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As simple as possible: 00 level trading

  • #33,901
  • Mar 28, 2016 5:10am Mar 28, 2016 5:10am
Today's trades:

#1 CADJPY to TP
#2 GBPJPY to TP

LuXing
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Wisdom begins in wonder
  • #33,902
  • Mar 28, 2016 3:56pm Mar 28, 2016 3:56pm
Quoting LuXing
{quote} If you read post #1, there is a summary of the trading rules. Look at rule #5 and that is what I was referring to. LuXing

You are right I am so sorry i feel like a dumb ass I missed it.
  • #33,903
  • Mar 28, 2016 4:26pm Mar 28, 2016 4:26pm
Quoting LuXing
Today's trades: #1 CADJPY to TP #2 GBPJPY to TP LuXing {image} {image}
Hi Luxing,

thank you for your posts. I really like your trades and learn a lot about it. Could you please share your template and indis please?

Thanks

Ben
  • #33,904
  • Mar 28, 2016 5:16pm Mar 28, 2016 5:16pm
Quoting kleybenny
{quote} Hi Luxing, thank you for your posts. I really like your trades and learn a lot about it. Could you please share your template and indis please? Thanks Ben
Here you go.

LuXing
Wisdom begins in wonder
  • #33,905
  • Mar 29, 2016 1:55am Mar 29, 2016 1:55am
Quoting LuXing
{quote} I don't manage all the charts Multimillion !!!! I use the forexgrail spreadsheet and its therefore not necessary to have more than 4-5 charts open at any time (depending on the strength of each of the currencies). No use in even looking at EURJPY / EURUSD in this example, right ? LuXing {image} {image}
Got it buddy, no need to say it twice. I mean you are demn good in what you are doing!!! Go further!!
Even 1x8 2x7 pairs observing during constancy CS changing is high challenge to me yet to figure out fast and precise Pair+ Level+ entry condition... But it became easier with your charts + practice

Stay positive, Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,906
  • Edited 7:17am Mar 29, 2016 5:49am | Edited 7:17am
Quoting LuXing
Today's trades: #1 CADJPY to TP #2 GBPJPY to TP LuXing {image} {image}
Nice
Your GJ is interesting. It is brave one, FF could be fake after such candles? What allows you to enter this closest to the range level?
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My today trades:
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This one still in trouble...
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Am I stupid or unlucky here?

And what will be your comments to this pair today?
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Thanks, Stay positive, Multimillion

PS Can't believe it is finally TP on AU
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"All will be correctly, in this world is built" - The Master and Margarita
  • #33,907
  • Mar 29, 2016 9:53am Mar 29, 2016 9:53am
Today's trades:

#1 GBPAUD to TP, entry at the .700 level
#2 USDJPY to TP

LuXing
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Wisdom begins in wonder
  • #33,908
  • Mar 29, 2016 10:18am Mar 29, 2016 10:18am
Quoting Multimillion
{quote} Nice Your GJ is interesting. It is brave one, FF could be fake after such candles? What allows you to enter this closest to the range level? {image} My today trades: {image} {image} This one still in trouble... {image} {image} Am I stupid or unlucky here? And what will be your comments to this pair today? {image} Thanks, Stay positive, Multimillion PS Can't believe it is finally TP on AU {image}
GBPJPY:

It is very common before a market opens (be it FF, London, NY) that big guys start last minute jerking around and/or flushing stops.
IMHO, this was clearly the case right before FFO, look what happened and where price travelled when London opened...

For starters, I will not go long on a pair after a bearish M30 candle, so at FF Open the first candle long was not an option at all.
Besides, DR2 was in the way. After the first M30 candle closed, momentum was building up and PA cleared DR2.
Now, what really made me decide to take this trade: GBP was getting stronger against the USD and the USD was getting stronger against the JPY.
Remember I suggested you write down the currency strength values every 30 minutes or so ?
What happens when GBP>USD>JPY is sort of an exponential leverage effect. See the graph below and you will understand.

As for GBPAUD, GBP has been pretty much on top and AUD weak from FFO up to 1.5 hrs into the NY session.
There were many good entries and opportunities on this pair today. I just picked one I liked, which was nicely in the middle of the H4 candle after a small pullback.

As for AUDNZD, see my chart below. I put in the pending but decided to cancel it. Did not like the chop around the DS line.

So you see, in the end you were not far off at all in your choice of pairs, compared to my choices and most importantly it worked out for you

Happy trading.

LuXing
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Wisdom begins in wonder
  • #33,909
  • Mar 29, 2016 3:52pm Mar 29, 2016 3:52pm
Quoting LuXing
{quote} GBPJPY: It is very common before a market opens (be it FF, London, NY) that big guys start last minute jerking around and/or flushing stops. IMHO, this was clearly the case right before FFO, look what happened and where price travelled when London opened... For starters, I will not go long on a pair after a bearish M30 candle, so at FF Open the first candle long was not an option at all. Besides, DR2 was in the way. After the first M30 candle closed, momentum was building up and PA cleared DR2. Now, what really made me decide to take this...
Thanks again Bro!
"GBP was getting stronger against the USD and the USD was getting stronger against the JPY" - this is important part of a situation i believe. I truly can not manage that with CS_CCYMagic.. Need to think about method..
"I just picked one I liked, which was nicely in the middle of the H4 candle after a small pullback" - I like this comment)) Especially not lower then M30 + again after green M30.

Stay Green, Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,910
  • Mar 30, 2016 5:00am Mar 30, 2016 5:00am
Today' s trades:

#1 Early bird AUDCHF to TP
#2 AUDUSD to TP
#3 GBPUSD to TP
#4 USDCAD to TP

For your reference, USD strength (or rather weakness)
1 hour prior to Frankfurt Open: hovering around the 5.
FF open: 2.5
London open: 0.7....

LuXing
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Wisdom begins in wonder
  • #33,911
  • Mar 30, 2016 5:48am Mar 30, 2016 5:48am
Quoting LuXing
Today' s trades: #1 Early bird AUDCHF to TP #2 AUDUSD to TP #3 GBPUSD to TP #4 USDCAD to TP For your reference, USD strength (or rather weakness) 1 hour prior to Frankfurt Open: hovering around the 5. FF open: 2.5 London open: 0.7.... LuXing {image} {image} {image} {image}
Well done SL is only one I have today yet

Stay Positive
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,912
  • Mar 30, 2016 5:59am Mar 30, 2016 5:59am
Quoting Multimillion
{quote} Well done SL is only one I have today yet Stay Positive
How about posting the chart ? Maybe we can learn something from it !

LuXing
Wisdom begins in wonder
  • #33,913
  • Mar 30, 2016 6:38am Mar 30, 2016 6:38am
Quoting LuXing
{quote} How about posting the chart ? Maybe we can learn something from it ! LuXing
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It is little bit another story, thus it should be a BE but lost internet connection. Anyway here it is.

Stay positive
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,914
  • Mar 30, 2016 7:37am Mar 30, 2016 7:37am
Quoting Multimillion
{quote} {image} It is little bit another story, thus it should be a BE but lost internet connection. Anyway here it is. Stay positive
Different story ? Nah, not at all.
Not even with a perfectly working internet this would have hit a BE of 3.5 pips.


I don't know what your reason for taking this trade was, because I don't know which "techniques"/entry rules you use with the 00 levels.
So, I can only give you reasons not to take the trade.

1. NFP, not the most ideal day to trade EURUSD
2. Currency strength, although USD was weak EUR was by no means the strongest pair !!!
As a matter of fact, AUD, CHF and NZD were much stronger than the EUR so why on earth take EURUSD instead of AUDUSD, NZDUSD, USDCHF, ....
3. imaginary lines: although no line standing inbetween your entry and TP level, you had DR1 close and the 127 fib extension even closer...
4. Orderflow is no part of this system (nor was currency strength etc. etc.) and you could not know it, but there were heavy offers in the 300 area (Barclays, Paribas and JP Morgan at play)

I could go on with reasons not to take it, but the above are the most important.
In my opinion you should not use BE, it's a profit killer, I did extensive analysis of this.

Two more in the pocket: CHFJPY and AUDJPY to TP

LuXing
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Wisdom begins in wonder
  • #33,915
  • Mar 30, 2016 1:03pm Mar 30, 2016 1:03pm
A few trades from last Thursday (24th) (Spreads shown not correct)

GBPUSD SL - A little unlucky. The initial test of the entry level at LO was very brief. In hindsight, I should have waited for another test before shorting that level.
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USDCHF - Closed out for a loss. Should not have entered the trade due to resistance at the entry level during FFO. Also, CHF was not particularly weak.
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  • #33,916
  • Mar 30, 2016 1:07pm Mar 30, 2016 1:07pm
Trades from London Open this morning (News headlines not correct):

AUDUSD TP
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USDJPY TP
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GBPUSD TP
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  • #33,917
  • Mar 30, 2016 1:15pm Mar 30, 2016 1:15pm
Quoting LuXing
{quote} Different story ? Nah, not at all. Not even with a perfectly working internet this would have hit a BE of 3.5 pips. I don't know what your reason for taking this trade was, because I don't know which "techniques"/entry rules you use with the 00 levels. So, I can only give you reasons not to take the trade. 1. NFP, not the most ideal day to trade EURUSD 2. Currency strength, although USD was weak EUR was by no means the strongest pair !!! As a matter of fact, AUD, CHF and NZD were much stronger than the EUR so why on earth take EURUSD instead...
Hi LuXing,

thank you for your explanations. One question: I saw that your CHFJPY trade would have been a sl if you would have used 10 sl and 5 tp. So yould I ask you, which sl and tp you use normally? Or do you change your sl and tp settings depends on momentum etc..?

Kind Regards

Ben
  • #33,918
  • Mar 30, 2016 1:26pm Mar 30, 2016 1:26pm
Quoting kleybenny
{quote} Hi LuXing, thank you for your explanations. One question: I saw that your CHFJPY trade would have been a sl if you would have used 10 sl and 5 tp. So yould I ask you, which sl and tp you use normally? Or do you change your sl and tp settings depends on momentum etc..? Kind Regards Ben
I don't use a 10 pip stoploss, itīs way too tight, especially on some AUD / CAD / NZD crosses.
Letīs say GBPCAD has an average candle size (M30) of 30 pip and a spread of 2.5 pips.
You go long at the 200 level, you get filled at .175 and price pulls back only 25% of the ABR, youīd be out !!!
My stoploss is generally 17 pips, the take profit level varies depending on market volatility and I usually set it between 4.5 and 8.5 pips.

LuXing
Wisdom begins in wonder
  • #33,919
  • Mar 30, 2016 1:27pm Mar 30, 2016 1:27pm
Quoting LuXing
{quote} Different story ? Nah, not at all. Not even with a perfectly working internet this would have hit a BE of 3.5 pips. I don't know what your reason for taking this trade was, because I don't know which "techniques"/entry rules you use with the 00 levels. So, I can only give you reasons not to take the trade. 1. NFP, not the most ideal day to trade EURUSD 2. Currency strength, although USD was weak EUR was by no means the strongest pair !!! As a matter of fact, AUD, CHF and NZD were much stronger than the EUR so why on earth take EURUSD instead...
Strong comments, thanks.

Stay positive, Multimillion.
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,920
  • Mar 30, 2016 1:34pm Mar 30, 2016 1:34pm
Quoting finfresh
Trades from London Open this morning (News headlines not correct): AUDUSD TP {image} USDJPY TP {image} GBPUSD TP {image}
Finfresh, I have no idea what criteria you use for entry.
Any chance of explaining your entry rules in detail ?
See if we can learn something interesting of it.

Cheers,
LuXing
Wisdom begins in wonder
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