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

The System (Irony included) 1,175 replies

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The System II (Yes with irony)

  • #2,961
  • Jul 27, 2009 3:38am Jul 27, 2009 3:38am
Quoting Maverick3
the only thing, I know is that we are making Lower High and Lower Low: so it's a downtrend til the market show me the opposit! Still SHORT!!!

now your talking Mav.. right on
  • #2,962
  • Jul 27, 2009 3:41am Jul 27, 2009 3:41am
Hey everyone, this is how I came out with this trade:
SL almost hit, then scaled out 2 out of 5 with a loss (-11 and - 13pips)
and last 3 Units with a little profit, so the overall loss is - 5 Pips on all
units.

I suppose Dare and fx are still in the trade and will close with profit.
but I´m still too emotionall, when price "runs" against me.
BUT I managed to act according to my expectancy of this trade and
feel happy about it ! Next one could be a winner ! Cheers...
Attached Image
  • #2,963
  • Jul 27, 2009 3:44am Jul 27, 2009 3:44am
fxachilies & DareXau:
..one little thing, question althought I think I know the answer already....

do you pay any attention to correlating markets like: ok,.. indices footsie, dax, eurostoxx are green, so EURUSD will also continue to climb up,....cause they are related at the moment, ......

Or in other words: do you watch any other charts on your screen when trading your prefered pair?
Or is everything you need the one and only M5 ?( EU or GU, whatever pair you trade...)
Thanks...
  • #2,964
  • Jul 27, 2009 4:02am Jul 27, 2009 4:02am
Quoting andrewb7
yeah i got hit
I checked again, it was 1.4257 (1.42570 - five digit) spread 8 at the time, which is 0.8 pip, max. price 1.42561
so, it was really very close, much closer then it looks on the chart.
What's your broker spread?
  • #2,965
  • Jul 27, 2009 4:12am Jul 27, 2009 4:12am
Quoting julias
I suppose Dare and fx are still in the trade and will close with profit.
but I´m still too emotionall, when price "runs" against me.
BUT I managed to act according to my expectancy of this trade and
feel happy about it ! Next one could be a winner ! Cheers...
Not me, I'm out with 10 pips in red ... re: post #2957 with edition to it
  • #2,966
  • Jul 27, 2009 4:19am Jul 27, 2009 4:19am
Quoting julias
fxachilies & DareXau:
..one little thing, question althought I think I know the answer already....
do you pay any attention to correlating markets like: ok,.. indices footsie, dax, eurostoxx are green, so EURUSD will also continue to climb up,....cause they are related at the moment, ......
Or in other words: do you watch any other charts on your screen when trading your prefered pair?
Or is everything you need the one and only M5 ?( EU or GU, whatever pair you trade...)
Thanks...
Occasionally I have a look on other markets, but this doesn't make any influence on my decisions when scalping EUR/USD ... I thing so.
  • #2,967
  • Jul 27, 2009 4:21am Jul 27, 2009 4:21am
Quoting julias
fxachilies & DareXau:
..one little thing, question althought I think I know the answer already....

do you pay any attention to correlating markets like: ok,.. indices footsie, dax, eurostoxx are green, so EURUSD will also continue to climb up,....cause they are related at the moment, ......

Or in other words: do you watch any other charts on your screen when trading your prefered pair?
Or is everything you need the one and only M5 ?( EU or GU, whatever pair you trade...)
Thanks...
julias,
for me the one and only 5m chart.. thats all you need. correlating markets, forget it. just pure 5m chart price action, thats it.
"whatever time frame that suites you comfort level its fine, but pick one and become the master of it". our great mentor feb.
  • #2,968
  • Jul 27, 2009 4:22am Jul 27, 2009 4:22am
Quoting DareXau
Occasionally I have a look on other markets, but this doesn't make any influence on my decisions when scalping EUR/USD ... I.
Thanks Dare.
I´m long....lets see...

fxachilies: "for me the one and only 5m chart.. thats all you need. correlating markets, forget it"

right, thanks for your confirmation.
  • #2,969
  • Jul 27, 2009 4:26am Jul 27, 2009 4:26am
i lost 5pips on that short trade.. after all the scar that market gave us..
who do you think won that battle?
A) fxachilies, Dx or whoever lost under 10pips
B) market.
  • #2,970
  • Jul 27, 2009 4:27am Jul 27, 2009 4:27am
... now long with a standard 20/21 ...
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  • #2,971
  • Jul 27, 2009 4:32am Jul 27, 2009 4:32am
Quoting fxachilies
i lost 5pips on that short trade.. after all the scar that market gave us..
who do you think won that battle?
A) fxachilies, Dx or whoever lost under 10pips
B) market.
Nobody won/nobody lost. The market is as it is, it doesn't win, it doesn't lose. As to the trader, s/he should be only concerned about minimizing his/her loses, maximizing his/her profits, each trader on its own. Other traders do not matter.
  • #2,972
  • Jul 27, 2009 4:33am Jul 27, 2009 4:33am
Quoting DareXau
... now long with a standard 20/21 ...

I am with you bro..
  • #2,973
  • Jul 27, 2009 4:41am Jul 27, 2009 4:41am
Quoting fxachilies
i lost 5pips on that short trade.. after all the scar that market gave us..
who do you think won that battle?
A) fxachilies, Dx or whoever lost under 10pips
B) market.
You had a serious chance of taking much more pips profit than you managed to cut your losses...
You were in the game without fear, knowing your expectancy of the trade,
...as it showed up to be a bitch- you were arrogant enough to exit with attitude
(and maybe talking with screen next time I´ll gonna squeeeze ya till the end, fucker)

...so the winner is....
  • #2,974
  • Jul 27, 2009 4:44am Jul 27, 2009 4:44am
Quoting DareXau
... now long with a standard 20/21 ...
Question: isn't there a problem with SL to enter?
i mean, you enter @ 59, a 20 stop loss makes 39 but the pullback aspect (or last low is at least 36 - 6 pips spread that makes 30)
  • #2,975
  • Jul 27, 2009 4:54am Jul 27, 2009 4:54am
Good morning to all,

Just finished reading today's postings....some good stuff on trade management! Newbies, read and learn to apply the essence of what is being shared but "think for yourselves" and apply it to your particular situation. One thing that we all need to develop is the mentality of a great shooter... take for example Kobe Bryant of the Lakers.... if he shoots and misses, no problem...furgut abou it! or like Feb would say "wash and rinse"

Looking at eur/usd atm... waiting for the break of the high for London.
Unus pro omnibus, omnes pro uno
  • #2,976
  • Jul 27, 2009 5:05am Jul 27, 2009 5:05am
http://static.forexfactory.com/forex...attach/gif.gif
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  • #2,977
  • Jul 27, 2009 5:07am Jul 27, 2009 5:07am
Quoting Maverick3
Question: isn't there a problem with SL to enter?
i mean, you enter @ 59, a 20 stop loss makes 39 but the pullback aspect (or last low is at least 36 - 6 pips spread that makes 30)
... actually the S/L should be @ 1.4230 - low of this swing, but ATR is showing only about 20-22 pips
so, 20 pips S/L is good enough for me, ... trading (especially scalping) has to be as simple as possible.
  • #2,978
  • Jul 27, 2009 5:12am Jul 27, 2009 5:12am
Fxachilies,

Same here... the fakeout was there. If I may make a general statement.... it has been my experience with the eur/usd that price action during the 6am-7am est hour "tends" to slow down and get choppy.

Unus pro omnibus, omnes pro uno
  • #2,979
  • Jul 27, 2009 5:22am Jul 27, 2009 5:22am
Quoting fxachilies
http://static.forexfactory.com/forex...attach/gif.gif
... as for me it's a typical reaction after the price smashed previous high of a day,
so, retesting of recent fractal support is ... very normal
lets see what this b***ch is gonna do next ...
forgotten to mention, after the big green candle, I did cancel my initial T/P - is now open ended ...
  • #2,980
  • Jul 27, 2009 5:27am Jul 27, 2009 5:27am
if its act funny and stalls I will do my best to take profit on very top..

http://static.forexfactory.com/forex...attach/gif.gif
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