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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)

  • #2,461
  • Edited 4:48am Jun 18, 2009 3:46am | Edited 4:48am
Quoting davidb
I'd be really interested to learn your approach to setting the TP. Do you have a rule set you follow or is it based on your experience of the market?
Thanks,
D.

Hi David,
There isn't one answer to your question. Following this system it is simple 20/20 rule, but as Feb was pointing on few occasions it can't be rigid.
You have to read the current price action and act accordingly.
So, if the recent swings of e/u are about 30 pips, it makes sense to stay with 20 pips target and don't worry to much about leaving some pips on a table,
but from time to time the swings are longer or more powerful and than you need to adjust your take profit as well as stop loss.
Remember, there is no guarantee the price is going to hit your T/P , it may easily do u-tern just one pip before your target,
when scalping unfortunately you have to babysitting the trade and make decision quickly and without hesitation.
Most of those decisions are not exactly correct, when you look back, but it can't be reversed, … we all going through the same … the best is to move on to next trade.
  • #2,462
  • Jun 18, 2009 4:38am Jun 18, 2009 4:38am
Today is really ''cat and mouse'' game, change of direction at any point.
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  • #2,463
  • Jun 18, 2009 4:41am Jun 18, 2009 4:41am
Quoting DareXau
Hi David,
There isn't one answer to your question. Following this system it is simple 20/20 rule, but as Feb was pointing on few occasions it can't be rigid.
Thanks mate, this makes good sense. Appreciate the quick response.
Too tired to argue. Too old to care.
  • #2,464
  • Jun 18, 2009 8:51am Jun 18, 2009 8:51am
... only very quick reversal of the position saved my ass today already three times, but on the last occasion I have been incredible lucky,
because when closing active sell order and opening buy in this place I forgot about another buy stop order waiting not far away,
additionally all this was happening shortly before news (USA unemployment claims)
By the time I have realized, that I've got two buy orders, both of them been active.
As usually there is few options ... what to do ... decided to go for most risky and this time it paid of ... just pure luck.
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  • #2,465
  • Edited 5:47am Jun 19, 2009 5:10am | Edited 5:47am
... another day of moving within a range, this is really difficult to find correct entry, because after most break-outs the price is just making another U-tern.
If, I wouldn't decided to keep consistent with 1-2-3 strategy, most probably, I would fade dose break-outs and entering in opposite direction.

Feb, if you around can you please give us any suggestions.

Trade closed, got scared of the red candle. Now trying again in brackets.
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  • #2,466
  • Jun 19, 2009 2:45pm Jun 19, 2009 2:45pm
Quoting skyline
I'm sorry this EA worths some milions $$ so I cannot share here....









..eheh ok I'm joking :surprised


http://www.forexfactory.com/showpost...&postcount=209



The EA Seems to Remove itself immediately from the chart (only know anything happened is through the Log @ Bottom)

~ is there something I'm doing wrong?
  • #2,467
  • Jun 22, 2009 9:24am Jun 22, 2009 9:24am
Hello,
I cut my vacation short and returned couple of days ago.. unfortunately I can not trade affectivley due to lack of internet speed and constant intruptions that has been deliberately emplaced by our cowerd gov't for political reasons.. my time is limited on the net and I just wanted to drop a few lines for my ff family and ask of you to joining me in praying for our brave young people as they face bloodshed on the streets of Tehran for there freedoom quest.. its a time of mourning here and I am very sad. I be checking time to time.. see you all for now.


God bless all human beings and may Peace and freedoom be alongside them.

Good trading to all.
  • #2,468
  • Jun 22, 2009 9:33am Jun 22, 2009 9:33am
This is fxachilies chart for the day..


http://www.forexfactory.com/images/attach/gif.gif
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  • #2,469
  • Jun 22, 2009 12:42pm Jun 22, 2009 12:42pm
Quoting DareXau
... another day of moving within a range, this is really difficult to find correct entry, because after most break-outs the price is just making another U-tern.
If, I wouldn't decided to keep consistent with 1-2-3 strategy, most probably, I would fade dose break-outs and entering in opposite direction.

Feb, if you around can you please give us any suggestions.

Trade closed, got scared of the red candle. Now trying again in brackets.
Advice.

not all days are created equal. You'll have slow streaks, and good ones.
Take any day as a 9-5 job...be bored.

Trading is just a job. Not glamorous or fancy. When you realize that, you won't really care about the outcome or if one week is better than the other. Keep your eyes on the prize...Keep moving.

as the time goes by you'll find out you're making a living out of it....
Peace
  • #2,470
  • Jun 22, 2009 4:34pm Jun 22, 2009 4:34pm
Quoting fxachilies
Hello,
I cut my vacation short and returned couple of days ago.. unfortunately I can not trade affectivley due to lack of internet speed and constant intruptions that has been deliberately emplaced by our cowerd gov't for political reasons.. my time is limited on the net and I just wanted to drop a few lines for my ff family and ask of you to joining me in praying for our brave young people as they face bloodshed on the streets of Tehran for there freedoom quest.. its a time of mourning here and I am very sad. I be checking time to time.. see you...
Where do you live?!!?
  • #2,471
  • Jun 22, 2009 9:43pm Jun 22, 2009 9:43pm
Quoting feb2865
Advice.
not all days are created equal. You'll have slow streaks, and good ones.
Take any day as a 9-5 job...be bored.
Trading is just a job. Not glamorous or fancy. When you realize that, you won't really care about the outcome or if one week is better than the other. Keep your eyes on the prize...Keep moving.
as the time goes by you'll find out you're making a living out of it....
Thank you Feb, you are very right in the above.
  • #2,472
  • Jun 22, 2009 10:53pm Jun 22, 2009 10:53pm
Quoting fxachilies
This is fxachilies chart for the day..
Hi fxachilies,
... your chart looks ... very "relaxed" ...
but seriously, it's incredible sad and disturbing what's happening in your country, especially considering reaction of the current government as well as the lack of support by Ayatollah.
The informations reaching out-side are very limited for the same reason as on your chart and absents of independent coverage by media/press.
In meantime, please take care for yourself and God help you to stay strong.
  • #2,473
  • Jun 22, 2009 11:25pm Jun 22, 2009 11:25pm
... as usually for early trading the price keeps moving without any convincing direction, reversing shortly after a break-outs,
than nearly hitting my S/L and stopping a fraction of pip from my T/P ... perhaps just testing my nerves ...
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  • #2,474
  • Jun 23, 2009 1:54am Jun 23, 2009 1:54am
Quoting DareXau
Hi fxachilies,
... your chart looks ... very "relaxed" ...
but seriously, it's incredible sad and disturbing what's happening in your country, especially considering reaction of the current government as well as the lack of support by Ayatollah.
The informations reaching out-side are very limited for the same reason as on your chart and absents of independent coverage by media/press.
In meantime, please take care for yourself and God help you to stay strong.
DX,
thanks for your concerns. your absolutley right about limited accessibility but I do have access to the platform and charts, I can even trade.. its just not safe due to constant conection interruptions and lack of speed. Green chart is a symbol of my support for the green party in iran who seeks freedoom and democracy for our people which got cheated out of the election.

Thanks for you support and blessings.
  • #2,475
  • Jun 23, 2009 1:59am Jun 23, 2009 1:59am
Quoting Ogna
Where do you live?!!?

I live in the states (L.A).. but I spend a few months out of each year in my homeland (Iran) and thats where i am currently.
  • #2,476
  • Jun 23, 2009 2:06am Jun 23, 2009 2:06am
I wish I was able to get on this ride.. I hope you are..


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  • #2,477
  • Jun 23, 2009 2:48am Jun 23, 2009 2:48am
I'm on, this must be reward for my patience ... quick exit to cash out and instantaneous entry again
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  • #2,478
  • Jun 23, 2009 3:33am Jun 23, 2009 3:33am
just squeezed in a trade.. I can't babysit it.. what the hell, lets hope for the best.. lol


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  • #2,479
  • Jun 23, 2009 3:59am Jun 23, 2009 3:59am
Quoting fxachilies
just squeezed in a trade.. I can't babysit it.. what the hell, lets hope for the best.. lol
It looked very promising for shorting, but by the time I have set the order the price suddenly reversed and didn't look back, so instead selling I bought and again on the break-out
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  • #2,480
  • Jun 23, 2009 8:20am Jun 23, 2009 8:20am
... just getting ready for (USA - existing home sales) my last trade for today.
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