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The System II (Yes with irony)

  • #2,861
  • Jul 21, 2009 10:18am Jul 21, 2009 10:18am
Quoting julias
guys you are right, it not good to mix up with any other TF here.
My full credit to your really consistent and consequent work here.
cheers ...(EU is really funny today.....)
... EU is really funny today ... I reckon it really is trying to push higher today, maybe it will break this magic 1.4338 level ... I'm optimistic ...
  • #2,862
  • Edited 6:14am Jul 22, 2009 6:04am | Edited 6:14am
Quoting Kiwiian1
Hi FX, can you tell me what number of losts you are trading to get that profit on this trade? and what you money management is with regards to % risk you use. Sorry is this seems a bit cheeky, but many people say different % to risk on a trade and since I know you are successful and have been trading for a long while I woul be interested to know how you deal with this side of things.

Thanks
kiwiian,
I am not sure if I should answer that since is not recommended in this thread as to what i do.. febs says risk no more than 1% and even spead that between a few trades.. and i followed his advise mostly for a few months, then when I really felt comfortable and gained confidence with what i can do I risk as following:
when i do live trades on my fxpro platform in the forum with you guys i go 10 lots ($100 per pips) since i have to post and so fort it my effect my speed of doing things accordingly so I go less.. but most my trading gets done on my deutsch bank platform and I go for 50 lots.. I risk between 2-5% of my account on each trade and i got a mil put aside for my fx trading. RR and money managment are very important to me but I rely so much on my expectancy skill and I risk according to that, however i never ever risk no more than 5%.
I do not recommend for anyone to do what i do unless you got that much money put aside.
  • #2,863
  • Jul 22, 2009 6:48am Jul 22, 2009 6:48am
i am on this long trade.. price is pulling back.. lets see how far and how it shapes up..

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  • #2,864
  • Jul 22, 2009 7:23am Jul 22, 2009 7:23am
well boys my sl was hit for -$200 which is no problem but sadly i missed the short fractal breakout signal oppourtunity as things happended too fast.. and the s.o.b is going bearish without any hiccup so no chance to get on the ride.. its cool we wait for the next bus..
  • #2,865
  • Jul 22, 2009 9:00am Jul 22, 2009 9:00am
I don't know about you guyz,
but I only lose (demo) money in these days...
Any other cross pair that worth the fight on these awful days for EURUSD?
EURUSD was faking all day long between a 60 pips range more or less...
Could it be due to any news anouncement? maybe due to Bernanke Speech now?..... or maybe because it is almost August?.....
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  • #2,866
  • Jul 22, 2009 9:23am Jul 22, 2009 9:23am
fx, you just gave me a serious model to follow regarding trading size that's where i plan to be within a year so thank you for the inspiration

(i am not saying that i will make that money trading, i will raise capital)

i have been live trading "feb's way" for a small while with success and i keep practicing it day in day out. as far as that is concerned, i pretty much got it. still struggling with expectancy, but i am better than when i started.

my question is about fractals. i noticed both you and d use them lately. i know from feb's description that they are well defined v formations. i have troubles defining the beginning of a fractal.

i have attached a chart with latest eur/usd movement. which one should i consider a fractal? the yellow or the red one?

thank you and i hope i am not bombarding you with too many questions
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  • #2,867
  • Jul 22, 2009 4:33pm Jul 22, 2009 4:33pm
Quoting mihaig78
fx, you just gave me a serious model to follow regarding trading size that's where i plan to be within a year so thank you for the inspiration

(i am not saying that i will make that money trading, i will raise capital)

i have been live trading "feb's way" for a small while with success and i keep practicing it day in day out. as far as that is concerned, i pretty much got it. still struggling with expectancy, but i am better than when i started.

my question is about fractals. i noticed both you and d use them lately. i know from feb's...

mihaig,
you don't know how happy it makes me to hear you say you are sucessfully trading feb's way of system II trading and getting better at expectancy, its a blessing.

ok, fractals.. before i get into that i want to let you know that, I personally use the fractal entery only when price is running away rather fast and i do not get a 1-2-3 setup before price reaches the fractal point and not giving any chance to get on the ride..
fractals are the end of each pullback.. the point that market has had a dip. you get a swing, then you get a pullback, and then price continues in the original direction and breaks the previous high/low point.. then again after some gain it dips again or pullsback and that point becomes your most recent fractal.. when price turns and breaks through the most recent fractal its a indication of markets turning point in most times.. high probability entery is created.
so the answer to you question is the red v.. most recent one.. check out my chart explanation.

now, there is a drawback to fractal enteries:
1) much bigger sl most times.
2) immidiate or very soon pullback.. most times a very deep one.. you must be prepared for that, not to be superised and be decieved to early.. at the same time not to stay with the trade if it countinues beyond the last low/high point.. must develop the psychological discipline to exit and eat the big loss.

chart explaines further.

hope it helps.


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  • #2,868
  • Jul 23, 2009 1:03am Jul 23, 2009 1:03am
Quoting mihaig78
fx, you just gave me a serious model to follow regarding trading size that's where i plan to be within a year so thank you for the inspiration ...
I'm happy to hear that you're making good progress using Feb's "system"
don't worry about expectancy, it improves with screen-time and practice,
that's why it's important to keep jumping on every wave and surfing ... and surfing.
Regarding a lot size, my suggestion is to stay with small one until you build the confidence and account as well.
  • #2,869
  • Jul 23, 2009 1:31am Jul 23, 2009 1:31am
... euro is starting a day very nicely to the up-side ...
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  • #2,870
  • Jul 23, 2009 1:47am Jul 23, 2009 1:47am
Good morning Guyz,

@ Dare and FxAchilities
Let me ask you a couple of questions...

1) Do you look to something in particular when you sit in from your computer for the first time in the morning before begining trading?
I meant, such as the daily trendline, previous moves, what price is doing or something? anything usefull for you to look at?

2) Do you never look at the candle formations to get a earlier (and riskier, of course) enter let's say when price hits the 50% Fibo and makes a nice Pin Bar or something like this?

Thank you for your help
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  • #2,871
  • Jul 23, 2009 1:49am Jul 23, 2009 1:49am
fx, thank you for the great explanations.
d also thanks for the encouragement and advice.

gave a great trading day
  • #2,872
  • Jul 23, 2009 2:52am Jul 23, 2009 2:52am
Quoting jplo
Good morning Guyz,

@ Dare and FxAchilities
Let me ask you a couple of questions...
1) Do you look to something in particular when you sit in from your computer for the first time in the morning before begining trading?
I meant, such as the daily trendline, previous moves, what price is doing or something? anything usefull for you to look at?
2) Do you never look at the candle formations to get a earlier (and riskier, of course) enter let's say when price hits the 50% Fibo and makes a nice Pin Bar or something like this?
Thank you for your help...
G'day jplo,
when I'm starting my day, the first thing is to refresh chart from any lines and remarks made previously (day before)
so, I can see clearly and without some old signals what the price is doing currently.
I'm not drawing any of the support/resistance levels or pivots, they simply are irrelevant on 5 min. time-frame,
because entry/exit is determined only by 1-2-3 set-up or fractal reversal,
occasionally I may putt Fibonacci, just to asses the swing or potential target.
Candles formation is also very deceiving when scalping, so I don't pay much attention to this any more,
... sometimes a double top/bottom does have some effect, but head & shoulders ... forget it.
In reality it's only the price action and expectancy which matters, anything else is useless and insignificant.
  • #2,873
  • Jul 23, 2009 3:21am Jul 23, 2009 3:21am
Quoting DareXau
G'day jplo,
when I'm starting my day, the first thing is to refresh chart from any lines and remarks made previously (day before)
so, I can see clearly and without some old signals what the price is doing currently.
I'm not drawing any of the support/resistance levels or pivots, they simply are irrelevant on 5 min. time-frame,
because entry/exit is determined only by 1-2-3 set-up or fractal reversal,
occasionally I may putt Fibonacci, just to asses the swing or potential target.
Candles formation is also very deceiving when scalping, so I don't...

Thanks Dare,
It's being hard to me forget about anything and only pull the clean chart with the candles.... I don't know why this happens to me....
I have read about Fractals, and as far as I understood, they are the swing Hi/Low where a retracement begins or ends, aren't they?

What about "Fractal rversals"? and expectancy?

Could You point any especific post which goes into them deeper?, if you remember, of course....
I'll search for them as well......

Thank you again,
Jaco
  • #2,874
  • Jul 23, 2009 3:43am Jul 23, 2009 3:43am
... about expectancy there is few recent posts by fxachilies,
re: fractals you're right, it's simple swings low/high (mini support/resistance)
if you go back to post 2550 page 170 there is my "indi"
  • #2,875
  • Jul 23, 2009 5:03am Jul 23, 2009 5:03am
... it's not very exciting trading on EUR/USD, but AUD/JPY is giving me more satisfaction at the moment ...
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  • #2,876
  • Jul 23, 2009 5:11am Jul 23, 2009 5:11am
hey guys,
yeah the e/u isnt moving much at the moment, have u had any trades on it 2nite dare?
andrew
Survive & Preserve
  • #2,877
  • Jul 23, 2009 5:49am Jul 23, 2009 5:49am
Quoting DareXau
... about expectancy there is few recent posts by fxachilies,
re: fractals you're right, it's simple swings low/high (mini support/resistance)
if you go back to post 2550 page 170 there is my "indi"
Thanks again Dare, I'm getting a little bit confused at "Fractal reversals"....
How do you play them?....
Do you wait until price touches the previous fractal and goes against the trend?.....
  • #2,878
  • Jul 23, 2009 5:50am Jul 23, 2009 5:50am
Quoting andrewb7
hey guys,
yeah the e/u isnt moving much at the moment, have u had any trades on it 2nite dare?
andrew
... 4 trades so far, 1 +20pips, 1 B/E, 1 -10pips and current short which is going slowly toward earlier low (before Syd/Tok opened)
  • #2,879
  • Jul 23, 2009 5:54am Jul 23, 2009 5:54am
Quoting jplo
Thanks again Dare, I'm getting a little bit confused at "Fractal reversals"....
How do you play them?....
Do you wait until price touches the previous fractal and goes against the trend?.....
just little patience, I reckon very soon may be able to show you live example ...
  • #2,880
  • Jul 23, 2009 6:01am Jul 23, 2009 6:01am
Quoting DareXau
just little patience, I reckon very soon may be able to show you live example ...
"Live example", Great!!!...
Waiting with impatience....
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