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As simple as possible: 00 level trading

  • #27,961
  • Mar 17, 2015 3:34pm Mar 17, 2015 3:34pm
Quoting Udine
{quote} Dial, I will anser for LuXing (and I am sure he will correct me when I am wrong), as I have checked more pairs than my basic 4 , but decided to stick to my 4 mistresses 1. I believe UJ is between parentheses, because has a lowere ADR, which is why I would add CJ also between parentheses 2. ASH into Agreement with D1 Cheers Udine
Solomon was the wisest man who ever lived. Then he got 700 wives and 300 concubines. He ended up losing is kingdom. Four mistresses is plenty for me too, thank you.

Thank you for your two answers. I understand. Thank you.

Dial
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  • #27,962
  • Mar 17, 2015 5:32pm Mar 17, 2015 5:32pm
Quoting Udine
{quote} but that also caused higher spread at entry and slippage Udine

AHA! News = Spread + Slippage. Brilliant, Simple, Got it, Love it. Thanks Udine.
  • #27,963
  • Mar 17, 2015 5:38pm Mar 17, 2015 5:38pm
Quoting Udine
{quote} Dial, there is more in this than you have seen so far... There are three levels of entries on the M30, but the Mcandles 1H hs nothing to do with level 1 and 2 here the level 1 and 2 in chart: {image} DONT ASK FOR LEVEL 3.. it will only confuse matters more.. Cheers Udine
Udine, Thank you again for your voice of reason that keeps me on course!

At first blush, I thought, "Why would anyone take trade entries that were more risky". But then my rusty reason kicked in and I thought, "Udine, would only take Level 3 entries if a series of them had positive expectancy."

In reference to the BEWR Curve graph I posted in post 27190, Level 3 entries would fall just above the BEWR Curve, making them long term profitable, yes, but also making them psychologically and emotionally difficult to trade on their own.

So, my view, (and feel free to differ) is that on the BEWR Curve graph, the three entry level types would plot as follows:

Level 1 on the Green Dot - Emotionally easiest
Level 2 on the Light Blue Dot - Emotionally less easy/more difficult
Level 3 on the Red Dot - Emotionally difficult

So why trade Level 3 (after mastering Levels 1 & 2 of course)?

1. Because it increases trade frequency which accelerates compounding.
2. Because it adds a few extra pips to the account which, after compounding, gives a nice chunk of change at the end of a quarter or year.

If all the above seems demented to anyone, just ignore it.

Thanks again, and always, Udine!! Master Chef!! Yeah Chef!!

Dial

P.S. I'm looking forward to the official Level 3 entry rules whenever you think we are ready.
Attached Image (click to enlarge)
Click to Enlarge Name: BEWR & Entry Levels.PNG Size: 250 KB
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  • #27,964
  • Mar 17, 2015 5:40pm Mar 17, 2015 5:40pm
Quoting Forest-Sea
This is a successful forum. This is a happy forum with a minimum of sharp language toward each other. (how refreshing!) And most especially this is a superbly managed forum by our leader, Udine. A steady hand on the wheel of the great ship of 00 Level. Thanks so much Udine. FS
I agree with Forest-Sea. A lot of friendly forum members with the right approach to eachother and to trading, led by an inspiring trader. I'm glad that you're back Udine (not that you were really gone but with the thread moved to the commercial section and with you temporarily less active, things could have gone differently).
  • #27,965
  • Mar 17, 2015 6:02pm Mar 17, 2015 6:02pm
Quoting LuXing
{quote} @Dial Udine has already answered. In attach the ADR/ATR indi, I look at this one every morning to roughly decide if its worth trading a cross or not. UJ and CJ have had "lower ADRs" off late. As for ASH colour change, answered. Ive slightly modified the multimeter to sit right under the market panel display meter, not showing any headers. The H4 trend is your friend, so I would preferably see 3 green or 3 red lights (D1, H4 and H1), before taking the trade. LuXing {file} {file}
LuXing,

Thank you for your continued encouragement and advice.

Especially thanks for the indicators!

Have a good day, and see you tomorrow!

Dial
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  • #27,966
  • Edited 8:49pm Mar 17, 2015 6:15pm | Edited 8:49pm
Quoting diallist
{quote} Thank you, Yelena! That was lip smackin', finger lickin' good!! You're a really good Chef! Dial
And then you go and delete it anyway. <sigh>
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  • #27,967
  • Mar 17, 2015 6:41pm Mar 17, 2015 6:41pm
On the left, we in our accounts.
On the right, Udine in his account.
Emulate, replicate, duplicate, copy and... Git 'r dun!!!
Attached Image
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  • #27,968
  • Mar 17, 2015 7:39pm Mar 17, 2015 7:39pm
GU tp

Attached Image (click to enlarge)
Click to Enlarge Name: 18th GU tp.jpg Size: 53 KB


Rapid
  • #27,969
  • Mar 17, 2015 7:51pm Mar 17, 2015 7:51pm
Quoting LuXing
{quote} The week is still "young". But dont worry, there will be many more (and better) entries ! LuXing
Hi LuXing,

Thank you for highlighting all the potential trades on your screen shots. I think it is a good habit (which I'm emulating). When you stuff up (as I did today) and take SLs you didn't need to take it can drain confidence. By highlighting all the potentials it re-enforces that if you do it right and copy Udine, that success is possible.

Rapid.
  • #27,970
  • Mar 17, 2015 8:59pm Mar 17, 2015 8:59pm
Quoting rapidedward
{quote} Hi LuXing, Thank you for highlighting all the potential trades on your screen shots. I think it is a good habit (which I'm emulating). When you stuff up (as I did today) and take SLs you didn't need to take it can drain confidence. By highlighting all the potentials it re-enforces that if you do it right and copy Udine, that success is possible. Rapid.
Great idea guys, I'm placing those lines on as well, more positive reinforcement
Life is like a snickers, its full of nuts!
  • #27,971
  • Mar 18, 2015 1:24am Mar 18, 2015 1:24am
Quoting LFN
{quote} I don't think the chart is correctly showing the color change for indicating a trade possibility. All color changes is marked. But it is only the ASH colorchange that indicates a trade possibility. Quote from Udine: "I enter on the colorchange of the ASH, confirmed by the HA."
LFN,

Thank you for telling me that. I know it's been a while since you posted, but I wanted to let you know you've been on my mind and I wanted to tell you that your comment combined with Udines new KISS rules, have made me realize the importance of indicator sequencing.

For Level 1 entry signals, the PriceToOpen(1440) color must be established first, and then the ASH changes to match it.

For Level 2 entry signals, both the PriceToOpen(1440) and the ASH color must be established first (and be in agreement) and then the M30 candle color changes to match them.

I just wanted to say thank you again for your comments, as they were very helpful.

Dial
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  • #27,972
  • Mar 18, 2015 1:39am Mar 18, 2015 1:39am
Quoting diallist
On the left, we in our accounts. On the right, Udine in his account. Emulate, replicate, duplicate, copy and... Git 'r dun!!! {image}
Only difference is Udine's bowl is filled with Champagne
  • #27,973
  • Mar 18, 2015 1:49am Mar 18, 2015 1:49am
Quoting Vlad13685
{quote} Only difference is Udine's bowl is filled with Champagne
Well, that explains a lot!
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  • #27,974
  • Mar 18, 2015 2:01am Mar 18, 2015 2:01am
Got no entries on FF open today...

That is, EU, EJ, GU & GJ...
Life is like a snickers, its full of nuts!
  • #27,975
  • Mar 18, 2015 2:07am Mar 18, 2015 2:07am
Quoting firewight
Got no entries on FF open today...
True, but if price continues to drop we'll have a level 2 entry on both the EURJPY and the EURUSD in about 25 minutes.

Also, it seems the GBP pairs will be off the table until at least 6 o'clock in the morning Eastern time due to heavy red news.
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  • #27,976
  • Mar 18, 2015 2:16am Mar 18, 2015 2:16am
Quoting diallist
{quote} True, but if price continues to drop we'll have a level 2 entry on both the EURJPY and the EURUSD in about 25 minutes. Also, it seems the GBP pairs will be off the table until at least 6 o'clock in the morning Eastern time due to heavy red news.
Wont it just be a level 1 entry, as the indicators will align as long as the candle closes below the DO?
Life is like a snickers, its full of nuts!
  • #27,977
  • Mar 18, 2015 2:24am Mar 18, 2015 2:24am
Potential level 1 entry coming up on GU if price rises enough... lets wait and see...
  • #27,978
  • Mar 18, 2015 2:28am Mar 18, 2015 2:28am
Quoting firewight
{quote} Wont it just be a level 1 entry, as the indicators will align as long as the candle closes below the DO?
Sequencing matters. See 27973.
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  • #27,979
  • Mar 18, 2015 2:30am Mar 18, 2015 2:30am
Quoting diallist
{quote} Sequencing matters. See 27973.
Dial I'm not so sure about that, will let Udine chime in on that one for confirmation.
Life is like a snickers, its full of nuts!
  • #27,980
  • Mar 18, 2015 2:31am Mar 18, 2015 2:31am
Have we got a valid EJ short?
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