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As simple as possible: 00 level trading

  • #32,401
  • Jul 16, 2015 10:55am Jul 16, 2015 10:55am
Quoting fxrabbi
{quote} I use these 2 below: {file} {file}
thank you!
there is always, always another trade!!
  • #32,402
  • Jul 16, 2015 3:48pm Jul 16, 2015 3:48pm
Quoting antonsatu
{quote} Hi Snail, How to use these indis? Thanks,
Those are not indicators but scripts for placing trades.
  • #32,403
  • Jul 16, 2015 10:51pm Jul 16, 2015 10:51pm
Quoting LuXing
Buenos das, Trade #1 o/t day: GBPJPY to TP Trade #2 o/t day: EURJPY to TP Trade #3 o/t day: EURCAD to TP Trade #4 o/t day: USDCAD out by TS LuXing {image} {image} {image} {image}
Is this your entry's enterring time?

Attached Image


Numberman
  • #32,404
  • Jul 16, 2015 11:06pm Jul 16, 2015 11:06pm
Quoting numberman
{quote} Is this your entry's enterring time? {image} Numberman

Numberman,

that is the remaining time of the candle, so the time until the next candle opens

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #32,405
  • Jul 16, 2015 11:07pm Jul 16, 2015 11:07pm
good morning,

all PM's have been replied..

PDF & BCC

Udine
Sleep less, live fast, as it aint gonna last
  • #32,406
  • Jul 16, 2015 11:30pm Jul 16, 2015 11:30pm
A slow Asian session thus far but I did miss the start of Tokyo Open so not entirely unexpected.

Looking @ the following

USDCAD (long pending)
GBPUSD (long entry current)
GBPJPY (pending long unlikely to be triggered anytime soon)
EURJPY (not willing to place a pending long at this stage but will reconsider later)
EURUSD (lack of any kind of momentum whatsoever so leaving it on the back burner for now)

several pairs simply have moved between 20-30 pips and are currently reversing back to test the DO hence against D1 trend.

Masterrmind..........
Master your Mind then Master your Trades
  • #32,407
  • Jul 16, 2015 11:37pm Jul 16, 2015 11:37pm
Quoting Masterrmind
A slow Asian session thus far but I did miss the start of Tokyo Open so not entirely unexpected. Looking @ the following USDCAD (long pending) GBPUSD (long entry current) GBPJPY (pending long unlikely to be triggered anytime soon) EURJPY (not willing to place a pending long at this stage but will reconsider later) EURUSD (lack of any kind of momentum whatsoever so leaving it on the back burner for now) several pairs simply have moved between 20-30 pips and are currently reversing back to test the DO hence against D1 trend. Masterrmind..........
My GBPUSD trade entry still running

Attached Image


A good example of the risks involved when momentum is rather slow.

Masterrmind...........
Master your Mind then Master your Trades
  • #32,408
  • Jul 17, 2015 12:55am Jul 17, 2015 12:55am
Quoting Masterrmind
{quote} My GBPUSD trade entry still running {image} A good example of the risks involved when momentum is rather slow. Masterrmind...........
GU trade - update

+5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 45 KB


Outlined in advance for your convenience.

Masterrmind..........
Master your Mind then Master your Trades
  • #32,409
  • Jul 17, 2015 1:12am Jul 17, 2015 1:12am
Quoting Masterrmind
A slow Asian session thus far but I did miss the start of Tokyo Open so not entirely unexpected. Looking @ the following USDCAD (long pending) GBPUSD (long entry current) GBPJPY (pending long unlikely to be triggered anytime soon) EURJPY (not willing to place a pending long at this stage but will reconsider later) EURUSD (lack of any kind of momentum whatsoever so leaving it on the back burner for now) several pairs simply have moved between 20-30 pips and are currently reversing back to test the DO hence against D1 trend. Masterrmind..........
GJ trade would have been a clean winner except for being against the rules of engagement at FF Open (I trade the original 00 method)

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 35 KB


Hence pending was cancelled prior to FF Open

Plenty of other trades so no issue with me whatsoever.

Good trading,

Masterrmind........... :nerd:
Master your Mind then Master your Trades
  • #32,410
  • Jul 17, 2015 2:14am Jul 17, 2015 2:14am
Quoting Masterrmind
A slow Asian session thus far but I did miss the start of Tokyo Open so not entirely unexpected. Looking @ the following USDCAD (long pending) GBPUSD (long entry current) GBPJPY (pending long unlikely to be triggered anytime soon) EURJPY (not willing to place a pending long at this stage but will reconsider later) EURUSD (lack of any kind of momentum whatsoever so leaving it on the back burner for now) several pairs simply have moved between 20-30 pips and are currently reversing back to test the DO hence against D1 trend. Masterrmind..........
Hi Masterrmind, very informative post! so this is all breakout trading if i see it correctly.
Persistence will get it. Consistency will keep it.
  • #32,411
  • Jul 17, 2015 3:20am Jul 17, 2015 3:20am
Buenos días,

Not such a great start of the day.

Trade #1 o/t day: AUDJPY to SL.

Green pips to all of you !!!

LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 51 KB
Wisdom begins in wonder
  • #32,412
  • Jul 17, 2015 4:15am Jul 17, 2015 4:15am
Trade #2: USDCAD to TP
Trade #3: GBPCAD to TP

Back to square one.
Unless an outstanding opportunity presents, I will probably call it the day.

LuXing
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 53 KB
Click to Enlarge Name: Screenshot2.png Size: 52 KB
Wisdom begins in wonder
  • #32,413
  • Jul 17, 2015 4:58am Jul 17, 2015 4:58am
Quoting Chake
{quote} Hi Masterrmind, very informative post! so this is all breakout trading if i see it correctly.
Hi Chake,

One technique that is especially important is the breakout especially during most of the Asian session.

This is not always the case for all trading situations within the Asian session though.

Other techniques are applied as appropriate and other sessions can and do use the same or different techniques.

Risk is increased somewhat during entries that have limited momentum and this occurs quite often during certain parts of the Asian session and therefore a trader needs to be monitoring the charts and making informed decisions. Sometimes it may well be best to simply not trade at that time!

It is a judgement call most of the time since we do not know the future and this comes down to experience and the amount you put at risk during such trading times.

More risky trading times should equate to a vast reduction in the percentage of available account equity applied to a particular trade entry.

Being in control of your trading risk and trade management is often what separates losing traders from very good traders!

Good trading,

Masterrmind........... :nerd:
Master your Mind then Master your Trades
  • #32,414
  • Jul 17, 2015 5:15am Jul 17, 2015 5:15am
Hi everyone.

I just had my worst week ever in trading, -9.46% using 1% risk. (good thing it was on demo)

Just from taking a quick look at my entries i see alot of problems.

I will take a long hard look at everything during the weekend to correct what i did wrong.

I'm also posting this because i thing that sharing our mistakes can help others not to make them.

Asmodai
  • #32,415
  • Jul 17, 2015 5:31am Jul 17, 2015 5:31am
AUDCAD [M15 Chart] - pending long entry

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 42 KB


Good to use as a learning example!

What was price doing before Tokyo Open?

What about from Tokyo Open?

Resistance level is close to entry at the BRN @ 0.96000 so why would I attempt to go long here?

Importance of drawing a simple trend line on your chart..... very useful tool and so simple to apply.

Note: Price action could literally keep taking price down from this point and not trigger my pending order.
Would this be a concern to me? Hardly........

Good trading,

Masterrmind........... :nerd:
Master your Mind then Master your Trades
  • #32,416
  • Jul 17, 2015 5:59am Jul 17, 2015 5:59am
Quoting Masterrmind
AUDCAD [M15 Chart] - pending long entry {image} Good to use as a learning example! What was price doing before Tokyo Open? What about from Tokyo Open? Resistance level is close to entry at the BRN @ 0.96000 so why would I attempt to go long here? Importance of drawing a simple trend line on your chart..... very useful tool and so simple to apply. Note: Price action could literally keep taking price down from this point and not trigger my pending order. Would this be a concern to me? Hardly........ Good trading, Masterrmind........... :nerd:
Update on AUDCAD pending order

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB


Building an understanding of what price is attempting to show you on the chart!

Masterrmind...........
Master your Mind then Master your Trades
  • #32,417
  • Jul 17, 2015 6:01am Jul 17, 2015 6:01am
Quoting Masterrmind
AUDCAD [M15 Chart] - pending long entry {image} Good to use as a learning example! What was price doing before Tokyo Open? What about from Tokyo Open? Resistance level is close to entry at the BRN @ 0.96000 so why would I attempt to go long here? Importance of drawing a simple trend line on your chart..... very useful tool and so simple to apply. Note: Price action could literally keep taking price down from this point and not trigger my pending order. Would this be a concern to me? Hardly........ Good trading, Masterrmind........... :nerd:
Very interesting !
Itīs a completely different way of looking at charts. Pure PA based.
My currency strength meter indicates CAD 3.5 and AUD 3.5. In terms of currency strength, definitely not a trade I would take.
Many thanks for the useful insight and good trading !

LuXing
Wisdom begins in wonder
  • #32,418
  • Jul 17, 2015 6:21am Jul 17, 2015 6:21am
Quoting LuXing
{quote} Very interesting ! Its a completely different way of looking at charts. Pure PA based. My currency strength meter indicates CAD 3.5 and AUD 3.5. In terms of currency strength, definitely not a trade I would take. Many thanks for the useful insight and good trading ! LuXing
AUDCAD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 57 KB


Dynamically follow what price is showing on the chart and adjust/amend your chart analysis as you go.

Analysis in check!

Money in the bank as they say.

Good trading,

Masterrmind..........
Master your Mind then Master your Trades
  • #32,419
  • Jul 17, 2015 6:22am Jul 17, 2015 6:22am
@MM
Chapeau Monsieur. Remarkable PA skills !
A real eye opener for me.

LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 79 KB
Wisdom begins in wonder
  • #32,420
  • Jul 17, 2015 6:30am Jul 17, 2015 6:30am
Quoting LuXing
@MM Chapeau Monsieur. Remarkable PA skills ! A real eye opener for me. LuXing {image}
The only risk in this trade as I saw it was potentially missing out on TP by a few small pips.

So I watched the trade very closely looking for any signs of rejection @ the TP level.

TP hit convincingly and thanks for the compliment!

Note: This was mostly simple trend line analysis and an awareness of a couple of levels.

There are at least 100 more techniques that can be mastered .......... it simply takes time and dedication.

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
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