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The System II (Yes with irony)

  • #1,561
  • Apr 28, 2009 12:22pm Apr 28, 2009 12:22pm
I think it will go down because it could not break through the the resistance, how far down? I don't know.
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  • #1,562
  • Apr 28, 2009 12:29pm Apr 28, 2009 12:29pm
Quoting fxachilies
Who can tell me what might be in the making?

http://www.forexfactory.com/images/attach/gif.gif
Looks like the chop monster.

I'm done for the day, been staring at charts for 12 hours. See you all tomorrow guys.
  • #1,563
  • Apr 28, 2009 12:44pm Apr 28, 2009 12:44pm
Quoting bpenbert
Hi Fxachilles,

Can you explain trading fractals, this is something that I am missing in my trades. I can't seem to stay on track.
I thought that we wait for about a minimum 40 pip swing, once we have identified a swing, then we look for a pullback of between 40 to 60% of the swing. Then once we identified the pullback, we wait for it to cross the start of our swing, and enter with a 2-3 pip buffer. Then let it ride.
Where I need help, is on how many bars or candles make the swing too long or too short of a time frame, ex: 3 hours to form a swing...

What you explained in your first paraghraph is what you should be exactly doing and that is the core of our entery, don't change anything at all.
do not pay much attention on the form of the candels, it will leads you to second guessing and slows down your thinking process on pulling the trigger.
Fractals or (H/L or L/H) same thing,
I am still trading the 1-2-3 set up, nothing has changed the only difference is that on reversals (after market has been going in one direction for long time and now about to maybe reverse) since it is looking strong bearish/bullish, just to be in the safe side we will wait for the reverse to at least break one of the H/L or fractal, then wait for the pullback. If there is a pullback before the break of the last H/L it could be premature, and I try to stay away from that even if is a qualified 40pips swing.... only and only in this type of situation.

now sometimes we see reverses go for 100+pips without giving us a PB so we can't get on the bus, in this sitiouation it is worth it to test the market on the second fractal or H/L without a pullback to make sure we get on the bus... and this is the only and the only time that i will not wait for the PB.

Guys it's all about getting on the bus and not missing out, do not change anything keep doing what you have learned in this thread, I am myself not doing anything different. using that 2 fractal for entery point is to just to not miss the bus when market is revercing and going up like crazy for 100 pips, we want to get a piece of that, you dont have to if you dont feel comfortable with it yet.

I hope it is clearer now.
  • #1,564
  • Apr 28, 2009 12:48pm Apr 28, 2009 12:48pm
Quoting hakga
Looks like the chop monster.

I'm done for the day, been staring at charts for 12 hours. See you all tomorrow guys.

Bingo, well done my friend. 12 hrs pufffffff, get some rest my man. I am sure you did great today so it was well worth it, nice job.
  • #1,565
  • Apr 28, 2009 1:33pm Apr 28, 2009 1:33pm
Quoting fxachilies
I don't know, I never read that thread bcz it was based on long term trading.
This is just something that makes sense to me to test the market so you dont miss out on reversal opportunity
Fxachilies,

That is great!... it pays to think for oneself within the parameters of a particular strategy. I read this thread everyday and we are grateful for your contribution and watchful eye that is keeping this thread within the spirit of our mentor.

Good luck to all
Unus pro omnibus, omnes pro uno
  • #1,566
  • Apr 28, 2009 2:37pm Apr 28, 2009 2:37pm
Quoting MJurban
there are a lot of answers to this question like
HigherHighs - HigherLows for long and
LowerHighs - LowerLows for shorts
also Trendline conecting the highs and the lows

but Feb told us in his System for EURUSD
if there is a swingmove of 30-40 pips we expect more in this direction, we wait for a retrace about 50% and then wait for an entry
Makes sense. Thanks for the clarification
  • #1,567
  • Apr 28, 2009 2:47pm Apr 28, 2009 2:47pm
Quoting hakga
Hey denverdude,

I was waiting for a break of the low, but that scenario never happened. Instead we had a qualified swing up of 30+ pips, so it meant we could look for longs.

Using the key words "if then", my thought process at the time was: if this 30+ pip swing pulls back less than 50%, then I will be long on a break. If the long fails, then I'll bail out and look the other way. Or if it pulls back more than 50%, then I'll look for a break of the low.

Hope that helps.
Hakga,
Your explanation is spot on.
BTW, the long trade (chart I posted earlier) worked out very well. I've to admit, even though its only a demo trade, I was "Did I buy at the top?".

I used fib extension to get out at the 161 extension for a nice 50 .

Thanks everyone for your help.
  • #1,568
  • Apr 28, 2009 4:48pm Apr 28, 2009 4:48pm
Quoting hakga
My charts for today: +17 pips in total

Thank you very much for your charts!!! I look at them now very carefully.

Your opinion helps me to understand this market!


Thanks again!
  • #1,569
  • Apr 29, 2009 1:53am Apr 29, 2009 1:53am
Hi to all!!!

It looks like a consolidation (chop monster) before London session.

The market waits for London open to break up or down.

And we have to spot swing, pullback and jump on the "prey" :-)
  • #1,570
  • Apr 29, 2009 2:04am Apr 29, 2009 2:04am
Hi Traders,
As you see we are currently in the chopmonster on both g/u and e/u right before london session, lets see what direction the brits will give to this market.

lets have a great day all.
  • #1,571
  • Apr 29, 2009 2:08am Apr 29, 2009 2:08am
Does it look like set up in E/U ??? The fractal on 1.3184 is broken.
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  • #1,572
  • Apr 29, 2009 2:18am Apr 29, 2009 2:18am
Quoting dim4ik42
Does it look like set up in E/U ??? The fractal on 1.3184 is broken.
yes it does, its not the strogest swing but it worth a test.
  • #1,573
  • Apr 29, 2009 2:30am Apr 29, 2009 2:30am
Anybody can enter a trade and endup with positive pips, BUT not many can endup with positive pips "consistently" key word.
Trade managment is when we go to work, how well we do this, will determine our success and on our way to become profitable consistently.

Good luck all.
  • #1,574
  • Edited 3:11am Apr 29, 2009 2:53am | Edited 3:11am
Quoting fxachilies
Anybody can enter a trade and endup with positive pips, BUT not many can endup with positive pips "consistently" key word.
Trade managment is when we go to work, how well we do this, will determine our success and on our way to become profitable consistently.

Good luck all.
FxAhilies!

Can you explain your idea more carefully? I have read already all posts of Feb many times very carefully, did absorb it. For me there is all clear. I did understend everything, and now I'm trying to put it all on my charts and job.

The only rout to consistency - is how I can manage my every trade.
Yeah... This is clear for me.

The market givs us different opportunities, and it depends only on how we can use these opportunities. We can stop our trade with loss, while the other trader got a few pips profit there. Or we can got a BIG LOSS, while the other only a few pips loss (a very little loss) and may trade more.
Or the trader like you can got like 57 pips profit, and I like newbie in the same trade bcz I fear - only 13 pips profit.

So. I understand - THIS IS ART OF TRADE. TRADE MANAGEMANT = ART.

If you'll have time and possibility can you explain me how you understand TRADE MANAGEMANT?

I hope it helps me mope on the route to CONSISTENCY!!!

Thank you!
  • #1,575
  • Apr 29, 2009 3:09am Apr 29, 2009 3:09am
Who with me on G/U ???
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  • #1,576
  • Apr 29, 2009 3:27am Apr 29, 2009 3:27am
Quoting dim4ik42
FxAhilies!

Can you explain your idea more carefully? I have read already all posts of Feb many times very carefully, did absorb it. For me there is all clear. I did understend everything, and now I'm trying to put it all on my charts and job.

The only rout to consistency - is how I can manage my every trade.
Yeah... This is clear for me.

The market givs us different opportunities, and it depends only on how we can use these opportunities. We can stop our trade with loss, while the other trader got a few pips profit there. Or...
My friend stop lookinng for clear cut answers there are none when it comes to trading, There is no explanation or set rules, all i can say or anybody can say, is, with more screen time and practise your read on the market and pattern recognition will get better, you'll gain more experince and better feel for the market, which it will eventually lead to better exits for least loss and larger profit.
  • #1,577
  • Apr 29, 2009 3:30am Apr 29, 2009 3:30am
Quoting dim4ik42
FxAhilies!

Can you explain your idea more carefully? I have read already all posts of Feb many times very carefully, did absorb it. For me there is all clear. I did understend everything, and now I'm trying to put it all on my charts and job.

[b]The only rout to consistency - is how I can...

Yes, we need some information about Trade management from you FxAhilies!
-happyTrading-myFx.
  • #1,578
  • Apr 29, 2009 3:44am Apr 29, 2009 3:44am
Quoting fxachilies
Dim,
like feb says, expectancy is an art. I cant teach you exactly on how I do it, but on most situations I move my stops based on the last candel close, 3 ticks below or above.
In this example thats how i exited.
http://www.forexfactory.com/images/attach/gif.gif
Fxahilies!!!

Thanks! Even this post (these words) givs me the right direction for thought.
I understand - this is your style, but it helps me to look at market more accurate.
  • #1,579
  • Apr 29, 2009 3:53am Apr 29, 2009 3:53am
I'm still waiting for this set up on G/U
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  • #1,580
  • Apr 29, 2009 4:07am Apr 29, 2009 4:07am
Morning all,

Very choppy out there this morning, not seeing very much.
There seems to be a lot of questions regarding trade management, here's a post from Feb that helped me:

http://www.forexfactory.com/showpost.php?p=1970795&postcount=538

Hope it helps.
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