The System II (Yes with irony) | Page 25 | 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)

  • #481
  • Apr 23, 2008 4:18am Apr 23, 2008 4:18am
Sold EU @ 15960
TP: 20
SL: 20

Feb, let me know your thoughts on this one when you wake up!
Its a little wicky in my opinion but i see it as first move of London session.
The customer is always right!
  • #482
  • Apr 23, 2008 5:13am Apr 23, 2008 5:13am
I got this one as well but i think stoploss got hit?
  • #483
  • Apr 23, 2008 5:23am Apr 23, 2008 5:23am
I'm still in but it looks like a signal for a BUY!

But the reversal is only one bar so i'm not sure?
The customer is always right!
  • #484
  • Apr 23, 2008 6:13am Apr 23, 2008 6:13am
Quoting Pipfox
I'm still in but it looks like a signal for a BUY!

But the reversal is only one bar so i'm not sure?
Hello,

Good morning.... Can you and Morton throw in your charts ...It would be helpful to all of us.


Thanks
Unus pro omnibus, omnes pro uno
  • #485
  • Apr 23, 2008 6:27am Apr 23, 2008 6:27am
Hello,

To Feb and others here......I need a clarification of what constitutes a new swing within an established one. Look at the chart below. We had a short pullback followed by a swing of about 30 pips. Would you consider this the new swing to base our trade on?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: chart2.gif Size: 48 KB
Unus pro omnibus, omnes pro uno
  • #486
  • Apr 23, 2008 7:09am Apr 23, 2008 7:09am
Hello,

Well, I went for it short and got my 21+pips. I will wait for an answer to my previous question...now the question for me is....will I stop trading for the day and be content with my 21pips or will I get trigger happy and take a chance of loosing my gain... This is a dilemma facing most of us.
Attached Image (click to enlarge)
Click to Enlarge Name: chart2.gif Size: 48 KB
Unus pro omnibus, omnes pro uno
  • #487
  • Apr 23, 2008 7:11am Apr 23, 2008 7:11am
According to feb's rule, at least 2 candles of reversal for confirmation? But if you took that trade, you could have already won it.

Anyway, feb told us not to make any rules as hard. So in the end, it all depends on how you pulled that trigger.
  • #488
  • Apr 23, 2008 7:14am Apr 23, 2008 7:14am
Quoting moneda
Hello,

Well, I went for it short and got my 21+pips. I will wait for an answer to my previous question...now the question for me is....will I stop trading for the day and be content with my 21pips or will I get trigger happy and take a chance of loosing my gain... This is a dilemma facing most of us.
depends on your goal and how you're spreading the risk

if you get 21 ticks and something good is developing, reduce the risk at half...meaning...go in with half of lots you did on the first time. The idea is to reduce exposure while you have the chance to make some more dough
Peace
  • #489
  • Apr 23, 2008 7:36am Apr 23, 2008 7:36am
Sold EU @ 1.5963, closed 23 pips +. Re-entered EU and enter GU, as the trend started to pull back again. It looks like its working out, I will post charts later...

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #490
  • Apr 23, 2008 7:40am Apr 23, 2008 7:40am
I like this HH-HL, LL-LH.
I try to code it in OpenQuant automatic trading software.
the bar chart time frame is 5 sec on oil future.
Attached Image (click to enlarge)
Click to Enlarge Name: oil1.gif Size: 22 KB
  • #491
  • Apr 23, 2008 7:41am Apr 23, 2008 7:41am
Quoting feb2865
depends on your goal and how you're spreading the risk

if you get 21 ticks and something good is developing, reduce the risk at half...meaning...go in with half of lots you did on the first time. The idea is to reduce exposure while you have the chance to make some more dough
I don't know if its the best idea, but I will just close my positions, and re-enter. Personally I close my trades once the trade starts to slow down, after enterance, it will usually do another pull back, or stall, this is where I close, and see if another oppurtunity arises, this is what usually works for me.

Good Luck
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #492
  • Apr 23, 2008 8:08am Apr 23, 2008 8:08am
Quoting TheLegace
I don't know if its the best idea, but I will just close my positions, and re-enter. Personally I close my trades once the trade starts to slow down, after enterance, it will usually do another pull back, or stall, this is where I close, and see if another oppurtunity arises, this is what usually works for me.

Good Luck
TheLegace.
TheLegace,

Exiting/taking profit and controlling risk are the most challenging things that I am also working on. I don't think that there is a "right way"..many things come into play and circumstances are different for each trader. In my opinion the most important thing is not to let a our gains turn into loosers.

Unus pro omnibus, omnes pro uno
  • #493
  • Apr 23, 2008 8:47am Apr 23, 2008 8:47am
i got in this trade on the m5 chart. It was not a very good trade, the swing was already quite long.
i follwed the price action on the m1 chart and closed the trade as soon as i saw the first red candle.
so 1 pip win insted of 20 pips stoploss, is this teh way one should use trailing stop or do you have tzo wait until price reached the 20 pip take profit range?
Attached Image
  • #494
  • Apr 23, 2008 9:14am Apr 23, 2008 9:14am
Quoting MJurban
i got in this trade on the m5 chart. It was not a very good trade, the swing was already quite long.
i follwed the price action on the m1 chart and closed the trade as soon as i saw the first red candle.
so 1 pip win insted of 20 pips stoploss, is this teh way one should use trailing stop or do you have tzo wait until price reached the 20 pip take profit range?

if things are stalling I normally bail out...if momentum is there I keep going
Peace
  • #495
  • Apr 23, 2008 9:25am Apr 23, 2008 9:25am
I am a hyper-scalper by nature. Although I am not a scalper in terms of looking for short profits, I follow the same guidelines. In my lil book on futures, which is my bread and butter, I give no quarters. I use very tight stops. I really don't care if a miss a move. But that's me. It takes probably a lot of practice. You don't have to do that.

But...just try it to see if it works.


The main thing about exits is that you must reduce your risk immediately as soon as the market moves in your favor.

Remember that my hit ratio is low....less than 50%... I traded my risk ratio for consistency many moons ago
Peace
  • #496
  • Apr 23, 2008 9:52am Apr 23, 2008 9:52am
Another thing you can do is to move the stop to B/E once you've reached 10 pips......if you get stopped at B/E no big deal...who said you can't get back in???
Peace
  • #497
  • Apr 23, 2008 11:14am Apr 23, 2008 11:14am
Quoting feb2865
Another thing you can do is to move the stop to B/E once you've reached 10 pips......if you get stopped at B/E no big deal...who said you can't get back in???
thank you feb,
i will try both; B/E soon as possible and watching the m1 chart movements.
  • #498
  • Apr 23, 2008 12:43pm Apr 23, 2008 12:43pm
Quoting feb2865
I am a hyper-scalper by nature. Although I am not a scalper in terms of looking for short profits, I follow the same guidelines. In my lil book on futures, which is my bread and butter, I give no quarters. I use very tight stops. I really don't care if a miss a move. But that's me. It takes probably a lot of practice. You don't have to do that.

But...just try it to see if it works.


The main thing about exits is that you must reduce your risk immediately as soon as the market moves in your favor.

Remember that my hit ratio is low....less than 50%... I traded my risk ratio for consistency many moons ago
In the last sentence I should say hit ratio - no risk ratio
Peace
  • #499
  • Apr 23, 2008 1:16pm Apr 23, 2008 1:16pm
Hi Feb,

Here is a trade i got in earlier on the pound. As you can see, i got in the trade and lost it. The trade failed to break higher and went all the way down. Would you recommend to reverse the trend and short this trade at the 100 of the fibo? I mean the origin of the swing.

And today had been a hard day. The market was ranging all the time and false breakouts came at least thrice as i seen.

Thanks!
Attached Image
  • #500
  • Apr 23, 2008 1:47pm Apr 23, 2008 1:47pm
Quoting morton82
Hi Feb,

Here is a trade i got in earlier on the pound. As you can see, i got in the trade and lost it. The trade failed to break higher and went all the way down. Would you recommend to reverse the trend and short this trade at the 100 of the fibo? I mean the origin of the swing.

And today had been a hard day. The market was ranging all the time and false breakouts came at least thrice as i seen.

Thanks!

Yes whenever I lose I always look for the other side to see if there's something cooking

Of course...some discretionary money management is advisable


After 2 strikes...I am out
Peace
1 trader viewing now