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As simple as possible: 00 level trading

  • #34,101
  • Apr 29, 2016 4:01pm Apr 29, 2016 4:01pm
Quoting bubincka
My trades today, LO session- #1 AUDJPY to TP #2 EURCAD to TP Bubincka {image} {image}
bubincka,

sometimes, i am unable to grasp the reason for your choice of candle for a given trade.
perhaps i am missing something.

e.g. your AUDJPY trade above:
why didn't you enter on the previous m15 candle?
that entry would have been about 20 pips cheaper.

kindly explain.

thanks.
  • #34,102
  • Apr 30, 2016 10:48am Apr 30, 2016 10:48am
Quoting bubincka
{quote} Hi LuXing, your confidence level is huge. You took many successful trades far from DO, like the one on EURUSD so close to R3. You are living "in the zone" and you go with the flow. Best regards, Bubincka
Confidence and ability to "read" the market come with (tens of) thousands of hours of screentime.

"Close" to DR3 or "far up in the daily range" is relative, everything is relative.

Let's start with taking a trade "far up or down in the daily range"
I dug up one of my first screenshots, look at the average 5 day range on the EURUSD chart...
Some years are simply characterised by very low volatility.
The second screenshot was taken a couple of days ago, look at for example GBPJPY.
Volatility is back and increasing (and hopefully here to stay).

ADR/ATR is merely a lagging indication / average of what to expect during a 24 hour cycle.

Think of the following. There's 3 main sessions: Asian, European, North American.
A big move has taken place during the Asian session on JPY pairs, during the European session a bit of pips where added to this move.
When the North American session starts, do you really think those Yankees care about ATR/ADR ? As in, oh let's not short USDJPY because the ADR is 100 pips but it travelled 150 pips already ??? Naah. As a matter of fact, any trader of this system trading only the US session would not be able to take trades about 80% of the time because ADR is in red already....

EURUSD so close to R3
Lemme try to re-wire your head.
Most traders will agree that pivot points, support, resistance, fibs are potential turning points.
I agree with most traders, but I also think certain imaginary lines act as a magnet. They attract the price...
So, let's look again at the EURUSD chart. Between Frankfurt and NY open, nothing much happening. PA is kind of stuck between DR1 and DR2.
30 minutes after NY open something is happening, during the last 30 minutes of the H4 candle DR2 is broken and the market clearly seems to favour long EUR.
New H4 candle starts, NY is clearly warming up now and there's a big impulse on the first M30 candle.

Q & A:

1. Do you really think that the US Market cares about the 1.14300 barrier (this is where the ADR indi would light up in red) and stop pushing price up or down ?
I believe they don't give a flying f***.
2. Could it be that - after what happened during the last 30 minutes of the H4 candle and the first 30 minutes of the current H4 candle - price is drawn to and tempted to visit DR3 ?
Hell yes. USD was weak and EUR boosting against all other pairs...

Reasons enough to take this particular trade for me.
If you look at the others taken around the same time:

Of the 8 pairs, EUR and JPY strong, USD and AUD weak.
USDJPY is clearly short.
AUD < USD < JPY -> AUDJPY dropping like a rock.
EUR > USD > AUD -> EURAUD boosting

It's really not complicated, but people tend to complicate it.
One should simply take some useful elements of the system trading rules, ignore the rest and make sure you do the thinking yourself.
As the word says, an indicator indicates "something" you told it to, but thats all.

Hope this helps in your reflections.

Happy trading.
LuXing
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Wisdom begins in wonder
  • #34,103
  • Apr 30, 2016 11:11am Apr 30, 2016 11:11am
Quoting pgd
{quote} bubincka, sometimes, i am unable to grasp the reason for your choice of candle for a given trade. perhaps i am missing something. e.g. your AUDJPY trade above: why didn't you enter on the previous m15 candle? that entry would have been about 20 pips cheaper. kindly explain. thanks.
That's the difference between looking and seeing my friend
You look and think you might have bought cheaper, but with the risk it would bounce off the BRN.
You see and think, breakout, this is the right time !!!

LuXing
Wisdom begins in wonder
  • #34,104
  • Apr 30, 2016 11:14am Apr 30, 2016 11:14am
Quoting pgd
{quote} bubincka, sometimes, i am unable to grasp the reason for your choice of candle for a given trade. perhaps i am missing something. e.g. your AUDJPY trade above: why didn't you enter on the previous m15 candle? that entry would have been about 20 pips cheaper. kindly explain. thanks.
That was a trade taken on strong momentum and strength continuation for the pair.
Then of course LuXing remark is 100% correct.

Bubincka
Porta itineris dicitur longissima esse
  • #34,105
  • May 1, 2016 5:05am May 1, 2016 5:05am
Quoting LuXing
{quote} Confidence and ability to "read" the market come with (tens of) thousands of hours of screentime. {image} {image} {image}
Another great lesson, invaluable for those who can read.
Thank you.

Bubincka
Porta itineris dicitur longissima esse
  • #34,106
  • May 1, 2016 9:29pm May 1, 2016 9:29pm
Quoting LuXing
{quote} Confidence and ability to "read" the market come with (tens of) thousands of hours of screentime. "Close" to DR3 or "far up in the daily range" is relative, everything is relative. Let's start with taking a trade "far up or down in the daily range" I dug up one of my first screenshots, look at the average 5 day range on the EURUSD chart... Some years are simply characterised by very low volatility. The second screenshot was taken a couple of days ago, look at for example GBPJPY. Volatility is back and increasing (and hopefully here to stay)....
Certainly, like others, I would enjoy your continued posts, especially when you explain your thought process, which is the most important part of trading, so please don't stop. Maybe you don't have to post charts every time, just the entry time and price, whichever is easier. Thanks.
  • #34,107
  • May 1, 2016 9:46pm May 1, 2016 9:46pm
Quoting ericjschroed
{quote} Certainly, like others, I would enjoy your continued posts, especially when you explain your thought process, which is the most important part of trading, so please don't stop. Maybe you don't have to post charts every time, just the entry time and price, whichever is easier. Thanks.
+1
  • #34,108
  • May 2, 2016 1:35am May 2, 2016 1:35am
Hi LuXing,

Please don't stop posting your trades! Its much appreciated!
I for one can not be in front of the computer all the time and its nice when I have the time to reflect how the trades was exquisite!

Thanks
Wapen
  • #34,109
  • May 2, 2016 4:49am May 2, 2016 4:49am
Today's trades, FFO and LO sessions:

#1 - GBPCHF to TP
#2 - EURUSD to TP
#3 - AUDUSD to TP
#4 - EURJPY to TP
#5 - GBPUSD closed manually because it was not going to work, I should not entered it at all (-6.8 pips)

Bubincka
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Porta itineris dicitur longissima esse
  • #34,110
  • May 2, 2016 4:34pm May 2, 2016 4:34pm
Quoting LuXing
{quote} Confidence and ability to "read" the market come with (tens of) thousands of hours of screentime. "Close" to DR3 or "far up in the daily range" is relative, everything is relative. Let's start with taking a trade "far up or down in the daily range" I dug up one of my first screenshots, look at the average 5 day range on the EURUSD chart... Some years are simply characterised by very low volatility. The second screenshot was taken a couple of days ago, look at for example GBPJPY. Volatility is back and increasing (and hopefully here to stay)....
lUxing...any trades today?
  • #34,111
  • May 3, 2016 4:21am May 3, 2016 4:21am
Two trades on EURUSD this morning. First I was caught by surprise by Australia's Central Bank, then distracted by other work annoyances.

#1 EURUSD to TP
#2 EURUSD to TP

Bubincka
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Porta itineris dicitur longissima esse
  • #34,112
  • Edited 8:05am May 3, 2016 7:53am | Edited 8:05am
Quoting bubincka
Two trades on EURUSD this morning. First I was caught by surprise by Australia's Central Bank, then distracted by other work annoyances. #1 EURUSD to TP #2 EURUSD to TP Bubincka {image} {image}
Looking good Bubincka !
Well, life is supposed to be an adventure and a surprise, but not for Red News !
Part of my ritual, before opening my platform, is checking both the forexfactory and myfxbook calendar...

No trades yesterday, Bank Holiday for London and plenty of Red News when NY opened.
To compensate, Asian session trades:

#1 & #2: AUDCHF and CHFJPY, entry for both at the 300 level
#3 & #4: NZDUSD and NZDJPY

LuXing
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Wisdom begins in wonder
  • #34,113
  • May 3, 2016 7:57am May 3, 2016 7:57am
London open trades:

#5, #6 & #7: triangles the way I like em: EURUSD, GBPUSD & USDCHF to TP

LuXing
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Wisdom begins in wonder
  • #34,114
  • May 3, 2016 8:03am May 3, 2016 8:03am
#8, my favourite: EURUSD boosting through the BRN. Positive slippage on entry of 0.9 pips and TP in 3 seconds flat.

LuXing
Attached Image(s) (click to enlarge)
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Wisdom begins in wonder
  • #34,115
  • May 4, 2016 8:12am May 4, 2016 8:12am
Quoting LuXing
#8, my favourite: EURUSD boosting through the BRN. Positive slippage on entry of 0.9 pips and TP in 3 seconds flat. LuXing
DO you ever consider trading the top of the pullback with CCI overbought/sold. For example CAD weak JPY strong short CADJPY when price pulls back up and hits CCI overbought? DO you think this may be better entry for more pips? Or is it better to trade in the middle of a candle color in your trade direction for confirmation?

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  • #34,116
  • May 4, 2016 10:59am May 4, 2016 10:59am
Quoting sharingan9
{quote} DO you ever consider trading the top of the pullback with CCI overbought/sold. For example CAD weak JPY strong short CADJPY when price pulls back up and hits CCI overbought? DO you think this may be better entry for more pips? Or is it better to trade in the middle of a candle color in your trade direction for confirmation? {image} {image}
Do you feel comfortable to show everyone your live account numbers? Right next to OANDA.
  • #34,117
  • May 4, 2016 11:44am May 4, 2016 11:44am
Quoting NewToForex14
{quote} Do you feel comfortable to show everyone your live account numbers? Right next to OANDA.
Hey buddy. Thanks for your concern. I dont actually trade with oanda, I just use their data feed because im comfortable with it. There is no money in that oanda live account and its all fake information. I trade with Fxchoice on a web metatrader platform and that info is hidden as you can see
  • #34,118
  • May 4, 2016 12:28pm May 4, 2016 12:28pm
Quoting sharingan9
{quote} Hey buddy. Thanks for your concern. I dont actually trade with oanda, I just use their data feed because im comfortable with it. There is no money in that oanda live account and its all fake information. I trade with Fxchoice on a web metatrader platform and that info is hidden as you can see
then it's all good.
  • #34,119
  • May 4, 2016 3:37pm May 4, 2016 3:37pm
Quoting sharingan9
{quote} DO you ever consider trading the top of the pullback with CCI overbought/sold. For example CAD weak JPY strong short CADJPY when price pulls back up and hits CCI overbought? DO you think this may be better entry for more pips? Or is it better to trade in the middle of a candle color in your trade direction for confirmation? {image} {image}
Why would I use lagging (CCI / Ishimoku indicators) instead of leading ?
I am quite happy with the pips I make.
Besides, this thread is not about pattern / supply & demand, ... trading.

A selection of today's trades:

#1 EURAUD to TP
#2 GBPAUD to TP
#3 GBPAUD to TP
#4 NZDUSD to TP
#5 GBPUSD to TP
#6 GBPJPY to TP
#7 GBPCHF to TP
#8 GBPJPY to TP
#9 USDCAD to TP
#10 EURCAD to TP

LuXing
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Wisdom begins in wonder
  • #34,120
  • May 4, 2016 3:44pm May 4, 2016 3:44pm
#11 CADJPY to TP
#12 EURCAD to TP
#13 NZDCAD to TP
#14 USDCAD to TP
#15 EURCAD to TP
#16 USDCAD to TP
#17 EURAUD to TP

LuXing
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Wisdom begins in wonder
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