DislikedI defintely enjoy helping others others Don' t hesitate to ask
Skyline is an amazing programmer and also very experiencedIgnored
We all need pivots to win..yes or not? 13 replies
The System (Irony included) 1,175 replies
DislikedI defintely enjoy helping others others Don' t hesitate to ask
Skyline is an amazing programmer and also very experiencedIgnored
DislikedI 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.Ignored
DislikedSkyline,
I love Pizza too! can I come to visit! oops ! you meant Pisa! I would love to visit there too! Someday my wife and I will do just that!
Comune di Pisa
Municipal coat of arms
Location of Pisa in Italy
CountryItalyRegionToscanaProvincePisa (PI)MayorPaolo Fontanelli
(since May 25, 2003)Elevation4 m (13 ft)Area185 kmē (71 sq mi)Population (as of December 31, 2005) - Total90,482 - Density489/kmē (1,267/sq mi)Time zoneCET, UTC+1Coordinates43°43′N 10°24′ECoordinates: 43°43′N 10°24′EGentilicPisaniDialing code050Postal code56100FrazioniMarina di Pisa, Tirrenia, Calambrone, Barbaricina, Riglione, Oratoio, Putignano, San Piero a Grado, Coltano, Sant'Ermete, OspedalettoPatronSan Ranieri - DayJune 17
Have a very enjoyable weekend to all!Ignored
DislikedHi
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 !!Ignored
DislikedPervaz,
Looking at your chart the first thing I saw on this pair was that it had already had some HUGE upward moves prior to your fib placement, then it went into a congestion range at your 50% level on your fib. I would have drawn the fib on a much tighter range "after" that big move. Find the new support at 163.88 and new resistance at 164.21 and then watch what happens to price.........lots of very wicky candles for 2.5 hrs but there were some subtle clues to spot along the way as to where price was going to go.
I prefer to get in earlier than the breakout but even in this case the breakout trade was a good one to get into off of the smaller S/R range.Ignored
Dislikedsorry feb, didn't mean to deviate from the threads main purpose and scope, seriously, sorry about that.
The one thing I noticed on Pervaz' S/R areas/fib was the much smaller S/R range that was developing after that last big high.
That little S/R channel was developing over 2.5 hours just coiling up, we knew that price was eventually going to re-test again somewhere?Ignored
Dislikedsorry feb, didn't mean to deviate from the threads main purpose and scope, seriously, sorry about that.
The one thing I noticed on Pervaz' S/R areas/fib was the much smaller S/R range that was developing after that last big high.
That little S/R channel was developing over 2.5 hours just coiling up, we knew that price was eventually going to re-test again somewhere?Ignored
Dislikedhi skyline .... im newbie here....
did u use some indicator that give u the line for market open and close there.... can you share with me ...
thanx in advance my frenzIgnored
DislikedHi,
I am watching this thread with interest and am trying to implement this strategy today without much success. Maybe i still haven't grasped the main concept of it.
The question here from me is how to define a false breakout. Here is the chart of GBP/JPY today earlier. I am not sure if this is considered a valid trade. The price broke through the high of 206.12 but just a few pips higher. Like 5 pips higher, making it 206.17. So do i set a buy stop at 206.14, 15, 16 or 17. All these will make a losing position.
I hope someone can understand what i am talking.
Anyway, thanks for the thread! It is really helpful. I guess there are many other lurkers like me here in this forum watching this thread with great interest.Ignored