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We all need pivots to win..yes or not? 13 replies

The System (Irony included) 1,175 replies

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The System II (Yes with irony)

  • #1,041
  • Mar 11, 2009 12:19pm Mar 11, 2009 12:19pm
WHAT?
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Peace
  • #1,042
  • Mar 11, 2009 12:20pm Mar 11, 2009 12:20pm
Quoting feb2865
Currently watching support.
Hi Feb,
the new area line that you just draw. do you take a short trade off that or still wait for the break of orinal sup/level?

thx
  • #1,043
  • Mar 11, 2009 12:22pm Mar 11, 2009 12:22pm
Quoting acetrader
FEB,

Tks for that response & your latest chart is what I am watching as well.
I really like your comment.."Trading In The Middle Of The Storm".
How very true that is on the 5M time frame, but it offers some nice opportunities along the way if one is correctly positioned.

Good Trades & Good Karma To You My Friend.

____________________________
I will always be happy to help you .

Cost of tutoring - $00.000.

Included on package - blessings and best wishes to you and your family.
Peace
  • #1,044
  • Mar 11, 2009 12:25pm Mar 11, 2009 12:25pm
Feb,
I took this trade on the break of the level, is my sl positioned good?
http://www.forexfactory.com/images/attach/gif.gif
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  • #1,045
  • Mar 11, 2009 12:26pm Mar 11, 2009 12:26pm
Quoting fxachilies
Hi Feb,
the new area line that you just draw. do you take a short trade off that or still wait for the break of orinal sup/level?

thx
The new area was just a warning light. I noticed that the market was rejecting that particular area and I was on the lookout, just in case. I was looking for a bounce off that area, specifically. Didn't happen . As you see the market, went back to the original support.

This is why i put a ? at the end.
Peace
  • #1,046
  • Mar 11, 2009 12:32pm Mar 11, 2009 12:32pm
sh.... i dont know how to post a pic in here. was looking at gbp/usd and five minutes so first a trend and a high as a resistance and then pullback and now it is going back to the top i think

best regards

http://www.forexfactory.com/images/misc/progress.gif

  • #1,047
  • Mar 11, 2009 12:33pm Mar 11, 2009 12:33pm
Quoting feb2865
The new area was just a warning light. I noticed that the market was rejecting that particular area and I was on the lookout, just in case. I was looking for a bounce off that area, specifically. Didn't happen . As you see the market, went back to the original support.

This is why i put a ? at the end.
ok i gottcha you, i want to make sure.

Thanks.
  • #1,048
  • Mar 11, 2009 12:34pm Mar 11, 2009 12:34pm
Quoting fxachilies
Feb,
I took this trade on the break of the level, is my sl positioned good?
http://www.forexfactory.com/images/attach/gif.gif
Yep a little wide. You should have place your stop at the last higher bar.
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Peace
  • #1,049
  • Mar 11, 2009 12:35pm Mar 11, 2009 12:35pm
The market is drying up across the board, folks.

Not a clear winner, for now.
Peace
  • #1,050
  • Mar 11, 2009 2:16pm Mar 11, 2009 2:16pm
Looks like a ping pong match.
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Peace
  • #1,051
  • Mar 11, 2009 2:21pm Mar 11, 2009 2:21pm
There must be a clown in a suit talking today - this market smells like fundamentally moved.
Peace
  • #1,052
  • Mar 11, 2009 2:26pm Mar 11, 2009 2:26pm
feb,
is there anyway we can protect ourselves from situation such as this (ping pong), 3 false break outs, any solution in term of not getting involve in each one of them or take everyone of them but manage the trade well for lesser loss.

Thx
  • #1,053
  • Mar 11, 2009 2:45pm Mar 11, 2009 2:45pm
Quoting fxachilies
feb,
is there anyway we can protect ourselves from situation such as this (ping pong), 3 false break outs, any solution in term of not getting involve in each one of them or take everyone of them but manage the trade well for lesser loss.

Thx
The only way is to have a daily loss limit. Like, if I lose x times in a row, I am out for the day. In terms of preventing a day like this , unfortunately no. About trade management, you should know ahead of time what to do in days like this.
Peace
  • #1,054
  • Mar 11, 2009 4:32pm Mar 11, 2009 4:32pm
hi,
i missed some good trades early in the morning and then i had to go downtown with my wife. (i had promised her yesterday)

So i just came home and for a practise and to have a feeling what can be done i traded the Tuesday with the simulator.
Thats not live trading but a good practise. i realy was surprised , i dint not expect such an outcome.
I dit some useless and maybe stupid trades, and a couple of smal stoplosses.
As MM i closed 50% when more the 10 pips in profit and the candles was becoming smaler.
a look at the equity curve
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  • #1,055
  • Mar 11, 2009 5:26pm Mar 11, 2009 5:26pm
Quoting MJurban
hi,
i missed some good trades early in the morning and then i had to go downtown with my wife. (i had promised her yesterday)

So i just came home and for a practise and to have a feeling what can be done i traded the Tuesday with the simulator.
Thats not live trading but a good practise. i realy was surprised , i dint not expect such an outcome.
I dit some useless and maybe stupid trades, and a couple of smal stoplosses.
As MM i closed 50% when more the 10 pips in profit and the candles was becoming smaler.
a look at the equity curve

That's very interesting. Just remember this are the results of 1 trading day. I can see, you're getting the hang of it - that's good. The levels on the charts are well defined.
Peace
  • #1,056
  • Mar 12, 2009 5:49am Mar 12, 2009 5:49am
Hi Feb, I'm glad I had some pages to read again on my favorite thread, very interesting and amusing.

I have a couple of questions:
I understand that when you are trading the noise (5min) you only look for recent sup/res levels, just on the 5min chart?
I ask you that as I'm used to scale down from higher TF drawing lines, TL and fibs, but I can see a point in recent level as we are trading noise and I remember you saying to stick to the TF we trade, I guess I might be over-analyzing as you mentioned you have been in the trading floor.

Then, do you ever enter on the touch of a level? example in chart posted at #986 #987, where you have some arrows drawn on the levels, would you have entered the touch, in direction of the arrows, or wait for a failure? in the second instance, would you look at the close of a candle, like a price failure to stay on the other side or a tail to confirm a failure or is it something else?

Thanks again for your help
  • #1,057
  • Mar 12, 2009 6:15am Mar 12, 2009 6:15am
Hi Feb, I'm glad I had some pages to read again on my favorite thread, very interesting and amusing.

I have a couple of questions:
I understand that when you are trading the noise (5min) you only look for recent sup/res levels, just on the 5min chart?

5 minutes charts are universally acclaimed by various markets. when you the the hang of it, don't look like noise anymore. I like E/U on 5 minutes because the range is pretty much stable. I only care about the levels on the TF I'm trading.


I ask you that as I'm used to scale down from higher TF drawing lines, TL and fibs, but I can see a point in recent level as we are trading noise and I remember you saying to stick to the TF we trade, I guess I might be over-analyzing as you mentioned you have been in the trading floor.

Definitely over-analyzing. No need to do that otherwise will take you to second-guessing.

Then, do you ever enter on the touch of a level? example in chart posted at #986 #987, where you have some arrows drawn on the levels, would you have entered the touch, in direction of the arrows, or wait for a failure? in the second instance, would you look at the close of a candle, like a price failure to stay on the other side or a tail to confirm a failure or is it something else?

Ok. You can play the game as a contrarian (against the level) as a breakout or both. All of them are valid. Always at the close of the candle. Let the market show his hands. Make sure you have a plan A,B,C and if possible D in case you fail.

Thanks again for your help
Peace
  • #1,058
  • Mar 12, 2009 6:33am Mar 12, 2009 6:33am
Thank you sir
  • #1,059
  • Mar 12, 2009 6:33am Mar 12, 2009 6:33am
hello Feb,
what about diagonal trendlines, do you use them at all?your trading?
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  • #1,060
  • Mar 12, 2009 7:04am Mar 12, 2009 7:04am
Quoting MJurban
hello Feb,
what about diagonal trendlines, do you use them at all?your trading?
Sorry MJ . I don't use them. I don't like them either.
Peace
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