As simple as possible: 00 level trading | Page 1698 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

As simple as possible: RENKO M5 trading 75 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

Simple Level Trading 1 reply

Trading: As simple as possible, but no simpler - by a real Cityboy 92 replies

Attachments: As simple as possible: 00 level trading
Exit Attachments

As simple as possible: 00 level trading

  • #33,941
  • Apr 1, 2016 5:36am Apr 1, 2016 5:36am
Market is in giving mood today and who am I to refuse ?

GBPAUD & GBPUSD to TP

LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 153 KB
Wisdom begins in wonder
  • #33,942
  • Apr 1, 2016 5:59am Apr 1, 2016 5:59am
Mixed results for me today. Not in the right mood and above all not looking at the best opportunities given by the market.

#1 EU to TP
#2 AU to TP
#3 AU to SL

On AU, to avoid SL I'd enter @ .750 (1st lvl above DP) and it should have been a TP, but it was too close to prev candle close, so probably I hadn't to enter at all.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU-TP.jpg Size: 85 KB
Click to Enlarge Name: AU-TP-SL.jpg Size: 102 KB
Porta itineris dicitur longissima esse
  • #33,943
  • Apr 1, 2016 6:26am Apr 1, 2016 6:26am
#4 EU to TP
Now it's time to stay out.
Attached Image (click to enlarge)
Click to Enlarge Name: EU-TP.jpg Size: 113 KB
Porta itineris dicitur longissima esse
  • #33,944
  • Apr 1, 2016 10:53am Apr 1, 2016 10:53am
Quoting bubincka
Mixed results for me today. Not in the right mood and above all not looking at the best opportunities given by the market. #1 EU to TP #2 AU to TP #3 AU to SL On AU, to avoid SL I'd enter @ .750 (1st lvl above DP) and it should have been a TP, but it was too close to prev candle close, so probably I hadn't to enter at all. {image} {image}
Did you look at the currency strength at all for trade #3 ???

Half an hour before your entry:
AUD 6.38
USD 3.08

At the time of your entry:
AUD: 4.72
USD: 4.40

What does this tell you ???

LuXing
Wisdom begins in wonder
  • #33,945
  • Edited 12:35pm Apr 1, 2016 12:17pm | Edited 12:35pm
Quoting LuXing
{quote} Did you look at the currency strength at all for trade #3 ??? Half an hour before your entry: AUD 6.38 USD 3.08 At the time of your entry: AUD: 4.72 USD: 4.40 What does this tell you ??? LuXing
Luxing hello.

Which currency strength indicator are you talkin about? is it the same the Brazilian guys posted long time ago ProfitSupremeMeter or it it Giraia ?

Looks like I have a few versions of both of them. I would like to give this system another shot, so if you can, please, post the one YOU have.

Again, thank you very much.

EDIT:
Luxing, I just compared these indicators with each other and they all show different currency strength. can we have the one you have. Thanks.
  • #33,946
  • Apr 1, 2016 1:39pm Apr 1, 2016 1:39pm
Quoting LuXing
{quote} Did you look at the currency strength at all for trade #3 ??? Half an hour before your entry: AUD 6.38 USD 3.08 At the time of your entry: AUD: 4.72 USD: 4.40 What does this tell you ??? LuXing
Hi LuXing, thank you for your reply.
Of course you're right. To place a pending order i look at strength on H1 and Daily timeframes. In this case i was fooled by hourly strength and overlooked daily that is more important.
Porta itineris dicitur longissima esse
  • #33,947
  • Apr 1, 2016 2:12pm Apr 1, 2016 2:12pm
Quoting LuXing
{quote} 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...
Yes I did read your posts about not entering in the first 5min of a new market open.
I remember one where you mentioned that PA either goes your way very quickly, or goes against you (or words to that effect).
I might actually make that a rule from now on.
Then if PA re-tests a level after the first 5min (after a pullback) that was tested in the first 5min after the market open, then the trade should be a goer.
Thanks,
  • #33,948
  • Apr 1, 2016 4:37pm Apr 1, 2016 4:37pm
Quoting LuXing
{quote} 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...
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,949
  • Apr 1, 2016 4:46pm Apr 1, 2016 4:46pm
Quoting LuXing
{quote} Did you look at the currency strength at all for trade #3 ??? Half an hour before your entry: AUD 6.38 USD 3.08 At the time of your entry: AUD: 4.72 USD: 4.40 What does this tell you ??? LuXing
I like a lot your "paper & pen" tool, need to think about one for me..

Stay positive
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,950
  • Apr 1, 2016 4:59pm Apr 1, 2016 4:59pm
Quoting LuXing
{quote} 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 {image} {image}
Yes you are right.
Currency strength plays trick with me at the moment of entry it was for sure 1x8!!! But it means nothing ( I now it for sure now) without more long CS monitoring history.. we need to see CS picture during last hours at least... it is 100% not enough just to see the 1X8 CS right now...

Thanks for your screens

Stay positive, Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,951
  • Apr 3, 2016 11:30pm Apr 3, 2016 11:30pm
Hi All,

Took this trade during TK session in demo. Giraia CSM had JPY at 8.9 and CAD at 1.8 .

Did not follow thru at all after entry at the new H1 bar and went above DO for SL.

Was there anything wrong with this setup?

Thanks for any comments.
Attached Image
Do good and disappear...
  • #33,952
  • Apr 4, 2016 2:11am Apr 4, 2016 2:11am
first try. any thoughts?

Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 28 KB
Attached Image (click to enlarge)
Click to Enlarge Name: gj.png Size: 28 KB
  • #33,953
  • Apr 4, 2016 2:24am Apr 4, 2016 2:24am
My trades this morning after FFO. After LuXing lessons, I'm trying as much as possible to consider CS not as a single point in time, but looking instead at its evolution/direction. I'm monitoring CS on D1 and H1 timeframe measuring it every 15 mins timestamps and taking note of its values. Aftter FFO and for a while USD & JPY strong and AUD and NZD weak.

#1 NJ to TP
#2 AJ to TP
#3 UCHF to TP
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NJ-TP.jpg Size: 128 KB
Click to Enlarge Name: AJ-TP.jpg Size: 136 KB
Click to Enlarge Name: UCHF-TP.jpg Size: 85 KB
Porta itineris dicitur longissima esse
  • #33,954
  • Apr 4, 2016 7:29am Apr 4, 2016 7:29am
Quoting VinceHS
Hi All, Took this trade during TK session in demo. Giraia CSM had JPY at 8.9 and CAD at 1.8 . Did not follow thru at all after entry at the new H1 bar and went above DO for SL. Was there anything wrong with this setup? Thanks for any comments. {image}
Loses happen, part of doing business, BUT first why such a big SL? if you were aiming for 5 pips? Udine trade 5 tp 10 sl, SIMPLE, why change the rules now?

Second, TK session is known as a tight range session, you enter at the end of a large move down, after 5 consecutive M30 Red candles, what are the chances price will continuo down in a tight range session, with not much momentum??

You took that trade because Giraia CSM was saying to take it, that shouldn't be your decision making, you have to learn to read the market and feel his pulse.

The market move in waves, wait for a retrace and look for entry in the direction of the trend.

Stop trading on Demo, there is not point trading on demo unless you are experimenting with something new, but taking the same trades over and over on demo doesn't help. Many brokers offer micro accounts, that will help you more and will speed up your process to consistency results.

I don't want to sound harsh buddy, I just want to help.

Wish you the best
Attached Image
  • #33,955
  • Apr 4, 2016 10:47am Apr 4, 2016 10:47am
Quoting Rcubic
{quote} Loses happen, part of doing business, BUT first why such a big SL? {image}
Thanks for feedback Rcubic . Still testing out different strategies that will fit the amount of trading time I have that's why I'm still in demo.

Best regards
Do good and disappear...
  • #33,956
  • Apr 4, 2016 12:24pm Apr 4, 2016 12:24pm
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...

LuXing - What you have at the picture, is that an indicator?
Blindly following others will make you blind!
  • #33,957
  • Apr 4, 2016 1:01pm Apr 4, 2016 1:01pm
Quoting VinceHS
Hi All, Took this trade during TK session in demo. Giraia CSM had JPY at 8.9 and CAD at 1.8 . Did not follow thru at all after entry at the new H1 bar and went above DO for SL. Was there anything wrong with this setup? Thanks for any comments. {image}
Practice makes perfect VinceHS. Just keep at at !

If you had taken the trade 1 candle earlier, this would have been a really nice TP, but that's of course hindsight trading.

Currency strength values are mean reverting.
This means that in case of extreme values (such as the JPY of 8.9) and/or prolonged periods of extreme strength/weakness the likelihood that a currency will (partly) come back to the mean of 4.5 increases. Of course the million dollar question is always when...

Happy trading,
LuXing
Wisdom begins in wonder
  • #33,958
  • Apr 4, 2016 1:09pm Apr 4, 2016 1:09pm
Quoting BataviaTrade
first try. any thoughts? {image}{image}
I see you are an intelligent person not using Metatrader4
Am I right in assuming that you placed two sell stops ?
In terms of currency strength (and from my memory), I don't think the EUR and GBP were particularly weak compared to the JPY.
I am pretty sure your trading platform has a DDE server feature.
This means that you should be able to run the forexgrail spreadsheet and I suggest you do so.
It will allow you to monitor currency strengths and have another useful element in your decision making.

LuXing
Wisdom begins in wonder
  • #33,959
  • Apr 4, 2016 1:11pm Apr 4, 2016 1:11pm
Quoting bubincka
My trades this morning after FFO. After LuXing lessons, I'm trying as much as possible to consider CS not as a single point in time, but looking instead at its evolution/direction. I'm monitoring CS on D1 and H1 timeframe measuring it every 15 mins timestamps and taking note of its values. Aftter FFO and for a while USD & JPY strong and AUD and NZD weak. #1 NJ to TP #2 AJ to TP #3 UCHF to TP {image} {image} {image}
Chapeau bubincka !!!!
I did not have any time for trading today, but if I had I would have taken the very same trades.
Keep up the good work and may the green pips be with you.

LuXing
Wisdom begins in wonder
  • #33,960
  • Apr 4, 2016 1:20pm Apr 4, 2016 1:20pm
LuXing,

I might not be asking this question correctly but is there any kind of an indicator that measures the rate of change for currency strengths rather than "pen and paper" each half hour?

Thanks for any insight you can provide.

Dobbsie
15 traders viewing now