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The System II (Yes with irony)

  • #2,921
  • Jul 24, 2009 10:36am Jul 24, 2009 10:36am
Quoting Maverick3
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?
Hi Maverick3,
Nice to see you here, ... not 6 only 2-3 pips away from a breakout
  • #2,922
  • Jul 24, 2009 11:31am Jul 24, 2009 11:31am
Quoting DareXau
Hi Maverick3,
Nice to see you here, ... not 6 only 2-3 pips away from a breakout
thkx,
first things first, I'll read the page #1 of Feb about this sound system
then, as you seem to know this blog by heart, is there any page I shouldn't miss
  • #2,923
  • Jul 24, 2009 1:55pm Jul 24, 2009 1:55pm
Quoting Maverick3
thkx,
first things first, I'll read the page #1 of Feb about this sound system
then, as you seem to know this blog by heart, is there any page I shouldn't miss

my first post here. I have read all of both of feb's methodologies and my advice is to read all of whichever you have interest in. there are good nuggets throughout that may click with you and reading the whole thing gives you a very good feel and the correct mindset. I have traded this for just this week with futures vs the cash forex and have done well. in large part I think that can be attributed to the things others have written here.
  • #2,924
  • Jul 24, 2009 3:46pm Jul 24, 2009 3:46pm
Quoting fxachilies
Hi fellows,

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...
Hi Fx,

Many thanks for your welcome and explantory charts with reference to the third trade from earlier today.

I see what you are saying I just have one question. If we take the almost double bottom (or higher high ) as a stand alone move, based on the immediate price action, doesn`t the fact that the low is so nearly a 100% pull back then invalidate the trade setup ? What I am referring to is the fact that the pull back should be no more than 68% or so ? Is this rule valiad ?

Or is this a case of seeing the double bottom as part of the overall pullback within the much larger swing from 1.4182 to 1.4225 and the using the break of the pullback high at 1.4215 or so as type of "bonus" ball entry point ?

Thanks.
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Survive and Preserve
  • #2,925
  • Jul 24, 2009 3:56pm Jul 24, 2009 3:56pm
Quoting DareXau
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 ...

Hi Dare,

Could I just ask you about this "missed-out trade" please, I can see the 1,23 move with the price action, but the range in terms of pips is very small. Are you then looking to trade moves of much fewer pips than the 30 to 40 as outlined intially by Feb

Thanks.
Survive and Preserve
  • #2,926
  • Jul 25, 2009 5:22am Jul 25, 2009 5:22am
Quoting PaulLangham
Hi Fx,

Many thanks for your welcome and explantory charts with reference to the third trade from earlier today.

I see what you are saying I just have one question. If we take the almost double bottom (or higher high ) as a stand alone move, based on the immediate price action, doesn`t the fact that the low is so nearly a 100% pull back then invalidate the trade setup ? What I am referring to is the fact that the pull back should be no more than 68% or so ? Is this rule valiad ?

Or is this a case of seeing the double bottom as part of...

paul,
double bottom on its own is good enough.. specially in this situation that we were on a upward trend. no rules on pullback, as long as price does not cross L/L or H/H.. we stayed away from fib ratio percentages long time ago, D fibonacci is not gonna be any help to me when things go wrong I got to depend on my own.. we used it for awhile just as a frame work that goes for the 30-40pips swing frame work aswell (in one of febs post you will find out about this particualr issue).. now its more like a advance reading of the most recent price action.. simpely looking to spot a setup.. taking action by entering to test the market.. then go to work by putting our expectacny skill to work.

I hope its a good enough answer.
  • #2,927
  • Jul 25, 2009 6:01am Jul 25, 2009 6:01am
Quoting fxachilies
paul,
double bottom on its own is good enough.. specially in this situation that we were on a upward trend. no rules on pullback, as long as price does not cross L/L or H/H.. we stayed away from fib ratio percentages long time ago, D fibonacci is not gonna be any help to me when things go wrong I got to depend on my own.. we used it for awhile just as a frame work that goes for the 30-40pips swing frame work aswell (in one of febs post you will find out about this particualr issue).. now its more like a advance reading of the most recent price action.....
Hi Fx,

Thats great no problems. I prefer the pure price action approach.

Thanks
Survive and Preserve
  • #2,928
  • Jul 26, 2009 10:44pm Jul 26, 2009 10:44pm
Quoting PaulLangham
Hi Dare,
Could I just ask you about this "missed-out trade" please, I can see the 1,23 move with the price action, but the range in terms of pips is very small. Are you then looking to trade moves of much fewer pips than the 30 to 40 as outlined intially by Feb
Thanks.
Hi Paul,
yes, it was less than 30-40 pips and it was a new swing (starting of New York open)
but very often, there isn't enough time to calculate number of pips, if you concentrating on the price action.
For my it was clear at the time, ... price fail to make a fresh H/H, instead broken previous H/H and is heading south
so, if breaks a fractal low, I'm going to open short ... unfortunately price moved to quickly passing by this level, ... missed out
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  • #2,929
  • Jul 27, 2009 12:43am Jul 27, 2009 12:43am
allright guyz, I am on this long trade as price broke through H/H.. lets see what happens..


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  • #2,930
  • Jul 27, 2009 12:48am Jul 27, 2009 12:48am
Quoting DareXau
Hi Paul,
For my it was clear at the time, ... price fail to make a fresh H/H, instead broken previous H/H and is heading south
Hi Dare,

OK fine, logic is cear for me. I will be looking today for opportunities and posting my results later on.

Have a good day

Paul
Survive and Preserve
  • #2,931
  • Jul 27, 2009 1:04am Jul 27, 2009 1:04am
My approach to stop-loss, when scalping EUR/USD of 5 min. time-frame is rather very simple, 'cos I like simplicity in trading.
#1. generally 20/21 rule, 20 pips stop-loss / 21 pips target, risk/reward ratio 1:1 plus 1 pip for "landlord"
#2. if swings are bigger than 30-40 pips and/or 300% ATR of 24 bars (two hours) is above 30 pips, than stop-loss is set by ATR, but not exceeding the level of last pull-back
#3. trailing stop-loss, I don't use this option, 'cos prefer to move my S/L manually, when it's justified by the price action
Probably the most important aspect in trading is a set of mind, when entering a trade I don't expect to win, but to lose
... (losing is not a possibility, it's a reality) so, I agreed already to pay some pips for being in a trade,
than the game begins to give less and less, ... maybe break even, ... or perhaps protect the gains before target can be achieved.
That's it, ... simple, easy, uncomplicated.
#4. stop-loss can be moved only one-way, which is toward the target and never reversed under any circumstances.
  • #2,932
  • Jul 27, 2009 1:13am Jul 27, 2009 1:13am
ok.. price now has given a clear confirmation of the breakout of last H/H (my entery).. the way i interpert that for myself is: 1) now i can feel safer to move my sl to the last fractal .4235.. 2) if it comes back and hits my sl, its not a problem.. i already took my advantage out of the market bcz of its 10pip breakout and now it hits my 9 pip sl instead of 25pip sl.

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  • #2,933
  • Jul 27, 2009 1:27am Jul 27, 2009 1:27am
example of not taking candel formation into consideration in 5m timeframe trading.. it looked like a feakout breakout confirmation, right?... but it could not fool me i have seen it toomany times.. I dont let it decieve me.. I only look at how price reacts around the levels..

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  • #2,934
  • Jul 27, 2009 1:34am Jul 27, 2009 1:34am
Quoting fxachilies
allright guyz, I am on this long trade as price broke through H/H.. lets see what happens..
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G'day fxachilies,
I'm already in long trade from a lower level (previous swing)
... Sydney close is often funny to trade 'cos it usually makes opposite move to open,
I hope, this time it will not be a case ...
OK, ... I'm out, target 21 pips achieved, now have to wait for pull-back ...
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  • #2,935
  • Jul 27, 2009 1:38am Jul 27, 2009 1:38am
My sl moved higer.. and chart expelnation..

now my profit reaches 20 pips at that time i am looking to bank if price is really acting around, otherwise if its a clear run i let it be..


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  • #2,936
  • Jul 27, 2009 1:45am Jul 27, 2009 1:45am
Quoting DareXau
G'day fxachilies,
I'm already in long trade from a lower level (previous swing)
... Sydney close is often funny to trade 'cos it usually makes opposite move to open,
I hope, this time it will not be a case ...

yep my friend.. since the beggining of the swing it had look pretty clean upward move and no fractal break.. so whoever at some point got in this ride should still be in it or must have taken a good profit... it can't get earier than this.. this is when its easy to see the $$$$$$$ sign as i was telling one of our fellows the other day.. he tought I was joking.. lol
  • #2,937
  • Jul 27, 2009 1:56am Jul 27, 2009 1:56am
if price is really turning then wait for the PB and exit on top of it.. this way you won't be decieved by the price too early..

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  • #2,938
  • Jul 27, 2009 1:56am Jul 27, 2009 1:56am
Quoting fxachilies
yep my friend.. since the beggining of the swing it had look pretty clean upward move and no fractal break.. so whoever at some point got in this ride should still be in it or must have taken a good profit... it can't get earier than this.. this is when its easy to see the $$$$$$$ sign as i was telling one of our fellows the other day.. he tought I was joking.. lol
...can't get earlier than this... - what's a time in L.A.? - must be a middle of night.
  • #2,939
  • Jul 27, 2009 2:05am Jul 27, 2009 2:05am
Quoting DareXau
...can't get earlier than this... - what's a time in L.A.? - must be a middle of night.

its 12:05 am..
  • #2,940
  • Jul 27, 2009 2:09am Jul 27, 2009 2:09am
123 break, and shortly after exit, because I was expecting a pullback...

Still working on this method.
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