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The System II (Yes with irony)

  • #721
  • Dec 16, 2008 7:01am Dec 16, 2008 7:01am
Hello,


How deep will the pullback be?
Attached Image (click to enlarge)
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Unus pro omnibus, omnes pro uno
  • #722
  • Dec 16, 2008 7:10am Dec 16, 2008 7:10am
bootsyjam,

Not meaning to ramble, but just focus on one pair using The System II as FEB has stated. It is A VERY SOUND SYSTEM. Once you see it in action & how that pair reacts along with those logical levels, then move to another pair. For me I stick to E/$, but the GBP/$ is another one I'll trade from time to time. You can get some nice moves from both.

E/$ & GBP/$ are now on the move & the second one from near the 5200 level.

Having said that, the levels are not the Holy Grail, but they have merit & are well worth giving attention to.
  • #723
  • Dec 16, 2008 7:24am Dec 16, 2008 7:24am
Hi again Ace,
Ok I'll look carefully at what's happening around the 50/00 levels and will draw lines on my chart just to give me some sort of visual representation as I would most likely fail to spot something in the heat of the moment.
Wash and rinse has worked-have recouped my earlier losses with the recent Eur and GBP moves against the $. I must pick my trades which you and En0X, (along with all the other posters, like Moneda too, who share their wisdom throughout this thread) are really helping with. Hope everyone got in on the recent move.
  • #724
  • Dec 16, 2008 7:36am Dec 16, 2008 7:36am
bootsyjam,

Glad we can help. Thats what this tread is all about......helping each other.

FEB is a kind & sharing person willing to help by sharing his knowledge & he NO DOUBT is in the know about his system. The System II is simplistic in its design, indicator free & its works. I am HUMBLED to read his post.

Stay focused on those pairs as there will be more to come. Keep stops tight & trail if possible. This is a volitale time of yr for trading.

If E/$ cracks the 3727..........note what happen if it goes to 3750.
  • #725
  • Dec 16, 2008 7:46am Dec 16, 2008 7:46am
Quoting acetrader
moneda

As we near Christmas volume will lessen & the chops can be wild. Pay close attention & follow the System to the letter. A bounce for E/$ could be next.
Note the trendlines.
Good morning everyone.

I completely agree with you on this, acetrader. This time of the year, interbank's volume decreases, hence the fast and wild swings. Volume on currency futures are drying out by the minute. I suggest to stay calm and if you decide to trade, go with light load and keep the finger on the trigger, just in case.
Peace
  • #726
  • Dec 16, 2008 7:52am Dec 16, 2008 7:52am
FEB,

Good morning & good to hear from you..........I hope your doing well.

Yes, I learned my lesson the hard way several times about trading this time of yr.

Tks again & good trades.
  • #727
  • Edited 8:38am Dec 16, 2008 7:53am | Edited 8:38am
Good Morning Feb,

How is the Old Iron Horse?.... I trade you my Echo for it! Hope you are feeling well today.

Salud

Quoting feb2865
Good morning everyone.

I completely agree with you on this, acetrader. This time of the year, interbank's volume decreases, hence the fast and wild swings. Volume on currency futures are drying out by the minute. I suggest to stay calm and if you decide to trade, go with light load and keep the finger on the trigger, just in case.
Unus pro omnibus, omnes pro uno
  • #728
  • Dec 16, 2008 8:32am Dec 16, 2008 8:32am
I see, I'm guessing people are scooting away on holiday or just getting drunk at Xmas lunch (I'm in the UK, we do that sort of thing) so trading is leas, and there's the big blank period between Xmas and NY that might deter some entrants into the market?
Am trying to do a manual trailing stop, but dangnabbit if I had a £ for everytime I exit a position at +10 points, it reverses back then shoots up 30 then I'd be, um, well a lot richer Exited Eur/USD move too early (+9 pips) as it seemed to have got stuck, then hey presto, it shoots up again! I noted the 50 level, combined with the fact that it was close to/slightly above the the day's high
Actually that reminds me of a specific point, and I'm sorry for asking another question.

If you use a trailing stop of say 25 points, price goes up 15 points in your direction, then reverses back down and you get stopped out for -10, are there any rules you employ to stop this? From +15 to -10 is a fairly major swing-it happened a few times yesterday that I was up by this margin twice, then it reversed and I bailed out at b/e. I know the idea is to let your winning trades run but surely the 20-25 point pullback from profit to loss is a bit too much?
I'm sorry for all these questions, I understand that a lot of trading is discretionary, and money management certainly is, but as everyone says, it appears the good MM is the key to profitability.

Feb, will take your advice and lighten the load-hope all is good with you.
  • #729
  • Dec 16, 2008 11:30am Dec 16, 2008 11:30am
Hello,

For illustration purposes only.... today during the London/NY session we had several oportunities to apply System II.... Wash and Rinse.

Hope this helps

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Click to Enlarge Name: eurusd.gif Size: 15 KB
Unus pro omnibus, omnes pro uno
  • #730
  • Dec 16, 2008 11:51am Dec 16, 2008 11:51am
Quoting moneda
Hello,

For illustration purposes only.... today during the London/NY session we had several oportunities to apply System II.... Wash and Rinse.

Hope this helps

Hi Moneda,

Do you use any EA? I notices Skyline's EA for FEB's method.

-myfx-
-happyTrading-myFx.
  • #731
  • Dec 16, 2008 12:11pm Dec 16, 2008 12:11pm
Hello Myfx,

No, I do not use EA..... I like to drive manual transmissions .... and my broker is Oanda where EAs are not possible.








Quoting myfx
Hi Moneda,

Do you use any EA? I notices Skyline's EA for FEB's method.

-myfx-
Unus pro omnibus, omnes pro uno
  • #732
  • Dec 16, 2008 12:27pm Dec 16, 2008 12:27pm
which advised me to focus on just one pair. You've picked up on a problem that I have, which is I tend to flit between the two. While they are correlated, they're really not the same and I founds this out today. I'm not good enough to analyse both (I like to flick through 15/30min/1 hour timeframes to get a feel for the rhythm of price-not sure that makes sense?). Doing that on 2 currencies tends to muddy the waters just a bit I think.
Thanks once again for the coaching and encouragement, and thanks to Moneda for the charts, very illustrative indeed. I'll take a closer look and be ready for tomorrow
Happy trading all,
Bootsy
  • #733
  • Dec 16, 2008 1:11pm Dec 16, 2008 1:11pm
bootsyjam,

Your most welcome & the reason I mention that is I have gone the route of trying to follow to many pairs & it can be treaterous journey loaded with many losses. Try & master one then maybe two.

Remember........going into Wednesday & after, the volume is thinning & the swings & chops will get nasty.

Good trades.

______________________________
  • #734
  • Dec 16, 2008 1:22pm Dec 16, 2008 1:22pm
Quoting bootsyjam
I see, I'm guessing people are scooting away on holiday or just getting drunk at Xmas lunch (I'm in the UK, we do that sort of thing) so trading is leas, and there's the big blank period between Xmas and NY that might deter some entrants into the market?
Am trying to do a manual trailing stop, but dangnabbit if I had a £ for everytime I exit a position at +10 points, it reverses back then shoots up 30...
Bootsy

Hope I'm not late to the rescue LOL...I think you got cleared from Ace but just to give you a bigger scoop on the whole situation, simply put, lack of volume are driving the market nuts.

Good time of the year to share cookies and milk 'cause the market is simply drying out (as for me, I've been craving for so long on a Samuel Adams but my girlfriend won't let me sneak one)

Ah Moneda, I didn't see your post. An echo?? OMG that's like running a bycicle with wheels on the side LOL.
Peace
  • #735
  • Dec 16, 2008 4:00pm Dec 16, 2008 4:00pm
With the current market volatility, I think the plan is NOT to let your winner turn to a loser and to focus on that. If you do plan to trade during this season then perhaps it would be wise to set your SL to BE (or BE+1) when you get to 10. Just in case. When markets return to "normal" behavior , basically once we have finished the silly season, then return it to your normal trailing methods.

Well that is what I will be doing if I do take the trade.
Survive and Preserve
  • #736
  • Dec 17, 2008 2:19am Dec 17, 2008 2:19am
Quoting moneda
Hello Myfx,

No, I do not use EA..... I like to drive manual transmissions .... and my broker is Oanda where EAs are not possible.

Thank you man. I also use Oanda. Are u trading live with this method? How is your progress so far? I really like this method and so far my demo trades brought me positive results.
-happyTrading-myFx.
  • #737
  • Dec 17, 2008 2:28am Dec 17, 2008 2:28am
Hello,

I am not usually up this early but I had to see the market's reaction to the rate cut during the opening of London. Here is the first swing/pullback of the session.



Attached Image (click to enlarge)
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Unus pro omnibus, omnes pro uno
  • #738
  • Dec 17, 2008 2:54am Dec 17, 2008 2:54am
yeah, rode that for 50 pips. was nice, covered my three whipsaws earlier
Survive and Preserve
  • #739
  • Dec 17, 2008 2:57am Dec 17, 2008 2:57am
Quoting myfx
Thank you man. I also use Oanda. Are u trading live with this method? How is your progress so far? I really like this method and so far my demo trades brought me positive results.

Hello Myfx,


Yes, I trade live in micro units. I try to treat the units I trade as if they were full lots. I have settled into this method after several years of "window shopping" and painful learning. My progress is not consistent yet as I am still "clearing the junk between my ears" but thanks to Feb and many other well intended people in this forum I am on my way to success.

Good luck to you.
Unus pro omnibus, omnes pro uno
  • #740
  • Dec 17, 2008 2:59am Dec 17, 2008 2:59am
Quoting en0x
yeah, rode that for 50 pips. was nice, covered my three whipsaws earlier

en0x,

Very nice.

Unus pro omnibus, omnes pro uno
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