Flipfloptrader Forex Forum
  • Register
  • Help

  • What's New?
  • Forum
    • New Posts
    • FAQ
    • Forum Actions
      • Mark Forums Read
    • Quick Links
      • Today's Posts
  • Economic Calendar
  • Trading Room
  • Advanced Search
  • Home
  • Forum
  • Forex Forum
  • General Forex Discussion
  • 00 Level Trading


  1. Thankyou for stopping by. We're busy creating a hub for all levels and abilities of Forex traders.You will have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.
Results 1 to 4 of 4

Thread: 00 Level Trading

  • Thread Tools
    • Show Printable Version
    • Email this Page…
  • Search Thread
    •  
      Advanced Search
  • Display
    • Switch to Hybrid Mode
    • Switch to Threaded Mode
  1. 16-03-2017, 07:35 AM #1
    Admin's Avatar
    Admin
    • View Profile
    • View Forum Posts
    • Private Message
    Admin is offline

    Title
    Head Flip Flop
    Join Date
    Mar 2017
    Location
    Gold Coast
    Posts
    2,565

    00 Level Trading

    Firstly, I cannot take credit for developing this strategy, the original creator is a trader called Udine who posted for a long time on ForexFactory.

    All I have done is adapt his simple idea to suit my trading and it is a fantastic, simple tool.

    The Theory

    At the beginning of every hour, you will often find price accelerate towards certain levels. This strategy looks to capitalise on these moves. By using a currencies strength or weakness versus another currency, you can pick pairs that are likely to move in a particular direction if all the conditions are met.

    Installation

    Download the attached zip folder and insert all of the indicators into your MT4. Insert the template into your template folder.

    File>Open Data Folder>MQL4>Indicators

    File>Open Data Folder>Templates

    On a 15 minute chart, right click anywhere and select load template. You can then choose 00 level trading and your chart will be ready.

    Identifying a trade

    Firstly, you need certain criteria to be met. You need both the daily and 1 hour direction to be the same. This is easily identified by the attached indicator. On the below example you can also see a list of 8 currencies ranked in order of strength. 1 being the strongest. The key element to being successful with this strategy is timing. The currencies strength/weakness rises and falls by every tick. Practice is certainly the best way of being able to identify the best currencies to choose.

    Click image for larger version. 

Name:	audusd-m30-darwinex.jpg 
Views:	13 
Size:	74.5 KB 
ID:	14

    The best times I have found to trade are on the Frankfurt Open (European Open), London open and New York open.

    The entry criteria is to enter a trade when price reaches a 00 level. This is identified every 10 pips. Using AUDUSD as an example the first trade occurred at 0.7700 and the 2nd trade occurred at 0.7710.

    Only one trade per hour.

    Another example below. GBPUSD, entry at 1.2140 at the start of the London open.

    Click image for larger version. 

Name:	gbpusd-m15-international-capital-markets (2) (1).jpg 
Views:	9 
Size:	91.0 KB 
ID:	15

    Targets

    The original method called for a 10 pip stop and a 5 pip target. Over time, I altered the risk/reward to try and get it as close as possible to 1:1. In general, I vary it from pair to pair. EURUSD is not going to move as much as say GBPNZD. You have to learn each pair and their volatility.

    Any questions, feel free to ask!
    Attached Files Attached Files
    • File Type: zip Fx.zip (205.9 KB, 12 views)
    My daily trading journal
    Reply With Quote Reply With Quote

  2. 16-03-2017, 11:03 AM #2
    Admin's Avatar
    Admin
    • View Profile
    • View Forum Posts
    • Private Message
    Admin is offline

    Title
    Head Flip Flop
    Join Date
    Mar 2017
    Location
    Gold Coast
    Posts
    2,565
    I'll be posting some examples to try give an idea of what to look for. New York open is in a couple of hours.
    My daily trading journal
    Reply With Quote Reply With Quote

  3. 20-03-2017, 08:18 AM #3
    Admin's Avatar
    Admin
    • View Profile
    • View Forum Posts
    • Private Message
    Admin is offline

    Title
    Head Flip Flop
    Join Date
    Mar 2017
    Location
    Gold Coast
    Posts
    2,565
    Let's see if we can snag a trade on London open in 40 mins.
    My daily trading journal
    Reply With Quote Reply With Quote

  4. 20-03-2017, 09:13 AM #4
    Admin's Avatar
    Admin
    • View Profile
    • View Forum Posts
    • Private Message
    Admin is offline

    Title
    Head Flip Flop
    Join Date
    Mar 2017
    Location
    Gold Coast
    Posts
    2,565
    Quote Originally Posted by Admin View Post
    Let's see if we can snag a trade on London open in 40 mins.
    Didn't see anything clear cut, try again later.
    My daily trading journal
    Reply With Quote Reply With Quote

Quick Navigation General Forex Discussion Top
  • Site Areas
  • Settings
  • Private Messages
  • Subscriptions
  • Who's Online
  • Search Forums
  • Forums Home
  • Forums
  • Forex Forum
    1. Forum Lab
      1. How To Guide
    2. News Central
    3. General Forex Discussion
    4. Broker Reviews
    5. Platform Tech
    6. Development Central
  • Other Markets
    1. Commodities and Indexes
  • Off Topic
    1. The Lounge
      1. Introductions
    2. Tech Chat
« Previous Thread | Next Thread »

Tags for this Thread

currencies, forex, strategy, trading

View Tag Cloud

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • BB code is On
  • Smilies are On
  • [IMG] code is On
  • [VIDEO] code is On
  • HTML code is Off

Forum Rules

Options

  • Contact Us
  • FlipFlopTrader
  • Archive
  • Top
All times are GMT +1. The time now is 09:46 AM.
Forum Theme By Technidev
Powered by vBulletin®
Copyright © 2019 vBulletin Solutions, Inc. All rights reserved.