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As simple as possible: 00 level trading

  • #31,781
  • Jun 16, 2015 1:24am Jun 16, 2015 1:24am
Quoting joe12345
{quote} Thats it! Udine started this thread with a method that followed Einstein's rule "Make everything as simple as possible, but not simpler". Trade less, make more and have a fulfilling life other than trading---what more can one ask for! Congratulations on your discipline. How do you teach this? Udine designed burpees. I drink bittergourd juice
  • #31,782
  • Jun 16, 2015 1:25am Jun 16, 2015 1:25am
Quoting diallist
{quote} 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...
Hi diallist, first of all thank you for all your explanations, often making difficult topics much more simpler to understand.
Regarding point No. 4, does it mean that you usually trade on M30/M15 timeframes, but in the decision process you zoom down to M5 when it comes to evaluate ASH ? In other words, you go to look in M5 chart if bars in the ASH indicator turn from red to green and the blue line crosses upward the magenta one for a long setup (reverse for a short) ?

Thank you & green pips to everybody,
Bubincka
Porta itineris dicitur longissima esse
  • #31,783
  • Jun 16, 2015 2:14am Jun 16, 2015 2:14am
Buenos días,

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

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #31,784
  • Jun 16, 2015 2:23am Jun 16, 2015 2:23am
EU +5 TP
I wanted to begin to test the M5-MBA Udine's system at least on EURUSD, it went well.
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Porta itineris dicitur longissima esse
  • #31,785
  • Edited 4:32am Jun 16, 2015 2:56am | Edited 4:32am
Quoting Kooza
{quote} Yomi, I want to apologise for my "cheekiness" to ask you in my previous post -- to post your template - it was a moment of weakness on my side. Trust you accept my apology. I will appreciate it if you could clear my mind re the following Do you use a trailing stop at all? Do do sometimes manually exit a trade or do you wait for the BE =+10 or TP=+20 to be hit regardless Are there times that you hit your SL = -20 ? Do you manually exit a trade before the trade reach your SL Regards Kooza
I got a great help from this great thread, but not spoon-feeding. When you build up your system yourself, you will get to know how each of your indicators works, and this will help you a great deal. 95% of the indicators that I am using are from this great thread, and are there at the paper clip, but the one that are not there, ask me and I will be willing to share with setting. I rememmber the position of diallist on this and it help me a lot. To your questions:

1. I do not use trailing stop. ( for personal reason, because I know that my setup/signal will give me minimum of 10pips at a go, because I deal with momentum, volume, and strength at the point of entry).

2. I normally wait for BE. ( I sometimes exit manually, my trades should not takes more than 4 - M30 candles).

3. There are times that my trades hit SL. (but they are few, that is if I practice PDF & BCC).

4. Yes, I sometimes exit my trades before it will hit my SL. ( that is, if the current market sentiment has invalidates my setups).

I hope this helps, but upon all, you need to improve on your money/trade management.

Cheers,
Yomi
Time always comes before price
  • #31,786
  • Jun 16, 2015 3:02am Jun 16, 2015 3:02am
Quoting allhappy
{quote} Dear Fxrabbi, I would like to have the Currency meter with only 4 pairs like you use. Kindly guide me ,where to get it. Thanking you in advance, AllHappy
Please, check post 31,549. the indicator is share there with the settings.

Thanks.
Time always comes before price
  • #31,787
  • Jun 16, 2015 3:07am Jun 16, 2015 3:07am
Quoting bubincka
EU +5 TP I wanted to begin to test the M5-MBA Udine's system at least on EURUSD, it went well. {image}
Time always comes before price
  • #31,788
  • Jun 16, 2015 3:14am Jun 16, 2015 3:14am
Trades #2 and #3 o/t day:

AUDJPY out by TS (+1.5 pips)
AUDUSD to TP

LuXing
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Wisdom begins in wonder
  • #31,789
  • Jun 16, 2015 3:15am Jun 16, 2015 3:15am
Quoting fxrabbi
{quote} I got a great help from this great thread, but not spoon-feeding. When you build up your system yourself, you will get to know how each of your indicators works, and this will help you a great deal. 95% of the indicators that I am using are from this great thread, and are there at the paper clip, but the one that are not there, ask me and I will be willing to share with setting. I rememmber the position of diallist on this and it help me a lot. To your questions: 1. I do not use trailing stop. ( for personal reason, because I know that my...
Thank you for accepting my apology -- your wise words and addressing my questions
  • #31,790
  • Edited 4:16am Jun 16, 2015 3:27am | Edited 4:16am
Quoting fxrabbi
{quote} I got a great help from this great thread, but not spoon-feeding. When you build up your system yourself, you will get to know how each of your indicators works, and this will help you a great deal. 95% of the indicators that I am using are from this great thread, and are there at the paper clip, but the one that are not there, ask me and I will be willing to share with setting. I rememmber the position of diallist on this and it help me a lot. To your questions: 1. I do not use trailing stop. ( for personal reason, because I know that my...
Yomi n LuXing, thank you for posting your charts. They are a great help during review over the weekend. Much appreciated.
Do good and disappear...
  • #31,791
  • Jun 16, 2015 4:43am Jun 16, 2015 4:43am
Quoting bubincka
{quote} Hi diallist, first of all thank you for all your explanations, often making difficult topics much more simpler to understand. Regarding point No. 4, does it mean that you usually trade on M30/M15 timeframes, but in the decision process you zoom down to M5 when it comes to evaluate ASH ? In other words, you go to look in M5 chart if bars in the ASH indicator turn from red to green and the blue line crosses upward the magenta one for a long setup (reverse for a short) ? Thank you & green pips to everybody, Bubincka
Yes, that's pretty much it, but it's not just the ASH indicators on the M5 that I look at; I'm also looking at price action (what has happened over the last few candles vs what is happening with the current candle, along with being aware of nearby SR or pivots or channel boundaries etc. It's not mechanical by any means. But when all appears good to my satisfaction, I simply use the hot keys on the entry scripts to place a pending at the next 00/05.

And, since the 00/05 is merely a line in the sand, as previously discussed by Udine and Robinho, I will sometimes grab the dashed green entry line and move the whole order up or down a bit if I think it needs to be moved in order to clear any obstacles out of the zone between the entry and the target. For example, if a long pending order is placed by the script so that the entry is below a resistance line, and the target is above the resistance line, I'll drag the entry line above the resistance line. In case you haven't tried this yet, dragging the dashed green entry line will also carry the dashed stop and target lines along with it, preserving your RR. The stop and target lines can be dragged independently.

I'll frequently move the target line up another five pips if momentum is strong to eek out a few extra pips, but I'll keep my finger on the mouse to be ready to close the trade manually if after going past 5 pips profit, price starts to reverse.

As to moving the stop... I never move the stop because 10 pips already makes a big enough hole to have to dig back out of. Why would I want to make more work for myself?
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #31,792
  • Jun 16, 2015 6:28am Jun 16, 2015 6:28am
Hi Udine!
You were right about Capello, he made from dissent Russian team the worse Russian team ever. Why they pay him 7 mil euro a year…have know idea. Something is going on there we are not allowed to know I guess. We can only watch from the sidelines.
Get well and good luck with commercial area.
Alec
Look for reasons not to take a trade.
  • #31,793
  • Jun 16, 2015 6:32am Jun 16, 2015 6:32am
GBPCHF to TP.

LuXing
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Wisdom begins in wonder
  • #31,794
  • Jun 16, 2015 7:12am Jun 16, 2015 7:12am
EURJPY to TP.

LuXing
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Wisdom begins in wonder
  • #31,795
  • Jun 16, 2015 8:39am Jun 16, 2015 8:39am
AUDCHF to TP.

LuXing
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Wisdom begins in wonder
  • #31,796
  • Jun 16, 2015 9:16am Jun 16, 2015 9:16am
EURUSD and EURJPY to TP.

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #31,797
  • Jun 16, 2015 10:02am Jun 16, 2015 10:02am
Quoting diallist
{quote} Yes, that's pretty much it, but it's not just the ASH indicators on the M5 that I look at; I'm also looking at price action (what has happened over the last few candles vs what is happening with the current candle, along with being aware of nearby SR or pivots or channel boundaries etc. It's not mechanical by any means. But when all appears good to my satisfaction, I simply use the hot keys on the entry scripts to place a pending at the next 00/05. And, since the 00/05 is merely a line in the sand, as previously discussed by Udine and Robinho,...
Thank you. Again alot of good tips.
Porta itineris dicitur longissima esse
  • #31,798
  • Jun 16, 2015 10:16am Jun 16, 2015 10:16am
Quoting fxrabbi
M30 Level 1 entry on GBPJPY TP = 20pips Trade Ideas: 1. Level 1 setup. 2. Momentum. 3. Volume. 4. PDF & BCC. Cheers, Yomi {image}
fxrabbi...

how do you determine volume and momentum?

thanks.
  • #31,799
  • Jun 16, 2015 11:22am Jun 16, 2015 11:22am
Can somebody provide a download link for the Psylevels Dashboard?
  • #31,800
  • Jun 16, 2015 11:39am Jun 16, 2015 11:39am
Quoting FriendTrend
Can somebody provide a download link for the Psylevels Dashboard?
How about trying the attachments ?
Surely it must have been posted before...
Top right corner, paperclip.

LuXing
Wisdom begins in wonder
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