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As simple as possible: 00 level trading

  • #30,421
  • Apr 28, 2015 8:07am Apr 28, 2015 8:07am
EURJPY to TP
NZDJPY to TP

LuXing
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Wisdom begins in wonder
  • #30,422
  • Apr 28, 2015 8:08am Apr 28, 2015 8:08am
Quoting tradista
{quote} Added "AlertOn=false" parameter. {file}
Thanks a lot Tradista
  • #30,423
  • Apr 28, 2015 8:12am Apr 28, 2015 8:12am
GBPJPY to TP

LuXing
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Wisdom begins in wonder
  • #30,424
  • Apr 28, 2015 8:31am Apr 28, 2015 8:31am
AUD strong since opening in London
CHF weak all the time

This pair giving more than 100 pips

Except AUDNZD ... all pairs of family AUD would have given much profit.

AUDJPY 13 followed M30 candles.
  • #30,425
  • Apr 28, 2015 10:03am Apr 28, 2015 10:03am
Last 2 trades of the day:

USDCAD and CADJPY to TP.

LuXing
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  • #30,426
  • Apr 28, 2015 10:12am Apr 28, 2015 10:12am
Hi Luxing,

I am really trying hard to understand and trade the 00 system in the right way. I am asking you for help that I get this one clear. I am not 100% sure, how exactly I have to execute the trade.
Are you watching the CSM first and when 2 currencies are matching, then you set the trade at the next 00 lvl at M30 Chart?
Or do you primarly watch the L1 and L2 trades and then look at the CSM for confirmation?
There are a lot of Loss Trades for me although I execute them according to the rules:
1. watch CSM for 2 pairs
2. following Udines rules on entry
3. setting the pending order at the 00 Level at the beginning of a new M30 candle
I really appreciate your good work and asking myself how this is possible to trade like you and having almost no losing trade
I thank you for your time and can't wait for your answer.
  • #30,427
  • Apr 28, 2015 10:18am Apr 28, 2015 10:18am
Quoting LuXing
Last 2 trades of the day: USDCAD and CADJPY to TP. LuXing {image} {image}
Luxing


your picture is on 30m and your mcandles indi is on 4h?
  • #30,428
  • Apr 28, 2015 10:25am Apr 28, 2015 10:25am
Quoting LuXing
Last 2 trades of the day: USDCAD and CADJPY to TP. LuXing {image} {image}
You're smashing it! Outstanding job!

I believe I took the same UC LV1 setup as you.
Done for the day.

Attached Image
  • #30,429
  • Apr 28, 2015 10:27am Apr 28, 2015 10:27am
Quoting Juan007
{quote} Luxing your picture is on 30m and your mcandles indi is on 4h?
Si Seńor.

I made it my rule not to take any trades against the H4 candle.
M-Candles set to 240 makes it easier for me to see where things stand in a blink of the eye.

LuXing
Wisdom begins in wonder
  • #30,430
  • Apr 28, 2015 10:40am Apr 28, 2015 10:40am
Today's trades.. I manually closed 2 trades.. No TS used.
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  • #30,431
  • Apr 28, 2015 10:51am Apr 28, 2015 10:51am
Quoting LuXing
{quote} Si Seor. I made it my rule not to take any trades against the H4 candle. M-Candles set to 240 makes it easier for me to see where things stand in a blink of the eye. LuXing

yes thanks

but we have diference because we have another broker time so the 4h cadle its another
  • #30,432
  • Apr 28, 2015 11:05am Apr 28, 2015 11:05am
Quoting Hoffi4201
Hi Luxing, I am really trying hard to understand and trade the 00 system in the right way. I am asking you for help that I get this one clear. I am not 100% sure, how exactly I have to execute the trade. Are you watching the CSM first and when 2 currencies are matching, then you set the trade at the next 00 lvl at M30 Chart? Or do you primarly watch the L1 and L2 trades and then look at the CSM for confirmation? There are a lot of Loss Trades for me although I execute them according to the rules: 1. watch CSM for 2 pairs 2. following Udines rules...
"Are you watching the CSM first and when 2 currencies are matching, then you set the trade at the next 00 lvl at M30 Chart?"

Yes, first thing of the day I watch is the news calendar on FF and on Myfxbook. Second thing I watch is CSM.
CSM: are USD and JPY equally weak / strong ? Same for EUR/GBP, andso on. Consider it "looking for the axis", that is only the E against the U, or the G and the E against the U. The E and G against the JPY, but not against the U, ...
Looking at things this way greatly helped me.

Chart. Different timeframes will tell different stories. After looking at the CSM, I will typically start with H4 and zoom out.
Are we at a yearly high ? Monthly low ? ... I then dial down to H1, M30, M15 and try to see if I can make any sense of things.
i.e. support, resistance, bouncing off daily open, yesterday´s high, ...
If I don´t see anything, I usually need more coffee and also throw in a couple of fibonaccis.

Now, as for the system rules I apply common sense.
I will not go long at .900/950 or short at .100/050. No trading during red news. No trade if spread > 2.0 pips.
What I will do is put a pending on the next 00/50 level, before candle close (be it M15, M30, H1 candle), as soon as certain conditions are met.
I want H4 and D1 to be in agreement and 2 x A, 2 x E, 2 x G, 2 x N to be in sync. That is, for a NZDJPY long, I will want the NZDUSD to line up (H4 and D1) or the NZDJPY to go hand in hand with AUDJPY. That´s correlation and sync in its most basic form.

"I really appreciate your good work and asking myself how this is possible to trade like you and having almost no losing trade"
Wrong, I do have losing trades. But the important thing is that the winners must outweigh the losers. In a 100 trade sequence, one must have a hit rate of >85% to stay green. Practice makes perfect.

Hope this answers (most of) your question.

LuXing
Wisdom begins in wonder
  • #30,433
  • Apr 28, 2015 11:07am Apr 28, 2015 11:07am
Quoting tradista
{quote} You're smashing it! Outstanding job! I believe I took the same UC LV1 setup as you. Done for the day. {image}


Congratulations. Well done !
As Udine would say, rinse & repeat tomorrow.

LuXing
Wisdom begins in wonder
  • #30,434
  • Apr 28, 2015 11:09am Apr 28, 2015 11:09am
Quoting Robinho
AUD strong since opening in London CHF weak all the time This pair giving more than 100 pips Except AUDNZD ... all pairs of family AUD would have given much profit. AUDJPY 13 followed M30 candles.
@Robinho

Just love that part. The market = giving.
And boy did the Aussie "give" today...
Congratulation on the 100 pips, I hope it was on live ! Can´t trade using demo ADSL, can we ?

LuXing
Wisdom begins in wonder
  • #30,435
  • Apr 28, 2015 11:49am Apr 28, 2015 11:49am
to be in agreement and 2 x A, 2 x E, 2 x G, 2 x N to be in sync. That is, for a NZDJPY long, I will want the NZDUSD to line up (H4 and D1) or the NZDJPY to go hand in hand with AUDJPY. Thats correlation and sync in its most basic form.

Big thanks to you Lux. mucho appreciated. if i may ask is there any more info anywhere that further explains the correlations "sycnh" criterion. onceagain thanks.
  • #30,436
  • Apr 28, 2015 11:57am Apr 28, 2015 11:57am
Quoting dagoods
to be in agreement and 2 x A, 2 x E, 2 x G, 2 x N to be in sync. That is, for a NZDJPY long, I will want the NZDUSD to line up (H4 and D1) or the NZDJPY to go hand in hand with AUDJPY. Thats correlation and sync in its most basic form. Big thanks to you Lux. mucho appreciated. if i may ask is there any more info anywhere that further explains the correlations "sycnh" criterion. onceagain thanks.
@Dagoods

Look here: http://www.myfxbook.com/forex-market/correlation/
And you´ll find stuff like this:

Keep 80%+ as a reference for correlation to be "valid" or useful.

LuXing
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  • #30,437
  • Apr 28, 2015 12:03pm Apr 28, 2015 12:03pm
Quoting LuXing
{quote} @Dagoods Look here: http://www.myfxbook.com/forex-market/correlation/ And youll find stuff like this: Keep 80%+ as a reference for correlation to be "valid" or useful. LuXing {image}

so you just want at least 2 pairs that are + 80% correlated in the weak position against two pairs +-80% in the strong position and you call that being in sync? the dollar is the benchmark so how does that affect it? if only there were a cheat sheet somewhere...correlation for dummies lol
  • #30,438
  • Apr 28, 2015 12:05pm Apr 28, 2015 12:05pm
I really believe that I fully understand the method and for the most part execute it flawlessly except when it comes to placing pending buy stop orders. My issue is placing Buy Stop orders at a level and seeing them get filled prior to the market visually reaching that level. I understand that this can occur as volatility increases and the spread widens. Today I had a number of orders rejected with errors of Off Quotes Failure and uninit reason. I'm thinking that it may be my timing. I am waiting for the prior 30min bar to close and then for momentum in my direction on the current bar.....Thoughts??? I am just curious how some of the rest of you handle the mechanics/timing of placing these orders.

Daytrade5
"Amat Victoria Curam" Victory Loves Preparation
  • #30,439
  • Apr 28, 2015 12:12pm Apr 28, 2015 12:12pm
Quoting daytrade5
I really believe that I fully understand the method and for the most part execute it flawlessly except when it comes to placing pending buy stop orders. My issue is placing Buy Stop orders at a level and seeing them get filled prior to the market visually reaching that level. I understand that this can occur as volatility increases and the spread widens. Today I had a number of orders rejected with errors of Off Quotes Failure and uninit reason. I'm thinking that it may be my timing. I am waiting for the prior 30min bar to close and then for momentum...
In your platform, click view, symbols, choose a symbol and click properties.
Should look like in the screenshot below.
What does it say in your "stops level" ?
If your broker requires a min distance of a pip it means PA needs to be at a minimum distance of 1 pip from the 00/50 level for you to be able to place a pending order. In that case, you better call Houston or change broker....

LuXing
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Wisdom begins in wonder
  • #30,440
  • Apr 28, 2015 12:26pm Apr 28, 2015 12:26pm
Quoting LuXing
{quote} "Are you watching the CSM first and when 2 currencies are matching, then you set the trade at the next 00 lvl at M30 Chart?" Yes, first thing of the day I watch is the news calendar on FF and on Myfxbook. Second thing I watch is CSM. CSM: are USD and JPY equally weak / strong ? Same for EUR/GBP, andso on. Consider it "looking for the axis", that is only the E against the U, or the G and the E against the U. The E and G against the JPY, but not against the U, ... Looking at things this way greatly helped me. Chart. Different timeframes will...
This is a very good post. Thank you. I think MM looks at psydashboard to provide the correlation info on the fly. But yes, your way of interpreting it is quite neat too.
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