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The System II (Yes with irony)

  • #2,141
  • May 21, 2009 3:16am May 21, 2009 3:16am
Quoting moneda
Fxachilies,

That was a RoadRunner ...beep...beep ( from the cartoon Roadrunner vs. The Coyote).

Very nice
It sure was budd.. and boy did i need it.. I took a beating the prior two days.
You haven't been around much this week? switching thread? .. just kidding.

Thanks.
  • #2,142
  • May 21, 2009 5:05am May 21, 2009 5:05am
Hi FEB and all around

First I would like to say this is the best system i have came across in a search of a consistent profiting.
I have a feeling that when this system gets into my head it will make me smile for a long time in forex trading!


But I would like to also put out one method I use to spot THE MOST SUITABLE FOREX PAIR to trade with the strategy that was explained in this
thread!

Here goes:

I use the EUR based pairs and compare them on a 1H chart!

Example:

EUR/USD---down (The USD is stronger)
EUR/GBP--- up (the GBP is weaker)
EUR/JPY----down (the JPY is stronger)
EUR/AUD---up (the AUD is weaker)
EUR/CAD---up (the CAD is weaker)
EUR/CHF---down (the CHF is stronger)

If we pick out the pairs that would make best candidates they would be:

SHORT: GBP/JPY (one is weak the other strong, gives strong swings)
SHORT: GBP/USD (same situation)
LONG : USD/CAD (stronger USD weaker CAD)

For example if you look at USD/JPY (they are both strong) there are no bigger swings!

Hope someone gets somthing out of this method!!

best trading to all!
  • #2,143
  • May 21, 2009 5:10am May 21, 2009 5:10am
going short on this possible reversal

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  • #2,144
  • May 21, 2009 5:43am May 21, 2009 5:43am
Good Morning,

Just woke up and found to possible entries (see white lines) since the London Open. The difficulty lies in your exit strategy...that is where each of us decides what amount of pips I want to take home. It is very important to have a exit plan before you enter a trade so that you can be quick on the trigger. Yes, get on the bus for sure but do you know when to get off?

Good luck to all
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Unus pro omnibus, omnes pro uno
  • #2,145
  • May 21, 2009 6:07am May 21, 2009 6:07am
moving the sl down, now 1:2 RR

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  • #2,146
  • May 21, 2009 6:20am May 21, 2009 6:20am
Quoting fxachilies
moving the sl down, now 1:2 RR

http://www.forexfactory.com/images/attach/gif.gif
Fxachilies,

Hey bud, trying to follow your trade based on your last two charts.... what was your entry price and what is your Stoploss and Exit price? Thanks


Unus pro omnibus, omnes pro uno
  • #2,147
  • May 21, 2009 6:25am May 21, 2009 6:25am
Quoting moneda
Good Morning,

Just woke up and found to possible entries (see white lines) since the London Open. The difficulty lies in your exit strategy...that is where each of us decides what amount of pips I want to take home. It is very important to have a exit plan before you enter a trade so that you can be quick on the trigger. Yes, get on the bus for sure but do you know when to get off?

Good luck to all
Mon.

You should settle for nothing less than 1:1 R/R.

ok, for instance, if you're risking $1.00 you should get another $1.00....preferably more.
Peace
  • #2,148
  • May 21, 2009 6:29am May 21, 2009 6:29am
Quoting moneda
Fxachilies,

Hey bud, trying to follow your trade based on your last two charts.... what was your entry price and what is your Stoploss and Exit price? Thanks



the green line is my entery and red lines are my sl/tp's
  • #2,149
  • May 21, 2009 6:33am May 21, 2009 6:33am
now sl right above entery.. getting a free ride. when do i get out!!! thats my achilles hill.. oh boy

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  • #2,150
  • May 21, 2009 6:40am May 21, 2009 6:40am
Fxachillies,


I understand the green line but can't figure out your red lines.... based on your free ride situation...

Good luck
Unus pro omnibus, omnes pro uno
  • #2,151
  • May 21, 2009 6:40am May 21, 2009 6:40am
Quoting feb2865
Mon.

You should settle for nothing less than 1:1 R/R.

ok, for instance, if you're risking $1.00 you should get another $1.00....preferably more.

Dear feb, I am tring to do this on this particular trade but its making me sweat my ass off...lol
  • #2,152
  • May 21, 2009 6:46am May 21, 2009 6:46am
Quoting moneda
Fxachillies,


I understand the green line but can't figure out your red lines.... based on your free ride situation...

Good luck

the red cutoff lines are the sl and tp.. i show you in the chart below

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  • #2,153
  • May 21, 2009 6:47am May 21, 2009 6:47am
Quoting fxachilies
Dear feb, I am tring to do this on this particular trade but its making me sweat my ass off...lol
Fxachilies,

Hey man...you are riding free...enjoy the scenery..lol... easier said than done

Hang in there !
Unus pro omnibus, omnes pro uno
  • #2,154
  • May 21, 2009 6:49am May 21, 2009 6:49am
Fxachilies,

Thanks.. is it possible to make the tp a different color? Why is the broken red line (sl) above the entry(green) if you are riding free?

thanks
Unus pro omnibus, omnes pro uno
  • #2,155
  • May 21, 2009 6:53am May 21, 2009 6:53am
Quoting moneda
Fxachilies,

Hey man...you are riding free...enjoy the scenery..lol... easier said than done

Hang in there !

tell me about it.. but i am gearing up to exit with 20 pip profit.. that be my 1:1
  • #2,156
  • May 21, 2009 6:58am May 21, 2009 6:58am
Quoting moneda
Fxachilies,

Thanks.. is it possible to make the tp a different color? Why is the broken red line (sl) above the entry(green) if you are riding free?

thanks

well its only 3pips above my entery.. jeeeeeeeeeeeeee.. lol ok almost a free ride. I dont know about the red color or being broken thats how platform is set i never botterd to change it.
I go based on each candel now is under the sl right above wick candels.

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  • #2,157
  • May 21, 2009 7:03am May 21, 2009 7:03am
BINGO... tp good for 31 above 1:1
  • #2,158
  • May 21, 2009 7:03am May 21, 2009 7:03am
Quoting fxachilies
well its only 3pips above my entery.. jeeeeeeeeeeeeee.. lol ok almost a free ride. I dont know about the red color or being broken thats how platform is set i never botterd to change it.
I go based on each candel now is under the sl right above wick candels.

http://www.forexfactory.com/images/attach/gif.gif
FxAchilies,

Lol.... don't mean to be picky... just trying to follow you trade...by the way which candle did you enter?

Thanks
Unus pro omnibus, omnes pro uno
  • #2,159
  • May 21, 2009 7:05am May 21, 2009 7:05am
Quoting fxachilies
BINGO... tp good for 31 above 1:1

Very Nice!
Unus pro omnibus, omnes pro uno
  • #2,160
  • May 21, 2009 7:19am May 21, 2009 7:19am
Quoting moneda
FxAchilies,

Lol.... don't mean to be picky... just trying to follow you trade...by the way which candle did you enter?

Thanks

This trade was based on reversal method.. as soon as the horizontal line was crossed I spoted the possible reversal with that solid bearish candel.
but it made me really sweat when price quick turn on me but it never crossed the h/h and it got better from that point on.

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