As simple as possible: 00 level trading | Page 1416 | 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

  • #28,301
  • Mar 22, 2015 8:13pm Mar 22, 2015 8:13pm
GU to TP....Level 2 Entry
Attached Image
  • #28,302
  • Mar 22, 2015 8:53pm Mar 22, 2015 8:53pm
Quoting cycle
GU to TP....Level 2 Entry {image}
Very nice!
Life is like a snickers, its full of nuts!
  • #28,303
  • Mar 22, 2015 8:57pm Mar 22, 2015 8:57pm
Quoting cycle
GU to TP....Level 2 Entry {image}
Hi cycle,

Given my current understanding of a Level 2 entry, I believe your entry was too early. I think you're supposed to wait until that red candle closed red and then place your pending order.

But if I'm wrong I welcome correction.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #28,304
  • Mar 22, 2015 9:09pm Mar 22, 2015 9:09pm
Quoting diallist
{quote} Hi cycle, Given my current understanding of a Level 2 entry, I believe your entry was too early. I think you're supposed to wait until that red candle closed red and then place your pending order. But if I'm wrong I welcome correction. Dial
Hi Dial,

It would be great to get clarification on the L2 entry.

I thought it was the candle colour change itself that was the confirmation. In this instance it went from red, to green (pullback), back to red (continuation), which re-aligned the indicators and was the entry.

Lets see what Udine says!
Life is like a snickers, its full of nuts!
  • #28,305
  • Mar 22, 2015 9:24pm Mar 22, 2015 9:24pm
Quoting firewight
{quote} Hi Dial, It would be great to get clarification on the L2 entry. I thought it was the candle colour change itself that was the confirmation. In this instance it went from red, to green (pullback), back to red (continuation), which re-aligned the indicators and was the entry. Lets see what Udine says!
You may be right, but just because the continuation candle turned back to red doesn't mean it's going to stay that way. It can still go either direction so you don't have confirmation until it's closed red.

Let Udine confirm, as you say.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #28,306
  • Mar 22, 2015 9:35pm Mar 22, 2015 9:35pm
@ Dialist and @firewight

I've had no failures with the 2nd level entry as per my understanding outlined in this chart. Only Udine can give exact explanation.

Udine said that Level 2 is "Candle color change to same color as ASH and Mcandle." I just added Price to Open 60.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM30.png Size: 59 KB
  • #28,307
  • Mar 23, 2015 1:06am Mar 23, 2015 1:06am
Quoting diallist
{quote} You may be right, but just because the continuation candle turned back to red doesn't mean it's going to stay that way. It can still go either direction so you don't have confirmation until it's closed red. Let Udine confirm, as you say. Dial
@Dial & @Cycle,

Yes after examining the charts it does appear the L2 entry should be on the confirmation candle close as per a normal L1 entry.

I bow to your expertise gentlemen!
Life is like a snickers, its full of nuts!
  • #28,308
  • Mar 23, 2015 1:20am Mar 23, 2015 1:20am
Quoting nasap
Hello guys, I know the past was not really what we call a good conversation. People become jealous on others just because of their success and started bad talking. But inside this thread there are so many hints that everybody who is able to calculate 1 + 1 can make its profits day by day. Hence, all you have to do is just reading the posts. My Dashboard, some people call it the or my holy grail, was designed to help me to pick the right pairs. However it is not free of faults but I know at any time what I have to do! Therefore, even I would share...

Hi Nasap,

In your DB there are three rows one is currency strength and what are the remain two lines. what they represents ?

Thanks
  • #28,309
  • Mar 23, 2015 1:50am Mar 23, 2015 1:50am
Goodmorning.

GJ - TP
EA - TP
EJ - SL

https://charts.mql5.com/7/338/gbpjpy...-prime-pty.png

https://charts.mql5.com/7/338/euraud...-prime-pty.png

https://charts.mql5.com/7/338/eurjpy...-prime-pty.png
  • #28,310
  • Mar 23, 2015 1:55am Mar 23, 2015 1:55am
Good morning all,

looks like I have to reply to some posts, explain more clearly the Level2 entry and reply to some PM's...

but first..

coffee..

Udine
Sleep less, live fast, as it aint gonna last
  • #28,311
  • Mar 23, 2015 2:05am Mar 23, 2015 2:05am
Quoting Udine
Good morning all, looks like I have to reply to some posts, explain more clearly the Level2 entry and reply to some PM's... but first.. coffee.. Udine

Enjoy it Udine. I just took the eu trade on FRankfurt open. Went to tp within 10 seconds. Regards from Amsterdam!
  • #28,312
  • Mar 23, 2015 2:09am Mar 23, 2015 2:09am
Quoting Adam84
{quote} Enjoy it Udine. I just took the eu trade on FRankfurt open. Went to tp within 10 seconds. Regards from Amsterdam!
EU Candle didnt line up for me, it was moving into the RN at the candle open...
Life is like a snickers, its full of nuts!
  • #28,313
  • Mar 23, 2015 2:22am Mar 23, 2015 2:22am
Quoting insider999
Udine, Thank you for the reply. If you can make a good living with this method, I am TRULY very happy for you! But if you can make 1K per day with ten pips, then you have a pretty large account, right? Do you think everybody here has the same account? Ok. If not, then they need to milk the cow a little longer, me thinks. I do not have the edge I had at the casino I once had. So I don't play anymore. You say the levels are ''lines in the sand''. I understand that. But you did not understand my point, which is that ''important'' levels might have...
Insider,

that pretty large account started with $ 200. and I started with a risk of 5% and wanted 5% a day..

You have no idea how fast an account grows with 1 - or even 5 % a day.

1K @ 1% a day compounding in 3 years is 1 million

you know how soon you can be there with 2% (forget about 5%) ????


with regards to the importance of every 10 pip level, as I already mentioned they are simply a line in the sand..

We know that price will move, it always has and it always will, now what we need is a line in the sand to decide where we might enter... in this case we use the 50 /00 levels..

Important nope, but does it work??? yes, and as long as my account grows that is all that matters for me.

but as an alternative you can use the 20/40/60/80 levels, as a matter of fact here is the EU 30M chart of last friday..

the yellow lines are sweetsport levels set @ 20 levels

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_1.jpg Size: 185 KB


would work just as well.. just to show no importance here the same chart with sweetspot set @ 30 levels

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2.jpg Size: 208 KB


As I said lines in the sand...

KISS combined with PDF & BCC is all that you need

Udine
Sleep less, live fast, as it aint gonna last
  • #28,314
  • Mar 23, 2015 3:02am Mar 23, 2015 3:02am
Hallo all!
Get GJ to TP & have not clear picture about EU. Can somebody comment was it nice setup for entry or I miss something?
Attached Image (click to enlarge)
Click to Enlarge Name: GJ_TP__EU_question.png Size: 123 KB


Thanks,

Stay positive! Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #28,315
  • Mar 23, 2015 3:07am Mar 23, 2015 3:07am
Quoting LuXing
{quote} @cycle Udines found a gold nugget. rhtrader is polishing it and maybe Monday after some more plastic surgery he will post something that does the job. Green = all good to go, Red = no go. LuXing {image}
Thanks. I just wanted the whole ATR text to turn red with a text and sound alarm when previous candle length in pips becomes more than the ATR(480).
I've manipulated the indi. Lets see how it works in live trading.
  • #28,316
  • Mar 23, 2015 3:07am Mar 23, 2015 3:07am
Quoting Multimillion
Hallo all! Get GJ to TP & have not clear picture about EU. Can somebody comment was it nice setup for entry or I miss something? {image} Thanks, Stay positive! Multimillion

BRN 1.08 is more risky, but yes would be good entry...

As it is monday morning, I am not in a rush to take a trade at Frankfurt open, so I wait patiently

Udine
Sleep less, live fast, as it aint gonna last
  • #28,317
  • Mar 23, 2015 3:08am Mar 23, 2015 3:08am
London open:

GU, GJ & EU all to TP, 6 mins work.

*EDIT* L2 entries as I understand them. Confirmation of candle colour change...

Attached Image (click to enlarge)
Click to Enlarge Name: LO open 1.jpg Size: 440 KB


Technically I should stop now for the day, right?
Life is like a snickers, its full of nuts!
  • #28,318
  • Mar 23, 2015 3:10am Mar 23, 2015 3:10am
Quoting firewight
London open: GU, GJ & EU all to TP, 6 mins work. {image} Technically I should stop now for the day, right?
Wow! very nice.
  • #28,319
  • Edited 3:43am Mar 23, 2015 3:15am | Edited 3:43am
Hi all guys!
So now we need to wait for retracement and then enter in the direction of the day? as all indies will be red again?
or wait for one candle became green and enter after that?
  • #28,320
  • Mar 23, 2015 3:18am Mar 23, 2015 3:18am
Good Morning!

Nice additions to the system. Thanks rhtrader! Also very useful thoughts from nasap and many others.
Today's first 3 trades turned from easy winner to minus because of slippage and TL. Real account (that's what its all about!) is a bit of a different story.
I begin to wonder if the 5p TP 10p SL needs some adjustment. I see Robinho and many others work with larger TP and SL. But Udine says it works for him, so I really don't know.
GU SL
EY TS
GY TP
I missed EU because of the DP.

Attached Image (click to enlarge)
Click to Enlarge Name: 2015_03_23_Daily_WUKAR_01.JPG Size: 424 KB
47 traders viewing now