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As simple as possible: 00 level trading

  • #32,001
  • Jun 29, 2015 4:22am Jun 29, 2015 4:22am
Quoting nasap
{quote} I don't see any counter bar pinning the 10 SMA! {image} nasap
Sure, i owe an explanation. Please check the following chart. The price went up after creating a 'pin'.
Of course, i'm not an expert but humbly willing to learn.
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  • #32,002
  • Jun 29, 2015 4:25am Jun 29, 2015 4:25am
honestknave posted this CSM today. I like the level of detail in it.

The thread seems good too, though I haven't read it in detail yet, just a cursory scan.

http://www.forexfactory.com/showthre...46#post8351146
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  • #32,003
  • Jun 29, 2015 4:35am Jun 29, 2015 4:35am
Quoting diallist
honestknave posted this CSM today. I like the level of detail in it. The thread seems good too, though I haven't read it in detail yet, just a cursory scan. http://www.forexfactory.com/showthre...46#post8351146 {image}
Dial i tried to use this earlier but when I put it in indicators and open in mt4 my chart remain total blank. Any suggestion how to make it work It give alerts but nothing to show
  • #32,004
  • Jun 29, 2015 4:39am Jun 29, 2015 4:39am
Quoting diallist
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

Glad I could be of help

Udine
Sleep less, live fast, as it aint gonna last
  • #32,005
  • Jun 29, 2015 4:43am Jun 29, 2015 4:43am
Quoting dan55
{quote} Sure, i owe an explanation. Please check the following chart. The price went up after creating a 'pin'. Of course, i'm not an expert but humbly willing to learn. {image}
Definitions of counter:

adjective
responding to something of the same kind, especially in opposition.

adverb
in the opposite direction to or in conflict with.

verb
speak or act in opposition to.

Hence what color the candle / bar should be? Opposite of the trend (in this case red). Furthermore I've mentioned not to trade the range! At the point of your entry there is still no trend at all, it's just lurking around the DO.

nasap
The little nut in your head is called brain. Use it!
  • #32,006
  • Jun 29, 2015 4:50am Jun 29, 2015 4:50am
Good morning guys,

I took only one trade today, EUR/JPY +4.4. I didn't like the market behaviour so I am out. Tomorrow better opportunities, I hope so.

See u and stay green.
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  • #32,007
  • Jun 29, 2015 4:55am Jun 29, 2015 4:55am
Quoting nasap
{quote} Definitions of counter: adjective ....
Thanks for the 'comprehensive' explanation. Will try to use more in future my peanut in between the my ears.
  • #32,008
  • Jun 29, 2015 5:05am Jun 29, 2015 5:05am
Quoting zohaib
{quote} Dial i tried to use this earlier but when I put it in indicators and open in mt4 my chart remain total blank. Any suggestion how to make it work It give alerts but nothing to show
First try this: Open your Market Watch view, right click, and select Show All. Then try loading the indicator again to see if it works.

If not, then look in your Experts tab in your Terminal and scroll down until you find the error. It will most likely say something like "pair xxx/yyy is not available". In order for this indy to work, ALL 28 pairs must be available from your broker. If even one is missing, the indy will not work.

Lastly, if your pairs have a prefix or suffix, then change the indy's automatic detection to manual and then input your prefix or suffix.

If it still doesn't work, then post in the original thread and ask honestknave for help.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32,009
  • Jun 29, 2015 5:26am Jun 29, 2015 5:26am
Quoting diallist
{quote} First try this: Open your Market Watch view, right click, and select Show All. Then try loading the indicator again to see if it works. If not, then look in your Experts tab in your Terminal and scroll down until you find the error. It will most likely say something like "pair xxx/yyy is not available". In order for this indy to work, ALL 28 pairs must be available from your broker. If even one is missing, the indy will not work. Lastly, if your pairs have a prefix or suffix, then change the indy's automatic detection to manual and then...
Thank you for reply. I did try out but didn't work for me so posted in other thread.
  • #32,010
  • Jun 29, 2015 7:11am Jun 29, 2015 7:11am
1st for today. Couldn't get any in Lo
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  • #32,011
  • Jun 29, 2015 11:31am Jun 29, 2015 11:31am
Quoting diallist
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
I lied.

NOW I'm done for the day @ 5.14%

Thanks Udine, et al.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32,012
  • Jun 29, 2015 1:08pm Jun 29, 2015 1:08pm
Quoting diallist
{quote} I lied. NOW I'm done for the day @ 5.14% Thanks Udine, et al. Dial
Yes, I am sure you lied.
You didn´t even post a chart .

Today´s only trade, once the market settled down a bit and it was obvious that the objective was to (partly) fill the EUR gap.

EURJPY to TP, entry at 750, TPd at 798.

LuXing
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Wisdom begins in wonder
  • #32,013
  • Edited 4:07pm Jun 29, 2015 1:51pm | Edited 4:07pm
Quoting LuXing
{quote} Yes, I am sure you lied. You didnt even post a chart .
Okay, just because I like/admire/respect you so much LuXing , here's my chart of my last trade of the day.

I don't normally trade NZDCHF because of the high spread. (It was 2.2 at the time of the trade, and not the 4.0 you see on the chart) but I was trying out my new toy from honestknave, his MADdiff indicator when it gave me a sell signal for NZDCHF. So just for giggles, I looked at the chart and liked what I saw, so I took the trade for the following additional reasons (I ain't gonna follow no trade signals blindly!)

This will also illustrate how I use the ASH since I've had a few folks ask me about how I use it.

Note the three big red candles below the DO. When the first one closed, I noted that the slope of the red line was positive as indicated by point A on the chart. For me, this is almost as good as a color change. While the second red candle was forming, I watched the ASH and noted that the red line was continuing to show a positive slope at point B. To clinch the deal, I also noted that while the red line was sloping upwards at points A and B, the blue line at area C (yellow oval) was sloping downward. This gave me the divergence that I need to see to enter a trade. No divergence; no trade for me.

I entered at 0.63523 and took profit at 0.63468.

Dial

EDIT: I mismarked points A, B and C. Move them each to the left one candle in your minds.
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  • #32,014
  • Jun 29, 2015 4:41pm Jun 29, 2015 4:41pm
Quoting diallist
{quote} Okay, just because I like/admire/respect you so much LuXing , here's my chart of my last trade of the day.
Hi Diallist, thanks for the chart and the explanation.
I see you don't enter or exit at the grid 05/00? is that just for this trade or do you never wait for price to cross it?
Persistence will get it. Consistency will keep it.
  • #32,015
  • Jun 29, 2015 6:47pm Jun 29, 2015 6:47pm
Quoting diallist
{quote} Okay, just because I like/admire/respect you so much LuXing , here's my chart of my last trade of the day. I don't normally trade NZDCHF because of the high spread. (It was 2.2 at the time of the trade, and not the 4.0 you see on the chart) but I was trying out my new toy from honestknave, his MADdiff indicator when it gave me a sell signal for NZDCHF. So just for giggles, I looked at the chart and liked what I saw, so I took the trade for the following additional reasons (I ain't gonna follow no trade signals blindly!) This will also...
Understand you previously mentioned not being fond of posting charts, but thank you for this one. It illustrates well some of the ideas you have described. In some cases, a picture IS worth a thousand words. Thanks Dial.
  • #32,016
  • Jun 29, 2015 9:16pm Jun 29, 2015 9:16pm
Quoting dan55
{quote} Thanks for the 'comprehensive' explanation. Will try to use more in future my peanut in between the my ears.
A typical setup:
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nasap
The little nut in your head is called brain. Use it!
  • #32,017
  • Jun 29, 2015 9:23pm Jun 29, 2015 9:23pm
Quoting bapakjason
{quote} Understand you previously mentioned not being fond of posting charts, but thank you for this one. It illustrates well some of the ideas you have described. In some cases, a picture IS worth a thousand words. Thanks Dial.
You are welcome Jason!

Quoting Chake
{quote} Hi Diallist, thanks for the chart and the explanation. I see you don't enter or exit at the grid 05/00? is that just for this trade or do you never wait for price to cross it?
Hi Chake,

More often than not, I'll leave the script entry at the 00 or 05 where it placed it. But some times I will drag the entry line to a different position. I'll give some examples in a moment, but keep in mind that I'm still in the trial stage of moving the entry, but so far it is working well for me. It never occurred to me before to even move the entry until Robinho mentioned that he was doing it to clear obstacles, and shortly after Robinho's post Udine, replying to someone else mentioned that 00 and 05 were just lines in the sand to provide a convenient place of entry because we had to enter somewhere. (Udine, please forgive me if I've misrepresented what I thought you said.) At any rate, given both their statements, I felt free to move the entries.

Examples:
1. If the entry is placed by a script in such a manner that there is an obstacle between the entry and the target, I'll move entry line (which drags the profit and stop lines along with it) until the entry and profit lines are beyond the obstacle. That way price has to clear the obstacle before the entry gets triggered. Obstacles can be a variety of things, from pivots, support, resistance, trendlines, channel lines or anything else that gives the trader pause to consider.

2. How many times have you had an order trigger, then after almost making it to the profit target fell back to BE (or the stop if you're not using the trailing stop)? So, if the entry is placed almost five pips away, I'll drag the entry down closer to where price is, so that when it triggers, the movement that would have been spent covering that distance will be profit instead, and being near the beginning of the move is more likely to complete to target. I wasn't sure about this at first, but I have found that it works out in my favor more often than not.

3. If the entry gets placed near the current price, and price has been hesitating, I'll drag the entry line away from price about 3 pips to reduce the chance of the entry getting triggered near a hesitancy zone only to reverse and go against me. This too I wasn't sure of at first, but like example 2, I have found that it has beneficial more often than not.

For the trade example you asked about, I moved the entry a little closer to price (see example 2). For the exit, I have to admit I chickened out and exited the trade at the first sign of hesitancy. This despite the fact that the ASH was continuing to show good divergence. I could have made more, but I didn't want to risk cutting into the gains for the day, so I settled for small profit instead.

Finally, as I think I may have mentioned elsewhere, after adjusting the entry, I'll then move the profit line out of the way, and then ride herd on the trade once it triggers. This lets me squeeze a few extra pips out of most trades, and has the side benefit of raising my series RR.

I hope that helps.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32,018
  • Jun 29, 2015 9:31pm Jun 29, 2015 9:31pm
a 'Dial' trade. L2. Thanks Diallist.
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  • #32,019
  • Jun 29, 2015 9:33pm Jun 29, 2015 9:33pm
Quoting diallist
{quote} I lied. NOW I'm done for the day @ 5.14% Thanks Udine, et al. Dial
You'd better show the mistakes for others to learn and not to make same mistakes.

nasap
The little nut in your head is called brain. Use it!
  • #32,020
  • Jun 29, 2015 11:59pm Jun 29, 2015 11:59pm
Quoting dan55
a 'Dial' trade. L2. Thanks Diallist. {image}
Nicely done dan. A tip though... even though you had divergence form during that last candle, the probability of success was lower because the blue line was also rising. You had divergence because the red line was rising faster. A higher probability of success is present when the upper line is rising and the lower line is falling at the same time.

I like your bid ratio meter. Where did you get it please?

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
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