right, all the information is there, yelena are right don't complicated this KISS system, my main mind was : FF give us the opportunity to share, to develop and to fine tuning some strategy with your own perception. I read the first 200 pages and also I followed the last 300 pages and I can tell a big thankyou for this strategy. also My personnal perception and How I work in my live is : if I can help or if some person can help you is the true sharing and if some peoples give you some idea and you can develop something...
“If you have an apple and I have an apple and we exchange these apples then you and I will still each have one apple. But if you have an idea and I have an idea and we exchange these ideas, then each of us will have two ideas.”

― George Bernard Shaw
Porta itineris dicitur longissima esse
  • #26,791
  • Feb 20, 2015 6:42am Feb 20, 2015 6:42am
hi bubincka, totaly agree with memore idea in 2 or more head than one and the talent of one can complete the others... we are better together than alone... this is what is so important to share


have a nice day and godd health

Liberty55
  • #26,792
  • Edited 1:38pm Feb 20, 2015 7:26am | Edited 1:38pm
Quoting Masterrmind
{quote} Sure here goes my take on that trade! 1.Focus deeply on the chart 2. Observe what PA has been doing from the left side to the right side of the chart (fairly safe to say its highly bearish...YES?) 3. Notice what PA did the very 1st time it met with the DO.......... it stopped hard...YES? 4. Then it dropped down hard and reversed back up to take a look at the DO line. 5. Focus on the green bullish candle and note how hard it stops in its tracks...pretty hard right? Its a long candle (longer than the others nearby, it pulls up on a dime right...
Thanks for your teachings, first of all.

1) Everything is clear to me, but the only one thing I always doubt is DO line itself. I am sure it is not an constant value from broker to broker like price is. So it could not be synchronized among traders. So, DO it is something quite "faked" indi isn"t it? I can identify the FF, LO or NY open lines like trade sense filled constant values, but not DO lines which is different from broker to broker.
You can see on my charts (same day as discussed nice Bubincka trade) another DO line but the same charts of course..
Attached Image (click to enlarge)
Click to Enlarge Name: DO.png Size: 86 KB

Coming back to the situation and pure PA, I can see levels, price moved from fast and far, and PA near them later, in moment of trade opening. And I see, that exactly in this case, your DO is just similar to Levels I can found. But my DO is not.
2) Another one sing I doubt concerning different DO among 00 Levels traders - is DAY Candle influence. I think no need to describe details.
So, maybe, it is nice to synchronize DO with some EUR prime broker, or any other? Otherwise it stays very approximate tool.

Am I right, Or I missed something with DO? What is your opinion?

Stay positive Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #26,793
  • Feb 20, 2015 9:41am Feb 20, 2015 9:41am
Hi just started reading this thread and method from beginning. TP is 5 pips doesn't account for spread, am I correct? If it does net is 3.5Pips trading w/1.5 spread?
  • #26,794
  • Feb 20, 2015 10:08am Feb 20, 2015 10:08am
Quoting dforant1
Hi just started reading this thread and method from beginning. TP is 5 pips doesn't account for spread, am I correct? If it does net is 3.5Pips trading w/1.5 spread?
Hi dforant and welcome to the thread. As improbable as it seems, your question has been discussed many times early in the thread. Keep reading and you'll not only get the answer to your question, but also the answer to many other questions as well. I highly recommend you read the entire thread; I did and it's well worth it!

Enjoy!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #26,795
  • Feb 20, 2015 10:27am Feb 20, 2015 10:27am
Quoting diallist
{quote} Hi dforant and welcome to the thread. As improbable as it seems, your question has been discussed many times early in the thread. Keep reading and you'll not only get the answer to your question, but also the answer to many other questions as well. I highly recommend you read the entire thread; I did and it's well worth it! Enjoy!
hard to enjoy a non answer!
  • #26,796
  • Feb 20, 2015 3:55pm Feb 20, 2015 3:55pm
Quoting bubincka
Hi Masterrmind, I'm frightened... you are a magician who can read minds... And yes, of course that green bullish candle stopped by DO line was the key. Thanks one more time for all your teachings. Best, Bubincka
Its one thing to know about a pattern but it is another thing entirely to apply it correctly.

The example outlined regarding the bounce off the DO line is a very basic repetitive occurrence.

There are many other PA techniques that are far from obvious and it is these that require a very deep understanding of chart analysis.

Personally I use PA, chart awareness, S+R levels, order flow, session times and patterns, candlestick patterns, trendlines as well as fundamental analysis when required.

The point to take from all this is that you need to know when to apply the right technique at the right time (timing is everything)

Don't worry I cannot read your mind but I can read charts!

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #26,797
  • Feb 20, 2015 4:11pm Feb 20, 2015 4:11pm
Quoting Multimillion
{quote} Thanks for your teachings, first of all. 1) Everything is clear to me, but the only one thing I always doubt is DO line itself. I am sure it is not an constant value from broker to broker like price is. So it could not be synchronized among traders. So, DO it is something quite "faked" indi isn"t it? I can identify the FF, LO or NY open lines like trade sense filled constant values, but not DO lines which is different from broker to broker. You can see on my charts (same day as discussed nice Bubincka trade) another DO line but the same...
Yes you are right in saying that not all DO lines are exactly the same....this is true.

From the same broker theoretically they should be the same or very very close to being the same.

But data certainly varies from one broker's platform to another and importantly the DO line can and will also vary between some brokers.

This all stems from the very 1st candle open time that the broker uses.

In short you simply have to trade what you get fed with and I have used several brokers where the DO line has varied however if the chart analysis if done correctly it should not cause you any grief.

If the difference in these broker feeds annoys you because it makes it more difficult to compare your charts with other traders charts (who have different DO lines) then I would suggest you perhaps try the brokers they are using.

PM me if you wish and I'll respond with a list of likely candidates for your perusal.

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #26,798
  • Feb 20, 2015 4:23pm Feb 20, 2015 4:23pm
Quoting dforant1
Hi just started reading this thread and method from beginning. TP is 5 pips doesn't account for spread, am I correct? If it does net is 3.5Pips trading w/1.5 spread?
As Dialist said reading the thread from start to finish would answer these questions convincingly but it is quite a mountain to read.... I know!

Basically you are right so you will need to account for the spread.

Currency pairs that have Spreads > 1.5 - 2 pips may not be worth trading (lot size considered and based on what net gain a trader is happy with)

Think of the TP = 5 pips and the SL = 10 pips as GROSS figures which is the best way to look at it.

Then since each trader has different spreads based on the broker he/she uses it makes sense that they need to account for the spread in their personal "cost of doing business".

So choose the right broker with tight spreads and fast execution such as an ECN broker and then you can focus on trading the markets.

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #26,799
  • Feb 20, 2015 6:26pm Feb 20, 2015 6:26pm
Quoting Masterrmind
{quote} As Dialist said reading the thread from start to finish would answer these questions convincingly but it is quite a mountain to read.... I know! Basically you are right so you will need to account for the spread. Currency pairs that have Spreads > 1.5 - 2 pips may not be worth trading (lot size considered and based on what net gain a trader is happy with) Think of the TP = 5 pips and the SL = 10 pips as GROSS figures which is the best way to look at it. Then since each trader has different spreads based on the broker he/she uses it makes...
I have a good broker and ECN. Read the PDF. Know the Summary Trading Rules. Nearly 700 pages of content here. About 25-50 worthwhile. Most of others is babysitting. I was trying to cut to the chase. Some Forums have the attitude they for whatever reason read >600 pages and feel as if they have earned a Doctorate. Just because they were dense and had to read all this gobblgook. I have a H1 very good method presently using Open Line. This one is similar to one of Tro's old methods using horizontal lines. Traded that one with success also. This one's better because it has better toys to play with. Getting 6.5 pips for net 5 out of this method twice a few hours should be no problem here. If trading the London. Except I will use Cavemanager for my TP, SL, Protect Capital option, and TS of various sorts all in one EA. Plus other advantages I don't need. I'm tired of my method trading lots of hours for lots of pips. Would settle for less pips with more investment. Like 2-4 hours here with occasional longer sessions but far less than 8 hrs per day. Don't know what makes Commercial Commercial, but would imagine it has politics to do with Forex Factory. Anyway very fine Forum, very good detailed work by owner.
  • #26,800
  • Feb 20, 2015 10:33pm Feb 20, 2015 10:33pm
Quoting dforant1
{quote}Just because they were dense and had to read all this gobblgook.
My wife has an IQ of 214, confirmed by the University of Georgia. My son has an IQ of 185 and speaks four languages. At 148 I'm the dummy in my family, so I guess I am dense and "had" to read it all.

In truth, I read the entire thread because I wanted to, not because I had to. I learned a lot from all the great nuggets of information buried in the thread.

You asked for a fish, but I handed you a fishing pole to your greater benefit because I knew what was waiting for you in the pond.

I may be dense, but at least I'm not rude and arrogant!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
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