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As simple as possible: 00 level trading

  • #31,941
  • Jun 25, 2015 1:29pm Jun 25, 2015 1:29pm
Guys, i'm finding it very hard to see price complete the targets these days even during prime London setups. Is it only me or some others too have same experience? I'm having only rare successful trades based on only Udine's rules. Price turns back just shy of target (especially short trades) and reverses to hit the stop loss. This was not so about a month back and i'm following this thread since July last year. I was thinking of keeping a target of only 2.5 pips for that is where price almost always goes to. Will appreciate any ideas. I do not use any CSM or anything else except that shown by Udine.
  • #31,942
  • Jun 25, 2015 2:35pm Jun 25, 2015 2:35pm
Can somebody please give me a link to indicator ADR, ATR, RmUp and RmDn. Thanks so much.
  • #31,943
  • Jun 25, 2015 7:37pm Jun 25, 2015 7:37pm
Quoting hashzar
Can somebody please give me a link to indicator ADR, ATR, RmUp and RmDn. Thanks so much.


Paperclip is your friend --> you īll find several ADR indicators
Attached Image


The one I use is called Daily Range Extended V2
  • #31,944
  • Jun 25, 2015 10:06pm Jun 25, 2015 10:06pm
Quoting dan55
Guys, i'm finding it very hard to see price complete the targets these days even during prime London setups. Is it only me or some others too have same experience? I'm having only rare successful trades based on only Udine's rules. Price turns back just shy of target (especially short trades) and reverses to hit the stop loss. This was not so about a month back and i'm following this thread since July last year. I was thinking of keeping a target of only 2.5 pips for that is where price almost always goes to. Will appreciate any ideas. I do not...
Nothing to complain about, there were many pips to collect.
Attached Image

But your observation is right if you stick to the 4 major pairs during LO only. Most of the profits not coming from them! About the TP is my observation also for a long time already. Therefore I use an algorithm to calculate TP depending on market conditions. Hence it can be anything between 3.5 and 12.5. In these days it's mostly something like 4.3.

Here I'll show you guys another way how to recognize a good setup:

Always follow the daily candle! Add a SMA 10 / Close to your chart. Wait until the SMA is pinned by a counter bar / candle. Important: In uptrend no close below, in downtrend no close above the SMA! Wait on bar / candle close and set your pending order on the next possible level. Watch the chart for better illustration:
Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2015.06.26_09h40m32s_016_.png Size: 122 KB

Give it a try and find out how many good or better setups you'll get additional.

As you all know "Many roads lead to Rome" and this is also not a "holy grail".

nasap
The little nut in your head is called brain. Use it!
  • #31,945
  • Jun 25, 2015 11:30pm Jun 25, 2015 11:30pm
Quoting nasap
{quote}'....... But your observation is right if you stick to the 4 major pairs during LO only. Most of the profits not coming from them! About the TP is my observation also for a long time already. Therefore I use an algorithm......
Thank you for your reply and an honest response.

I'm aware that you are a highly successful trader among the 5%.
I'm here since 2008 but still in the other 95% who consistently lose blowing away innumerable accounts which i don't even want to recall

Will try your suggestion. Thanks again.
  • #31,946
  • Jun 26, 2015 12:11am Jun 26, 2015 12:11am
Quoting dan55
{quote} Thank you for your reply and an honest response. I'm aware that you are a highly successful trader among the 5%. I'm here since 2008 but still in the other 95% who consistently lose blowing away innumerable accounts which i don't even want to recall Will try your suggestion. Thanks again.
Keep plugging dan55. And for goodness sake use the Giraia CSM! And, as I've said before more than once in this thread, throw the wavy line ASH on your chart. The settings should be the same as those of the ASH2 so the color changes will be the same between the two.

Like you, I had a hard time making any money using just Udine's rules. I had to add CSM and ASH (wavy lines).

By all means try nasap's suggestion, and also look at ALL of fxrabbi's posts and charts.

You WILL get better at this, so don't give up. Make sure you double on demo at least three times in a row before trading real money. Doubling three times is the same as increasing your account by 700%. Daunting, but doable.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #31,947
  • Jun 26, 2015 12:14am Jun 26, 2015 12:14am
End of week 4. It was very hard emotionally as my leverage was too high for comfort. Starting next week I'm cutting the leverage in half. I still should come close to doubling each month. God willing of course.

Dial
Attached Image (click to enlarge)
Click to Enlarge Name: DC100_20150626.JPG Size: 108 KB
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #31,948
  • Jun 26, 2015 12:19am Jun 26, 2015 12:19am
Quoting diallist
End of week 4. It was very hard emotionally as my leverage was too high for comfort. Starting next week I'm cutting the leverage in half. I still should come close to doubling each month. God willing of course. Dial {image}
Excellent results Dial, it motivates me too .
Here are my 2 trades for day
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPYM15.png Size: 35 KB
Click to Enlarge Name: USDJPYM15.png Size: 35 KB
  • #31,949
  • Jun 26, 2015 12:29am Jun 26, 2015 12:29am
Quoting diallist
{quote} Keep plugging dan55...l
Thanks Dial. I didn't mean that pure Udine setups don't work. What i meant was that 5 pips targets are rather hard to get these days even during London session. I've tried all CSMs - but again, like all indis, they show only the past. The more 'potent' they show a pair - the more chances of reversal.

I've had a template made of fxrabbi(Thanks fxrabbi), but again same issues. The setup bar shows increasing volume with all psy levels in color of trade direction. Then the volume disappears in the trade candle and CSM, Psy levels remain strongly in trade direction while price reverses to SL. Of course, i'm looking for a win % around 78.

In this context i think nasap referred to an algo which dynamically determines the TP. Thanks nasap. If only she can give further hints.....

And yes, those are really encouraging and awesome results from your trading Dial.
  • #31,950
  • Jun 26, 2015 12:53am Jun 26, 2015 12:53am
Quoting dan55
{quote} Thanks Dial. I didn't mean that pure Udine setups don't work. What i meant was that 5 pips targets are rather hard to get these days even during London session. I've tried all CSMs - but again, like all indis, they show only the past. The more 'potent' they show a pair - the more chances of reversal. I've had a template made of fxrabbi(Thanks fxrabbi), but again same issues. The setup bar shows increasing volume with all psy levels in color of trade direction. Then the volume disappears in the trade candle and CSM, Psy levels remain strongly...
Your thoughts are correct. Just keep practicing, and remember what I said in an earlier post: CSM is only good fresh. So use L1 color change entries only. I know they don't come often on M30, so try them out on M5.

At any rate, keep plugging and you'll get this figured out in time.
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #31,951
  • Jun 26, 2015 12:56am Jun 26, 2015 12:56am
Thanks again Dial.

And Thanks to miss nasap - i just had a winner GU short trade based on 'pinning' of 100SMA.
  • #31,952
  • Jun 26, 2015 1:18am Jun 26, 2015 1:18am
Quoting nasap
{quote} Nothing to complain about, there were many pips to collect. {image} But your observation is right if you stick to the 4 major pairs during LO only. Most of the profits not coming from them! About the TP is my observation also for a long time already. Therefore I use an algorithm to calculate TP depending on market conditions. Hence it can be anything between 3.5 and 12.5. In these days it's mostly something like 4.3. Here I'll show you guys another way how to recognize a good setup: Always follow the daily candle! Add a SMA 10 / Close...
nasap, thank you for this great input!
trading is like dancing, don't think and just listen to the music!
  • #31,953
  • Jun 26, 2015 1:46am Jun 26, 2015 1:46am
Quoting nasap
{quote} ... Therefore I use an algorithm to calculate TP depending on market conditions. Hence it can be anything between 3.5 and 12.5. In these days it's mostly something like 4.3. Here I'll show you guys another way
To be clear nasap, you use an algorithm to figure proper TP amount ... within a min/max range of 3.5 to 12.5 pips.
  • #31,954
  • Jun 26, 2015 1:50am Jun 26, 2015 1:50am
Quoting dan55
Thanks again Dial. And Thanks to miss nasap - i just had a winner GU short trade based on 'pinning' of 100SMA.
Great, you already put it into practice with success.

Recommended pairs are AUDJPY / AUDUSD, EURJPY / EURUSD, GBPJPY / GBPUSD, NZDJPY / NZDUSD
Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2015.06.26_13h55m01s_018_.png Size: 88 KB

nasap
The little nut in your head is called brain. Use it!
  • #31,955
  • Jun 26, 2015 2:00am Jun 26, 2015 2:00am
Quoting diallist
End of week 4. It was very hard emotionally as my leverage was too high for comfort. Starting next week I'm cutting the leverage in half. I still should come close to doubling each month. God willing of course. Dial {image}
Astonishing trading Dial! congrats.
How many trades do you take on average per day?
Persistence will get it. Consistency will keep it.
  • #31,956
  • Jun 26, 2015 2:23am Jun 26, 2015 2:23am
Quoting nasap
{quote} Great, you already put it into practice with success. Recommended pairs are AUDJPY / AUDUSD, EURJPY / EURUSD, GBPJPY / GBPUSD, NZDJPY / NZDUSD {image} nasap
I can't thank you enough for all that you bring to table here.
  • #31,957
  • Jun 26, 2015 2:37am Jun 26, 2015 2:37am
Quoting Wyfx
{quote} To be clear nasap, you use an algorithm to figure proper TP amount ... within a min/max range of 3.5 to 12.5 pips.
This works in automated trading system only, not to realize in manual trading!

nasap
The little nut in your head is called brain. Use it!
  • #31,958
  • Jun 26, 2015 3:04am Jun 26, 2015 3:04am
Quoting nasap
{quote} This works in automated trading system only, not to realize in manual trading! nasap

Seeing your post it's always a delight to me, same goes to diallist. Weldone for the inspiration, and encouraging result by diallist.


Yomi
Time always comes before price
  • #31,959
  • Jun 26, 2015 3:11am Jun 26, 2015 3:11am
Quoting diallist
..... I also look at Bid Ratio to see if it is near 100% or near 0%. I only learned the term Bid Ratio recently, but I've been aware of the effect for years. I just called it "Flat Top/Bottom Candles Have A Greater Chance To Keep Moving In The Same Direction". ......... {image}
Sir, could you please expand on this or refer me to the appropriate link/s? I'm aware of smjone's bidratio indi as well as that of dingdong xlsx. Which one do you use and how it helps in taking a trade?
  • #31,960
  • Jun 26, 2015 3:12am Jun 26, 2015 3:12am
Quoting fxrabbi
{quote} Seeing your post it's always a delight to me, same goes to diallist. Weldone for the inspiration, and encouraging result by diallist. Yomi
Indeed. Thank each of you (you too fxrabbi) for being and encouragement and Udine for getting the thread going. It is a delight to see people's helpful discoveries in the market structure. -jason
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