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As simple as possible: 00 level trading

  • #32,601
  • Jul 31, 2015 1:38am Jul 31, 2015 1:38am
Some more pips served on a silver platter by the bot:
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122 Pip in total!

nasap
The little nut in your head is called brain. Use it!
  • #32,602
  • Jul 31, 2015 1:46am Jul 31, 2015 1:46am
Quoting VinceHS
{quote} Very nice trade Masterrmind How about another PA lesson for the week ? (I feel like that goldfish with its mouth open in the fish tank when I look at some of your trades ) What do you mean by "candle technique + mini levels" ? Many thanks
I'll throw up another lesson one day.

I like the fish in the fish tank analogy....

Sometimes if I don't see or feel that I have a good grip on what is presented on the chart in front of me in terms of taking a suitable trade I simply allow time to pass because time produces more candles and this equates to more clues in PA which leads to better trading decisions and better profit!

This is particularly important at the start of the trading day and then onward from Tokyo Open when some movement in price generally prevails.
I monitor this movement, figure in all applicable factors and then either apply a pending order via buy or sell stop or if I feel I need to allow more time for clues in PA to be unveiled I also use limit orders because I like small pullbacks which depending on their proximity to levels (a great example is the DO line but there are numerous others too) on the chart I take advantage.

Hence the candle technique and the mini lines of resistance (best seen on the chart).
I search for high probability PA and candle stick patterns based on several factors including past and currently forming levels of support and resistance. I do not enter blindly and I apply multiple TF's to further analyze potential entries into the market such as M15, M5 and on occasion M1 when PA is very slow.

Plenty more can be told.......

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #32,603
  • Jul 31, 2015 3:54am Jul 31, 2015 3:54am
Hi all,

its about the time of year again... August... the great part of August is...

VACATION...

so I will be off for a couple of weeks and we speak eachother soon enough..

As usual I will check in once in a while..

PDF & BCC

stay green and healthy

Cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #32,604
  • Jul 31, 2015 4:45am Jul 31, 2015 4:45am
Quoting Udine
Hi all, its about the time of year again... August... the great part of August is... VACATION... so I will be off for a couple of weeks and we speak eachother soon enough.. As usual I will check in once in a while.. PDF & BCC stay green and healthy Cheers Udine
Wish you & family too best of health. Have a nice holiday!

nasap
The little nut in your head is called brain. Use it!
  • #32,605
  • Jul 31, 2015 6:03am Jul 31, 2015 6:03am
That's great, that's fantastic, that's more fun in the Philippines!
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We call it a day / week / month whatever, it was just amazing!
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Wish you all a peaceful weekend.

nasap
The little nut in your head is called brain. Use it!
  • #32,606
  • Jul 31, 2015 6:12am Jul 31, 2015 6:12am
GBPUSD [M5 Chart] +9 TP

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Note the RgH is exceeded.....

Masterrmind...........
Master your Mind then Master your Trades
  • #32,607
  • Jul 31, 2015 6:15am Jul 31, 2015 6:15am
Quoting Udine
Hi all, its about the time of year again... August... the great part of August is... VACATION... so I will be off for a couple of weeks and we speak eachother soon enough.. As usual I will check in once in a while.. PDF & BCC stay green and healthy Cheers Udine
All the best to you and your family whilst on holidays Udine.

I trust you have been keeping well and making plenty.

All the very best.

Masterrmind.............
Master your Mind then Master your Trades
  • #32,608
  • Edited Aug 1, 2015 5:31am Jul 31, 2015 12:18pm | Edited Aug 1, 2015 5:31am
Hi nasap,

Quoting nasap
{quote} Use a strength meter which is based on a correlation table which itself uses raw tick data. Such kind of strength meter reacts very sensitive. But you need a very good hardware because of the many calculations per sec.! nasap
I'm on the process of trying to automate Udine's trading philosophy (since I'm no good at discretionary trading...) and have taken many ideas from many great traders in this forum, including you, of course, since it seems you're the only one that successfully automated this trading method. At this point I'm looking at strength meters and I got curious about what you said some time ago, about creating a strength meter based on a correlation table!

I understand how giraia style indicators are calculated, I understand how absolute strength indicators can be calculated. But I don't see how I can calculate strength from correlation: If for example I have all EUR pairs moving in the same direction, correlation between those pairs will probably be high but, EUR can be either strong or weak...

Can you help me understand the process?

Thank you. Have a good weekend.
Jaime
  • #32,609
  • Jul 31, 2015 8:23pm Jul 31, 2015 8:23pm
Quoting Udine
Hi all, its about the time of year again... August... the great part of August is... VACATION... so I will be off for a couple of weeks and we speak eachother soon enough.. As usual I will check in once in a while.. PDF & BCC stay green and healthy Cheers Udine
Dear Udine,
Enjoy your Holiday.
Would like to say Thanks for your Great Teaching,
Be Happy
  • #32,610
  • Aug 1, 2015 6:42am Aug 1, 2015 6:42am
Quoting Udine
Hi all, its about the time of year again... August... the great part of August is... VACATION... so I will be off for a couple of weeks and we speak eachother soon enough.. As usual I will check in once in a while.. PDF & BCC stay green and healthy Cheers Udine
Enjoy your vacation and time with the family.

I am fortunate to live 500 meters from the beach, so my last two weeks have been trading the first 2 hours of london then off to the beach with my wife and daughter . I wouldn't mind doing this every day.

Asmodai
  • #32,611
  • Aug 2, 2015 5:17pm Aug 2, 2015 5:17pm
Tokyo Open

GBPJPY [M5 Chart] +5 TP

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buy limit entry and only 2 pip DD!

AUDUSD [M5 Chart shorted from the 50 level] +4 pips manual close

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Masterrmind...........
Master your Mind then Master your Trades
  • #32,612
  • Aug 2, 2015 6:21pm Aug 2, 2015 6:21pm
Quoting Masterrmind
Tokyo Open GBPJPY [M5 Chart] +5 TP {image} buy limit entry and only 2 pip DD! AUDUSD [M5 Chart shorted from the 50 level] +4 pips manual close {image} Masterrmind...........
Excellent start (as I do my goldfish imitation )
Do good and disappear...
  • #32,613
  • Aug 2, 2015 6:34pm Aug 2, 2015 6:34pm
Quoting VinceHS
{quote} Excellent start (as I do my goldfish imitation )
It's not that difficult!

Simply having a feel for PA and candle formations at important levels on the chart and then trading in the "right" direction...

Chart time is what its mostly all about and putting it all together.

Good trading,

Masterrmind.........
Master your Mind then Master your Trades
  • #32,614
  • Aug 2, 2015 10:58pm Aug 2, 2015 10:58pm
EURJPY [M5 Chart] + 5 TP

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and.........

GBPJPY [M5 Chart] +5 TP

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Just before Frankfurt Open!

Masterrmind........
Master your Mind then Master your Trades
  • #32,615
  • Aug 2, 2015 11:45pm Aug 2, 2015 11:45pm
Good morning fellow traders, I like the simplicity of this system, will give it a try this week, hope to share some positive trades. Many thanks to Udine for share this system. Green pips to all

USDCHF from 60 level +5
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  • #32,616
  • Aug 2, 2015 11:47pm Aug 2, 2015 11:47pm
Quoting Masterrmind
EURJPY [M5 Chart] + 5 TP {image} and......... GBPJPY [M5 Chart] +5 TP {image} Just before Frankfurt Open! Masterrmind........
These two would really test my patience and focus, especially on m5.

Great trading as usual.

Asmodai
  • #32,617
  • Aug 3, 2015 12:13am Aug 3, 2015 12:13am
Quoting Masterrmind
EURJPY [M5 Chart] + 5 TP {image} and......... GBPJPY [M5 Chart] +5 TP {image} Just before Frankfurt Open! Masterrmind........


Nice one MM !

First and last trade of the month: EURJPY to TP

Off on holidays now, happy trading to all those continuing to do so in August !

LuXing
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Wisdom begins in wonder
  • #32,618
  • Aug 3, 2015 12:48am Aug 3, 2015 12:48am
USDCAD +5
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  • #32,619
  • Aug 3, 2015 12:58am Aug 3, 2015 12:58am
Quoting LuXing
{quote} Nice one MM ! First and last trade of the month: EURJPY to TP Off on holidays now, happy trading to all those continuing to do so in August ! LuXing {image}
I wish you well on your holidays LuXing.

Come back fired up and ready for market action......

ps. I'll keep busy taking the greens that the market giveth......

All the best,

Masterrmind..........
Master your Mind then Master your Trades
  • #32,620
  • Aug 3, 2015 1:08am Aug 3, 2015 1:08am
Quoting Asmodai
{quote} These two would really test my patience and focus, especially on m5. Great trading as usual. Asmodai
Patience.....Yes indeed!

You might be wondering why I took the GBPJPY trade as I generally prefer not to trade from this level on the chart.
It was due to the EJ trade and the sync it had in unison with GJ.
The EJ chart led the way on this occasion and since both pairs were pretty much in sync I took a slight risk on adding the GJ trade however look at the DD on the GJ trade (very close to being stopped out).

In hindsight the better timing on this occasion would have been simply 1 hour before FF Open.

Good trading,

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