The System II (Yes with irony) | Page 146 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

We all need pivots to win..yes or not? 13 replies

The System (Irony included) 1,175 replies

Attachments: The System II (Yes with irony)
Exit Attachments

The System II (Yes with irony)

  • #2,901
  • Jul 24, 2009 3:41am Jul 24, 2009 3:41am
Quoting jplo
So, when do you take into a consideration a fractal reversal? is there any kind of rule?
I meant, when a retracement is forming, maybe it can break the previous fractal but after that not having go through the 50% Fibo from its swing, and resuming the 1-2-3 setup.....
Do you look at the PB momentum or something like that?
Thanks again Dare....
... is there any kind of rule? ... Yes, ... a rule number one and only one is ... price action
have a look again on that chart, ... at the bottom there is five candle - what they're telling you?
(if you combine all five together) it makes a hammer like candle - doji candle
have a look again, ... location of this long green candle and relation of it to the previous fractals
this one candle covers all the swings before, so 5 min. has a strength of something like 2-3 hours, that's a good momentum, ... isn't it?
easy, ... not complicated at all. But to see it clearly and quickly you have to be relaxed.
  • #2,902
  • Jul 24, 2009 3:51am Jul 24, 2009 3:51am
Quoting DareXau
... is there any kind of rule? ... Yes, ... a rule number one and only one is ... price action
have a look again on that chart, ... at the bottom there is five candle - what they're telling you?
(if you combine all five together) it makes a hammer like candle - doji candle
have a look again, ... location of this long green candle and relation of it to the previous fractals
this one candle covers all the swings before, so 5 min. has a strength of something like 2-3 hours, that's a good momentum, ... isn't it?
easy, ... not complicated...
OK, Momentum is all here....
I'm gonna try to focus on it more than in anything else....

P.D. Did you take the LOB on GBPCHF? It was a good reverse one...
  • #2,903
  • Jul 24, 2009 5:36am Jul 24, 2009 5:36am
Quoting jplo
Have you take this trade just before the news?
Did you take the LOB on GBPCHF? It was a good reverse one...
... the second trade triggered before news, but it was only minor data, I didn't expect any of big moves as aftereffect of it.
No, I haven't look on GBP/CHF about London open, because I'm almost to the limit with other trades: GBP/NZD long and NZD/USD short,
based on channel range 4H false breakouts, additionally waiting for signal on any of JPY crosses (all week long ... nothing)
So, with some trades on EUR/USD it adds-up to 5% of 100K
  • #2,904
  • Jul 24, 2009 5:44am Jul 24, 2009 5:44am
... so, in third trade, it's much better what I've expecting for Friday and flat beginning ...
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd.gif Size: 24 KB
  • #2,905
  • Edited 5:57am Jul 24, 2009 5:55am | Edited 5:57am
Quoting DareXau
... so, in third trade, it's much better what I've expecting for Friday and flat beginning ...

Here is the first of those trades from today which I took.

You can see the second developing, not marked up, which gave me another 20 pips. Second trade chart is not posted as I am a trading floor and all this is via iphone.

Reference my earlier analogy of the tennis courts I was postioned to go short at 1.4196 - after the two long trades - so changed mental approach - (trade not entered as price did not break to downside )

Have not taken third trade to upside at 1.4227 mentioned by Dare as was unable to.

So 2 x 20 pip odd winners for today and 1 missed opportunity.

I hope this helps anyway and shows what I have done (my thinking) , any commenst welcome. Would be eaiser of course with the other two trades showing.
Attached Image
Survive and Preserve
  • #2,906
  • Jul 24, 2009 6:44am Jul 24, 2009 6:44am
OK, third successful, it's almost like shooting ducks, ... not much excitement, if compared to real hunting.
... but, pips are pips, ... so, doesn't matter. Ready for next one ...
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd.gif Size: 25 KB
  • #2,907
  • Jul 24, 2009 6:58am Jul 24, 2009 6:58am
Hi Dare im in at the above level buy but a bit aprehensive since there have been 3 succesful trades already, I was out earlier.

What is your take on this are you also back in at this level or not?

If you ar in would you have a reduced SL in case of move against you on 3 already sucessful trades?

Cheers for the input, sorry no chart can't seem to get it printed properly computer is playing up at moment.

Ian
  • #2,908
  • Jul 24, 2009 7:18am Jul 24, 2009 7:18am
Quoting PaulLangham
Here is the first of those trades from today which I took.

You can see the second developing, not marked up, which gave me another 20 pips. Second trade chart is not posted as I am a trading floor and all this is via iphone.

Reference my earlier analogy of the tennis courts I was postioned to go short at 1.4196 - after the two long trades - so changed mental approach - (trade not entered as price did not break to downside )

Have not taken third trade to upside at 1.4227 mentioned by Dare as was unable to.

So 2 x 20 pip odd winners for today...

Hi fellows,
just came back to my room and could not resist to not take a look at the market.. (by the way I lost my ass in poker tonight.. I put the guy all in with rag in my hand and the s.o.b called my bluff... lol.

Paul,
welcome to the thread and your experience and contirbution would be well apperciated. the only thing i want to point out is, paying attention to the most recent price action in regards to last swings and PB.. the third entery that you said you missed as to you were unable to execute but if you could you would have taken a shot at 1.4227. Price gave us a chance to get that trade in at around 1.4218 if we would take most recent price action into consideration.. price gave a perfect double bottom and there is no need to wait for the H/H to be broken.. now, you may say its better to be conservative.. ok, in my experience that kind of mentality in this 5m timeframe will get you in the trade late or get you less profit.. paying attention to the most recent price action is the key in this timeframe.

guys,
I see as of late everyone is getting so hungup on fractal enteries, which is great to master that and eventually you have to do so to be super successful, but as i mentioned before you got to take one step out of time.. become profitable enough along with a great feel for with the 1-2-3 setup (which you get plenty of signals just with that one setup) and keep that as your bread and butter, then move to fractal enteries, which is a riskier entery, requires special expectany and discipline control.. I personaly to this day still only take such signals when i really have to.

You all doing a great job. I be around for a little while longer maybe even try to get a trade in and if i do i will go live with you guys.. looks like there is a fractal entery in the making to go short.

good luck.


http://static.forexfactory.com/forex...attach/gif.gif
Attached Image (click to enlarge)
Click to Enlarge Name: 131.gif Size: 26 KB
  • #2,909
  • Jul 24, 2009 7:23am Jul 24, 2009 7:23am
Quoting Kiwiian1
Hi Dare im in at the above level buy but a bit aprehensive since there have been 3 succesful trades already, I was out earlier.
What is your take on this are you also back in at this level or not?
If you ar in would you have a reduced SL in case of move against you on 3 already sucessful trades?
Cheers for the input, sorry no chart can't seem to get it printed properly computer is playing up at moment.
Ian
when writhing this Euro just dropped ... 20pips, so you probably out ...
  • #2,910
  • Jul 24, 2009 7:33am Jul 24, 2009 7:33am
yeap out for 20 pip loss, bummer, oh well

did you enter at the same position I did also?
  • #2,911
  • Jul 24, 2009 7:44am Jul 24, 2009 7:44am
Hello,

I would like if anyone is interested in discussing how money management relates to this method. We all understand to some degree the importance of controlling risk and increasing your profits. The bottom line is you want to make more $$ than you loose right? For that to happen we need some structure.... that is what I am interested in discussing here... what is your initial stop loss? do you use trailing stops? do you enter or exit a % of your trade? do you use round #'s and/or support and resistance levels ? There are many ways to "skin the cat"
( my cats would not like this expression! )

Here is what I do (most of the time) with this method: I use Oanda for my trading and charts. Initially, as a prevention measure, I set my stop loss at 2-3% of my equity... once my limit order is triggered, I keep an eye on momentum and if it does not go my way in a short time(discretion) and exit and wait for the next setup. I rarely let it hit my stoploss. This is an expectancy approach to mm. I don't want to risk more than what I expect to profit (2:1 is a good start) of course I am always happy when I hit a nice runner. If the trade goes in my favor I will utilize a trailing stop (this reduces the stress/micromanaging tendencies) with Oanda your trailing stop has to be 10 pips or more. So that is my basic approach ..... what is yours?
Unus pro omnibus, omnes pro uno
  • #2,912
  • Jul 24, 2009 7:46am Jul 24, 2009 7:46am
Quoting Kiwiian1
yeap out for 20 pip loss, bummer, oh well
did you enter at the same position I did also?
No, my trade finished @ 14250, next entry @ 1.4255 didn't trigger
  • #2,913
  • Jul 24, 2009 8:10am Jul 24, 2009 8:10am
Quoting moneda
Hello,

I would like if anyone is interested in discussing how money management relates to this method ... ... what is yours?
Very good idea, I'll elaborate about my approach to this subject over a week-end, ... promise
  • #2,914
  • Jul 24, 2009 8:19am Jul 24, 2009 8:19am
Quoting moneda
Hello,

I would like if anyone is interested in discussing how money management relates to this method. We all understand to some degree the importance of controlling risk and increasing your profits. The bottom line is you want to make more $$ than you loose right? For that to happen we need some structure.... that is what I am interested in discussing here... what is your initial stop loss? do you use trailing stops? do you enter or exit a % of your trade? do you use round #'s and/or support and resistance levels ? There are many ways to "skin...

Hi moneda,
good topic.. I use the expectancy approach.. but when price goes in my favor i still babysit it as i am so into practising my expectancy approch in profit taking aswell and paying a lot of attention in price making H/L or L/H's and not fall into markets decieving move even if it costs me to leave money on the table sometimes..
with this mentality.. when price goes in my favor but falls short before reaching 20 pips gain, i give up money on the table at times and I end up with losing trades for around 5pips or so but i do also endup with quite of 40+ pips profit.

there is a live example of such.. i am short on fractal breakout.. price gone in my favor for about 16 pips then price retraced to about my entery then turned in my favor but endup with the failure.. so my sl is 5pips above my entery (this is the most i will lose in this trade no matter what).. 16pips gain is not gonna make me rich.. but if price breaks the L/L it will grantee at least over 30 pips if not more and making me in the driversit as to when to take profit.

http://static.forexfactory.com/forex...attach/gif.gif
Attached Image (click to enlarge)
Click to Enlarge Name: 131.gif Size: 26 KB
  • #2,915
  • Edited 8:42am Jul 24, 2009 8:25am | Edited 8:42am
I've miss-out on this reversal entry due to posting, but nothing lost, now in brackets ...
... market choose long, there isn't any momentum for now ...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur usd.gif Size: 27 KB
Click to Enlarge Name: eur usd next.gif Size: 28 KB
  • #2,916
  • Jul 24, 2009 9:45am Jul 24, 2009 9:45am
Whau Dare!!!
It seems like it has been a perfect and profitable end of the week for you....
I'm glad to see it mate.....
The week is done for me.....
  • #2,917
  • Jul 24, 2009 9:47am Jul 24, 2009 9:47am
Hello,

Glad to hear that there is some interest in discussing this topic. Feb contributed a simple method but things like risk management and expectancy are key to our success. Looking forward to learning from all of you.

DareX:
that is great... weekend is a great time to relax and digest the week.

Fxachilies:
Your approach is basically what I try to do. In my case I use a trailing stop or I get out before it reaches my stoploss.... sometimes if I feel like a squirrel, I'll take whatever is out there when I see some hesitation...but preferably I love to ride the wave for as long as possible.

Have a great weekend!
Unus pro omnibus, omnes pro uno
  • #2,918
  • Jul 24, 2009 9:57am Jul 24, 2009 9:57am
OK, now the market wonts to go south, so be it ...
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd.gif Size: 25 KB
  • #2,919
  • Jul 24, 2009 10:07am Jul 24, 2009 10:07am
Quoting jplo
Whau Dare!!!
It seems like it has been a perfect and profitable end of the week for you....
I'm glad to see it mate.....
The week is done for me.....
O, well ... not so perfect, but not bad at all, ... if I'm not wrong just looking on the account ... it's about ... 12 maybe 15k more then in Monday morning
  • #2,920
  • Jul 24, 2009 10:25am Jul 24, 2009 10:25am
Quoting DareXau
O, well ... not so perfect, but not bad at all, ... if I'm not wrong just looking on the account ... it's about ... 12 maybe 15k more then in Monday morning
Congratulations, it seems to work
during a congestion zone, you place a buy stop order 6 pips above and a sell stop order below? right?
45 traders viewing now