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As simple as possible: 00 level trading

  • #31,701
  • Jun 12, 2015 3:18am Jun 12, 2015 3:18am
M30 Level 1 entry on GBPJPY

TP = 20pips

Trade Ideas:
1. Level 1 setup.
2. Momentum.
3. Volume.
4. PDF & BCC.

Cheers,
Yomi
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM30.png Size: 60 KB
Time always comes before price
  • #31,702
  • Jun 12, 2015 3:26am Jun 12, 2015 3:26am
My trades this morning....

GA to SL
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM30.png Size: 65 KB


AChf to TP
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCHFM30.png Size: 61 KB


AU to TP
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDM30.png Size: 60 KB


NChf to TP
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCHFM30.png Size: 63 KB


NU to TP
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDM30.png Size: 63 KB


Asmodai
  • #31,703
  • Jun 12, 2015 3:46am Jun 12, 2015 3:46am
Quoting Udine
PM's have been replied. Have not been present, as I fell from the stairs...My back is having some issues now.. I still keep reading the thread, but soon I will be back PDF & BCC cheers Udine
The Lord is your strength, miss you.

Yomi
Time always comes before price
  • #31,704
  • Jun 12, 2015 3:46am Jun 12, 2015 3:46am
Final trade of the day....

GA to TP
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM30.png Size: 66 KB


Asmodai
  • #31,705
  • Edited 4:07am Jun 12, 2015 3:57am | Edited 4:07am
1. EURUSD = +20pips
2. EURJPY = +20pips

Trade Ideas:

1. Pairs in sync.
2. Momentum.
3. Strength.
4. Volume.

NB: Thanks to nasap for the eyes opener on strength, correlation and momentum of pairs.

Cheers,
Yomi
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSDM30.png Size: 60 KB
Click to Enlarge Name: EURJPYM30.png Size: 64 KB
Time always comes before price
  • #31,706
  • Jun 12, 2015 4:37am Jun 12, 2015 4:37am
Quoting Kooza
{quote} Hi LuXing, I took the exact same trade as yours just based on Excel strength data. I assume the 6.5 and upward green arrow on your MT4 chart reflects the strength and arrow position from your Excel sheet at the time. If so can you share the knowledge to do this it will be highly appreciated. Will lessen the strain on the eyes to switch between MT4 and Excel sheet all the time. If it is too complicated and you think not applicable for this forum can you please PM me. I struggle for some time without success to partly merge and reflect Excel...
@Kooza

Nice ! So you had a good start of the day with +5 green pips.
The indicator with arrow and value 6.5 is not the currency strength. As a matter of fact it´s an indicator that is no part of this system at all, one (of the many) that I am testing for a group of programmers.
Rather than constantly flipping between charts and templates, I slapped it on my working template.

Should you want the currency strength on your chart (of one or more currencies), I would suggest you do something similar to what fxrabbi has on his charts (see bottom right hand side, Giraia indicator). The Giraia indicator gives virtually the same readings as the forexgrail spreadsheet, that I have constantly running on a separate monitor.

Hope this helps.

LuXing
Wisdom begins in wonder
  • #31,707
  • Jun 12, 2015 4:41am Jun 12, 2015 4:41am
Quoting Asmodai
My trades this morning.... GA to SL {image} AChf to TP {image} AU to TP {image} NChf to TP {image} NU to TP {image} Asmodai


Nice Asmodai, I was looking more or less at the same trades.

2 remarks:

1. EUR and GBP vs. AUD and CAD.
Once these pairs start "motoring", ATRs get really high. The up and down swings from your entry likewise...
I rarely trade them, but when I do I half my position size and double the SL and TP to prevent from being taken out in a blink of the eye.

2. NZDUSD: not a low risk trade at all... Look at yesterday´s ferocious gap. Also, zoom out and you´ll see PA is on a 4 or 5 year low...
Reason enough for me not to take this trade. Glad it worked out for you though !

LuXing
Wisdom begins in wonder
  • #31,708
  • Jun 12, 2015 4:46am Jun 12, 2015 4:46am
Quoting fxrabbi
1. EURUSD = +20pips 2. EURJPY = +20pips Trade Ideas: 1. Pairs in sync. 2. Momentum. 3. Strength. 4. Volume. NB: Thanks to nasap for the eyes opener on strength, correlation and momentum of pairs. Cheers, Yomi {image} {image}
Two very nice trades Yomi

In terms of strength and momentum, how do you know there is still time to jump in?
I saw the same move but hesitated because I didn't know how far the move will go .

Thanks in advance for your advice.
Do good and disappear...
  • #31,709
  • Jun 12, 2015 4:49am Jun 12, 2015 4:49am
Quoting LuXing
{quote} @Kooza Nice ! So you had a good start of the day with +5 green pips. The indicator with arrow and value 6.5 is not the currency strength. As a matter of fact its an indicator that is no part of this system at all, one (of the many) that I am testing for a group of programmers. Rather than constantly flipping between charts and templates, I slapped it on my working template. Should you want the currency strength on your chart (of one or more currencies), I would suggest you do something similar to what fxrabbi has on his charts (see bottom...
  • #31,710
  • Jun 12, 2015 5:04am Jun 12, 2015 5:04am
Quoting LuXing
{quote} Nice Asmodai, I was looking more or less at the same trades. 2 remarks: 1. EUR and GBP vs. AUD and CAD. Once these pairs start "motoring", ATRs get really high. The up and down swings from your entry likewise... I rarely trade them, but when I do I half my position size and double the SL and TP to prevent from being taken out in a blink of the eye. 2. NZDUSD: not a low risk trade at all... Look at yesterdays ferocious gap. Also, zoom out and youll see PA is on a 4 or 5 year low... Reason enough for me not to take this trade. Glad...
Ty for your comments, they are always wellcome.

The GA trades were not optimal, on the first one i entered right after LO, i usually wait about 15 mins. On the second one, i had just returned to my computer after being away and checked my conditions to enter, it looked like i could make my 7 pips, so i took the trade.

On NU, i usually zoom in and out on the pairs i trade, to check PA, but missed the 4 or 5 year low. Apart from that it looked good, so i took the trade.

Asmodai
  • #31,711
  • Jun 12, 2015 5:05am Jun 12, 2015 5:05am
Quoting VinceHS
{quote} Two very nice trades Yomi In terms of strength and momentum, how do you know there is still time to jump in? I saw the same move but hesitated because I didn't know how far the move will go . Thanks in advance for your advice.
Good, I use this secret moving average (5ema, 2shift - which I represent with arrow, you can see it on my charts) to know if there is momentum in the PA, especially when its line up with strength and volume.

Hope this helps,

Yomi
Time always comes before price
  • #31,712
  • Jun 12, 2015 7:06am Jun 12, 2015 7:06am
Quoting LuXing
{quote} Nice Asmodai, I was looking more or less at the same trades. 2 remarks: 1. EUR and GBP vs. AUD and CAD. Once these pairs start "motoring", ATRs get really high. The up and down swings from your entry likewise... I rarely trade them, but when I do I half my position size and double the SL and TP to prevent from being taken out in a blink of the eye. 2. NZDUSD: not a low risk trade at all... Look at yesterdays ferocious gap. Also, zoom out and youll see PA is on a 4 or 5 year low... Reason enough for me not to take this trade. Glad...
thanks again for taking time for these type answers. these type answers should help me and many others to avoid getting burned. -jason
  • #31,713
  • Jun 12, 2015 7:30am Jun 12, 2015 7:30am
Quoting dieuluu
{quote} Hi Udine, It took me months to go through your thread, just want to say many thanks for your endless help here. Hi Nasap, Thanks for your contribution in this thread. I read all your posts. I understand that you use strength & correlation to filter trades but I still cannot get your idea of using Price action & momentum. Previously you said that you don't use any timeframe but trade tick by tick, so how can you identify momentum without timeframe? And how about Price action? Excuse me if I ask you too much, your posts here...
I don't think so! If you would have read then you knew that I use raw tick data send from MT via the Dynamic Data Exchange (DDE) protocol.

nasap
The little nut in your head is called brain. Use it!
  • #31,714
  • Jun 12, 2015 8:44am Jun 12, 2015 8:44am
Quoting nasap
{quote} I don't think so! If you would have read then you knew that I use raw tick data send from MT via the Dynamic Data Exchange (DDE) protocol. nasap
Hi Nasap,

Maybe it's my bad English problem. I wrote "Previously you said that you don't use any timeframe but trade tick by tick" , which I exactly mean that you use raw tick data from MT via DDE (which I assume is similar to the Excel tool 'Currency Strength (28)' shared sometimes in this thread).

What I am asking is about your idea of Momentum and Price Action, how do you calculate and use them to filter your trades? From my understanding, momentum is the speed of price action (increase or decrease), so, clearly it need at least two time point (timeframe) for us to measure it. However, the fact that you didn't use any timeframe make me confused.

Please see below the attached definition of momentum i found from google:
"Momentum
The advancement of price action in one direction or another in agreement of an overall trend.
Momentum in forex trading can more speicifcally refer to the Momentumindicator. Momentum measures the speed of price change. The faster prices increase, the greater the increase in momentum. The faster prices decrease, the larger the decrease in momentum."
http://www.cmsfx.com/en/forex-educat...sary/momentum/

May you explain more of your ideas, or at least could you share some reference sources that you studied when you first started to build up your dashboard?

Many thanks,
  • #31,715
  • Jun 12, 2015 10:07am Jun 12, 2015 10:07am
M30 Level 1 entry on GBPUSD.

TP = 10 + 10 +20 = +40pips.

Trade Ideas:

1. M30 Leve1 setup.
2. Sync in pairs ( counter-part).
3. Strength.
4. Momentum.
5. Volume.
6. PDF & BCC.

NB: Likely last trade for the day/week.

Cheers,
Yomi
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM30.png Size: 61 KB
Time always comes before price
  • #31,716
  • Edited 12:55pm Jun 12, 2015 12:16pm | Edited 12:55pm
Quoting fxrabbi
M30 Level 1 entry on GBPUSD. TP = 10 + 10 +20 = +40pips. Trade Ideas: 1. M30 Leve1 setup. 2. Sync in pairs ( counter-part). 3. Strength. 4. Momentum. 5. Volume. 6. PDF & BCC. NB: Likely last trade for the day/week. Cheers, Yomi {image}
Had to check your profile when I saw your name. Its nice having around Brother . A quick question for you, if you dont see the moving average arrow, do you still enter the trade, secondly, where you on your system all through till your last trade or did you leave and return?
  • #31,717
  • Jun 12, 2015 1:08pm Jun 12, 2015 1:08pm
Quoting Emmpoli
{quote} Had to check your profile when I saw your name. Its nice having around Brother . A quick question for you, if you dont see the moving average arrow, do you still enter the trade, secondly, where you on your system all through till your last trade or did you leave and return?
The 5ema is my guide while the M30 level 1 entry is my way. on your second question: I am a full-time trader, so I am always around my TradingRoom between London open to London close.

Hope this answer your questions.

Yomi
Time always comes before price
  • #31,718
  • Jun 12, 2015 1:21pm Jun 12, 2015 1:21pm
Quoting fxrabbi
{quote} The 5ema is my guide while the M30 level 1 entry is my way. on your second question: I am a full-time trader, so I am always around my TradingRoom between London open to London close. Hope this answer your questions. Yomi
Thank you for your prompt response. happy weekend
  • #31,719
  • Jun 12, 2015 1:27pm Jun 12, 2015 1:27pm
Quoting Emmpoli
{quote} Thank you for your prompt response. happy weekend
You are welcome and wishing you the same
Time always comes before price
  • #31,720
  • Jun 13, 2015 12:58am Jun 13, 2015 12:58am
Quoting dieuluu
{quote}What I am asking is about your idea of Momentum and Price Action, how do you calculate and use them to filter your trades? ... from google: "Momentum The advancement of price action in one direction or another in agreement of an overall trend. Momentum in forex trading can more speicifcally refer to the Momentumindicator. Momentum measures the speed of price change. The faster prices increase, the greater the increase in momentum. The faster prices decrease, the larger the decrease in momentum." http://www.cmsfx.com/en/forex-educat...sary/momentum/...
Go to youtube and search for correlation and strength. There is enough materials about that stuff to study all over the internet! How many times I have mentioned already the power is coming from correlation and strength? One can get lots of information of such a correlation table, if one is able to read and understand. I don't have any specific sites to share. I only search and read and if I think something might be useful I put it into practice. Always going thru trial and error. The only way to find out if and how it works!

nasap
The little nut in your head is called brain. Use it!
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