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As simple as possible: 00 level trading

  • #31,981
  • Jun 27, 2015 9:55am Jun 27, 2015 9:55am
Quoting bapakjason
{quote} 11hrs worth of candles on your chart had basically moved bullish, the candle previous to your trade also moved bullish above the DO line before then moving bearish. Then you took a bearish trade. If I look at your chart, in my opinion, price had been moving bullish for a long time. Then, your big candle down (which was your first red ASH signal after NO) didn't create a lower low(LL). It only created a higher low (HL) in the sequence. So, even though you are below the daily open and have a red ASH and a red HA, price is trending bullish....
Hi Jason,

When I entered the trade I thought that the big bearish candle was very strong movement, so it couldn't be a retracement, just my point of view.
Thanks for your comment
  • #31,982
  • Jun 27, 2015 10:04am Jun 27, 2015 10:04am
Quoting numberman
{quote} Usually, when you enter after a big candle, they will almost reversal every times. To avoid that, you should not enter immediately, see how the price go if you see a strong momentum you can enter that 00lv or the next 00lv. To be safe than sorry, you should have ATR indi in Pips, like mine below, if the candle > ATR you should expect a reversal. And stay away from it. {image} Hope it help. Numberman
Thank you Numberman, now it's clearly. Will add the ATR for confirmation!
  • #31,983
  • Jun 27, 2015 10:34am Jun 27, 2015 10:34am
Quoting sEit89
{quote} Hi Jason, When I entered the trade I thought that the big bearish candle was very strong movement, so it couldn't be a retracement, just my point of view. Thanks for your comment
Great point, you might have reached a TP on the 5, 15, or even 30min TF during that hour of momentum bearish. However, always easier to see in hindsight right? Thanks for posting TP or SL as I learn from your posts. -Jason
  • #31,984
  • Jun 27, 2015 11:15am Jun 27, 2015 11:15am
Quoting sEit89
Hello everybody, Last trade from yesterday EUR/JPY to SL, Udine's H1 system 17:00hCET and 1 hour after red news... What do you think? Any comments will be much appreciated. Thank you in advance, {image}
Well, I am still learning and not there yet but I will give you my opinion on this. You took that Eurjpy trade because you think Jpy was strong and euro was weak. The truth of the matter is'' Jpy was not strong and euro was not weak. something that i don't know happen to euro and Jpy capitalized on that glitch, hence the big Eurjpy candle. As a matter of fact, Jpy was weaker than Euro even before you entered that trade. individual pairs don't tell you the story. CSM sometimes lag, that's why I agree with DIALIST. Just my 2 cent.
  • #31,985
  • Jun 27, 2015 4:44pm Jun 27, 2015 4:44pm
Quoting dan55
{quote} Thanks for your time and effort in posting the reply. Here is link to smjones indicator: http://www.forexfactory.com/showthre...12#post2746912 Its worthwhile to note that Cynthia Macy's meter only shows D1 BidRatio while smjones's also includes other time frames as well (except M30), and could be more useful - in the same way as psylevels dash can be.
Thanks dan55, that is useful indeed!
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  • #31,986
  • Jun 28, 2015 9:23am Jun 28, 2015 9:23am
Quoting Emmpoli
{quote} Well, I am still learning and not there yet but I will give you my opinion on this. You took that Eurjpy trade because you think Jpy was strong and euro was weak. The truth of the matter is'' Jpy was not strong and euro was not weak. something that i don't know happen to euro and Jpy capitalized on that glitch, hence the big Eurjpy candle. As a matter of fact, Jpy was weaker than Euro even before you entered that trade. individual pairs don't tell you the story. CSM sometimes lag, that's why I agree with DIALIST. Just my 2 cent.
Hello Emmpoli,

I don't use CSM or any other strengh meter, just Udine's simple H1 system but thank you for your comment!
  • #31,987
  • Jun 29, 2015 1:22am Jun 29, 2015 1:22am
Frankfurt is real difficult.
EU has udine+,
psylevels+, fxrabbi PVA+++, Price MA breakout arrow +,
nasap 100SMA pin setup + ,
Giaria CSM 8/1
but still it went to SL.
  • #31,988
  • Jun 29, 2015 1:40am Jun 29, 2015 1:40am
Quoting dan55
Frankfurt is real difficult. EU has udine+, psylevels+, fxrabbi PVA+++, Price MA breakout arrow +, nasap 100SMA pin setup + , Giaria CSM 8/1 but still it went to SL.
no normal price action with current situation in Greece.
  • #31,989
  • Jun 29, 2015 2:18am Jun 29, 2015 2:18am
Quoting dan55
Frankfurt is real difficult. EU has udine+, psylevels+, fxrabbi PVA+++, Price MA breakout arrow +, nasap 100SMA pin setup + , Giaria CSM 8/1 but still it went to SL.

Dan55,

"Frankfurt is real difficult"

conclusion: simply dont trade it !!!

there will be plenty opportunities during the rest of the day !!

Udine
Sleep less, live fast, as it aint gonna last
  • #31,990
  • Jun 29, 2015 2:19am Jun 29, 2015 2:19am
Quoting bapakjason
{quote} no normal price action with current situation in Greece.
Yes, its impossible to trade with fixed 10 pip SL and 5 pip TP in this volatile market. Need an algo base dynamic TP/SL.
  • #31,991
  • Jun 29, 2015 2:21am Jun 29, 2015 2:21am
Quoting Udine
{quote} Dan55, "Frankfurt is real difficult" conclusion: simply dont trade it !!! there will be plenty opportunities during the rest of the day !! Udine
Yes, will be waiting for those.
  • #31,992
  • Jun 29, 2015 2:31am Jun 29, 2015 2:31am
Quoting sEit89
Hello everybody, Last trade from yesterday EUR/JPY to SL, Udine's H1 system 17:00hCET and 1 hour after red news... What do you think? Any comments will be much appreciated. Thank you in advance, {image}
Imho it was rather the BRN than the long candle.

nasap
The little nut in your head is called brain. Use it!
  • #31,993
  • Jun 29, 2015 2:32am Jun 29, 2015 2:32am
Quoting dan55
{quote} Yes, its impossible to trade with fixed 10 pip SL and 5 pip TP in this volatile market. Need an algo base dynamic TP/SL.
Or you can just be patient and wait for the market to settle down.

Dont chase the trade, let it come to you.

Today may just be one of those "wait and see" days.

Asmodai
  • #31,994
  • Jun 29, 2015 2:38am Jun 29, 2015 2:38am
Quoting dan55
Frankfurt is real difficult. EU has udine+, psylevels+, fxrabbi PVA+++, Price MA breakout arrow +, nasap 100SMA pin setup + , Giaria CSM 8/1 but still it went to SL.
I don't see any counter bar pinning the 10 SMA!
Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2015.06.29_15h34m55s_003_EURUSD-M30.png Size: 60 KB

nasap
The little nut in your head is called brain. Use it!
  • #31,995
  • Jun 29, 2015 2:57am Jun 29, 2015 2:57am
Quoting dan55
Frankfurt is real difficult. EU has udine+, psylevels+, fxrabbi PVA+++, Price MA breakout arrow +, nasap 100SMA pin setup + , Giaria CSM 8/1 but still it went to SL.
Buenos días,

No trades on live for me since last Thursday, with constant "Red news".

dan55:
1. EU opened with a gap down of > 150 pips
2. ADR of the EU on FF Open is already red
3. Europe´s slowly falling apart, the market is in turmoil and you wonder why you got a SL ???

Just my 2 cents ;-)

LuXing
Wisdom begins in wonder
  • #31,996
  • Jun 29, 2015 3:41am Jun 29, 2015 3:41am
Quoting nasap
{quote} I don't see any counter bar pinning the 10 SMA! {image} nasap
You are looking for counter bars pinning the 10 SMA when there has been such a huge week end gap??? IMHO, it would be better to go to the beach today and wait for the market to settle before chasing counter bars etc...
  • #31,997
  • Jun 29, 2015 3:54am Jun 29, 2015 3:54am
Quoting dan55
Frankfurt is real difficult. EU has udine+, psylevels+, fxrabbi PVA+++, Price MA breakout arrow +, nasap 100SMA pin setup + , Giaria CSM 8/1 but still it went to SL.
Everyone else has bopped you on the head. I might a well join the fun, my friend!

Don't trade Frankfurt.

After the big weekend gap, the CSM indicators are totally messed up and useless. You shouldn't use them today.

The market is still reeling in the aftershock, so if you must trade, do so with reduced risk.

Keep plugging away dan, and you'll get there, day by day and piece by piece.

Dial
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  • #31,998
  • Jun 29, 2015 4:02am Jun 29, 2015 4:02am
Quoting diallist
{quote} Everyone else has bopped you on the head. I might a well join the fun, my friend! Don't trade Frankfurt. After the big weekend gap, the CSM indicators are totally messed up and useless. You shouldn't use them today. The market is still reeling in the aftershock, so if you must trade, do so with reduced risk. Keep plugging away dan, and you'll get there, day by day and piece by piece. Dial
What a `healing' post!
BTW i just ventured to test the Main waters.
and also BTW only 15M BidRatio was all red near 1% which could have been helpful.....
Thank you Sir.
  • #31,999
  • Jun 29, 2015 4:05am Jun 29, 2015 4:05am
Done for today. 3.89% First trade was a loser, so had to spend energy recovering from that, but day ended well.

Thanks again Udine. And again and again and again and again and again.........

And thanks to others in this thread who have been of invaluable help to me. Thanks!!!

Dial
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  • #32,000
  • Jun 29, 2015 4:10am Jun 29, 2015 4:10am
Quoting dan55
{quote} What a `healing' post! BTW i just ventured to test the Main waters. and also BTW only 15M BidRatio was all red near 1% which could have been helpful..... Thank you Sir.
No offense intended dan55. I was just trying to help someone I see potential in.
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