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As simple as possible: 00 level trading

  • #34,581
  • Nov 6, 2016 11:03pm Nov 6, 2016 11:03pm
Quoting profitfarmer
{quote} 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.
Noted.
  • #34,582
  • Nov 7, 2016 10:17am Nov 7, 2016 10:17am
GU London open to TP
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GU NY open to TP
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  • #34,583
  • Nov 7, 2016 12:11pm Nov 7, 2016 12:11pm
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.
@nihilist23uk

You followed all the rules ?
Lost 3 trades in a row ?
I can tell you one thing, beyond all doubt...
The more you trade blindly following the rules as outlined in post #1, the more your equity curve will look like a downhill skiing slope.
Never trust anybody or anything in this business, but you can trust me on this one...
As I pointed out in a post a couple of months ago, the system rules as such should only be a line in the sand.

At any given moment in the market, there are 3 scenarios:

1. price goes up
2. price goes down
3. price goes sideways

Traders are mostly interested in the first 2 scenarios, because these represent a potential for profit. Ranging markets will slaughter most trading systems/traders.
Essentially, you are sticking a couple of (00 and 50 level) lines on a chart and an indicator that indicates whether the hourly and daily trend are up (green) or down (red). The rules only stipulate that when both H1 and D1 are in agreement, pull the trigger and a script places a pending order at the next level with a stoploss twice as big as the take profit in pips.

What do you think, in terms of probabilities, the chances are of a winning trade ?
Applying the rules, I think the only "edge" here is that you "trade with the trend" and the trend is (or at least should be) your friend.
Having said this, this "edge" represents IMHO a 5% increase in possibility at most. Now deduct the "edge" your broker has (spread, commissions, slippage, ...) and you'll be left with what, 50/50, 48%/52% split ? Maybe a 2% "edge" in your favour ?
That's merely enough if you run the numbers. You should have a 25%-30% edge to break even !

Traders who have used this system over an extended period have therefore created their own framework.
Some frameworks are based purely on price action, others on currency strength, others on a mixture of these with maybe some supply and demand thrown in for good measure.
Should you really intend to trade this particular "system", make sure you read all the pages back and forth and you'll find a lot of useful information to adapt it to your own style. YES I know it's awful ! ALL pages !!! Unfortunately there is no such thing as a magic arrow or other twinkling indicator that will make consistent money.
If you do find one, please let me know ((-;

Trading this system with currency strength/weakness is "my thing".
If you are interested in applying a bit of ccy strength/weakness, look at the screenshot below and ask yourself the following.
What does the trend indicator tell you about AUDx and about GBPx ?
Is it really a good idea to trade currencies if they are in the "ranging" area, that is: roughly between 2.5 and 6.5 ?
If a currency is stronger than 8.5 and/or weaker than 0.5, would it be staying in that area for a long time or would it revert quicker to the mean ?
For that matter, could > 8.5 and < 0.5 maybe be considered like an overbought/oversold condition ?

As a rule of thumb, the less indicators you use on a chart, the better.
As another rule of thumb: never ever stick any indicator on a chart unless you know exactly what it does, how it's calculated, etc. etc.
Therefore, please make sure that you don't stick the indis in attach on a chart
Again, there's no such thing as magic arrows, changing colors, etc. etc. but this will simply give a quick overview of trend, strength and momentum.

Best of luck in your trading journey.
LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 406 KB
Attached File(s)
File Type: mq4 smStrengthRange09_v2.4.1_LuXingMod.mq4   41 KB | 1,281 downloads
File Type: mq4 Trend indicator_LuXingMod_AUD.mq4   14 KB | 1,233 downloads
File Type: mq4 HeatMapModokiV1.mq4   8 KB | 1,071 downloads
Wisdom begins in wonder
  • #34,584
  • Nov 8, 2016 2:22am Nov 8, 2016 2:22am
London open EJ & GU to TP in 13 minutes. I'm amazed!

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  • #34,585
  • Nov 8, 2016 5:41am Nov 8, 2016 5:41am
Quoting LuXing
{quote} @nihilist23uk You followed all the rules ? Lost 3 trades in a row ? I can tell you one thing, beyond all doubt... The more you trade blindly following the rules as outlined in post #1, the more your equity curve will look like a downhill skiing slope. Never trust anybody or anything in this business, but you can trust me on this one... As I pointed out in a post a couple of months ago, the system rules as such should only be a line in the sand. At any given moment in the market, there are 3 scenarios: 1. price goes up 2. price goes down...
Thank you Luxing for your help. I've one question: I can't attach your trend indicator more than one time
on chart. If I attach your indicator twice, the first will disappear... Do you know why? Thank you very much.
  • #34,586
  • Nov 8, 2016 6:01am Nov 8, 2016 6:01am
Quoting LuXing
{quote} @nihilist23uk You followed all the rules ? Lost 3 trades in a row ? I can tell you one thing, beyond all doubt... The more you trade blindly following the rules as outlined in post #1, the more your equity curve will look like a downhill skiing slope. Never trust anybody or anything in this business, but you can trust me on this one... As I pointed out in a post a couple of months ago, the system rules as such should only be a line in the sand. At any given moment in the market, there are 3 scenarios: 1. price goes up 2. price goes down...
WOW!!! Master LuXing is back!!!

Every time I see a post from you I already know in advance that after having read it I'll know something more.
Therefore I'm excited and I read it two or three times to be sure I have fully understood everything you say.
if UDINE pass around here should add this to post # 1 and make it permanent.

One of my trades today, it took a lot to reach TP, a better entry was @115.500 but I wanted px to clear up BRN before entering.

#1 EURJPY to TP

Best regards,
Bubincka
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Porta itineris dicitur longissima esse
  • #34,587
  • Nov 8, 2016 7:03am Nov 8, 2016 7:03am
Quoting LuXing
{quote} @nihilist23uk You followed all the rules ? Lost 3 trades in a row ? I can tell you one thing, beyond all doubt... The more you trade blindly following the rules as outlined in post #1, the more your equity curve will look like a downhill skiing slope. Never trust anybody or anything in this business, but you can trust me on this one... As I pointed out in a post a couple of months ago, the system rules as such should only be a line in the sand. At any given moment in the market, there are 3 scenarios: 1. price goes up 2. price goes down...
Hi LuXing,

Always enjoy your posts. I am trying to replicate your set up with the indicators but I can appreciate a lot of work has gone into the placement. Would you mind sharing the template to help me with the layout?

Thanks
  • #34,588
  • Nov 8, 2016 7:46am Nov 8, 2016 7:46am
Hello.
I am a beginner - although I have been reading your tread and system for years.
I have sometimes understood where you put your orders and how they went the good way, but I still need to

see exactly WHEN THE MOMENT is

to put the order, at a 00

F.x. Eur/JPY is running long now. Is the price 115.800 is to far away to put a long order there. Or is there a better price before that?

Thank you.
Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #34,589
  • Nov 8, 2016 8:12am Nov 8, 2016 8:12am
NY open GU winner, EJ break-even. Still good! =)

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  • #34,590
  • Nov 8, 2016 9:51am Nov 8, 2016 9:51am
Quoting LuXing
{quote} @nihilist23uk You followed all the rules ? Lost 3 trades in a row ? I can tell you one thing, beyond all doubt... The more you trade blindly following the rules as outlined in post #1, the more your equity curve will look like a downhill skiing slope. Never trust anybody or anything in this business, but you can trust me on this one... As I pointed out in a post a couple of months ago, the system rules as such should only be a line in the sand. At any given moment in the market, there are 3 scenarios: 1. price goes up 2. price goes down...
Thanks Lu Xing! I tried to install into my MT4 but it is blank and not showing any lines or currency pairs. Is there any setting that i need to do? Thanks again for your advice.
  • #34,591
  • Nov 8, 2016 12:29pm Nov 8, 2016 12:29pm
Quoting kleybenny
{quote} Thank you Luxing for your help. I've one question: I can't attach your trend indicator more than one time on chart. If I attach your indicator twice, the first will disappear... Do you know why? Thank you very much.
Quoting Waterlim
{quote} Thanks Lu Xing! I tried to install into my MT4 but it is blank and not showing any lines or currency pairs. Is there any setting that i need to do? Thanks again for your advice.
These posts made me think of Goethe's "Der Zauberlehrling" (The Sorcerer's Apprentice).

The story begins as an old sorcerer departs his workshop, leaving his apprentice with chores to perform.
Tired of fetching water by pail, the apprentice enchants a broom to do the work for him – using magic in which he is not yet fully trained.
The floor is soon awash with water, and the apprentice realizes that he cannot stop the broom because he does not know how.
The apprentice splits the broom in two with an axe – but each of the pieces becomes a whole new broom that takes up a pail and continues fetching water, now at twice the speed. When all seems lost, the old sorcerer returns and quickly breaks the spell.
The poem finishes with the old sorcerer's statement that powerful spirits should only be called by the master himself.

The moral of this story ?
Traders who want to use indicators need to invest a lot of time and learn how to open, edit, modify, rename, clone, apply, re-apply, position, re-position & compile indicators and/or EAs. This besides understanding what an indicator/EA actually "does" on a chart. Same thing goes for your trading platform.
If you don't master this, you shouldn't put it on a chart in the first place, let alone trade with the "help" of indis.

Quoting waltini1
{quote} Hi LuXing, Always enjoy your posts. I am trying to replicate your set up with the indicators but I can appreciate a lot of work has gone into the placement. Would you mind sharing the template to help me with the layout? Thanks
Sorry mate, I am giving you ideas but you'll have to do the legwork yourself. I don't share templates because these tend to contain confidential information about my live account. Open a .tpl and you'd be surprised what you find (-;

LuXing
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Wisdom begins in wonder
  • #34,592
  • Nov 8, 2016 1:17pm Nov 8, 2016 1:17pm
Quoting LuXing
{quote} {quote} These posts made me think of Goethe's "Der Zauberlehrling" (The Sorcerer's Apprentice). The story begins as an old sorcerer departs his workshop, leaving his apprentice with chores to perform. Tired of fetching water by pail, the apprentice enchants a broom to do the work for him using magic in which he is not yet fully trained. The floor is soon awash with water, and the apprentice realizes that he cannot stop the broom because he does not know how. The apprentice splits the broom in two with an axe but each of the pieces becomes...
Thank you LuXing, i understood
  • #34,593
  • Nov 8, 2016 1:18pm Nov 8, 2016 1:18pm
Quoting Oddbjorg
Hello. I am a beginner - although I have been reading your tread and system for years. I have sometimes understood where you put your orders and how they went the good way, but I still need to see exactly WHEN THE MOMENT is to put the order, at a 00 F.x. Eur/JPY is running long now. Is the price 115.800 is to far away to put a long order there. Or is there a better price before that? Thank you. Oddbj.
Hello Oddjorg,

We have all been beginners (once) !
This is not really my thread it's Udine's, who can be found here nowadays.
I have only kept the thread afloat for a bit in an effort to try giving something back to the FF community.

Forget for a moment about the 00 lines.
You need to see WHEN THE MOMENT is to put the order ? Good question, millions of traders are asking the same.
Well, according to the rules of this system you put the order simply when H1 and D1 are both green, besides some other minor details you can find in post #1.
As I indicated in post #34585 time has proven that it's not going to get you very far though...

In reality the right moment to put an order is when you think it is.
For me the right moment to pull the trigger is for 90% dictated by my algorithms.
If you read the whole thread and all my posts - between the deliberate noise and chatter - you would exactly know which algo I use most.
Algos help me crunch numbers on 26 pairs and master these pairs, so I am no longer reading numbers any more than you read words when reading books.
I am reading meanings and for the remaining 5% interpreting what the market is telling me.

All the best in your trading journey.

LuXing
Wisdom begins in wonder
  • #34,594
  • Nov 8, 2016 1:22pm Nov 8, 2016 1:22pm
Quoting LuXing
{quote} @nihilist23uk You followed all the rules ? Lost 3 trades in a row ? I can tell you one thing, beyond all doubt... The more you trade blindly following the rules as outlined in post #1, the more your equity curve will look like a downhill skiing slope. Never trust anybody or anything in this business, but you can trust me on this one... As I pointed out in a post a couple of months ago, the system rules as such should only be a line in the sand. At any given moment in the market, there are 3 scenarios: 1. price goes up 2. price goes down...
Thankyou LuXing for the great advice.
A lot of gold nuggets in that post.
Sometimes I overthink the strategy, and you just simplified the whole thing and made it a lot clearer again.
I like the information you shared with the graph showing at what currency strength you trade, and the overbought and oversold conditions.
  • #34,595
  • Nov 8, 2016 7:44pm Nov 8, 2016 7:44pm
Quoting LuXing
{quote} Hello Oddjorg, We have all been beginners (once) ! This is not really my thread it's Udine's, who can be found here nowadays. I have only kept the thread afloat for a bit in an effort to try giving something back to the FF community. Forget for a moment about the 00 lines. You need to see WHEN THE MOMENT is to put the order ? Good question, millions of traders are asking the same. Well, according to the rules of this system you put the order simply when...
Thank you. All the best. Oddbj.
All the best to all of you. But don't follow me. I am a learner.
  • #34,596
  • Nov 9, 2016 3:07am Nov 9, 2016 3:07am
Thank you LuXing for your reply.I have read hundreds and hundreds of pages of this thread and appreciate your advise.I am still learning and can see I still have a way to go.Thank you for the indicators,I will get to work on your advise.
I apreciate your time.
Nihilist23uk
  • #34,597
  • Nov 11, 2016 3:03am Nov 11, 2016 3:03am
Extreme GBP strength and weak NZD.

Turned a good profit with a 20 SL and 59 TP.

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flipfloptrader forum
  • #34,598
  • Nov 14, 2016 5:41am Nov 14, 2016 5:41am
[quote=LuXing;9241560]{quote} {quote} These posts made me think of Goethe's "Der Zauberlehrling" (The Sorcerer's Apprentice).

Luxing. Thanks a lot for this indicator. I edited it for indices and believe me it is amazing. All I had to do was to follow the H1-H4 and D1 signal. The first trade gave me 70 pips. I am not good at coding, I wonder if you could add pips difference from open of the candle and alerts at candle direction change.
Sorry to bother you but I am not that good at coding.

Regards
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Traders gain some knowledge, win, their emotions kick in, and they die.
  • #34,599
  • Nov 15, 2016 2:54am Nov 15, 2016 2:54am
Experimenting with M30 TF to filter out noise.

#1 EURUSD to TP
#2 EURCAD to TP
#3 EURAUD to TP
#4 EURJPY to TP

Best regards,
Bubincka
Attached Image(s) (click to enlarge)
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Porta itineris dicitur longissima esse
  • #34,600
  • Nov 15, 2016 1:05pm Nov 15, 2016 1:05pm
Is Udine still here of he left because he is now a millionaire? He said that you can turn 1000 to one million in 3 years or so, I will attach an excerpt from the pdf he attached in the first post of this thread.
I ask because I am looking to make some real money cos my GF needs a new pair of shoes every two weeks and I realy need to change my Golf4 for a Porche 911, if is posible!

Best regards!
Attached Image
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