As simple as possible: 00 level trading

masofras

Try http://xlsgate.com/about-xlsgate/ or for something more robust, Java programming would be the way to go...

LuXing

C Cogito,

You appear to have the proper mindset.

Your realization that the harder you push, the faster you lose, is a lesson well learned. Don't forget it.

I look forward to seeing your future posts.

Dial

Good morning ( at least in this part of the world)

PM's have been replied..

slowly getting better, so soon back in here

cheers

PDF & BCC

Udine

Buenos días,

Trade #1 o/t day: GBPJPY out by TS, +2.4 pips.

LuXing

Welcome back this morning, good to see you today.

Trade #2 o/t day: EURUSD to TP.

LuXing

good to see you back

Numberman

Last trade of a day, with relatively little movement: EURJPY to TP.

Luxing

Good morning ( at least in this part of the world) PM's have been replied.. slowly getting better, so soon back in here cheers PDF & BCC Udine

Hi Udine get well , yes PDF & BCC

Hi Cogito,
I'm not a specialist on Forex but, I've thought a bit about the Risk to Reward ratio of this system and I believe you can't treat commissions and spread the same way.

Commissions are proportional to your lot size and you can think of them as pips or as percentage. You must take them into account when you calculate the RRR.

Spread are different. You buy at ask and sell at bid and the difference is your spread (as everyone knows). If you have a 5 pip TP, you could buy when the ask price is 1.0000 and close when the bid price is 1.0005. Your profit is exactly 5 pips (not counting commissions). What happens is that the market has to move more to close your position if the spread is bigger.

In this example, if the spread is 1 pip: when we buy at 1.0000, ask is 1.0000 and bid is 0.9999. When we close, ask is 1.0006 and bid 1.0005. So the market had to move 6 pips for our position to be closed.

If the spread is 5 pips: when we buy at 1.0000, ask is 1.0000 and bid is 0.9995. When we close, ask is 1.0010 and bid is 1.0005. So the market had to move 10 pips for our position to be closed.

In conclusion, I guess spread doesn't affect RRR. But bigger spreads make it more difficult to get to our TP and easier to be stopped!

In Udine's system TP is 5 pips and SL 10 pips. If we consider an average commissions of 0.5 pips, the gains are 4.5 pips and the losses are 10.5 pips, meaning the RRR is around 1:0.429. Caution should be taken with the SL if the spread is higher since it will be reached sooner...

Hope my calculations are correct...

Jaime

EURUSD to BE +10pips

1st trade of the week, getting good setup since yesterday is like an extra work. manage to get this out.

Trade Ideas:
1. Sync in pairs
2. Strength.
3. Momentum.
4. Volume. ( I couldn't get the normal 2 climax red bars, but try out this 2 rising red bars).

Cheers,
Yomi

I am looking for a way to filter some of the trades from Udine's 5min MBA system. As of now, I am using ASH MTF 30min with a 150hma. Looking for trades signaled above or below the 150hma and agreeing with the ASH MTF 30min color. Why add these two extra's? Because my eye isn't as trained as a lot of people here with much more experience. Below are some screen shots from today that meet the conditions. Red vertical lines would have been trades. Advice or comments appreciated. Thank you for your time and experience. -jason

Last trade for today.

EURUSD to TP+ = 28pips.

Trade Ideas:

1. Sync in pairs.
2. Strong Strength.

Cheers,
Yomi

if I may suggest, you can try trading time filtering.
easy and seem to work based on my backtesting.
also, I found that EURUSD had been the most stable performance for me.
the best was probably London, opening hour, EurUsd pair.

Jason, do not want to be rude, but your charts look like a contemporary art.... Would suggest to change colors and get rid of some indicators. This way, as it is, you might not be able to train your eyes, as there is too much disturbance... :nerd:

Jason, I agree with snail. Too much clutter inhibits one's ability to see price flow.

That said, I think your charts are visually beautiful. I might have one made into a poster for my trading room wall!

Dial

Assuming anyone is interested, attached is the spreadsheet that I use to keep a record of my End Of Day (EOD) trading results.

I've entered some sample data which lets you see how the spreadsheet looks in progress. Simply clear the numbers from the Balance column to enter your own balances.

It is REALLY easy to use, despite the apparent complexity of the description below. Setting it up takes less than a minute, and updating it daily takes only a few seconds. It is fun to watch your account grow.

For those so inclined, a chart of Column M (Balance) could easily be added.
UPDATE: I've just added such a chart to the spreadsheet, and attached it to this post.

Description of Important Sections
=================================
First, after you download, be sure to save a backup copy.

Cell D3: The date of the Friday that ends week zero. This date does two things; First it establishes all the dates in weeks 1 to 52. Second it causes the first Friday of each month to be marked as NFP (Non-Farm Payroll) in white font with red background.

Cell E3: Sets the initial balance of the simulated "large" account. I know most traders are working with small accounts, but I find it encouraging to see how my trading would be doing if I had a larger account. As you enter your daily balance in column M, columns E and F will show what your dollar changes would have been in a larger account. If you set it to $1000, then columns E and F will show what happens to each $1000 in your account. If you set it to a larger value, such as $50,000, then you'll see what that size account would have done for you. This is fun to watch and very motivating.

Cell G3: Daily Stop Trading Loss Limit. Udine's method says stop after four losses. At a risk of 2% per trade, four losses would equal 8% drawdown for the day. That is why I set this value to 8%. You may change it to whatever value you desire. Once set, it then uses columns G and H to display on the last line in these columns, what the account balance would be, along with the dollar amount after you've reached the loss limit for the day.

Cell I3: Target win percentage goal. Once set, it shows in columns I and J the balance and dollar increase needed to attain that percent increase. I set mine to 2%.

Cell K3: Same function as Cell I3 and columns I and J above. This just gives a second percentage option. I set mine at 3%.

I use these two percentage targets in this way: I want to hit at least 2%, but I'm really shooting for 3% or more. By having these four columns, I have a better visual idea what I'm shooting for.

Cell M3: Real Account Starting Balance. When you start using this spreadsheet for the first time, enter your actual account balance in this cell. Afterwards, on each successive trading day, enter in column M the ending balance for each day as it passes.

Column M: Enter your daily ending balances here. You must not skip any. If you don't trade on a given day, then simply enter the previous day's balance. The cells in column M are conditionally formatted. If you enter a daily balance that is greater than that of the previous day, the cell will turn green. If you enter a smaller balance, the field will turn red. If today's value is the same as yesterday's, the cell will turn blue indicating a neutral day. These colors help you visualize your number of winning and losing days.

Column N: $ Day Change. Shows the monetary increase/decrease in your account for that day.
Column O: % Day Change. Shows the percentage increase/decrease in your account for that day.

Column P: $ Avg Day. Shows the end of week average daily monetary change. Will remain blank until Friday's entry is made.
Column Q: % Avg Day. Shows the end of week average daily percentage change. Will remain blank until Friday's entry is made.

Column R: $ Week. Shows how much you earned/lost that week. Will remain blank until Friday's entry is made.
Column S: % Week. Shows the percentage change in your account for the week. Will remain blank until Friday's entry is made.

Column T: $ Running. Shows the running total in your account since starting the spreadsheet.
Column U: % Running. Shows the running percent change in your account since starting the spreadsheet.

Final note: Do remember that in Excel you can hide/unhide any of these columns as you desire. I usually keep columns E and F hidden. I also hide monetary columns (except for E and F) when posting results to a public forum.
Have fun.
Dial

Thank you and weldone

One observation about Currency Strength:

It has a shelf life and spoils quickly.

CSM indications that are fresh are best. They decay rapidly.

CSM meters show what strength HAS BEEN. not what it is now.

If price has moved up a very large amount in a very short time, the CSM's will show great strength, when in reality, the move is exhausted and price is flat and likely to reverse.

That is why the ASH (wavy line version) is my favorite indicator, because it shows whether CSM strength is waxing or waning.
If the lines are diverging (as they do after a color change) then CSM is freshest and strongest. If the lines are converging, then I don't enter trades, and will sometimes exit trades early.

I assume it is also why Udine recommends L1 (color change) entries, because they catch the leading edge of the CSM wave while it is strongest.

Dial

Thanks highly appreciated --- Just what I was looking for to reflect more accurately on my daily trades