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As simple as possible: 00 level trading

  • #33,821
  • Mar 14, 2016 11:56pm Mar 14, 2016 11:56pm
Quoting LuXing
{quote} Good thinking, but yes and no. Look at the M5 chart below. {image}
Excellent write up LuXing. I've always wondered about these "late" trades of yours but knew you had your reasons for them. Now it makes sense. Much appreciated for your clear explanation .

I guess BRNs are ok to trade in your rules? Cheers.
Do good and disappear...
  • #33,822
  • Mar 15, 2016 3:06am Mar 15, 2016 3:06am
Cheers for the explanation so you always check 5min before entry?
We're all just one trade away from humility.
  • #33,823
  • Mar 15, 2016 3:36am Mar 15, 2016 3:36am
Quoting Drewas
Cheers for the explanation so you always check 5min before entry?
Yes. Look at this.

London Open ccy strength values
AUD: 1.25
CAD: 1.31
EUR: 7.54

London Open +30 minutes: AUD and CAD getting stronger, EUR weakening.

I check on 30 minute intervals to see where a currency "is going".
Today, AUD and CAD might be the weakest all day, but there will be a point they revert back to the mean, which is what I am monitoring.

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #33,824
  • Mar 15, 2016 3:44am Mar 15, 2016 3:44am
Quoting VinceHS
{quote} Excellent write up LuXing. I've always wondered about these "late" trades of yours but knew you had your reasons for them. Now it makes sense. Much appreciated for your clear explanation . I guess BRNs are ok to trade in your rules? Cheers.
BRNs are OK to trade, no problem.
There is a but, I only trade these between London Open and London Close and preferably when NY is also open.
You will need to really pay attention when trading these, confluence with what I call i(maginary)-Lines (pivots / fibonaccis, etc.) can convert trading BRNs into a real pain in the butt.

Below a screenshot of a NZDJPY trade I took yesterday and that I am keeping for reference.
I traded the BRN short, which happened also to be the fibonacci 50% level. I was well aware of this and entered the trade, but it took over an hour to break down those barriers and get to TP.....

LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 60 KB
Wisdom begins in wonder
  • #33,825
  • Mar 15, 2016 4:22am Mar 15, 2016 4:22am
Quoting Drewas
Cheers for the explanation so you always check 5min before entry?
London open + 1 hour and sth.
Look where the EUR and the AUD are going.....
Keep on watching this at frequent intervals and you will see currencies "changing" hands throughout the day.
This helps me identifying the right moment to pull the trigger.

Heres another example: London Open GBP currency strength 4.45, look one hour later...

LuXing
Attached Images
Wisdom begins in wonder
  • #33,826
  • Mar 15, 2016 4:30am Mar 15, 2016 4:30am
See, CAD remained weak since London. EUR and NZD flipped places.

Ergo: NZDCAD long. +6.5.

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #33,827
  • Mar 15, 2016 4:42am Mar 15, 2016 4:42am
More currencies decided to trade places.

USDCAD to TP

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #33,828
  • Mar 15, 2016 7:36am Mar 15, 2016 7:36am
CADCHF to TP.

Nasty spread widening prevented it from TP-ing a couple of hours ago.

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #33,829
  • Mar 15, 2016 9:13am Mar 15, 2016 9:13am
Another one bites the dust. EURCAD to TP.

LuXing
Attached Image (click to enlarge)
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Wisdom begins in wonder
  • #33,830
  • Mar 15, 2016 9:53am Mar 15, 2016 9:53am
Load and lock, target in sight.... I might take this one on the turn of the hour but I would like the M30 close below DS2 and the BRN.
Let´s see.

LuXing
Attached Image (click to enlarge)
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Attached Image
Wisdom begins in wonder
  • #33,831
  • Edited Mar 16, 2016 2:48am Mar 15, 2016 1:18pm | Edited Mar 16, 2016 2:48am
Following Robinho steps and rules i made EA. It is based on currency strength, Bid Ratio, Buy/Sell Ratio, time session and pause filter. EA is multicurrency, today results are on the screenshot, full auto default settings. Some fast winning deals were closed from 9-10 sec to 1-2 min. The third failed deal (marked blue line on screenshot) was opened on BRN level and is to be filtered out in future. At first results looks promissing. EA is free, everybody may test it. I'm going to implement news filter, BRN filter, maybe exclude some currency pairs from trading, split Buy and Sell Ratio. Any improvement proposals are welcome. You need to have all 28 currency pairs opened in Market Watch window. EA can work in Tick by Tick mode or by Closed Bars. In Tick by Tick mode it is timeframe independent. Trading Time is to be adjusted to your broker time so that TimeStart=LO (London Open) and TimeStop from LO+1 till NY as you like. EA can be attached to the any currency pair chart. The value of BR and BSR is printed in expert journal. It may be usefull to attach ForexSupremeMeter for visualisation while testing.
Attached Image (click to enlarge)
Click to Enlarge Name: Robinho.png Size: 202 KB

Attached Image (click to enlarge)
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Attached File(s)
File Type: ex4 Robinho.ex4   26 KB | 526 downloads

P.S. Looking at LuXing nice trading picturies understand that it will be usefull to add DS/DR and DP levels. They are realy important.
BR, alex
  • #33,832
  • Mar 15, 2016 2:48pm Mar 15, 2016 2:48pm
thanks for sharing your work.

just to add something, since I also trade on ICM.
my experience that the execution there isn't like the sterile TP/SL on demo. I definitely tend to come out on the wrong end on the slippage. especially if execute pending buy/sell stops there. while experiences might differ, it definitely should be addressed about the slippage once the trades are on live, not demo results.
there is always, always another trade!!
  • #33,833
  • Mar 15, 2016 5:17pm Mar 15, 2016 5:17pm
Correct. Slippage of up to 1 pip on a live account is something that is unfortunately part of the game. Both on the way in and on the way out.
On top of that, at the turn of the hour IC Markets cuts the price feed on demo accounts for up to 2 minutes. Demo and live price feed can differ until up to 5 pips. On live you have spread widening, on demo no liquidity problems, etc. etc.

Basically any EA or trading running profitably on IC Markets ECN Demo is a good indication at best.
Trust me, on live you will get a whole different picture...

LuXing
Wisdom begins in wonder
  • #33,834
  • Edited 2:55am Mar 16, 2016 1:07am | Edited 2:55am
Absolutely agree. But broker slippage, off quotes and other tricks are killing any scalping system no matter is it traded by hands or EA.

BTW, LuXing do you pay attention to WP and MP levels when placing your orders?
BR, alex
  • #33,835
  • Edited 3:50am Mar 16, 2016 3:30am | Edited 3:50am
Quoting sevan62
Absolutely agree. But broker slippage, off quotes and other tricks are killing any scalping system no matter is it traded by hands or EA. BTW, LuXing do you pay attention to WP and MP levels when placing your orders?
Yes, I pay attention to all Pivots and all fibs, as these are potential turning points.
Jibalapasan pointed me in the right direction on how to handle these in this post
Basically, no trade if one of these imaginary lines is in between your entry level and TP level.

NZDJPY to TP.
Took the trade after the close of the first M5 candle and once PA cleared the daily pivot.

LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 230 KB
Wisdom begins in wonder
  • #33,836
  • Mar 16, 2016 4:53am Mar 16, 2016 4:53am
Quoting LuXing
{quote} Yes, I pay attention to all Pivots and all fibs, as these are potential turning points. Jibalapasan pointed me in the right direction on how to handle these in this post Basically, no trade if one of these imaginary lines is in between your entry level and TP level. NZDJPY to TP. Took the trade after the close of the first M5 candle and once PA cleared the daily pivot. LuXing {image}
Thanks a lot for clearification, LuXing and JibalaPasan also.
Keep on posting useful screenshots of your nice and profitable deal.
Green pips and happy trading.
BR, alex
  • #33,837
  • Mar 16, 2016 5:45am Mar 16, 2016 5:45am
Quoting sevan62
Following Robinho steps and rules i made EA. It is based on currency strength, Bid Ratio, Buy/Sell Ratio, time session and pause filter. EA is multicurrency, today results are on the screenshot, full auto default settings. Some fast winning deals were closed from 9-10 sec to 1-2 min. The third failed deal (marked blue line on screenshot) was opened on BRN level and is to be filtered out in future. At first results looks promissing. EA is free, everybody may test it. I'm going to implement news filter, BRN filter, maybe exclude some currency pairs...
First friend thank you for the honor. I just want to leave some tips,

1) We have to rent a VPS and let this EA running, with various configurations ..
2) I made many tests with Stop 20 pips with Tp 05 pips, I do not think enjoyable for administering an account an unfavorable risk reward 4x1. We have to try other tests, for example 20 pips stop 10 pips TP TS 05 pips ... or other configuration. But let's testing the 5x20.

One question, we have to change TF? We need some indicator?
  • #33,838
  • Mar 16, 2016 6:32am Mar 16, 2016 6:32am
Attached Image (click to enlarge)
Click to Enlarge Name: Ea robinho.png Size: 156 KB
  • #33,839
  • Mar 16, 2016 7:30am Mar 16, 2016 7:30am
Quoting sevan62
Following Robinho steps and rules i made EA. It is based on currency strength, Bid Ratio, Buy/Sell Ratio, time session and pause filter. EA is multicurrency, today results are on the screenshot, full auto default settings. Some fast winning deals were closed from 9-10 sec to 1-2 min. The third failed deal (marked blue line on screenshot) was opened on BRN level and is to be filtered out in future. At first results looks promissing. EA is free, everybody may test it. I'm going to implement news filter, BRN filter, maybe exclude some currency pairs...


Hello
Thank you for such a great creation. However my broker has a suffix of (i) at the end of the currency pairs. Can you post a copy that addresses this concern please? Thank you for your consideration.
ILvFx
  • #33,840
  • Mar 16, 2016 7:49am Mar 16, 2016 7:49am
Great stuff doesnt seem to work for me though probably doing something wrong? (EA newb here)?

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Seems to be trying to do it. Did one trade that failed see above.

Thanks in advance.
We're all just one trade away from humility.
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