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The System II (Yes with irony)

  • #1,061
  • Mar 12, 2009 7:20am Mar 12, 2009 7:20am
Quoting feb2865
Sorry MJ . I don't use them. I don't like them either.

Ok , but this one looks good, maybee one dont need it
Attached Image
  • #1,062
  • Mar 12, 2009 7:40am Mar 12, 2009 7:40am
Hi Feb,
you mentioned on post 1057 that you wait for the candel to close on the breakout levels, if we are placing orders 2-3 ticks how can that be possible, and if we do wait for the candel to close it may be late entery sometimes?
thx
  • #1,063
  • Mar 12, 2009 8:26am Mar 12, 2009 8:26am
222 pip 5min candel after level break out, stunning.
I had a order on the both side of the level, it payed off for yesterdays loss.
Thats the runner you were telling me the other feb. lol
Thank you Feb.
http://www.forexfactory.com/images/attach/gif.gif
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  • #1,064
  • Mar 12, 2009 8:31am Mar 12, 2009 8:31am
Quoting fxachilies
222 pip 5min candel after level break out, stunning.
I had a order on the both side of the level, it payed off for yesterdays loss.
Thats the runner you were telling me the other feb. lol
Thank you Feb.
http://www.forexfactory.com/images/attach/gif.gif
wow! nice runner you got there!
Peace
  • #1,065
  • Mar 12, 2009 8:34am Mar 12, 2009 8:34am
Quoting fxachilies
Hi Feb,
you mentioned on post 1057 that you wait for the candel to close on the breakout levels, if we are placing orders 2-3 ticks how can that be possible, and if we do wait for the candel to close it may be late entery sometimes?
thx
Sometimes you have time for a stop order, and sometimes you have no choice but to go market. As long as you don't miss the bus......
Peace
  • #1,066
  • Mar 12, 2009 8:51am Mar 12, 2009 8:51am
Feb,
Thanks to you for all your recent help, you have so far completly changed my view of the market and learning so much from you, I am trading naked and got rid of all my indicators.
Now,
I understand the point about not missing the bus and thats why i put orders on both side of the levels, but what i want to know now, should i be keep doing that or not put the order and wait for the candel to close then manually get into the trade? I know waiting for the candel close it will reduce false trades but it also hurts you from getting into the trade on time or sometimes missing the bus. I also trade all five majores ( manually i will miss some trades when everything happens quick) Your perspective. thanks
  • #1,067
  • Mar 12, 2009 9:09am Mar 12, 2009 9:09am
Quoting fxachilies
Feb,
Thanks to you for all your recent help, you have so far completly changed my view of the market and learning so much from you, I am trading naked and got rid of all my indicators.
Now,
I understand the point about not missing the bus and thats why i put orders on both side of the levels, but what i want to know now, should i be keep doing that or not put the order and wait for the candel to close then manually get into the trade?...
1) - if you're going to bracket trading , I strongly suggest a OCO order - I believe you guys have an EA on OCO's or something. OCO - One Cancels the Other. The OCO's will save you from unwanted spikes, especially if the bracket is within a close range.

2) It's a trade off . But many times you'll be able to get on board in time.


Peace
  • #1,068
  • Mar 12, 2009 9:17am Mar 12, 2009 9:17am
Quoting feb2865
1) - if you're going to bracket trading , I strongly suggest a OCO order - I believe you guys have an EA on OCO's or something. OCO - One Cancels the Other. The OCO's will save you from unwanted spikes, especially if the bracket is within a close range.

2) It's a trade off . But many times you'll be able to get on board in time.
I did not know about OCO, I will check with my broker.
another thing learned from the master.
Thank you.
  • #1,069
  • Mar 12, 2009 9:30am Mar 12, 2009 9:30am
If you're using MT4, there's an expert advisor for that. I am sorry, not very knowledgeable on metatratder. Maybe around here on programming discussion you could find it.

OCO will cancel one of the pending orders in case the other is filled.
Peace
  • #1,070
  • Mar 12, 2009 9:43am Mar 12, 2009 9:43am
Feb,
when news has such huge impact on the price howmuch time do you give it to settle the dust so you can trade again under normall market? as you see after the news couple of levels was broken when do you get in? I was debating to go short on the last level break out but i didn't?
and are my levels drawn correctly?

Thank you.
http://www.forexfactory.com/images/attach/gif.gif
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  • #1,071
  • Mar 12, 2009 9:46am Mar 12, 2009 9:46am
Quoting fxachilies
Feb,
when news has such huge impact on the price howmuch time do you give it to settle the dust so you can trade again under normall market? as you see after the news couple of levels was broken when do you get in? I was debating to go short on the last level break out but i didn't?
and are my levels drawn correctly?

Thank you.
http://www.forexfactory.com/images/attach/gif.gif
1) 1/2 Hour - more or less.

If I'm trading on 5 minutes, I sit on my hands 'tll the dust settles.

Your levels are fine.
Peace
  • #1,072
  • Mar 12, 2009 9:59am Mar 12, 2009 9:59am
Quoting feb2865
1) 1/2 Hour - more or less.

If I'm trading on 5 minutes, I sit on my hands 'tll the dust settles.

Your levels are fine.
Thank you.
  • #1,073
  • Mar 12, 2009 11:10am Mar 12, 2009 11:10am
Guys:

I'm really enjoying this thread and want to thank Feb for his valuable contribution. Since reading and studying this strategy I also started to trade "naked" (no indicators or anything on the chart) ...

Some of you (like MJurban) have posted charts with nice lines on the charts. Are you using an EA in metatrader to draw those lines and if so, is it available for download somewhere. Thanks much!

- DM
  • #1,074
  • Mar 12, 2009 11:18am Mar 12, 2009 11:18am
Feb.

I hope you don't mind me going off subject for a while. I am still wrapped on looking at more than one timeframe. Would you expand a little more about your views on timeframes, please?

Thanks.
  • #1,075
  • Mar 12, 2009 11:32am Mar 12, 2009 11:32am
Quoting ming0168
Guys:

I'm really enjoying this thread and want to thank Feb for his valuable contribution. Since reading and studying this strategy I also started to trade "naked" (no indicators or anything on the chart) ...

Some of you (like MJurban) have posted charts with nice lines on the charts. Are you using an EA in metatrader to draw those lines and if so, is it available for download somewhere. Thanks much!

- DM
Here's something I had on my old hard disk - looks pretty decent.
Attached Image (click to enlarge)
Click to Enlarge Name: today 31.gif Size: 41 KB
Attached File(s)
File Type: mq4 #KG Support and Resistance.mq4   5 KB | 1,735 downloads
Peace
  • #1,076
  • Mar 12, 2009 11:52am Mar 12, 2009 11:52am
Hi Feb, would you have taken the last breakout high on the last chart you posted?
  • #1,077
  • Mar 12, 2009 11:54am Mar 12, 2009 11:54am
Hi Feb,

Thank you for sharing so much with us. I have learnt and am still learning from you. I have noticed that you only use horizontal lines on your charts. What are your views on the use of slant trendlines and based on your experience have you found horizontal trendlines (support and resistance levels) to be more valuable. Thank you.

fxpilot
  • #1,078
  • Mar 12, 2009 11:57am Mar 12, 2009 11:57am
Quoting fxpilot
Hi Feb,

Thank you for sharing so much with us. I have learnt and am still learning from you. I have noticed that you only use horizontal lines on your charts. What are your views on the use of slant trendlines and based on your experience have you found horizontal trendlines (support and resistance levels) to be more valuable. Thank you.

fxpilot
http://www.forexfactory.com/showpost...postcount=1060
  • #1,079
  • Edited 12:36pm Mar 12, 2009 12:30pm | Edited 12:36pm
Quoting wp3vv
Feb.

I hope you don't mind me going off subject for a while. I am still wrapped on looking at more than one timeframe. Would you expand a little more about your views on timeframes, please?

Thanks.

Time frames. Alright.

The whole idea of a chart is to organize the data in a logical way. Otherwise you'll have a bunch of ticks going up and down. Timeframe is just a way to put a time limit on the data accumulation. Could be a time limit , # of ticks, range, volume etc. The most common is time.

Daily chart - Every bar will open and close at the end of the day

4 hr charts - Every Bar will open and close every 4 hrs.

The list goes on.

Some people say - "You trade on 4hr charts on the direction of the daily chart." I've seen that a lot and you might be on that wagon.

As a trader, honestly you don't need that. If you look closely at 5 minutes charts (or any time frame), you'll see all kind of levels available for traders to be taken. Don't need to go to a higher time frame, all the data you need is right there.

BUT

Its' a matter of preference.

If you don't want to be glued at the screen or have a 9-5 job , like to take things slow, don't mind sleep at night knowing that your ass is on the line, then consider a higher time frame. But do yourself a favor, pick one (1) and become a master of it.


If you like your money fast, can't sleep at night knowing you have money at risk, comfortable with quicker action and have all the time in the world for trading, then a lower time frame is for you.

A higher time frame accumulates data more, therefore a move or change of sentiment normally holds more. Stops and targets are wider.

A lower time frame normally has less data, therefore a move or change of hearts holds shorter. Stops and targets are shorter.

You need to decide what's more convenient...for you!

Second guessing is a big responsible on why people aren't consistent on this business. I stay away on everything that goes like "when you see x turning green, y turning red and z blinking, then you trade"

The problem lies on "how many times z needs to blink? or...why if z stops blinking after I trade....the list goes on.

"When the 1 hour, 1/2 hour, 15 minutes and 5 minutes are in agreement, after x, y and z spits a signal, I trade....oh please!

Make your life easy!

"If the market closes above/below this level, then I'll be short/long.
My stop-loss will be at (x) level , which is the last swing high/low and my level of risk is acceptable. If not, then I will adjust my load . After x amount of pips, I will trail my stop to B/E(plus the landlord's fee) and I will try to shoot for anything greater than my initial risk"


"If I get stopped/bail out etc, then I'll be looking at the other way (long/short). My stop-loss will be at (x) level , which is the last swing high/low and my level of risk is acceptable. If not, then I will adjust my load . After x amount of pips, I will trail my stop to B/E(plus the landlord's fee) and I will try to shoot for anything greater than my initial risk"

ALL IN ONE CHART.

Hope it helps.





Peace
  • #1,080
  • Mar 12, 2009 12:39pm Mar 12, 2009 12:39pm
Quoting feb2865
Here's something I had on my old hard disk - looks pretty decent.
Thanks Feb - that looks pretty good
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