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The System II (Yes with irony)

  • #461
  • Apr 22, 2008 11:24am Apr 22, 2008 11:24am
Quoting moneda
Hey,

Please do not hesitate to offer advise on my thinking process....My main purpose for posting is so that you and other more experienced trader can help me become a better trader.


no problem my friend...

I am very happy with your progress
Peace
  • #462
  • Apr 22, 2008 11:39am Apr 22, 2008 11:39am
Anybody trading U/J??

One my fiends just made 21+ on downward move

damm!!! gotta get me on the spot LOL
Peace
  • #463
  • Apr 22, 2008 11:52am Apr 22, 2008 11:52am
i trade u/j. sometimes kind of difficult.
  • #464
  • Apr 22, 2008 11:54am Apr 22, 2008 11:54am
is it wise to trade with a take profit of 10 pips while the stop is 3xtake profit?

i mean i have 4 good trades for today but only with t/p = 10 pips.

any ideas?
  • #465
  • Apr 22, 2008 11:55am Apr 22, 2008 11:55am
Quoting Wallboroff
i trade u/j. sometimes kind of difficult.
Yeah...two weak currencies

I see something developing on G/U but london session is over...might not be worth it
Peace
  • #466
  • Apr 22, 2008 11:58am Apr 22, 2008 11:58am
Quoting Wallboroff
is it wise to trade with a take profit of 10 pips while the stop is 3xtake profit?

i mean i have 4 good trades for today but only with t/p = 10 pips.

any ideas?
well. it all depends on how aggressive you move your stop-loss. This is when trading becomes an art. Might want to look on momentum for that

I tend to go no higher than 2:1 but it all depends
Peace
  • #467
  • Apr 22, 2008 12:02pm Apr 22, 2008 12:02pm
here is today trade after cad interest rate.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad 4-21-08.gif Size: 36 KB
  • #468
  • Apr 22, 2008 12:12pm Apr 22, 2008 12:12pm
Quoting feb2865
well. it all depends on how aggressive you move your stop-loss. This is when trading becomes an art. Might want to look on momentum for that

I tend to go no higher than 2:1 but it all depends
yeah you´re right. i find it sometimes very difficult to go with the MM formula 2:1.

another thing is if you trail your stop pip by pip the chances are much higher that you get stopped out to early i think.

not easy.
  • #469
  • Apr 22, 2008 12:23pm Apr 22, 2008 12:23pm
Quoting dustmop
here is today trade after cad interest rate.
good trade
Peace
  • #470
  • Apr 22, 2008 12:28pm Apr 22, 2008 12:28pm
Quoting Wallboroff
yeah you´re right. i find it sometimes very difficult to go with the MM formula 2:1.

another thing is if you trail your stop pip by pip the chances are much higher that you get stopped out to early i think.

not easy.
Ok listen

don't make it a fast and hard rule. In your case which is a valid view on the market, just go with the flow, like scalper does. Be more aggressive on the stops...Practice it and you'll find you rhythm

I do something similar on indices. My hit rate las month was like 28% But I ended up in profit..big time

Another idea is to spread the risk across the pairs.

About 1 pip rule, yes you might get stooped early but....you can go back in if the trade is valid.
Peace
  • #471
  • Apr 22, 2008 1:41pm Apr 22, 2008 1:41pm
Feb, my friend, I lose your track for a couple of months just to find
myself reading through 470 juicy odd posts!

You've done it again, awesome thread and awesome teachings.

Thanks a lot for sharing (once more) your knowledge, really appreciated,

Henry
  • #472
  • Apr 22, 2008 1:53pm Apr 22, 2008 1:53pm
Quoting hensch
Feb, my friend, I lose your track for a couple of months just to find
myself reading through 470 juicy odd posts!

You've done it again, awesome thread and awesome teachings.

Thanks a lot for sharing (once more) your knowledge, really appreciated,

Henry
HAHAHAHA hey my friend...long time no see!!!

well, you know I love to teach..unfortunately my health doesn't allow me to travel as I want

But we have a good spot here.

welcome (back) to the family
Peace
  • #473
  • Apr 22, 2008 2:25pm Apr 22, 2008 2:25pm
Hello Trader,

I PMed Feb for the need to have a tradingroom so that traders can exchange ideas evolving from a live chart and possible increase possible number of trading and chances of winning.

All trades taken will be posted on the thread to keep it alive.

The name of the tradingroom is 'THE SYSTEM II'

you will find it under community trading at tradingrooms


Hope to catch you there.


Naijafx
  • #474
  • Apr 22, 2008 3:06pm Apr 22, 2008 3:06pm
Quoting Naijafx
Hello Trader,

I PMed Feb for the need to have a tradingroom so that traders can exchange ideas evolving from a live chart and possible increase possible number of trading and chances of winning.

All trades taken will be posted on the thread to keep it alive.

The name of the tradingroom is 'THE SYSTEM II'

you will find it under community trading at tradingrooms


Hope to catch you there.


Naijafx
Naijafx

I've been looking for the trading room but I can't find it
Peace
  • #475
  • Apr 22, 2008 3:47pm Apr 22, 2008 3:47pm
Just a few thoughts to share with the crew;

Since trying out your style of trading I have had a change in attitude as follows;

I would try and have winners all the time, this is impossible, and invariably hold onto wrong trades too long. Now, I expect losses but the big difference is that I'm prepared for it!! I minimise my loss to no more than 10 - 15 pips depending on my feel for the market. I know that I can always get back into a better trade later.

I now look at the flow or the wave forms of the market( higher highs, higher lows an lower highs and lower lows) This gives me the direction

I am looking at pairs that move well and have a good average daily range so the momentum is there to brake previous highs and lows. Trade 2:00am est to 5:00am est.

I have posted an interesting article which fits with Feb's style, enjoy

Thanks Feb...

Alex
Attached File(s)
File Type: pdf Peaks_and_Troughs_Pring.pdf   181 KB | 1,960 downloads
  • #476
  • Apr 22, 2008 4:17pm Apr 22, 2008 4:17pm
Quoting AlexFX
Just a few thoughts to share with the crew;

Since trying out your style of trading I have had a change in attitude as follows;

I would try and have winners all the time, this is impossible, and invariably hold onto wrong trades too long. Now, I expect losses but the big difference is that I'm prepared for it!! I minimise my loss to no more than 10 - 15 pips depending on my feel for the market. I know that I can always get back into a better trade later.

I now look at the flow or the wave forms of the market( higher highs, higher lows an lower highs and lower lows) This gives me the direction

I am looking at pairs that move well and have a good average daily range so the momentum is there to brake previous highs and lows. Trade 2:00am est to 5:00am est.

I have posted an interesting article which fits with Feb's style, enjoy

Thanks Feb...

Alex
excellent Article Alex!!! a must read

what pairs do you have in mind???

by the way, your attitude on losing is in line with mine
Peace
  • #477
  • Apr 22, 2008 4:35pm Apr 22, 2008 4:35pm
I must admit, I'm a little stubborn and don't like loosing, who does. Funny thing is now I accept the loosing part my mind set is now geared to minimising this as much as possible. As for the pairs CHF/USD, GBP/USD, EUR/CAD and for the not so feint of heart the GBP/JPY although the EUR/JPY maybe a little easier to work with. I work with the pairs that have the higher average daily range as they have the momentum to push past the previous high/low. One thing I do with these pairs is once I have hit my 20 pips I then bring my stop up to lock in the 20 pips and let it run. As an example the GBP/JPY will usually put in 200 pips from London open so why not take the ride, its free right.

Regards

Alex

Quoting feb2865
excellent Article Alex!!! a must read

what pairs do you have in mind???

by the way, your attitude on losing is in line with mine
  • #478
  • Apr 22, 2008 4:42pm Apr 22, 2008 4:42pm
Quoting AlexFX
I must admit, I'm a little stubborn and don't like loosing, who does. Funny thing is now I accept the loosing part my mind set is now geared to minimising this as much as possible. As for the pairs CHF/USD, GBP/USD, EUR/CAD and for the not so feint of heart the GBP/JPY although the EUR/JPY maybe a little easier to work with. I work with the pairs that have the higher average daily range as they have the momentum to push past the previous high/low. One thing I do with these pairs is once I have hit my 20 pips I then bring my stop up to lock in the 20 pips and let it run. As an example the GBP/JPY will usually put in 200 pips from London open so why not take the ride, its free right.

Regards

Alex
I agree..I am looking myself on EUR/JPY as a main cross to trade, apart from the mayors
I've been looking for U/J for hedging since a long time.

well...let's see what happens
Peace
  • #479
  • Apr 22, 2008 4:59pm Apr 22, 2008 4:59pm
Instructions to locate and participate in the afore-mentioned room

1. goto Tradingrooms.com

2. register your username and follow instruction given

3. download tradingrooms software

4. logon with your user id and passowrd

5. locate tradingrooms

6. move to community trading rooms

7. Look for TheSystemII

and then i are ready for the action

thanks
  • #480
  • Apr 23, 2008 3:32am Apr 23, 2008 3:32am
Quoting feb2865
Naijafx

I've been looking for the trading room but I can't find it

I hope you don't leave us here at FF.

I'm following you since first post.

Peace 2U
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