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The System II (Yes with irony)

  • #2,621
  • Jul 8, 2009 3:49am Jul 8, 2009 3:49am
Quoting fosgate_r
Sorry to interrupt

As in my reading ... System II is so simple right? I quoted from the earlier post:

  1. 5Min Chart : wait for the market to have a 30-40 ticks swing at any direction
  2. Wait for a retracement
  3. set 2 horizontal lines - 1 at the beginning of the swing and 1 at the last swing high/low
  4. if the market resumes the swing, place a limit order 2-3 ticks above/ below the last swing
  5. your order gets filled. Now it's pretty much up to the market

Are those all for the rules?

Thanks for this nice thread


more things
1. the retrace should not be to big, some 50% is good
2. the stoploss should be adjusted to the retrace and if this is more the 20 pips the position should be smaller
3. TakeProfit should be at least as long as the Stoploss
4. Trail the stoploss if u babysit the trade
5. set SL to B/E if possible, dont let a winning trade become a looser
  • #2,622
  • Jul 8, 2009 3:55am Jul 8, 2009 3:55am
Quoting MJurban
more things
1. the retrace should not be to big, some 50% is good
2. the stoploss should be adjusted to the retrace and if this is more the 20 pips the position should be smaller
3. TakeProfit should be at least as long as the Stoploss
4. Trail the stoploss if u babysit the trade
5. set SL to B/E if possible, dont let a winning trade become a looser
Thanks a lot MJurban.
Nice and very simple system !
  • #2,623
  • Jul 8, 2009 4:06am Jul 8, 2009 4:06am
no much words needed, this was the next move after the bad setup i showed to u in the last post
a perfect setup
by the way, cause im a very lasy guy i use the Fib Tool with with the levels :0, 50, 100, for giving me the swing and the retracement sizes
, and level -50 and +150 for pointing out the Takeprofit values.
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  • #2,624
  • Jul 8, 2009 4:47am Jul 8, 2009 4:47am
i forgot to mention onother rule:
"a retracement should be more than 1 bar".
Sometimes , if the swing is long like some 50 60 pips strait, candle bei candle one move, i take a retracement even if it is only 1 bar.
But today, on this move , there is consolidation, i dont taked this one but wait for a better retracement
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  • #2,625
  • Jul 8, 2009 6:02am Jul 8, 2009 6:02am
TP was not reached, this happens very often
Now its up to you how to end this trade,
- take the whole stoploss or trail the SL to give u a smaller loss.
- close the trade with little profit as soon as u see price can not make a lower low but makes higher lows insted.

Or, what i do mostly set the SL to B/E and wait for the next one.[/quote]

Thanks MJurbun,

I think The most important of this system is trade management bcoz quite often we get false set up as you mention above ( I must stick them into my head above mention)
One of the best thing of this system - sometime it can go up more than 50 pips in profit(5mins TF).

Thanks Guys,

Pete

PS. Page 137 post 2051 & 2503 are the great trade managment for new comer
  • #2,626
  • Jul 8, 2009 6:46am Jul 8, 2009 6:46am
G'day guys,
... not much happening today, I'm in the first trade on e/u and 'cos not babe-sited, looks like I've missed some pips ...
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  • #2,627
  • Jul 8, 2009 7:00am Jul 8, 2009 7:00am
Thanks guys for all the inputs.
I agree with pete. Although this is a simple trading system, a good trade management and cosideration must be made.
Otherwise many loosing trades will occur.

Cheers
  • #2,628
  • Jul 8, 2009 7:18am Jul 8, 2009 7:18am
Hi DareXau,

One question...
Don't you pay attention to round numbers at all?
  • #2,629
  • Jul 8, 2009 8:10am Jul 8, 2009 8:10am
Quoting jplo
Hi DareXau,
One question...
Don't you pay attention to round numbers at all?
When scalping, not at all ... it's just a number like any other;
with "system II" you are only looking on price action: speed of the bar/candle, start/end of the swing.
It doesn't matter is up-trend or down-trend, any pivot points or support/resistance levels got nothing to do;
... it's only the price action in pure form.
  • #2,630
  • Jul 8, 2009 8:18am Jul 8, 2009 8:18am
... entry based on the swing reversal ...
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  • #2,631
  • Jul 8, 2009 8:31am Jul 8, 2009 8:31am
OK this trade is moving as expected, don't have T/P 'cos can be a runner, always can close manually at any time ...
  • #2,632
  • Jul 8, 2009 8:35am Jul 8, 2009 8:35am
... stop-loss to B/E ...
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  • #2,633
  • Jul 8, 2009 8:43am Jul 8, 2009 8:43am
Quoting DareXau
When scalping, not at all ... it's just a number like any other;
with "system II" you are only looking on price action: speed of the bar/candle, start/end of the swing.
It doesn't matter is up-trend or down-trend, any pivot points or support/resistance levels got nothing to do;
... it's only the price action in pure form.
Ok, thank you again for your support...
Trying to implement this method which looks very good for scalping....

I think if you trail your stop loss soon to BE, there is going to be a lot of BE trades, and if not... Winners... , but only a few loosers...

You really master this method !!
  • #2,634
  • Jul 8, 2009 8:52am Jul 8, 2009 8:52am
I got this set up and took long.
Ok, let's rock
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  • #2,635
  • Jul 8, 2009 8:52am Jul 8, 2009 8:52am
exit with 21 pips , before exited next order in place ...
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  • #2,636
  • Jul 8, 2009 9:06am Jul 8, 2009 9:06am
Quoting jplo
Ok, thank you again for your support...
Trying to implement this method which looks very good for scalping....
I think if you trail your stop loss soon to BE, there is going to be a lot of BE trades, and if not... Winners... , but only a few loosers...
You really master this method !!
Yes it's scalping, .... before I've started, I was following a false view about how it's unprofitable, and other crap.
Somehow now I'm making much more profit when scalping only EUR/USD then trading of daily time-frame on other 27 pairs.
  • #2,637
  • Jul 8, 2009 9:15am Jul 8, 2009 9:15am
Yup ... finally I closed my trad with +100 pip Well ... market is so ranging now
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  • #2,638
  • Jul 8, 2009 9:18am Jul 8, 2009 9:18am
Quoting DareXau
Yes it's scalping, .... before I've started, I was following a false view about how it's unprofitable, and other crap.
Somehow now I'm making much more profit when scalping only EUR/USD then trading of daily time-frame on other 27 pairs.
Yes, it is my first day looking into this trading style, and I really like it...
Small SL, quickly BE and a bunch of posible setups, which alows you to pick only the best looking ones knowing that you can pass on many that another one is going to come soon...

I think, this and "other" styles can be perfectly complementary, by keeping EUR/USD only for scalping...
  • #2,639
  • Jul 8, 2009 9:27am Jul 8, 2009 9:27am
Quoting fosgate_r
Yup ... finally I closed my trad with +100 pip Well ... market is so ranging now
Buddy,
Today's range from the bottom to the top was only 71.8 pips, so where you made the rest of them ... in your dreams?
  • #2,640
  • Jul 8, 2009 9:37am Jul 8, 2009 9:37am
Quoting jplo
Yes, it is my first day looking into this trading style, and I really like it...
Small SL, quickly BE and a bunch of posible setups, which alows you to pick only the best looking ones knowing that you can pass on many that another one is going to come soon...

I think, this and "other" styles can be perfectly complementary, by keeping EUR/USD only for scalping...
jplo,
Yes, you are exactly right, e/u for scalping (small spread) the other 27 major for any type of trading.
This is what I'm doing since I've discovered Feb's existence and this thread.
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