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The System II (Yes with irony)

  • #2,741
  • Jul 15, 2009 10:25am Jul 15, 2009 10:25am
..absolutely right, its not worth it !
When I see this I run away as fast as I can, its the worst pattern I know!
I only loose money when i see broadening triangles !!
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  • #2,742
  • Jul 15, 2009 12:17pm Jul 15, 2009 12:17pm
...dont like eu today, but I tried a last one for the day on the GBPUSD.
thought, if resistance breaks it could push price down further. (red arrow).
I know we don´t care so much here about S/R Levels, but why not have
an eye on it. ..anyway didnt happen til now so I´ll shut down for today...cu
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  • #2,743
  • Jul 16, 2009 2:58am Jul 16, 2009 2:58am
... I'm simply hopping, that expanding triangle aren't going to be a permanent formation of the trading today ...
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  • #2,744
  • Jul 16, 2009 3:37am Jul 16, 2009 3:37am
G'day guys,
EUR/USD continue moving sideways and most probably todays economic data as well as tomorrows isn't going to change that,
but following Feb's advices it may pay close attention to some other factors as well;
So, don't be surprised if market suddenly will start to behave “in-funny-way” tomorrow,
because it's a third Friday of the month, which mines: options expiration date for all listed stock in the U.S.
I'm referring all guys who possibly managed to miss this, to the post No: 258 - page 18 of this thread.
Attached is OptionsExpirationCalendar2009
Good trading to all.
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  • #2,745
  • Jul 16, 2009 3:39am Jul 16, 2009 3:39am
Quoting DareXau
... I'm simply hopping, that expanding triangle aren't going to be a permanent formation of the trading today ...
..oh yea, I hope so, typical false breakouts and sl hunting on the opening....also with a small loss this morning. but day has just begun
and there are enough pips left till ATR is done.....good luck!

@Dare: thanks for this info; good to know and keep in mind !
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  • #2,746
  • Jul 16, 2009 3:55am Jul 16, 2009 3:55am
Quoting DareXau
EUR/USD continue moving sideways and most probably todays economic data as well as tomorrows isn't going to change that,
but following Feb's advices it may pay close attention to some other factors as well;
So, don't be surprised if market suddenly will start to behave “in-funny-way” tomorrow,
because it's a third Friday of the month, which mines: options expiration date for all listed stock in the U.S.

Attached is OptionsExpirationCalendar2009
Thanks a lot! Good trading to all of you.
  • #2,747
  • Edited 7:50am Jul 16, 2009 7:26am | Edited 7:50am
... OK, that's a one of the ways how you can skin a cat ...
entry with your standard lot, than on each break-out you adding half of your lot and moving stop-loss,
until at some point you getting stopped-out or take-up the profit earlier
... and the final result of it.
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  • #2,748
  • Jul 16, 2009 8:48am Jul 16, 2009 8:48am
Hi Dare,
And What if this breaks to the downside?
Would you close all your previous trades in order to take the downside moves now?
Apart from that.... I'm just beginning to use this method, but from your experience, this kind of market behaviour is usual with lot of ranges, and thrustes up and down?
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  • #2,749
  • Jul 16, 2009 9:17am Jul 16, 2009 9:17am
Hi,
I took the short trade awhile ago, market quickly turned on me and tried his normal deciving move.. with some patience and market read now into profit and who knows maybe a runner. just paying attention to recent price action.. I dont even know the news scheduel.. and paying attention to the one only formation of all time the 1-2-3 setup.. keep it simple guys..

due to some internet problems in my side of world i can not post a chart.. the hurdel was the recent PB up move.

good luck.
  • #2,750
  • Jul 16, 2009 9:24am Jul 16, 2009 9:24am
Quoting fxachilies
Hi,
I took the short trade awhile ago, market quickly turned on me and tried his normal deciving move.. with some patience and market read now into profit and who knows maybe a runner. just paying attention to recent price action.. I dont even know the news scheduel.. and paying attention to the one only formation of all time the 1-2-3 setup.. keep it simple guys..

due to some internet problems in my side of world i can not post a chart.. the hurdel was the recent PB up move.

good luck.

Hi Fxachilies,
Would you mind to tell me where did you enter for a short trade before?
  • #2,751
  • Jul 16, 2009 9:27am Jul 16, 2009 9:27am
Quoting fxachilies
Hi,
I took the short trade awhile ago, market quickly turned on me and tried his normal deciving move.. with some patience and market read now into profit and who knows maybe a runner. just paying attention to recent price action.. I dont even know the news scheduel.. and paying attention to the one only formation of all time the 1-2-3 setup.. keep it simple guys..

due to some internet problems in my side of world i can not post a chart.. the hurdel was the recent PB up move.

good luck.

finally got to work..
http://www.forexfactory.com/images/attach/gif.gif
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  • #2,752
  • Jul 16, 2009 9:36am Jul 16, 2009 9:36am
Quoting jplo
Hi Dare,
And What if this breaks to the downside?
Would you close all your previous trades in order to take the downside moves now?
Apart from that.... I'm just beginning to use this method, but from your experience, this kind of market behaviour is usual with lot of ranges, and thrustes up and down?
I reckon there isn't any difference between up-move or down-move, I've been trying occasionally in both situations with a similar results.
Important thing is to keep all open trades with the same stop-loss and/or take-profit, so when S/L are getting hit you exiting all at once,
the same if you decide about a target, all the trades will close instantly at the same price.
Yes, doing this during a ranging market is impossible, only way I did managed today
is, because the price was in my opinion at lower boundary before London opens.
  • #2,753
  • Jul 16, 2009 9:51am Jul 16, 2009 9:51am
... no more news today, only reporting session on Wall Street, which may strengthen the position of dollar.
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  • #2,754
  • Jul 16, 2009 1:19pm Jul 16, 2009 1:19pm
Thanks again Dare
  • #2,755
  • Jul 17, 2009 2:38am Jul 17, 2009 2:38am
... OK, expiration day, so I've a funny feeling it's going to be one-way traffic;
if so, I would like to try a different way of skinning a cat,
... entry with a standard lot, keep the trade running with open-ended target, just moving my stop-loss, until ... well, as far as possible.
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  • #2,756
  • Jul 17, 2009 3:40am Jul 17, 2009 3:40am
... this was rather short lived, but probably I'll try again;
for now it looks like a price is not ready to go lower, but there isn't any buyers as well ...
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  • #2,757
  • Jul 17, 2009 4:39am Jul 17, 2009 4:39am
... buy-stop triggered, usual S/L & T/P which is 20/21
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  • #2,758
  • Jul 17, 2009 5:03am Jul 17, 2009 5:03am
I´m reeally pissed off this morning. I played it the classic way, like Feb explained and I just had my 3 rd SL hit, minus 43 pips....if you can´t trade this with this virtuosity like some guys here,... I mean you can get quite frustrated with this noise trading.....I I try to implement some things that cut the losers shorter, but I dont know.....
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  • #2,759
  • Jul 17, 2009 5:08am Jul 17, 2009 5:08am
Quoting DareXau
... this was rather short lived, but probably I'll try again;
for now it looks like a price is not ready to go lower, but there isn't any buyers as well ...
DX,
My budd, it's neccessary for me to point out a thing in order to keep the thread on the right direction and not lose track of the purpose and please don't take it in the wrong way.. I think your doing a great job.
I see you try to do a lot of a market anyalisis and some prediction which is fine when you trade longer time frame maybe.. but in system II thread we don't do that.. we are trading the 5min charts which is noise.. it only apperars like no noise when veterns such as us become the master of this time fram by practising price action getting better at our naked eye reading and using the best expectancy for each unique situation.. this is simple pure price reading.. its about IF and THEN analogie by feb.. its about febs Surffer analogie(post 2053).. its about practising expectancy.. its about febs comments that markets are like moving sands and one's got to move with it.. so prediction and making sense of the market is out the window.. analysing is for the analysts, we traders trade to make money.. try to make sense of the 5m market will lead you to second guessing and missed oppourtunity.. news is for entertainment.. we only stay put for the major ones, thats it.
I am sure you are successful at what you do but in this thread we try to keep our predetermined market expectations to ourselves for the sake of our new people to stay on track based on the reall puropse of this thread.. which is simply just learn how to read the market in one time frame with you naked eye based on pure price moves, nothing else.
our job as veterns of this thread is to lead by example by our live trades displayes and show how correct or better expectancy should be done.. to boost confidence that this way of trading works once it fully grasped by one and its skill that will be always with you and lead you to financial freedom.
Again don't get me wrong on this post you are doing a great job by being active everyday and keeping the thread alive but it's imortant to stay with core purpose of the thread.

Thank you.
  • #2,760
  • Jul 17, 2009 5:12am Jul 17, 2009 5:12am
Quoting julias
I´m reeally pissed off this morning. I played it the classic way, like Feb explained and I just had my 3 rd SL hit, minus 43 pips....if you can´t trade this with this virtuosity like some guys here,... I mean you can get quite frustrated with this noise trading.....I I try to implement some things that cut the losers shorter, but I dont know.....

julias,
stay put i answer you and try to help you out it in a bit..
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