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As simple as possible: 00 level trading

  • #33,681
  • Edited 8:19am Feb 16, 2016 7:48am | Edited 8:19am
haven't posted in awhile. here's a little uj trade.

Attached Image (click to enlarge)
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  • #33,682
  • Feb 16, 2016 8:26am Feb 16, 2016 8:26am
Can someone tell me, please, which indicator shows these in my photo. And I hope those the 00 levels -- per the few comments I've read thus far?
Attached Image
  • #33,683
  • Feb 16, 2016 8:32am Feb 16, 2016 8:32am
I just noticed is call SweetSpot Gold...thanks, all.
  • #33,684
  • Feb 16, 2016 8:33am Feb 16, 2016 8:33am
Quoting LuXing
CHFJPY to TP, TP level right on daily support 2. LuXing {image}
Hi LuXing,

when placing a pending order do you consider only daily strength or also strength value in the lower timeframes like H1 ?
Sorry if you already answered before to this question.

Br,
Bubincka
Porta itineris dicitur longissima esse
  • #33,685
  • Feb 16, 2016 9:32am Feb 16, 2016 9:32am
Quoting bubincka
{quote} Hi LuXing, when placing a pending order do you consider only daily strength or also strength value in the lower timeframes like H1 ? Sorry if you already answered before to this question. Br, Bubincka
I watch more TFs, but the lower the TF the more noise.
The Modoki heatmap (to be found in the dashboard trading thread) does a fine job monitoring this.
As for the pending order, I will mainly consider D1.
Hope this answers your questions.

LuXing
Attached Image
Wisdom begins in wonder
  • #33,686
  • Feb 17, 2016 4:52am Feb 17, 2016 4:52am
Quoting LuXing
{quote} I watch more TFs, but the lower the TF the more noise. The Modoki heatmap (to be found in the dashboard trading thread) does a fine job monitoring this. As for the pending order, I will mainly consider D1. Hope this answers your questions. LuXing {image}
Hi LuXing, thank you for your kind answer and hint about Modoki heatmap.
Often looking at your charts I have the impression you enter trades without fail and with a lot of confidence, so I thought that you use very accurate tools to measure strength & momentum.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #33,687
  • Feb 17, 2016 7:07am Feb 17, 2016 7:07am
Hi guys.

Havent posted for a long time...now i am back again.

here is a screen from my first trade

AJ to TP (pairs in sync, all green)

May someone can give a shout if he/she can find a mistake from myself.

Greetz Michael
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  • #33,688
  • Feb 17, 2016 8:10am Feb 17, 2016 8:10am
and 2nd trade

UJ to BE
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  • #33,689
  • Feb 17, 2016 10:10am Feb 17, 2016 10:10am
Only traded NY today and just finished the last one.

#1 AUDCHF to TP
#2 EURCAD to TP
#3 NZDCAD to TP
#4 AUDCHF to TP for the second time
#5 EURAUD to TP
#6 NZDCHF to TP
#7 CADJPY to TP
#8 EURAUD to TP again
#9 AUDJPY to TP
#10 NZDJPY to TP

LuXing
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Wisdom begins in wonder
  • #33,690
  • Feb 17, 2016 10:12am Feb 17, 2016 10:12am
Bonus trade of today:

#11 NZDCHF to TP again.

Happy trading to all.

LuXing
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Wisdom begins in wonder
  • #33,691
  • Feb 18, 2016 12:23am Feb 18, 2016 12:23am
Quoting mwsteiner
Hi guys. Havent posted for a long time...now i am back again. here is a screen from my first trade AJ to TP (pairs in sync, all green) May someone can give a shout if he/she can find a mistake from myself. Greetz Michael {image}
You mention 'all pairs in sync'. Just a general observation of mine, eu & uj usually have an inverse correlation. So, your second chart (where eu is all red and uj is all green) is the more common pattern.
Hope you have great week and green pips! -Jason
  • #33,692
  • Feb 18, 2016 11:21am Feb 18, 2016 11:21am
Quoting bapakjason
{quote} You mention 'all pairs in sync'. Just a general observation of mine, eu & uj usually have an inverse correlation. So, your second chart (where eu is all red and uj is all green) is the more common pattern. Hope you have great week and green pips! -Jason
Mmmm. Generally, when correlation >80% one could say that itīs more or less significant.
Now, weīre scalping and the average trade duration is relatively low.
So letīs take H1 as TF, not very much of an inverse correl to say the least... Not even the D1 convinces me. Source: mataf.net

LuXing
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Wisdom begins in wonder
  • #33,693
  • Edited 11:49pm Feb 18, 2016 11:04pm | Edited 11:49pm
Quoting LuXing
{quote} Mmmm. Generally, when correlation >80% one could say that its more or less significant. Now, were scalping and the average trade duration is relatively low. So lets take H1 as TF, not very much of an inverse correl to say the least... Not even the D1 convinces me. Source: mataf.net LuXing {image} {image} {image}
Mmmm. I suppose what I mean to say is this: Everyday as I watch eu&uj, they usually move in opposite directions. Not always, just usually. Also, in light of the statistics you've shown, I apologise if I've caused any confusion or posted something misleading. -Jason
  • #33,694
  • Feb 18, 2016 11:52pm Feb 18, 2016 11:52pm
Quoting LuXing
{quote} Please post the complete chart, where we can see symbol, price, date and hour, timeframe, etc. In my book GBPJPY was a total no go. See M30 chart below, what does the monstrous upper wick tell you ? Even on M15, below the M30 chart, the upper wick is quite clear. Now, IF you entered on the first M15 candle at the BRN, this is not a low risk trade. M15 average candle size is 34 pips, your entry was at 41.7 pips above candle open.... LuXing {image} {image}
LuXing hello.

Please can you explain what does that upper wick tell you?
  • #33,695
  • Feb 19, 2016 2:12am Feb 19, 2016 2:12am
Someone help me, please. A newbie...
During the LONDON SESSION I was expecting to go short on this trade since the candle was under the DAY OPEN but is turn out to be LONG (the opposite).
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  • #33,696
  • Feb 19, 2016 3:48am Feb 19, 2016 3:48am
Quoting bapakjason
{quote} You mention 'all pairs in sync'. Just a general observation of mine, eu & uj usually have an inverse correlation. So, your second chart (where eu is all red and uj is all green) is the more common pattern. Hope you have great week and green pips! -Jason
Thanks for your feedback. For me the 1st trade was in sync (AUD/JPY and AUDUSD) both went up the last three M15 candles and my rules were all green. for the 2nd trade it kicked me out trough BE but would be a TP trade. As you say week JPY at this time and nice correlation between EU and UJ.

Greetz Michael
  • #33,697
  • Feb 19, 2016 4:35am Feb 19, 2016 4:35am
Thank you everyone here making life easy for others. I've been wading through this thread and I must say is great to be here.
LuXing , can you, please, share your template with some of us neophytes in trading? Because I've been going though all the attached files , and trying them, but not avail. I noticed you have the TREND INDICATOR and I noticed, with some screen hours, that is a very powerful tool that works in sync with the others. Can you explain to me, in clear and vivid terms, how your winning rate is so high -- as I look through your chats. Waiting in earnest.
  • #33,698
  • Feb 19, 2016 4:52am Feb 19, 2016 4:52am
Quoting bapakjason
{quote} Mmmm. I suppose what I mean to say is this: Everyday as I watch eu&uj, they usually move in opposite directions. Not always, just usually. Also, in light of the statistics you've shown, I apologise if I've caused any confusion or posted something misleading. -Jason
No worries mate, we are all here to learn.
Green pips and all the best !

LuXing
Wisdom begins in wonder
  • #33,699
  • Feb 19, 2016 4:57am Feb 19, 2016 4:57am
Quoting NewToForex14
{quote} LuXing hello. Please can you explain what does that upper wick tell you?
Mmm, the interpretation of long wicks, spinning tops, etc. etc. is a bit out of scope in this trading system.
Steve Nison does a much better job at explaining all this candlestick stuff at in this book, I suggest you read it !

LuXing
Wisdom begins in wonder
  • #33,700
  • Feb 19, 2016 5:06am Feb 19, 2016 5:06am
Quoting Cashfarm
Thank you everyone here making life easy for others. I've been wading through this thread and I must say is great to be here. LuXing , can you, please, share your template with some of us neophytes in trading? Because I've been going though all the attached files , and trying them, but not avail. I noticed you have the TREND INDICATOR and I noticed, with some screen hours, that is a very powerful tool that works in sync with the others. Can you explain to me, in clear and vivid terms, how your winning...
I donīt share my template, it contains confidential information about my live account.
All indicators, without exception, can be found in the attachments and customised to your own liking.
If you are serious about your trading you should really make your own template anyway.

The trend indicator merely indicates M15, H1, H4 and D1 candle colour, no more no less.

Regarding winning rate, there is no shortcut in this business.
Letīs say trading is a profession, just like a lawyer or a surgeon.
How many hours of would a wannabe mechanic, lawyer or surgeon have to spend studying in school, four to six years ?
After that, there would probably be interships to put all the theory in practice.

Now, how many hours of studying and practicing to become a trader ?
Just like other professions, it comes with thousands of hours of studying, screentime and practice !!!!
The only difference really is that trading might be a bit more demanding in terms of psychology and discipline.

Hope this answers your questions.

LuXing
Wisdom begins in wonder
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