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As simple as possible: 00 level trading

  • #32,081
  • Jul 1, 2015 12:54pm Jul 1, 2015 12:54pm
Buenas tardes,

Great patience training today.
Due to the "Greek situation" resulting in unpredictable movements, I decided to take no EUR nor GBP trades today.
In order to do so, I have made 2 exception for today: 1 trade within 29 minutes of Red News, and 1 trade just after I normally stop trading (London Close).

Trade 1: AUDUSD to TP
Trade 2: USDCAD to TP

As always, green pips to all of you !

LuXing
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Wisdom begins in wonder
  • #32,082
  • Jul 1, 2015 7:07pm Jul 1, 2015 7:07pm
Quoting LuXing
Buenas tardes, Great patience training today. Due to the "Greek situation" resulting in unpredictable movements, I decided to take no EUR nor GBP trades today. In order to do so, I have made 2 exception for today: 1 trade within 29 minutes of Red News, and 1 trade just after I normally stop trading (London Close). Trade 1: AUDUSD to TP Trade 2: USDCAD to TP As always, green pips to all of you ! LuXing {image} {image}
Thanks for sharing your trades and rationale. I'm learning. -Jason
  • #32,083
  • Jul 2, 2015 1:25am Jul 2, 2015 1:25am
Trade #1 today:

Attached Image (click to enlarge)
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Attached Image


Attached Image (click to enlarge)
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  • #32,084
  • Jul 2, 2015 2:25am Jul 2, 2015 2:25am
Quoting diallist
{quote} Patience training indeed! This was my hardest day of the last 23! I like how you adapt to the market, LuXing! Well done! Monday was dirt easy, Tuesday a bit harder and Wednesday wore me out. Mon 5.14% Tue 4.84% Wed 3.16% To be honest, I like thinking about trading in terms of mathematics and probabilities, but I don't love having a trade on. I want that sucker over! Here's my stats for the month of June: Series Stats for Jun 1 2015 to Jun 30 2015 -------------------------------- Trades = 123 Trades Won = 82 Trades Lost = 41 Win Rate = 66.67%...
Hey Dial - impressive - Is that based on J16 - are you still active there?
Free speech is an oxymoron
  • #32,085
  • Jul 2, 2015 2:26am Jul 2, 2015 2:26am
Buenos días,

Trade #1 of the day: EURJPY to TP.

A pending was set at 136.700 using the usual TP and SL levels (5 and 10 pips), fill at 136.749, TP at 136.750, total result negative (commissions).

Just to underline my post of yesterday....

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #32,086
  • Jul 2, 2015 2:35am Jul 2, 2015 2:35am
Quoting LuXing
Buenos das, Trade #1 of the day: EURJPY to TP. A pending was set at 136.700 using the usual TP and SL levels (5 and 10 pips), fill at 136.749, TP at 136.750, total result negative (commissions). Just to underline my post of yesterday.... LuXing {image}
That's a nasty gap to fill, really unfortunate.
I was looking at the 4 "core" pairs and almost took EJ also, but didnt like it that much, so no trade. But made a nice 24 pips on EA and AU .

Asmodai
  • #32,087
  • Jul 2, 2015 5:30am Jul 2, 2015 5:30am
Buenos días compañeros,

One opportunity this morning, FKT open EUR/JPY +7.1. It was an unusual trade because hit TP in only 2 seconds at 8:51hCET when no red news were expected

Today is NFP, so I am out of here. Good luck everybody and stay green.
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  • #32,088
  • Jul 2, 2015 5:34am Jul 2, 2015 5:34am
Trade #2 o/t day: USDCAD TP

LuXing
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Wisdom begins in wonder
  • #32,089
  • Edited 2:58pm Jul 2, 2015 2:41pm | Edited 2:58pm
Quoting Banzaisky
{quote} Hey Dial - impressive - Is that based on J16 - are you still active there?
Hi Banzaisky!

James16 provided me with a solid foundation for trading. He is a man of impeccable honor and character. In short, it is a privilege to know him. If it wasn't for him, I wouldn't be the trader I am today.

I frequently get PMs from new traders who ask how they should get started. I always tell them to

(1) Go through the school at www.babypips.com,
(2) Read two books over and over again ("Trading In The Zone" [for mindset] and "Trade Your Way To Financial Freedom" [for money management])
(3) Ignore everything on Forex Factory and focus strictly on the "James16 Chart Thread" until they have learned everything they can.
(4) Then, and only then venture out to other threads at Forex Factory.

Until recently, for step (4), I did not give specific recommendations as to what other threads to pursue, but I now recommend without hesitation THIS thread of Udine's. Between James16 and Udine, both fine traders and men of character, any newbie stands their best chance of learning to trade profitably.

A while back I asked for, and James16 kindly granted me, an extended sabbatical away from his group so I could focus on my own trading. In my place rose up mbqb11 who has been a tremendous boon for the James16 Group, and has done more for the group's members than I ever did or ever thought to do!

The results I posted for June are based on Udine's method. I deleted that post to avoid off topic questions about certain terms used in that post that aren't commonly used by other traders. Anyone who has kept up with my posts in this thread would know what those terms mean.

Here are my June results again, with a few explanatory comments. If anyone wants to know more, they can search for my posts in this thread.

Series Stats for Jun 1 2015 to Jun 30 2015
--------------------------------
Trades = 123
Trades Won = 82
Trades Lost = 41
Win Rate = 66.67%
Series RR = 0.74 (0.74 reward to 1 risk)
BEWR = 42.69%
BADiff = 23.98 points above BEWR Curve

Regarding Series RR: Udine's method has a nominal RR of 0.5, but in reality is less than that due to spread and commissions. My RR for the series is higher than that due to my additional NON-Udine Rules for cutting losers short and letting winners run. This has the effect of raising the RR, which in turn lowers the BEWR, which in turn raises the BADiff. The higher the BADiff, the easier and better profits.

I wont discuss this any further. Read my posts in this thread (search for BEWR or BADiff for the relevant posts) if you want more info.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32,090
  • Jul 2, 2015 2:52pm Jul 2, 2015 2:52pm
Quoting bapakjason
Trade #1 today: {image} {image} {image}
Hi Jason,

I'm curious why your screenshot of the MADdash shows the NZD panel, but not the panel for the USD. If I may know... how did you use the MADdash indicator to make this trade please.

Thanks

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32,091
  • Jul 2, 2015 7:44pm Jul 2, 2015 7:44pm
Quoting diallist
{quote} Hi Jason, I'm curious why your screenshot of the MADdash shows the NZD panel, but not the panel for the USD. If I may know... how did you use the MADdash indicator to make this trade please. Thanks Dial
Dial,

You are absolutely correct. What I mean is, in my haste I posted only a screen shot of MADash showing nzd and chf panels. I was watching that pair also because of the difference in strength on the CSM giraia/TTindi. I made the same mistake with the screen shot of CSM giraia and TTindi (top trenders indi). I see now I cut it off showing TTindi top 5min TF pair as nzd/chf +48. I edited the screen shots by cropping them and now can't go back to see the originals. Anyway, the usd panel of MADash would have shown the reverse of the nzd for the corresponding row. However, this was a big mistake on my part as it would be great to see strength/weakness across the whole panel (which I cropped in my haste ). Thanks for catching that. I need to SLOW down when it comes to posting. Right now, I am using MADash to see strength/weakness with the default 37 smooth MA settings. The indicator did alert me to look at this pair. I then checked the TTindi and CSM giraia (which I keep open in another chart with iProfit tracker, FFcal news, and some basic rules). Then, I opened the chart and watched to see if I wanted to place the trade. So, basically 1) alert from MADash and check it for strength/weakness 2)check TTindi and CSM giraia 3) check chart for price action. -Jason

edit: I will save and post entire MADash panel next time. Also, note difference of greater than 3 digits on CSM giraia. I know these numbers can change during a trade but I like to see a minimum of 3 numerical digits between pairs or no trade. And even better if 1x8 or 2x8 (like Robinho suggested). nzd/usd was 3x8 but greater than 3 digits and looked good on MADash.
  • #32,092
  • Edited Jul 3, 2015 12:50am Jul 2, 2015 9:22pm | Edited Jul 3, 2015 12:50am
Dial, same pair, different day. Over 30min after news on Aud. Maybe a chance to redeem myself.

1x7 CSM giraia (not in top 8 on TTindi)

Attached Image


MADash alerted sell with NZD weakness, USD strength

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3.3pips, it went further but I am fighting the fear of losing pips and moving SL too soon.

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  • #32,093
  • Edited 11:02pm Jul 2, 2015 10:51pm | Edited 11:02pm
FWIW, i have reached a conclusion after testing many dashboards/indicators i will use these only (at least for this whole month):

1. Udine M30 system with ASH and DO (overall system)
2. Psylevels (for correlated pairs)
3. xlsx CSM (for momentum)

Nasap's MA Pin setup : lookout for additional pips if Udine setup is already there.

Pairs : EU (except on 6th July) , GU,EY, GY, AY, UJ, AU, NU and CadUsd.

I will not study any other system/dash. Only concentrate on analyzing and reviewing trades, both winners and losers. For examples: at what CSM values a trade accelerates to give a quick 5 pip winner and when stalls etc.

Will appreciate any constructive comments.
  • #32,094
  • Jul 3, 2015 12:12am Jul 3, 2015 12:12am
Simple stuff thanks Udine
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  • #32,095
  • Jul 3, 2015 12:26am Jul 3, 2015 12:26am
Quoting zohaib
Simple stuff thanks Udine {image}
what type candles are you using? -thanks, jason
  • #32,096
  • Jul 3, 2015 12:35am Jul 3, 2015 12:35am
Quoting bapakjason
{quote} what type candles are you using? -thanks, jason
These are simple candlesticks just color coded to visually adjust with volume.
  • #32,097
  • Jul 3, 2015 12:47am Jul 3, 2015 12:47am
Quoting zohaib
{quote} These are simple candlesticks just color coded to visually adjust with volume.
Okay, Jason asked "what". I'll ask: HOW did you do that?

Thanks

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32,098
  • Jul 3, 2015 12:50am Jul 3, 2015 12:50am
Quoting bapakjason
{quote} Dial, You are absolutely correct.
Of course. That is true. That goes hand in hand with my always perfect trade executions.

Seriously, Jason, your reply was excellent and very useful. Your reply benefited me very much, and I appreciate your sharing your thought processes!

Thanks!!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32,099
  • Jul 3, 2015 12:54am Jul 3, 2015 12:54am
Quoting dan55
FWIW, i have reached a conclusion after testing many dashboards/indicators i will use these only (at least for this whole month): 1. Udine M30 system with ASH and DO (overall system) 2. Psylevels (for correlated pairs) 3. xlsx CSM (for momentum) Nasap's MA Pin setup : lookout for additional pips if Udine setup is already there. Pairs : EU (except on 6th July) , GU,EY, GY, AY, UJ, AU, NU and CadUsd. I will not study any other system/dash. Only concentrate on analyzing and reviewing trades, both winners and losers. For examples: at what CSM values...
Correct thinking there, Dan! It is good to narrow your focus and get good at reading a minimum number of indys.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #32,100
  • Jul 3, 2015 12:58am Jul 3, 2015 12:58am
Quoting diallist
{quote} Okay, Jason asked "what". I'll ask: HOW did you do that? Thanks Dial
Dial I didn't do this myself as I am not a coder. This is by user Traderathome and you can get this in SonicR thread or latest version in his PVSRA thread.
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