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As simple as possible: 00 level trading

  • #33,921
  • Mar 30, 2016 2:01pm Mar 30, 2016 2:01pm
Quoting LuXing
{quote} I don't use a 10 pip stoploss, its way too tight, especially on some AUD / CAD / NZD crosses. Lets 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, youd 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
Thank you mate

Kind Regards

Ben
  • #33,922
  • Mar 30, 2016 2:27pm Mar 30, 2016 2:27pm
Quoting LuXing
{quote} 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
Hi LuXing,
I read most of the thread last year and found that Masterrminds trades appealed to me the most.
So I studied Masterrminds charts and I try to base my entries on an understanding of Price Action that I developed from looking at those charts.
I also liked the fact that there were less indicators on the charts and that the entries were based purely on reading PA.
In particular, I mainly look for Price Action to test a level and then enter on the re-test of that level (like with the AUDUSD and GBPUSD trades this morning)
I also use the PsyLevels Dashboard to see which pairs are strong and weak - currently trading EUR, GBP, USD, JPY, CHF and AUD crosses with spreads at 1pip or less.

For this mornings trades, my reading of Price Action was:
AUDUSD - Strong AUD, Weak USD. Nice uptrend during FFO. Entry level had recently been tested, followed by a pullback.
GBPUSD - Similar to AUDUSD. PA tested the level, then came back down, then entered as PA moved up again.
USDJPY - A little different and a bit riskier in my eyes. Price had tested lower levels at the TP level before FFO. PA moved up after FFO, then came back down.
Since the JPY was weak (at LO), I saw PA as trying higher levels during FF, then coming back down and wanting to move back below my entry level during LO.
Also, PA moved up initially during LO, which was when I set the short order.

Don't take the above as gospel (especially the USDJPY trade), as I am still a beginner when it comes to reading PA, but that's how I see it.
For my trades, I use a 9 pip SL and 6 pip TP (I mainly wanted to make sure that I would come out ahead with two TP's and one SL, just a personal thing).
I initially look at the M15 chart, then change to the M5 chart when I find an opportunity on a currency pair.
I am not a full-time trader and mainly only trade FFO and the first hour of LO, due to my work hours.
Entries are on 00 and 05 levels.

From what I can see, your method is based on your spreadsheet for determining which pairs to trade.
Then do you get some sort of trigger to tell you when to place an order, or is it based around the M30 chart and higher TF's?
I did look at the currency strength gira previously, but found that I liked the psy level dash better as I could understand how it worked.
My current computer set-up isn't great and I'm currently ordering a new laptop.
When it arrives, I will be able to re-jig my trading windows a bit and might try a few other strength indicators then to see how they work.
I can see why you use a higher SL, as you are looking at a bigger picture and allow for more movement in a currency pair.
The way I see it, I tend to use a similar approach to yours, just zoomed in and based more on shorter term Price Action.
I hope this helps.

Thanks for your contribution to the thread.
I read all of your posts and learn quite a bit, even though your method is different to mine.
You are adding to those gems (trading tips) that are scattered throughout the thread.

Cheers,
Finfresh
  • #33,923
  • Mar 31, 2016 2:29am Mar 31, 2016 2:29am
My trades taken this morning, following invaluable LuXing's lectures on all aspects, especially on exit criteria.
At FFO I saw NZD and AUD weak while JPY and USD ranking 1st and 2nd and strengthening. For AJ & NJ I used a TP = 0.5 * ABR(480) while for AU & NU TP = 0.7 * ATR(480) both on M15 tf. Maybe I'll try to move to M30 to decrease noise and have a clearer picture at once. On the money management side I did a risky thing I usually don't do, that is placing more than two pending orders at the same time, because I don't feel comfortable with more than two trades open. After LO the above scenario, as often happens, reversed.
Thank you one more time LuXing, for clarity in your explanations and proving that it can be done.

#1 NJ to TP
#2 NU to TP
#3 AJ to TP
#4 AU to TP
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Porta itineris dicitur longissima esse
  • #33,924
  • Mar 31, 2016 2:32am Mar 31, 2016 2:32am
Something totally wrong
It was nice break out from the range, CS, continuations of red H4, M30, a lot of space to the area previous impulse starts from to test.. but BOE speaking on GBP mixed up all.. Or just all I did is wrong...
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Hard to stay positive
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,925
  • Mar 31, 2016 11:17am Mar 31, 2016 11:17am
Quoting finfresh
{quote} Hi LuXing, I read most of the thread last year and found that Masterrminds trades appealed to me the most. So I studied Masterrminds charts and I try to base my entries on an understanding of Price Action that I developed from looking at those charts. I also liked the fact that there were less indicators on the charts and that the entries were based purely on reading PA. In particular, I mainly look for Price Action to test a level and then enter on the re-test of that level (like with the...


If you like Masterrmind's style of trading, you are in luck, hundreds of his trade screenshots are posted in this thread.

You might want to reconsider the spread thing. Spread, like commission is the cost of business.
What if spread is high-ish, but you can catch really nice moves on a pair ? Have a look at the table below and you will understand that CADCHF is not the same as EURAUD (look at range and the spread as a percentage of the range)...

A 9 pip SL requires real finetuning of your entry and is a definite no-go for certain (higher ABR) pairs....

FFO: I would stay clear of it for now, many false breakouts and potentially nasty surprises...

My "trigger" is based on a combo of currency strength, momentum and volatility and without exception I will always look at the higher TFs before jumping in.

New lappie ? You might want to consider hooking it up to a monitor, as these come cheap and it will be better for your eyes

Happy trading.

LuXing
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Wisdom begins in wonder
  • #33,926
  • Mar 31, 2016 11:24am Mar 31, 2016 11:24am
Quoting bubincka
My trades taken this morning, following invaluable LuXing's lectures on all aspects, especially on exit criteria. At FFO I saw NZD and AUD weak while JPY and USD ranking 1st and 2nd and strengthening. For AJ & NJ I used a TP = 0.5 * ABR(480) while for AU & NU TP = 0.7 * ATR(480) both on M15 tf. Maybe I'll try to move to M30 to decrease noise and have a clearer picture at once. On the money management side I did a risky thing I usually don't do, that is placing more than two pending orders at the same time, because I don't feel comfortable with more...
Well spotted Bubincka !!!! Weak NZD and AUD

Here's my trades during FFO...

#1 AUDJPY to TP
#2 NZDCHF to TP
#3 EURAUD to TP
#4 AUDCHF to TP

LuXing
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Wisdom begins in wonder
  • #33,927
  • Mar 31, 2016 11:39am Mar 31, 2016 11:39am
Quoting Multimillion
Something totally wrong It was nice break out from the range, CS, continuations of red H4, M30, a lot of space to the area previous impulse starts from to test.. but BOE speaking on GBP mixed up all.. Or just all I did is wrong... {image} {image} Hard to stay positive
Unfortunately a bit of bad timing, you should (and could) have taken this trade (much) earlier !
Plenty of opportunities on the first M30 candle, and even an early entry on the second M30 after FFO would have gotten you a TP.

#5 and #6 of the day: EURUSD and EURJPY to TP

LuXing
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Wisdom begins in wonder
  • #33,928
  • Mar 31, 2016 11:48am Mar 31, 2016 11:48am
#7 USDCHF to TP
#8 NZDUSD to TP
#9 GBPUSD to TP
#10 USDCAD to TP
#11 NZDJPY to TP
#12 AUDUSD to TP
#13 AUDJPY to TP
#14 CADJPY to TP

LuXing
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Wisdom begins in wonder
  • #33,929
  • Mar 31, 2016 11:50am Mar 31, 2016 11:50am
#15 GBPJPY hit SL, after missing TP level by 0.3 pip
#16 GBPAUD to TP

Enough for today.

LuXing
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Wisdom begins in wonder
  • #33,930
  • Mar 31, 2016 3:46pm Mar 31, 2016 3:46pm
Quoting LuXing
{quote} If you like Masterrmind's style of trading, you are in luck, hundreds of his trade screenshots are posted in this thread. You might want to reconsider the spread thing. Spread, like commission is the cost of business. What if spread is high-ish, but you can catch really nice moves on a pair ? Have a look at the table below and you will understand that CADCHF is not the same as EURAUD (look at range and the spread as a percentage of the range)... A 9 pip SL requires real finetuning of your entry and is a definite no-go for certain...
Yep there are heaps of examples.
I should look at them all again.
Yes, in using the 9 pip SL, I try to look for high probability setups, zooming down to the lower TF to get a read on PA.
During FFO, I tend to wait for a re-test of a level to hopefully avoid those false breakouts (and use Udines 400, 500 and 600 level rules - with the 50's in between).
I tended to start off with the basic pairs and slowly expanded from there.
I didn't want to look at too many pairs initially to avoid confusion.
Although I will look at a few more pairs when my lappie arrives.
Might see about hooking a screen up too.
Killer trading today by the way.
Nice work.
Thanks or the advice.
Finfresh.
  • #33,931
  • Mar 31, 2016 3:57pm Mar 31, 2016 3:57pm
Trades from this morning:

AUDUSD TP - Entered after PA broke the 0.76500 level, hit the 0.76450 level and moved up slightly.
Attached Image


AUDCHF SL - PA reversed after LO. Should have waited for a re-test of the level after LO. There were also signs that the AUD was becoming stronger which I should have taken notice of (i.e. previous hour pin bar on AUDUSD). Fell victim to the Frankfurt Fakey.
Attached Image
  • #33,932
  • Apr 1, 2016 1:41am Apr 1, 2016 1:41am
Quoting LuXing
#15 GBPJPY hit SL, after missing TP level by 0.3 pip #16 GBPAUD to TP Enough for today. LuXing {image} {image}
With this SL you demonstrate you're human at least.
I'm speechless looking at the row of winning trades you hit every day. Yesterday there were many opportunities. On my side I stop trading when I reach daily target (1% it's OK for me) this time working hard on Discipline, 100% no exceptions. The lack thereof prevented me last year to remain profitable after a good start with this system. Thank you for keeping alive this thread, motivating everybody and teaching details that can do the difference.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #33,933
  • Apr 1, 2016 3:02am Apr 1, 2016 3:02am
Quoting finfresh
Trades from this morning: AUDUSD TP - Entered after PA broke the 0.76500 level, hit the 0.76450 level and moved up slightly. {image} AUDCHF SL - PA reversed after LO. Should have waited for a re-test of the level after LO. There were also signs that the AUD was becoming stronger which I should have taken notice of (i.e. previous hour pin bar on AUDUSD). Fell victim to the Frankfurt Fakey. {image}
Your AUDCHF stoploss was not so much a Frankfurt fake. You entered straight away when London opened.
Many a time it's better to simply wait during the first 5 minutes for the market to decide where price goes.
Did you read this post ?

Another example, M5 chart below. Today at London open, GBPCAD was ready for me to go long.
I already decided against taking this trade during the first 5 minutes, even thereafter I did not take it.
London opened at 1.87153 and entry would have been at the 200 level. Spread, instead of the usual 2.5 pips, went up to 4 pips...
What does that tell you ? Illiquid market, no buyers ! High of the first M5 candle was 1.87231 and down it raced....

When a "new" market opens, simply try and observe during the first 5 minutes.

LuXing
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Wisdom begins in wonder
  • #33,934
  • Apr 1, 2016 3:08am Apr 1, 2016 3:08am
NFP today, so I traded the Asian session.

#1 EURAUD to TP
#2 AUDUSD to TP
#3 GBPCHF to TP
#4 NZDUSD to TP

LuXing
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Wisdom begins in wonder
  • #33,935
  • Apr 1, 2016 3:33am Apr 1, 2016 3:33am
Quoting LuXing
{quote} Unfortunately a bit of bad timing, you should (and could) have taken this trade (much) earlier ! Plenty of opportunities on the first M30 candle, and even an early entry on the second M30 after FFO would have gotten you a TP. #5 and #6 of the day: EURUSD and EURJPY to TP LuXing {image}
Thanks Bro, but it seams to me I am not take into a count something very important... candles, CS, 1x8 Directions, first 5m of LO shows direction - ant false BO...
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Here I am lost $ also ...
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Stay positive, Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,936
  • Apr 1, 2016 3:46am Apr 1, 2016 3:46am
Quoting Multimillion
{quote} Thanks Bro, but it seams to me I am not take into a count something very important... candles, CS, 1x8 Directions, first 5m of LO shows direction - ant false BO... {image} Here I am lost $ also ... {image} Stay positive, Multimillion
Here is what I see: DS1 close, but more importantly 76 fib...
If it were not for these 2 aspects, I would have taken this trade.

LuXing
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Wisdom begins in wonder
  • #33,937
  • Apr 1, 2016 4:01am Apr 1, 2016 4:01am
Quoting Multimillion
{quote} Thanks Bro, but it seams to me I am not take into a count something very important... candles, CS, 1x8 Directions, first 5m of LO shows direction - ant false BO... {image} Here I am lost $ also ... {image} Stay positive, Multimillion
1. Average M30 candle size is 23 pips, you took a trade after a massive 55 pip candle !!!!
2. GBP Manufacturing PMI high impact news around the corner (30 minutes after taking your trade)
3. See the congestion ?
4. Currency strength... Was GBP weakest ? No. Was JPY strongest ? By no means.

LuXing
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Wisdom begins in wonder
  • #33,938
  • Apr 1, 2016 4:05am Apr 1, 2016 4:05am
EURCAD to TP
I will probably call it the day.

LuXing
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Wisdom begins in wonder
  • #33,939
  • Apr 1, 2016 4:37am Apr 1, 2016 4:37am
EURUSD to TP

LuXing
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Wisdom begins in wonder
  • #33,940
  • Apr 1, 2016 4:48am Apr 1, 2016 4:48am
GBPCHF to TP.

LuXing
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