The System II (Yes with irony) | Page 15 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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)
Exit Attachments

The System II (Yes with irony)

  • #281
  • Apr 18, 2008 9:46am Apr 18, 2008 9:46am
it's worth it to get up early on expirations day
Attached Image (click to enlarge)
Click to Enlarge Name: 4-18-2008.jpg Size: 86 KB
Peace
  • #282
  • Apr 18, 2008 9:53am Apr 18, 2008 9:53am
My trade was a hint from correlations. Kinda risky in my opinion.

but here's a safer way to get that move..... using this strategy

notice the arrows...possible entries....... shallow pullbacks...sweet

I calculate ATR stops to keep me on the move...
Attached Image (click to enlarge)
Click to Enlarge Name: 4-18-2008 2.jpg Size: 95 KB
Peace
  • #283
  • Apr 18, 2008 9:57am Apr 18, 2008 9:57am
Quoting feb2865
My trade was a hint from correlations. Kinda risky in my opinion.

but here's a safer way to get that move..... using this strategy

notice the arrows...possible entries....... shallow pullbacks...sweet

I calculate ATR stops to keep me on the move...
Yes Feb that's what I was talking about early Unfortunately I was able to pick only latest entry point but i'm happy also with 9 pips
  • #284
  • Apr 18, 2008 10:01am Apr 18, 2008 10:01am
Quoting skyline
Yes Feb that's what I was talking about early Unfortunately I was able to pick only latest entry point but i'm happy also with 9 pips
the hardest part for us here on USA is to wake up early to be on the lookout on these kinda moves.....I mean you have decent swings on New york session. too
Peace
  • #285
  • Apr 18, 2008 10:06am Apr 18, 2008 10:06am
Quoting feb2865
the hardest part for us here on USA is to wake up early to be on the lookout on these kinda moves.....I mean you have decent swings on New york session. too
C'mon Feb come here in Italy, it's perfect to catch both move from London+NY and food is better than USA ehehe
  • #286
  • Apr 18, 2008 10:34am Apr 18, 2008 10:34am
Hi

I thought I would post my first System II trade and would love to get some comments/feedback

I used the fib tool to identify the swing points and it was interesting to see the 50% line being used as a support.

Conclusion:
1. The break out happenedat 164.42 but i didnt realise i should have put a limit order ( I just cannot work out how to put a limit order into Mt4!! - need to spend some time to research that).

2. I entered the trade manually at 164.59 (with a 20 TP (164.78) and 20 SL (164.37)) with a 0.1 lot

Outcome:
closed at a loss of $2.10

Lesson Leant: The market just hasnt decided to move in any direction (could be with the fact its Friday afternoon (BST) and the duration of the candles/time it took to "breakout".


Bugger !!
Attached Image (click to enlarge)
Click to Enlarge Name: monday.gif Size: 10 KB
  • #287
  • Apr 18, 2008 10:50am Apr 18, 2008 10:50am
Quoting Pervaz
Hi

I thought I would post my first System II trade and would love to get some comments/feedback

I used the fib tool to identify the swing points and it was interesting to see the 50% line being used as a support.

Conclusion:
1. The break out happenedat 164.42 but i didnt realise i should have put a limit order ( I just cannot work out how to put a limit order into Mt4!! - need to spend some time to research that).

2. I entered the trade manually at 164.59 (with a 20 TP (164.78) and 20 SL (164.37)) with a 0.1 lot

Outcome:
closed at a loss of $2.10

Lesson Leant: The market just hasnt decided to move in any direction (could be with the fact its Friday afternoon (BST) and the duration of the candles/time it took to "breakout".


Bugger !!
Hi Pervaz,
I think that your setup is a good one but Feb has the last word on it
I don't know if this could help you with pending orders :

Buy scenario :

1) If you want to buy and price is below the desired entry point then use Buy Stop
2) If you want to buy and price is above the desired entry point then use Buy Limit

Sell scenario :

3) If you want to sell and current price is above the desired entry point then use Sell Stop
4) If you want to sell and current price is below the desired entry point then use Sell Limit
Attached Image
  • #288
  • Edited 11:11am Apr 18, 2008 11:01am | Edited 11:11am
Quoting Pervaz
Hi

I thought I would post my first System II trade and would love to get some comments/feedback

I used the fib tool to identify the swing points and it was interesting to see the 50% line being used as a support.

Conclusion:
1. The break out happenedat 164.42 but i didnt realise i should have put a limit order ( I just cannot work out how to put a limit order into Mt4!! - need to spend some time to research that).

2. I entered the trade manually at 164.59 (with a 20 TP (164.78) and 20 SL (164.37)) with a 0.1 lot

Outcome:
closed at a loss of $2.10

Lesson Leant: The market just hasnt decided to move in any direction (could be with the fact its Friday afternoon (BST) and the duration of the candles/time it took to "breakout".


Bugger !!
Hi, pervaz
looking at your chart, i would say the stoploss for this trade should be below the 50% Line
It is a very wide stoploss , so i would not have taken this trade
But as skyline says feb is the master we will wait for his comment



edit: i see eurjpy devellop a new long entry
this one is better cause the stoploss is not so far away
cause of late friday a would not take the trade too, market is real slow
Attached Image
  • #289
  • Apr 18, 2008 11:09am Apr 18, 2008 11:09am
Quoting MJurban
Hi, pervaz
looking at your chart, i would say the stoploss for this trade should be below the 50% Line
It is a very wide stoploss , so i would not have taken this trade
But as skyline says feb is the master we will wait for his comment
I agree 100%..probably won't suit your risk tolerance
Peace
  • #290
  • Apr 18, 2008 11:12am Apr 18, 2008 11:12am
Quoting Pervaz
Hi

I thought I would post my first System II trade and would love to get some comments/feedback

I used the fib tool to identify the swing points and it was interesting to see the 50% line being used as a support.

Conclusion:
1. The break out happenedat 164.42 but i didnt realise i should have put a limit order ( I just cannot work out how to put a limit order into Mt4!! - need to spend some time to research that).

2. I entered the trade manually at 164.59 (with a 20 TP (164.78) and 20 SL (164.37)) with a 0.1 lot

Outcome:
closed at a loss of $2.10

Lesson Leant: The market just hasnt decided to move in any direction (could be with the fact its Friday afternoon (BST) and the duration of the candles/time it took to "breakout".


Bugger !!

ah...don't worry about it man....It's cool..

Just don't quit. Take the next one.


I believe it takes time to understand the simplicity of trading like this. Once you get it going, it's automatic....boring LOL

yes always use limit orders...no matter what
Peace
  • #291
  • Apr 18, 2008 11:17am Apr 18, 2008 11:17am
EUR/JPY is a cross...kinda wild 'n out...similar to sterling/yen in my opinion

I suggest to lower your gear...go light loaded if you want to trade a swing like this.

I believe there's a broker who let you trade in units....Oanda???

I don't have any sort of experience so due diligence is a must

But trading units instead of lots will give you an extra kick in my opinion
Peace
  • #292
  • Apr 18, 2008 11:40am Apr 18, 2008 11:40am
Hi Feb

Just wanted to say that it's a privilege to learn from someone so experienced and your insights into the market make for excellent reading .

I only follow posts from a few 'legends' on FF and will certainly be subscribing to your thread.

I feel another AHA moment is about to happen!!

Forexhen
Forget What You BelieveBelieve What You See
  • #293
  • Apr 18, 2008 11:55am Apr 18, 2008 11:55am
Same here. Feb's method is so uncomplicated - really enjoying the experience. And Feb, thanks for that little jewel regarding options. We need every edge we can get. I'm on the east coast too. Have to stay awake for the London open. Frankfurt usually has a move at 2am. Thanks to Skyline ( I hope Amauri goes to Juve) for his unselfish contribution - trailing stop ea. Have a great weekend to everyone.
  • #294
  • Apr 18, 2008 11:59am Apr 18, 2008 11:59am
Quoting Forexhen
Hi Feb

Just wanted to say that it's a privilege to learn from someone so experienced and your insights into the market make for excellent reading .

I only follow posts from a few 'legends' on FF and will certainly be subscribing to your thread.

I feel another AHA moment is about to happen!!

Forexhen
awww thanks.....

Anything to help, don't hesitate to ask
Peace
  • #295
  • Apr 18, 2008 12:07pm Apr 18, 2008 12:07pm
Quoting Rialto
Same here. Feb's method is so uncomplicated - really enjoying the experience. And Feb, thanks for that little jewel regarding options. We need every edge we can get. I'm on the east coast too. Have to stay awake for the London open. Frankfurt usually has a move at 2am. Thanks to Skyline ( I hope Amauri goes to Juve) for his unselfish contribution - trailing stop ea. Have a great weekend to everyone.

I defintely enjoy helping others others Don' t hesitate to ask

Skyline is an amazing programmer and also very experienced
Peace
  • #296
  • Apr 18, 2008 12:32pm Apr 18, 2008 12:32pm
hi feb,1 question here.account to Pervaz's chart,he is waiting for the Long entry.what if price never break previous high but starting to break 50 level,will go Short?
Attached Image
  • #297
  • Apr 18, 2008 12:41pm Apr 18, 2008 12:41pm
I definitely have a bag to tricks when it comes down to the markets. I started as a runner(clerk) on the pits back in 1981. So go figure...long story.

If you guys stick around 'Ill show you some of them. One thing you won't hear form is beggin' for any money like some other people do. Thanks to the divine order, I don't need it. The markets has plenty of money if you develop the ability to milk it consistently. That's why you need to read the market properly. Having your eyes crossed looking at squiggly lines won't make it. I swear.

Some people have asked me before about tutoring. Unfortunately, due health conditions I don't do it anymore. The only people I take on private is floor traders looking to get into electronic trading.

But as long as I stay around and as I said you guys show interest, I'll lay a hand.
Peace
  • #298
  • Apr 18, 2008 12:46pm Apr 18, 2008 12:46pm
Quoting amenlo9
hi feb,1 question here.account to Pervaz's chart,he is waiting for the Long entry.what if price never break previous high but starting to break 50 level,will go Short?

If I am not mistaking, the swing was shouting long...what you're looking is a small hiccup. You stay put a and let the market decide...if it changes direction you will have the ability to spot it before anyone else. When that happens, place a limit order and tell the market "come to papa"

Remember...it's Friday....expiration day...we had a strong move downwards on London session..
Peace
  • #299
  • Apr 18, 2008 1:13pm Apr 18, 2008 1:13pm
Quoting skyline
C'mon Feb come here in Italy, it's perfect to catch both move from London+NY and food is better than USA ehehe

I didn't read this post sky!!


I love Italy...with passion.

The food, the wine....the people....the women LOL

I have many reasons to love Italy

I guess I am kinda chicken to leave this country Actually I've been planning to go Italy on vacation this summer
Peace
  • #300
  • Apr 18, 2008 1:52pm Apr 18, 2008 1:52pm
Quoting feb2865
I didn't read this post sky!!


I love Italy...with passion.

The food, the wine....the people....the women LOL

I have many reasons to love Italy

I guess I am kinda chicken to leave this country Actually I've been planning to go Italy on vacation this summer
eheh I'm sure you will have good time here Just let me know if you will be near Pisa so we can meet somewhere around

Cheers,
Skyline
2 traders viewing now