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As simple as possible: 00 level trading

  • #31,721
  • Jun 13, 2015 1:04pm Jun 13, 2015 1:04pm
Quoting LuXing
{quote}NZDUSD: not a low risk trade at all... Look at yesterdays ferocious gap.
Yes, I saw that and all but one of my brokers showed a huge gap. Whatever happened caused the NZD to shoot 300 pips in the first minute, when most brokers are resetting their systems. True, it doesn't happen all the time but to be safe I modified the Daily Open Line to use the previous Close instead. Here it is if anyone wants it.

Attached File(s)
File Type: mq4 Daily OpenClose Line.mq4   2 KB | 594 downloads
  • #31,722
  • Jun 13, 2015 4:49pm Jun 13, 2015 4:49pm
Hi Fxrabbi and VinceHS. I see you're have the same indies and template. Can someone share them? Many thanks.
  • #31,723
  • Jun 14, 2015 12:04am Jun 14, 2015 12:04am
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 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.
An excellent point dieuluu. I recall nasap mentioning that she has a vb script running as part of her dashboard. With such a script, it would be possible to snapshot the data at regular timed intervals and calculate the momentum from the price movement between the first two of such snapshots, and to then update the momentum with every subsequent snapshot.

This however is speculation on my part as I do not know what nasap is actually doing.

Dial
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  • #31,724
  • Jun 14, 2015 12:08am Jun 14, 2015 12:08am
@Udine

I'm sorry to hear about your fall and back injury. I hope the hard stop at the bottom wasn't too severe. At least you had a stop, otherwise you'd still be falling, LOL, hee hee ho ho!! (I really shouldn't laugh at my own jokes!)

Seriously, I hope you heal completely in short order (vs long order). Also, don't make it a pending order. A market order will get you well much faster!

Dial
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  • #31,725
  • Jun 14, 2015 1:35am Jun 14, 2015 1:35am
Quoting olvus
Hi Fxrabbi and VinceHS. I see you're have the same indies and template. Can someone share them? Many thanks.
@olvus - I don't have Fxrabbi's template, I copied one of his posted charts in my question to him. Cheers.
Do good and disappear...
  • #31,726
  • Jun 14, 2015 8:35am Jun 14, 2015 8:35am
Ok, VinceHS, thanks for answer. Dear Yomi, can you share your indies and templete, I really like your way to trade Udine's system
  • #31,727
  • Jun 14, 2015 6:29pm Jun 14, 2015 6:29pm
Quoting diallist
{quote} An excellent point dieuluu. I recall nasap mentioning that she has a vb script running as part of her dashboard. With such a script, it would be possible to snapshot the data at regular timed intervals and calculate the momentum from the price movement between the first two of such snapshots, and to then update the momentum with every subsequent snapshot. This however is speculation on my part as I do not know what nasap is actually doing. Dial
Dialist, you are right, that is exactly what I was talking about. Technically, to capture data in regular time interval is possible with basic formulas like 'If , Vlookup...'. Otherwise, using VB script as you mentioned is certainly the best option, but not for a coding-blind like me
Anyway, the big question is how to use them to find better entry. I just have some thought, that Udine's entry signal of color change (in 15M and 30M systems) is for the reason to assure there is momentum in price before entering trades.
  • #31,728
  • Jun 15, 2015 12:34am Jun 15, 2015 12:34am
Quoting dieuluu
{quote} Dialist, you are right, that is exactly what I was talking about. Technically, to capture data in regular time interval is possible with basic formulas like 'If , Vlookup...'. Otherwise, using VB script as you mentioned is certainly the best option, but not for a coding-blind like me Anyway, the big question is how to use them to find better entry. I just have some thought, that Udine's entry signal of color change (in 15M and 30M systems) is for the reason to assure there is momentum in price before entering trades.
I think of price as a tumbleweed blown north and south across the desert by the North and South winds. My favorite indicator to show "wind strength" is the ASH with the lines as shown in the image. Using the two CSM's Giraia and CURRENCY in conjuction with the ASH I have the results shown over the last two weeks. Not as dramatic as Robinho's to be sure, but making steady daily process.

In a slightly different vein, the one rule that has benefited me the most is this: "After the close of the trade that hits or exceeds the daily target, STOP trading for the day." Following this one simple rule has saved me a lot of screen time.
Attached Image (click to enlarge)
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Attached Image
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  • #31,729
  • Jun 15, 2015 1:23am Jun 15, 2015 1:23am
Hi Dial

Are you using Udine rules for entry exit or some derivation of them, and can you please show some of the trade setups you take with entry and exit.

Thanks
  • #31,730
  • Jun 15, 2015 1:29am Jun 15, 2015 1:29am
Quoting diallist
{quote} I think of price as a tumbleweed blown north and south across the desert by the North and South winds. My favorite indicator to show "wind strength" is the ASH with the lines as shown in the image. Using the two CSM's Giraia and CURRENCY in conjuction with the ASH I have the results shown over the last two weeks. Not as dramatic as Robinho's to be sure, but making steady daily process. In a slightly different vein, the one rule that has benefited me the most is this: "After the close of the trade that hits or exceeds the daily target, STOP...
nice results. the blue and the magenta line, i'm assuming the represent strenght. can you share the indi with your settings. thanks and more green pips to you
  • #31,731
  • Jun 15, 2015 2:02am Jun 15, 2015 2:02am
Quoting diallist
{quote} I think of price as a tumbleweed blown north and south across the desert by the North and South winds. My favorite indicator to show "wind strength" is the ASH with the lines as shown in the image. Using the two CSM's Giraia and CURRENCY in conjuction with the ASH I have the results shown over the last two weeks. Not as dramatic as Robinho's to be sure, but making steady daily process. In a slightly different vein, the one rule that has benefited me the most is this: "After the close of the trade that hits or exceeds the daily target, STOP...
Hi diallist.... great results.

You only trading Udine's 4 pairs, right?

Asmodai
  • #31,732
  • Jun 15, 2015 2:05am Jun 15, 2015 2:05am
Buenos días,

Trade #1 o/t day: EURJPY to TP.

LuXing
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Wisdom begins in wonder
  • #31,733
  • Edited 2:23am Jun 15, 2015 2:08am | Edited 2:23am
Quoting LuXing
Buenos das, Trade #1 o/t day: EURJPY to TP. LuXing {image}
I also took that trade but I went for ten pips
Edit: finally to take profit. i cant find the second arrow when you place a pending order that indicate whether you trade has taken profit or stoped out. its just the le arrow that appears. someone please help
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  • #31,734
  • Jun 15, 2015 2:27am Jun 15, 2015 2:27am
Trade #2: USDJPY to TP, enormous slippage on entry.

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #31,735
  • Jun 15, 2015 3:11am Jun 15, 2015 3:11am
BE = +10pips on EURUSD

Trade Ideas:

1. Sync in pairs.
2. Strength.
3. Volume.

Cheers,
Yomi
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM30.png Size: 59 KB
Time always comes before price
  • #31,736
  • Jun 15, 2015 3:15am Jun 15, 2015 3:15am
EJ +5 TP
Same trade of LuXing and other fellow traders. I'm considering to add USDJPY to my trading pool.
I've just lost big strenght & momentum of EUR against all currencies...
Attached Image (click to enlarge)
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Porta itineris dicitur longissima esse
  • #31,737
  • Jun 15, 2015 3:15am Jun 15, 2015 3:15am
Quoting fxrabbi
BE = +10pips on EURUSD Trade Ideas: 1. Sync in pairs. 2. Strength. 3. Volume. Cheers, Yomi {image}
great start
  • #31,738
  • Jun 15, 2015 3:16am Jun 15, 2015 3:16am
Quoting diallist
{quote} I think of price as a tumbleweed blown north and south across the desert by the North and South winds. My favorite indicator to show "wind strength" is the ASH with the lines as shown in the image. Using the two CSM's Giraia and CURRENCY in conjuction with the ASH I have the results shown over the last two weeks. Not as dramatic as Robinho's to be sure, but making steady daily process. In a slightly different vein, the one rule that has benefited me the most is this: "After the close of the trade that hits or exceeds the daily target, STOP...
Hi diallist, do you know how to set the ASH? mine always shows bars.

Greetz Michael
  • #31,739
  • Jun 15, 2015 3:17am Jun 15, 2015 3:17am
Quoting Emmpoli
{quote} great start
Hope you are on point too
Time always comes before price
  • #31,740
  • Jun 15, 2015 3:27am Jun 15, 2015 3:27am
Quoting GoForPip
Hi Dial Are you using Udine rules for entry exit or some derivation of them, and can you please show some of the trade setups you take with entry and exit. Thanks
1. I use primarily L4 & L3 entries on the M30 chart. In other words, The L4, which is the original entry used at the beginning of the 00 thread is at the beginning of the hour. The L3 is at the beginning of the half hour. Right before either of these I...

2. Use the CSM's to choose a currency. I try to pick the 1x8, but if the spread is too high I may choose the 2x8 or the 1x7 if thier spread is lower.

3. I monitor what the pair does during the first 5 to 15 minutes of the entry, per Robinho to see if the direction of movement is in agreement with both the CSM's and the side of the DO line. If all are in agreement I then...

4. Drop down to the M5 with the MTF ASH indicators. I watch for some or all the indicators to be pointing the the same direction as determined in step 3. I also look at price action and am aware of any support or resistance points that can either aid or oppose the trade. I then subjectively decide to stay out of the trade or to enter.

As to the multiple ASH indicators on the M5, they are all there simply for availabilty. I sometimes use only one; sometimes more and sometimes all. How do I know which?

You can only learn by observing. Bring up an M5 chart and look for breakouts. Observe how the ASH indicators behaved before/during/after the beginning of the breakout. Scroll back on the chart and make this same observation many times. You will soon develop a feel of what the ASH indicators do prior to a breakout. It is not 100%, but it will teach you to find higher probablility entries.

For more info on the MTF ASH's on M5, see the following posts:

Indicator in post 31005
Robinho first mentions settings in post 31017
Robinho gives more detail in post 31046
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