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We all need pivots to win..yes or not? 13 replies

The System (Irony included) 1,175 replies

Attachments: The System II (Yes with irony)
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The System II (Yes with irony)

My LV battle commences!
Quoting coronajazz
I dont think anyone is bending the rules here. While the market is alive and playing it is very hard to see the shapes correctly (FCR or a part of retracement). That is why they call it "the hard right edge".It could of pierce through the LV only to shoot up and make a BAMM long.
hey corona,

i was refering to post#14735........... as in, picking and choosing when to ignore an fcr is being discretionary......... you are bringing hope into the plan ......(ie. hoping you made the right choice.)

hey mate, just my view on it
Quoting FOURX
hey corona,

i was refering to post#14735........... as in, picking and choosing when to ignore an fcr is being discretionary......... you are bringing hope into the plan ......(ie. hoping you made the right choice.)

hey mate, just my view on it
I second that!

The process of defining if its a FCR or just a hiccup has a lot of discretion. Once you have your mind set up, ignoring it is not an option.
You wont survive without preserving!!!
Quoting coronajazz
I second that!

The process of defining if its a FCR or just a hiccup has a lot of discretion. Once you have your mind set up, ignoring it is not an option.
thats my point............ if you decide its valid,it must always be used (traded) the same way everytime
Finally out for -12. That's it for today.
Arrows mark the most recent FCRs Don't they?
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Dance with the market .. I have two left feet
This off the topic question but related to trading.
I am thinking to buy a laptop for trading, is there any suggestion for stable laptop suitable for meta-trader trading?
if I buy 10" small one or touch screen, they are easy to use in office ( that is why i am willing to buy laptop as want to monitor the charts in office but dont want to show it every body ... invisible mode ... lol)
my question is that 10" screen is that enough to see 5min chart for System-II trading? Is any body using that? Or any other suggestion about laptop... budget is also limited.
Quoting 786 trading
This off the topic question but related to trading.
I am thinking to buy a laptop for trading, is there any suggestion for stable laptop suitable for meta-trader trading?
if I buy 10" small one or touch screen, they are easy to use in office ( that is why i am willing to buy laptop as want to monitor the charts in office but dont want to show it every body ... invisible mode...
Sometimes, when I have to be out, I monitor my trades on my mobile phone. It displayes only 3-4 h of past data.

You dont need much technology for system 2 trading. Any laptop will do.
You wont survive without preserving!!!
Quoting coronajazz
Sometimes, when I have to be out, I monitor my trades on my mobile phone. It displayes only 3-4 h of past data.

You dont need much technology for system 2 trading. Any laptop will do.
Can you see charts on your mobile? which mobile you have and did you install metatrader-mobile ver. on it?
Quoting 786 trading
Can you see charts on your mobile? which mobile you have and did you install metatrader-mobile ver. on it?
I have nokia e 71.I do not use metatrader. But I have GFT dealbook`s mobile version. You can see charts , put orders and do anything like on the PC version. It is not quite intuitive as the real thing though, you cant get the job done so fast so that is why I do not enter new trades while on the run, but only monitor existing trades.
You wont survive without preserving!!!
Quoting FOURX
thats my point............ if you decide its valid,it must always be used (traded) the same way everytime
Ok, I am going to try and explain my reasons why I took the last fcr trade I did and iqnored the long fcr that came after my fcr short @3999.
As for my first trade, when I shorted from 3999, the momentum/speed of the down candles were very apparent and I could sense a strong down trend. So when that fcr appeared, I made the decision that it was just a normal retracement and not a reversal as the trend was still quite strong and wasn't showing obvious signs of exhaustion. Hence that fcr was ignored. Immediately after that fcr, a potential 123D setup was formed . Now that was a valid one to me because if the HH was breached, it would have meant (to me) the down trend was showing signs of exhaustion.

Now the above short trade was eventually stopped out @ 3969 where I took a BB trade to the long side.

Now with this BB @3969 trade, I was then faced with a fcr which formed within 7 candles after the breakout. On this occasion, I did not ignore the short fcr @ 3967. I took that trade, closing my long trade for -2 at the same time. Reason why I took the fcr was because the strong down trend was quite apparent and doesn't yet appear exhausted to me.

I felt comfortable making all those trade decisions because I felt in tune with the market (well, that was how I felt at that time) I did not feel I wasn't following the plan as it forms the complete basis of how I trade these days. The rules aren't set in stone and there will always be occasions when some "bending" of it will take place. I personally think that we cannot be too rigid in how we interprete the plan. The plan is there for guidance and to give structure to how we trade but it is not a 100% mechanical system which an EA could replicate. So discretion does play a big part in it, maybe you can call it as intuition, which Fxa talks about alot.

I hope I have been able to convey my explanation across in a manner that's easily understood. I look forward to hearing the opinions of others and remain open minded to any criticism and change.

Cheers all, it's been an exhausting but good learning day for me !

B.
Quoting narberth
Arrows mark the most recent FCRs Don't they?
Narbeth, if you refer to the chart you posted, the last arrow is the most recent and valid fcr. You can only have one fcr at a time. It is a trend reversal set up. So in your chart, you can see that the PA forming is showing an uptrend i.e. HH & HL. So the revers trade would be to the downside and the fcr pointed by the arrow at the bottom is the only valid one in your chart.

The arrow at the top is pointing at a 123D continuation setup.

Hope that helps.

Cheers,
B
Quoting narberth
Arrows mark the most recent FCRs Don't they?

Hi Narberth,

Here is the best chart from FX to illustrate FCR's - they are simple and mark a high or a low - high ones give you an entry level for a potential long trade set up and low ones for a potential short trade set ups. I mark my highs and lows different colours because I need all the help I can get!Post numbers 3420, 3440, 3444, 3448 in my opinion is the best sequence of posts on the FCR

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I have marked in the fcr's on your chart as I see them. Although I get what Bakuli is saying, sometimes older fcr's can give you an entry opportunity - so they become useful one at a time as the PA dictates - but if you read back through Fx's guidelines for them it will all make sense.

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$urvive, Pre$erve & RESPECT THE TEACHER
Quoting 786 trading
This off the topic question but related to trading.
I am thinking to buy a laptop for trading, is there any suggestion for stable laptop suitable for meta-trader trading?
if I buy 10" small one or touch screen, they are easy to use in office ( that is why i am willing to buy laptop as want to monitor the charts in office but dont want to show it every body ... invisible mode...
Hey!

I am using MSI U90

Look at it in my profile picture (in avatar too)... It is small, not expensive, and I can hold it everywhere.... Look in internet for descreption of this model... I like my laptop very. For me it is all i need....


Hope it helps!
Looks like the market wants to go down further.
Quoting Bakuli
Looks like the market wants to go down further.
hi bakuli,
Are you in ?
I'm short 1.3949
Quoting Musanto
hi bakuli,
Are you in ?
I'm short 1.3949
Have a good night sleep buddy,
Thank's for the live post folks, I learn so much from it.
Quoting Musanto
Have a good night sleep buddy,
Thank's for the live post folks, I learn so much from it.
Sorry Musanto , just saw your post. Yes I was in but have closed my short now because I can't babysit it anymore - just too damn tired!
Watch out for the reversal as that should be a good one to catch.
Quoting Musanto
hi bakuli,
Are you in ?
I'm short 1.3949
Hi Musanto,

Hope you don't mind me giving you my feedback on your entry point which I think is too late and carries more risk. I have explained it in the chart. That's how I enter mine ie try and get on the early bus. If I am too late, then I stay out rather then enter on just a 123 continuation set-up in the middle of the run. It carries more risk and also becomes a bad habit. Just my humble opinion and it has served me well since I traded System 2. One of the main aim of the strategy is early entry. You always hear Fxa talk about being in driver's seat and that's exactly what it is- get in early and then be in command of the bus fairly quickly when the run takes off in your direction.

Hope it helps,
B
ps..I am really an insomniac (still can't fall asleep but tired though, lol)
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Quoting Bakuli
Sorry Musanto , just saw your post. Yes I was in but have closed my short now because I can't babysit it anymore - just too damn tired!
Watch out for the reversal as that should be a good one to catch.
The start of reversal? I am in @3933
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