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The System II (Yes with irony)

  • #2,481
  • Jun 24, 2009 2:35am Jun 24, 2009 2:35am
i got on this short trade just a minute ago...


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  • #2,482
  • Jun 24, 2009 2:44am Jun 24, 2009 2:44am
guys,
recently when i enter a trade then i also watch the price action on the 1min chats as well.. it helps me to make better exit decisions.. for a lesser loss its great but for profit taking requires a bit more of a patience.. i just wanted to share that..
  • #2,483
  • Jun 24, 2009 3:04am Jun 24, 2009 3:04am
Quoting fxachilies
i got on this short trade just a minute ago...
This big jump for no apparent reasons shortly before London opening is telling me, that something funny is cooking and for now I'm avoiding shorts ...
  • #2,484
  • Jun 24, 2009 3:10am Jun 24, 2009 3:10am
example of better use of expactancy to manage your trade..
I entered short.. price turned on me as you see.. so now i know this is not going exactly as I wanted.. then at this point i am looking for the best exit once the price starts to pullback a bit.. in this case it did and i did not get greedy stuck with commenses and exited as soon as price got near my original entery..( keeping my head above the water.. while taking shots at the market at the same time).. new level is where i be taking my shot again..
I hope it helps..


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  • #2,485
  • Jun 24, 2009 3:47am Jun 24, 2009 3:47am
Quoting DareXau
This big jump for no apparent reasons shortly before London opening is telling me, that something funny is cooking and for now I'm avoiding shorts ...
DX,
I respect your opinion.. but here is mine.. I don't pay attention to any of that. I have learned from experince that paying attention to other stuff leads me to second guessing and missed oppourtunities.. and thats not good for trading.. i keep it simple.. I see a setup that i feel good about I'll take my shot.. no matter where and what time in the chart it happens.. then i go to work to use my best of ability to manage that trade and keep my expactaions incheck..
i sit on my hand during major news and I trade from couple of hours before london open till couple of hours after NY open.
  • #2,486
  • Jun 24, 2009 3:53am Jun 24, 2009 3:53am
... additionally, just checked a movement of gold; is going up, so USD is getting wicker, it should soon reflect on e/u pair ...
  • #2,487
  • Jun 24, 2009 3:58am Jun 24, 2009 3:58am
hi guys im still reading this thread now at page 120++ just wanna say thanks to feb , fxachilles to show hot to trade,

btw i pull some chart from my mt4

recently e/u move side ways do u guys still trading it ??
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  • #2,488
  • Jun 24, 2009 4:04am Jun 24, 2009 4:04am
Quoting DareXau
... additionally, just checked a movement of gold; is going up, so USD is getting wicker, it should soon reflect on e/u pair ...

good.. once it does then i be long.. I dance with it however it moves..

Market its like a moving sands. Feb

this sentenced changed me from a so so trader to a confident consistent profitable trader.


just got tiggered for rentery..

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  • #2,489
  • Jun 24, 2009 4:07am Jun 24, 2009 4:07am
Quoting fxachilies
DX,
I respect your opinion...
... i sit on my hand during major news and I trade from couple of hours before london open till couple of hours after NY open.
I do, understand you perfectly, I don't like siting on my heands as well, much more prefer some action, but when opening a trade where a pip is equal to 100 or 200 bucks, I'm getting more careful ...
  • #2,490
  • Jun 24, 2009 4:11am Jun 24, 2009 4:11am
Quoting ernest
hi guys im still reading this thread now at page 120++ just wanna say thanks to feb , fxachilles to show hot to trade,

btw i pull some chart from my mt4

recently e/u move side ways do u guys still trading it ??

I am doing live trading at the moment.
after very sidways action there is a breakout.. your job is to make sure your on it .
  • #2,491
  • Jun 24, 2009 4:21am Jun 24, 2009 4:21am
hope i read it rite, the moviement are so fast
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  • #2,492
  • Jun 24, 2009 4:22am Jun 24, 2009 4:22am
Quoting DareXau
I do, understand you perfectly, I don't like siting on my heands as well, much more prefer some action, but when opening a trade where a pip is equal to 100 or 200 bucks, I'm getting more careful ...

totaly understand.. but (there is always a but..lol) its best to not count pips and $$ but to practise better expactancy.. pips and $$ will follow. it took me a long time to graved that in my brain after febs constant reminders in this matter it finally happend. I advise to risk accordingly.. whatever the strenght of your account alows.. I dont risk no more than 1% of my acc on each trade.. it allows one to trade relax within control and keep money and other feelings aside.
example: minmum of 200k account to go 10full lots ($100)
  • #2,493
  • Jun 24, 2009 4:28am Jun 24, 2009 4:28am
wew, i dont even have a chance to tighten my SL lol, good entry, poor exit strategy from me
  • #2,494
  • Jun 24, 2009 4:38am Jun 24, 2009 4:38am
Quoting ernest
wew, i dont even have a chance to tighten my SL lol, good entry, poor exit strategy from me

ernest,
you just made a tution deposit.. look at it as that. be proud of yourself for getting your hands wet and keep practising.. next time you will use a better expectancy and be more timley on your entery.. and only getting better if you stick with your gun.

good job overall.
  • #2,495
  • Jun 24, 2009 4:41am Jun 24, 2009 4:41am
... by careful, I don't mean not jumping for quick opportunities (double dip) ...
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  • #2,496
  • Jun 24, 2009 4:42am Jun 24, 2009 4:42am
this is my chart, after a pull back(red circle) i set order to long.

hope im not over trading, any advice would be great

thanks
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  • #2,497
  • Jun 24, 2009 4:45am Jun 24, 2009 4:45am
Quoting fxachilies

good job overall.
thank u for encouragement
  • #2,498
  • Jun 24, 2009 4:47am Jun 24, 2009 4:47am
Quoting ernest
this is my chart, after a pull back(red circle) i set order to long.

hope im not over trading, any advice would be great

thanks

its liget entery on a shallow pulback.. just keep expactaion incheck and use tight trade managment..
  • #2,499
  • Jun 24, 2009 5:07am Jun 24, 2009 5:07am
well, i still have tedency to let my sl got hit, hoping the market will come back, im done for today with -40 pip, just my style i only take 3 trade max, if im losing 2 times in row i call it a day,,

any advice would be great
  • #2,500
  • Jun 24, 2009 5:22am Jun 24, 2009 5:22am
Quoting ernest
well, i still have tedency to let my sl got hit, hoping the market will come back, im done for today with -40 pip, just my style i only take 3 trade max, if im losing 2 times in row i call it a day,,

any advice would be great
its a good rule that you have to call it a day after two losses in a row. but keep in mind that with febs way of trading, we test the market a lot as a result low hit ratio is what we endup with but big time postive bottomline is also what we endup with as well.

good luck.
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