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As simple as possible: 00 level trading

  • #34,601
  • Nov 16, 2016 1:26am Nov 16, 2016 1:26am
Very strong GBP versus weak AUD.

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  • #34,602
  • Nov 16, 2016 12:07pm Nov 16, 2016 12:07pm
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...

BIG RESPECT for what you doing LUX! I always appreciate and read all you share! thank you !
  • #34,603
  • Nov 16, 2016 8:24pm Nov 16, 2016 8:24pm
Quoting LuXing
{quote} {quote} These posts made me think of Goethe's "Der Zauberlehrling" (The Sorcerer's Apprentice). ~~
However I wonder if you might be kind enough to advice which settings you use for Trend Size: Default 26:0:0, or what the numbers represent?
Good Trading
  • #34,604
  • Nov 17, 2016 8:51pm Nov 17, 2016 8:51pm
[quote=mehtabkk;9250390]
Quoting LuXing
{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 {image}
Mehtabkk, can you please guide me how to edit the indicator for indices. I am not good at coding but I managed to add CL, Usdx and other indices, but only gold and silver showed the colour changes, the others all blank. Can you let me know where I had missed out. Thank you.
  • #34,605
  • Nov 18, 2016 4:14am Nov 18, 2016 4:14am
Wrong start today. The good, the bad and waiting for the ugly, that is NJ long @ .850 navigating in troubled waters.

#1 USDJPY to TP
#2 NZDCHF to SL

Best regards,
Bubincka
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Porta itineris dicitur longissima esse
  • #34,606
  • Nov 18, 2016 12:08pm Nov 18, 2016 12:08pm
Quoting bubincka
Wrong start today. The good, the bad and waiting for the ugly, that is NJ long @ .850 navigating in troubled waters. #1 USDJPY to TP #2 NZDCHF to SL Best regards, Bubincka {image} {image}
I only had 10 minutes of screentime today, but from the numbers I can tell it was a "complicated" day for trading.
Especially the Asian session was full of false breakouts.

As for your NZDCHF...

1. If your chart is on M30 timeframe, I would put the M-Candles indicator value to 240 (4 hours).
Why ? On any timeframe you can see that price moves in waves and repetitive patterns can be found on all these timeframes, from the lowest M1 all the way up to MN.
Now, I like to chop up a 24 hour period, measured from my broker's Daily Open (Sydney Open), in 4 hour blocks.
Let's say these 4 hour waves are the intermediate trend and sooner or later price will pull back.
Look at the average size of the 4 hour blocks on my chart, what do you see in terms of size at a quick glance ?
And in terms of the level you took the trade, how far would that be out of the average size of these H4 blocks ?
What I see that you took a trade right on top of the wave and that the wave was very likely to break.
Besides this, as for currency strength / weakness all good (NZD 7.49 and CHF 2.0), timing was OK (wait a bit for the market to decide where it wants to go after London opened).

2. Below an exerpt from one of Nasap's old posts.
"If a trend is already strong enough in the very beginning". This can obviously be interpreted in a million ways, but surely it did not mean to catch a long trade at the top of the (H4) trend...

In conclusion, the reason I would not have taken the trade is because IMHO from "the very beginning" of the H4 trend, a trade is taken when price is up 35-35 pips already. If it were GBPJPY, it would probably be a different story (and so would the size of the H4 blocks).

Hope this helps.

LuXing
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Wisdom begins in wonder
  • #34,607
  • Nov 18, 2016 12:16pm Nov 18, 2016 12:16pm
[quote=mehtabkk;9250390]
Quoting LuXing
{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 {image}
Trading is business and you are running your business, right ?
Nobody is a jack of all trades, so if you're not good (enough) at programming you will need to find a programmer.
I am not a coder but a consultant. If you want, I can take your watch, tell you what time it is and invoice you for that ((-;

LuXing
Wisdom begins in wonder
  • #34,608
  • Nov 18, 2016 12:23pm Nov 18, 2016 12:23pm
Quoting aud
{quote} However I wonder if you might be kind enough to advice which settings you use for Trend Size: Default 26:0:0, or what the numbers represent?
Erm, honestly ?
You want me to advise what the size of the coloured blocks - outlined in yellow - should be on your screen ?
22 x 22 pixels, or 26 x 26 pixels ?

My honest opinion is that it's maybe better you do not use that indicator at all.

Happy trading.

LuXing
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Wisdom begins in wonder
  • #34,609
  • Nov 19, 2016 3:16am Nov 19, 2016 3:16am
Quoting LuXing
{quote} Erm, honestly ? You want me to advise what the size of the coloured blocks - outlined in yellow - should be on your screen ? 22 x 22 pixels, or 26 x 26 pixels ? My honest opinion is that it's maybe better you do not use that indicator at all. Happy trading. LuXing {image} {image}
If the indi deems trend size to be the size of a coloured block, you might be right. From what I can see your modified indi shows the current candle colour for the selected time frames. Unfortunately you have not recorded the reason for your modification at the start of the code.
Good Trading
  • #34,610
  • Nov 19, 2016 11:39am Nov 19, 2016 11:39am
Quoting LuXing
{quote} I only had 10 minutes of screentime today, but from the numbers I can tell it was a "complicated" day for trading. Especially the Asian session was full of false breakouts. As for your NZDCHF... 1. If your chart is on M30 timeframe, I would put the M-Candles indicator value to 240 (4 hours). Why ? On any timeframe you can see that price moves in waves and repetitive patterns can be found on all these timeframes, from the lowest M1 all the way up to MN. Now, I like to chop up a 24 hour period, measured from my broker's Daily Open (Sydney...
I think there's nothing more to add. Your analysis is correct and one more time it provides all of us a further perspective to look at the market. Even if sometimes I post M30 charts, I usually trade 00-levels strategy on M15 timeframe, nevertheless your suggestion to consider M-Candles blocks as price waves remains valid. Maybe I'll make an effort to shift to M30 because having 4 hour blocks probably gives a clearer picture of the market sentiment filtering out some noise too, but at the moment for me it's a matter of habit to use M15 charts.

But apart this single trade I have a bigger issue.

Lately I realized that in my trading I am doing more and more the following mistake: I overlook strengths on the higher timeframe (namely D1), while instead I put nearly all the attention on the lower one (namely H1). Doing this way everything can be allright during days of strong and well defined trends, but gives a lot of false signals when the market changes direction many times in a short period of time, like it happened on Nov 18.

So the bottom line for me is to go back to basics, look at strength values on D1 timeframe and then and only then to scale down to lower ones.

Thank you LuXing for offering your insight and knowledge to FF traders.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #34,611
  • Edited 1:38pm Nov 19, 2016 1:23pm | Edited 1:38pm
Quoting bubincka
{quote} I think there's nothing more to add. Your analysis is correct and one more time it provides all of us a further perspective to look at the market. Even if sometimes I post M30 charts, I usually trade 00-levels strategy on M15 timeframe, nevertheless your suggestion to consider M-Candles blocks as price waves remains valid. Maybe I'll make an effort to shift to M30 because having 4 hour blocks probably gives a clearer picture of the market sentiment filtering out some noise too, but at the moment for me it's a matter of habit to use M15 charts....
good. I won't be around til somewhere next year. Gotta spend some pips.

Happy trading and remember:

LuXing
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Wisdom begins in wonder
  • #34,612
  • Nov 21, 2016 2:04am Nov 21, 2016 2:04am
Please I need help
I am unable to get the buy stop and sell stop pending order script to place order on the next 00 level. Mine places pending order hundreds of pips away

How do I set the script to set pending order on the next available 00 level

thanks
  • #34,613
  • Nov 21, 2016 9:31am Nov 21, 2016 9:31am
Quoting LuXing
{quote} good. I won't be around til somewhere next year. Gotta spend some pips. Happy trading and remember: LuXing {image}
I'll do!

Have a nice time. More than deserved rest.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #34,614
  • Nov 21, 2016 9:35am Nov 21, 2016 9:35am
Quoting victorezeaku
Please I need help I am unable to get the buy stop and sell stop pending order script to place order on the next 00 level. Mine places pending order hundreds of pips away How do I set the script to set pending order on the next available 00 level thanks
Hi Victoreazu, I use mine scripts so I can't help on this. Maybe your broker is still a 4-digits one ? Or it uses some suffix/prefix on pairs names that mess up the script ? Try to place orders on demo playing with parameters until you find the right config.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #34,615
  • Nov 21, 2016 9:39am Nov 21, 2016 9:39am
My trades in LO session. In NY session after the GBP burst after those big candles I preferred not to put on any order.

#1 AUDUSD to TP
#2 AUDCHF to TP

Best regards,
Bubincka
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Porta itineris dicitur longissima esse
  • #34,616
  • Nov 22, 2016 5:47am Nov 22, 2016 5:47am
Here's a wrong setup (wrong in the sense that was "forced") that led to SL.

USDCAD to SL

reasons being:

a) in you go short exceeding previous day low respective ccys strength values must be very low (USD) / high (CAD) and this wasn't the case.
b) if you decide to short anyway then enter the first 50/00 level below PDL (I didn't).

Best regards,
Bubincka
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Porta itineris dicitur longissima esse
  • #34,617
  • Nov 24, 2016 2:10am Nov 24, 2016 2:10am
Absolutely no stopping USDJPY at the moment and London open seemed a prime opportunity.

1:1 RR with 10 TP and 10 SL.

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flipfloptrader forum
  • #34,618
  • Nov 29, 2016 1:44am Nov 29, 2016 1:44am
My trades at FFO. Entries were a bit late, but in case of an extended move, 2nd trade manager succeeds in gettin' many green pips.

#1 EURJPY long to TP
#2 USDJPY long to TP

Best regards,
Bubincka
Attached Image(s) (click to enlarge)
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Porta itineris dicitur longissima esse
  • #34,619
  • Nov 29, 2016 2:22am Nov 29, 2016 2:22am
Weak JPY and strong NZD, gained a better entry after waiting 3-4 minutes from London open.

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  • #34,620
  • Nov 30, 2016 5:02am Nov 30, 2016 5:02am
Quoting victorezeaku
Please I need help I am unable to get the buy stop and sell stop pending order script to place order on the next 00 level. Mine places pending order hundreds of pips away How do I set the script to set pending order on the next available 00 level thanks
This happened to me. The scripts worked well for awhile and then began placing orders far away (like 50 and not 5). I think FxRabbi has an EA that can be used to place pending orders. Hope this helps. -Jason
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