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As simple as possible: 00 level trading

  • #34,561
  • Oct 31, 2016 8:13am Oct 31, 2016 8:13am
where is a rule about stop loss?
  • #34,562
  • Oct 31, 2016 9:12am Oct 31, 2016 9:12am
lost 3 in a row with this today,followed all rules.Shitty day I know and it is a Monday.Could do with some sort of guidance on what to look for to stay out of days like this,maybe a trend indicator or something,I dont know,what do you reckon ?
1st day on the system by the way.
  • #34,563
  • Oct 31, 2016 10:37am Oct 31, 2016 10:37am
Quoting Rustam9090
where is a rule about stop loss?
Hi Rustam9090,
Stop Loss is 10 pips, if you follow the rules highlighted on the first page of the thread.
Traders have changed the parameters of the system to suit their own styles.
So you will see stop losses larger than 10 pips, depending on the trader.
  • #34,564
  • Oct 31, 2016 10:39am Oct 31, 2016 10:39am
Quoting nihilist23uk
lost 3 in a row with this today,followed all rules.Shitty day I know and it is a Monday.Could do with some sort of guidance on what to look for to stay out of days like this,maybe a trend indicator or something,I dont know,what do you reckon ? 1st day on the system by the way.
Hi nihilist23uk,
Best if you post some charts, then others can give their opinions on why the trades might not have worked out.
  • #34,565
  • Oct 31, 2016 4:56pm Oct 31, 2016 4:56pm
Wow ! You wont believe this !
I have a low spread demo account with FXCM to demo this system.I noticed the nice low spreads on the spread indicator and everything looks good to go.
Then i noticed after getting bad trades today that the market watch and indicator spreads are showning 0.3pips on eur/usd but chart has gap of 2.5pips to 3pips between bid and ask price ! And trades are being controlled by the chart prices !
Contacted support and they say that there is nothing they can do as chart feeds are from servers with all old spread prices ! Even my live account is the same and I have to request a server move to get my chart prices to match there quoted/market prices !

Just so everyone knows,stay away from FXCM if trying to get on top of this strategy as your still have large spreads despite what your market watch and indicators say.

New Broker I think !
  • #34,566
  • Nov 2, 2016 7:40am Nov 2, 2016 7:40am
Today was my first day of trading this system. Not bad at all I may say, eventhough I cheated a little by closing positions manualy when they almost hit their target.
Could have earned more but my daily target is reached anyway

I traded the recommended pairs GBPJPY and EURJPY. Started this morning (London Open) with GBPJPY Sell orders and near the US session I took a quick EURJPY trade.

Attached Image (click to enlarge)
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First comes knowledge about yourself, then comes a system...
  • #34,567
  • Nov 2, 2016 11:13am Nov 2, 2016 11:13am
Quoting JanCeulemans
Today was my first day of trading this system. Not bad at all I may say, eventhough I cheated a little by closing positions manualy when they almost hit their target. Could have earned more but my daily target is reached anyway I traded the recommended pairs GBPJPY and EURJPY. Started this morning (London Open) with GBPJPY Sell orders and near the US session I took a quick EURJPY trade. {image}
Hi JanCeulemans,
Nice work. You can post some screenshots of the trades if you like so we can see which trades you took.
Green Pips,
Finfresh
  • #34,568
  • Nov 2, 2016 5:50pm Nov 2, 2016 5:50pm
Quoting finfresh
{quote} Hi JanCeulemans, Nice work. You can post some screenshots of the trades if you like so we can see which trades you took. Green Pips, Finfresh
Hi Finfresh,

yes, you are absolutely right. I think my charts are much more interesting than just the results ( which one can find on my profile anyway). Thanks for the tip!
In fact it IS interesting for the view of my trades show clearly that I should have let the trades run unil the TP was hit. This chart shows that on all four trades, if I would have let them run, I would have reached target.
Attached Image (click to enlarge)
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First comes knowledge about yourself, then comes a system...
  • #34,569
  • Nov 2, 2016 6:29pm Nov 2, 2016 6:29pm
Jan,
i might be wrong here, but as far as your chart/entries look, i think you might need to spend a bit more time reading back on the thread, as they seem to be very different from the usual ones posted here.
2 things that i notice
a sideways directionless market, where the entries happen to be right in the middle of a range.
and that you use a suggested pair, GBPJPY, correct, but at 3.2 pips spread, it is crazy enough to go for 5 pips TP/10 SL, not to mention if on the top you close early, and average only 3 pips TPs on 3.2 pips spread.

however, congrats for the results!
there is always, always another trade!!
  • #34,570
  • Nov 2, 2016 6:32pm Nov 2, 2016 6:32pm
Quoting profitfarmer
Jan, i might be wrong here, but as far as your chart/entries look, i think you might need to spend a bit more time reading back on the thread, as they seem to be very different from the usual ones posted here. 2 things that i notice a sideways directionless market, where the entries happen to be right in the middle of a range. and that you use a suggested pair, GBPJPY, correct, but at 3.2 pips spread, it is crazy enough to go for 5 pips TP/10 SL, not to mention if on the top you close early, and average only 3 pips TPs on 3.2 pips spread. however,...
Hi Profitfarmer,

Thank! I will take your advice and indeed read back in this thread. Some of your points were reasons for me to manualy close my trades today ending in my profit target. However, I feel that I am missing some points here. So any advice would indeed be welcome and is much appreciated.

Jan

PS: One note about the spreads though. If you base them on the chart you see, it may be not the spread during the time when the trades were taken as we are in the Asian session now and I took them on the London/US session.
First comes knowledge about yourself, then comes a system...
  • #34,571
  • Nov 2, 2016 7:41pm Nov 2, 2016 7:41pm
Jan,

right now my broker gives 1.4-1.6 pips spread on GBPJPY...+ about 0.55 pips as commission, so. total 2 pips. Asian session.
you had 4 trades...save/gain 4x1.2 pips or about, and you have another 4.8 pips, or approx. +1% gain considering your risk and trades you took.

as for the charts, if you look back some, like Bubincka's charts lately, the entries always come as a break of a range/consolidating area, where the price is about to move on to a next level. and i mean, when on the charts look to the left, most of the time you will see that where the trade was entered on the left there is empty space levels ( no candles).
your entries just seem to be in the middle of range.
for example, if you take on your chart 2nd NYopen candle on the top of it, as buy...new money comes to market, above other bunch of candles, like 3 hours worth at least, that would reach a TP before the pullback.
on the same note, maybe 2nd LO candle would be also a buy, and a SL.
but i am not master of this system, no idea how currency strength looked at time of entry those points, only that they were beginning of session, what is advised trade time, and they were showing some sign to move out of range.
there is always, always another trade!!
  • #34,572
  • Nov 3, 2016 2:35am Nov 3, 2016 2:35am
USDJPY BE
- Close to RGL, Moved SL to BE

Attached Image
  • #34,573
  • Nov 3, 2016 12:06pm Nov 3, 2016 12:06pm
Quoting profitfarmer
Jan, right now my broker gives 1.4-1.6 pips spread on GBPJPY...+ about 0.55 pips as commission, so. total 2 pips. Asian session. you had 4 trades...save/gain 4x1.2 pips or about, and you have another 4.8 pips, or approx. +1% gain considering your risk and trades you took. as for the charts, if you look back some, like Bubincka's charts lately, the entries always come as a break of a range/consolidating area, where the price is about to move on to a next level. and i mean, when on the charts look to the left, most of the time you will see that where...
Thank you once again Profitfarmer for your valuable input. Your answer was a real wake-up call for me. You see, I was so focussed on the ellements of this system that I only looked at the break of the levels. Totaly overlooked the fact that I was in a ranging area, not paying attention to that at all. Now that you pointed that out, I see what you mean and a valuable lesson was learned. Strange how our brain works. Normaly, I am aware of the neccessity to wait for breakouts and now I did not even pay attention. I am very lucky all my trades turned out to be (small) winners. Thanks again. Will pay more attention
First comes knowledge about yourself, then comes a system...
  • #34,574
  • Nov 3, 2016 1:31pm Nov 3, 2016 1:31pm
Two of my trades today, both on USDJPY. Both winners

Would this be more in line with the system?
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First comes knowledge about yourself, then comes a system...
  • #34,575
  • Nov 4, 2016 2:27am Nov 4, 2016 2:27am
Same entry (using a trade copier EA), different outcomes using 2 distinct trade managers.

#1 GBPCAD to TP
#2 GBPCAD to TP

Best regards,
Bubincka
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Porta itineris dicitur longissima esse
  • #34,576
  • Nov 4, 2016 8:51am Nov 4, 2016 8:51am
Quoting JanCeulemans
Two of my trades today, both on USDJPY. Both winners Would this be more in line with the system? {image}
i would think yes.
i also seem to recall a rule that no short from .100 or long from .900 price level.
that would disqualify 1st entry.
there is always, always another trade!!
  • #34,577
  • Nov 6, 2016 7:01pm Nov 6, 2016 7:01pm
First post. Practicing on a demo account. Both to TP. Thank you Udine. I am your humble student. All comments are welcome.

I was not able 115.300 due to spread.

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  • #34,578
  • Nov 6, 2016 8:23pm Nov 6, 2016 8:23pm
bottom of your chart, window: abs. strength histo.

how do you use it?
one trade it is green at the entry, one trade it is red.
or it dosnt matter.
then why is it on the chart?

congrats for your profit!
there is always, always another trade!!
  • #34,579
  • Nov 6, 2016 8:39pm Nov 6, 2016 8:39pm
Quoting profitfarmer
bottom of your chart, window: abs. strength histo. how do you use it? one trade it is green at the entry, one trade it is red. or it dosnt matter. then why is it on the chart? congrats for your profit!
Like you my friend I am still learning this system. I think the ASH supposed to be the same color as your candle but on the EU trade I disregarded it because there was a gap and I felt that the price will retrace. I am new. Any feedback is highly appreciated. Thank you.
  • #34,580
  • Nov 6, 2016 10:43pm Nov 6, 2016 10:43pm
Quoting dyames23
{quote} Like you my friend I am still learning this system. I think the ASH supposed to be the same color as your candle but on the EU trade I disregarded it because there was a gap and I felt that the price will retrace. I am new. Any feedback is highly appreciated. Thank you.
lol, you misunderstood my post, partly.
i know what ASH is there for.
wanted to know if you do, too!

without discipline, your results would look random. even if the outcome positive in this instant.
the system's results are only correct and worth something to comment on if you follow it.
there is always, always another trade!!
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