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The System II (Yes with irony)

  • #3,021
  • Jul 27, 2009 11:35am Jul 27, 2009 11:35am
julies,
I got out with 36 pips profit after the retrace when price got close to L/L level line..

ok guys I placed my chart for the day. with using the pure price reading of the market and better use of expectancy in the less than 100 pips range market I was able to put out four trades and make great money, above my daily target and all of them were done live with you guys.. the purpose of my post is to make you guys belivers and make you guys to stick with your gun and don't jump from systems to system.. (otherwise I truly do not feel comfortable with laying down howmuch i make or what lot size i use).. this system works if you really dedicate yourself and pay your dues, then you can collect in bundles..
I have made mass of money in the past, but, it was never consistent..

checked it out.. i do this consistently.. week in week out
first trade good for $1000 (10pips)
second.. -$500 (5pips)
third.. +$2800 (28pips)
fourth.. +$18000 (36pips)

do the math.. it easily pays enough to buy jack nickelsons seasonal front sit at the lakers game.. you can also help to feed world hunger as to do your part in this messed up universe.. as i try to do my part..

great job everyone.. i see you all tomorrow.

as our great mentor says, peace and good karma.

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  • #3,022
  • Jul 27, 2009 2:06pm Jul 27, 2009 2:06pm
Quoting fxachilies

this system works if you really dedicate yourself and pay your dues, then you can collect in bundles..
fxachilies,

first of all, again, thanks so much for your patient and outstanding work here, answering all these questions,encouraging and advising people like me and so many others who follow this thread silently.

And above all , trading live here with all your valuable comments and hints.
I´m shure anyone, who is involved in trading will understand what it means to become an consistent trader, ..many will never climb this ladder,
And consistancy and reproducibility is the key to all these efforts we´re taking here.
For me thats what its all about !

What I experience here with your support (and of course Feb s inexhaustible knowledge) is placing one piece on another and the next one. and the next piece comes in place.
My advice to all new readers is : read the hole thing ! Then you will understand !!
Especially when you are already experienced with trading, cause you´ll have the chance to find the pieces, that you missed in your trading.
But you need time and concentration. And listen and observe very exactly what fx and Dare are showing
you live and very direct !
At least this is what i experience at the moment even if I need much more practice and experience, especially
when it comes to mindset and expectancy .


One more thing: I´m really lucky to meet really distinguished people here, who seperate themselves from so many arseholes out there. I know its not a given how you share your knowledge in this forum.

See ya tomorrow....cheers
  • #3,023
  • Edited 2:16pm Jul 27, 2009 2:07pm | Edited 2:16pm
Quoting fxachilies
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..

http://static.forexfactory.com/forex...attach/gif.gif
Hi Fx,

I thought that the above statement was a golden nugget of info which people should put in their arsenal of trading techniques and which I would like to comment on.

As we know prices do not go in a straight line, so even if you know you are coming out and going to take a controlled loss, the idea of waiting for a pull back in order to get a better price is going to save you pips.Shows discipline as well, and you exit with structure.

It actually saved me pips today.

Thanks.

I have used for quite some time a similar method to get into a trade. Again as we said, nothing goes in a direct straight line, there are always pull backs and retracements into breakout areas and very often you can improve your entry price by a few pips if you use the same method in reverse. If you are shooting for 20 and get another 2 then over time this adds up.
Survive and Preserve
  • #3,024
  • Jul 27, 2009 2:18pm Jul 27, 2009 2:18pm
Quoting julias
fxachilies,

One more thing: I´m really lucky to meet really distinguished people here, who seperate themselves from so many arseholes out there. I know its not a given how you share your knowledge in this forum.

See ya tomorrow....cheers
I would like to second that.
Survive and Preserve
  • #3,025
  • Jul 27, 2009 2:54pm Jul 27, 2009 2:54pm
Hi,

Here are the trades which I took today.

Trade1

Long 1.4243 TP 1.4263

I did not really have any trouble with this trade excepting the fact that the high was 1.4266 so I made it.......... just.

Trade 2

Short at 1.4244

This trade came hard up against me almost immediately, my stop 20 pips away was hiding behind the high for the day.

I came out for a 4 pip loss at 1.4240 after a two higher lows came in and that signalled the end of my participation.

Trade 3 - immediately switched to the other side of the court and bought on the break of the earlier high - 20 pips

Trade 4 - Some hesitation crept in here having already bagged a couple of nice trades and taken a controlled exit on just one.
Long 1.4273 TP 1.4288 for 15 pips

Off the top I didn`t do anything except see price fall nicely lower, all the time thinking hey this is a Dare missed trade as covered on Friday. Big missed opportunity for me here.

Trade 5 Almost certainly smarting from seeing so many possible pips vanish like that - entered much lower down on the more obvious break of 1.4245 I expected a huge fight here but in fact is was easy sailing and price reached the target 1.4225 without any issues. Given the price momentum I should have held for longer.

Thanks for all the comments and advice today to FX Dare and everyone who posted.
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Survive and Preserve
  • #3,026
  • Jul 27, 2009 3:24pm Jul 27, 2009 3:24pm
Quoting PaulLangham
Hi,

Here are the trades which I took today.

Trade1

Long 1.4243 TP 1.4263

I did not really have any trouble with this trade excepting the fact that the high was 1.4266 so I made it.......... just.

Trade 2

Short at 1.4244

This trade came hard up against me almost immediately, my stop 20 pips away was hiding behind the high for the day.

I came out for a 4 pip loss at 1.4240 after a two higher lows came in and that signalled the end of my participation.

Trade 3 - immediately switched to the other side of the court and bought on the...

paul,
just reviewed your trades, nice job.. I am really proud of you to take that third trade (what i talked to you about the other day, and you put it to work..nice).. that is a reall example of paying attention to whats happening now and not letting opportunity to pass by (most recent price action).. and also nice job with 2nd trade when you must have keept your composure and relied on the expectancy as result only a 4pip loss.. I myself lost 5pips on that..
Great job budd.
  • #3,027
  • Jul 27, 2009 3:37pm Jul 27, 2009 3:37pm
Quoting julias
fxachilies,

first of all, again, thanks so much for your patient and outstanding work here, answering all these questions,encouraging and advising people like me and so many others who follow this thread silently.

And above all , trading live here with all your valuable comments and hints.
I´m shure anyone, who is involved in trading will understand what it means to become an consistent trader, ..many will never climb this ladder,
And consistancy and reproducibility is the key to all these efforts we´re taking here.
For me thats what its all...
Thank you. your attentiveness as to putting what you have learned to work, is much admirable.. keep up the good work.. your success and others are my wishes.

cheers.
  • #3,028
  • Jul 27, 2009 3:59pm Jul 27, 2009 3:59pm
Quoting fxachilies
paul,
just reviewed your trades, nice job.. I am really proud of you to take that third trade (what i talked to you about the other day, and you put it to work..nice).. that is a reall example of paying attention to whats happening now and not letting opportunity to pass by (most recent price action).. and also nice job with 2nd trade when you must have keept your composure and relied on the expectancy as result only a 4pip loss.. I myself lost 5pips on that..
Great job budd.
Thanks, you guys are great mentors.
Survive and Preserve
  • #3,029
  • Jul 27, 2009 10:02pm Jul 27, 2009 10:02pm
Quoting fxachilies
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..

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

FX,

would you mind elaborating on what you mean here? do you mean that if you are in a trade and it goes against you below your entry (for a long), wait to exit until it returns somewhat to where the price-break entry was instead of being shaken out on the first price movement down toward your stop? not sure I am being clear, but just trying to see exactly what you meant.

thanks

boz
  • #3,030
  • Jul 28, 2009 1:02am Jul 28, 2009 1:02am
I went Long at 1.4272 on the break of the recent high.

Will get the stop up to 1.4264 and then entry price minus 2 if all goes well.
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Survive and Preserve
  • #3,031
  • Jul 28, 2009 1:34am Jul 28, 2009 1:34am
Quoting boz5
FX,

would you mind elaborating on what you mean here? do you mean that if you are in a trade and it goes against you below your entry (for a long), wait to exit until it returns somewhat to where the price-break entry was instead of being shaken out on the first price movement down toward your stop? not sure I am being clear, but just trying to see exactly what you meant.

thanks

boz

boz5 and others,
what i mentioned above will save you $$ in two ways and could keep you around to make maga bucks..
1) it preserves your gained pips.
2) it reduces your loss.. give away less pips on complete fakeout.
3)at the same time keeps you in the trade and protectes you from being decieved too early by mr.market for further gain.. another words you hold your ground and force the market to show his reall hand before exiting.

explaining #1..
watch figure 1.. don't pay attention to the chart.. (i wanted to watch my trade as i was doing this)
this is a instance when you enter a trade and it goes in you favor 10-25pips.. then price turns and heads in opposit direction..
now if you get decieved too early you exit either, A) with very little profit if your quick enough or, B) you breakeven or, c) end up with small loss..
now what i suggest and show in this figure is to wait for the PB to shape up.. then when price turns back in your direction and gets close to L/L line.. at that time watch the reaction of the price very closley.. if it stalls and acts funny take max profit right there (you preserve lost profit)... if it did not act funny and it countiunes then you are still in the trade and set to make mega bucks.. right?

explaining #2..
watch figure 2.
this is a instance when you get a complete fakeout.. price breaks through only for 5-10 pips and quickly turns on you and heads in opposite direction..(happens rather often and its normall)
now at this time don't be affraid that your hard sl to be hit.. don't be decieved too early or exit for a loss so immidiatley..wait for the fakeout to really shape up.. most time it will stop around the fractal and heads back in your direction.. but at this time you keep your expectations and greed in check and exit when price reaches your inital entery or close to it, unless you'll get a strong price run down and a clean break of the level.. so this way 1) you survive the disastrous fakeout without getting hurt toomuch (instead of losing 15pips lose none or 5 maybe).. and 2) still keept option open by staying with your inital entery to reach your inital pt and, 3) you feel confident to take advantage of most opportunities again and again without fear (thats the psychological benefit of it).

Now.. this is what I do and it works for me wonderfully, it may not work for you.. but, its worth a try.. then compare the results.. then figure out for yourself as to how this fits your comfort level, tolarance and personality.

i hope it helps.

cheers.
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  • #3,032
  • Jul 28, 2009 1:37am Jul 28, 2009 1:37am
OK, I'm back in trading after a staff-up with my FxPro platform ...
no help from they technical support, the idiots trying to shift blame to local ISP,
but eventually admitting to some problems with one of they own feeds.
Anyway, I'm ready to keep trading again and already managed to earn pips from first trade with a second trade open (continuation of the first)
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  • #3,033
  • Jul 28, 2009 1:58am Jul 28, 2009 1:58am
hey fx, great explanation mate & the chart is already printed out for future examples
thanks again
Survive & Preserve
  • #3,034
  • Jul 28, 2009 2:11am Jul 28, 2009 2:11am
we got ourselves a example of preserving profit and keeping options open..

you guys see my entery and price going in my favor for 20pips (I am no sychic to know that price is going to turn so to take max profit on top.. right?).. so what i do I watch the price closley inside the box and price reaction at the level.. either to take take profit at the level or keep trade alive if its a clean breakout..

http://static.forexfactory.com/forex...attach/gif.gif
  • #3,035
  • Jul 28, 2009 2:17am Jul 28, 2009 2:17am
Quoting fxachilies
we got ourselves a example of preserving profit and keeping options open..

you guys see my entery and price going in my favor for 20pips (I am no sychic to know that price is going to turn so to take max profit on top.. right?).. so what i do I watch the price closley inside the box and price reaction at the level.. either to take take profit at the level or keep trade alive if its a clean breakout..

http://static.forexfactory.com/forex...attach/gif.gif
i dont know whats going on my replies getting late in and charts not appearing.. but you get the idea..
at this time i exited at level since price took such quick dip..
  • #3,036
  • Jul 28, 2009 2:22am Jul 28, 2009 2:22am
Quoting fxachilies
i dont know whats going on my replies getting late in and charts not appearing.. but you get the idea..
at this time i exited at level since price took such quick dip..


this is how it was played..

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  • #3,037
  • Jul 28, 2009 2:29am Jul 28, 2009 2:29am
... Euro is definitely not comfortable above 1.4300 area ... maybe not ready yet ...
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  • #3,038
  • Jul 28, 2009 2:39am Jul 28, 2009 2:39am
Quoting DareXau
... Euro is definitely not comfortable above 1.4300 area ... maybe not ready yet ...

DX My buddy,
no sweat bro.. don't even give a rats ass whether his comfortable above or below 4300.. do your thing and play the If and THEN up his ass.. dance the dance my friend..
  • #3,039
  • Jul 28, 2009 3:13am Jul 28, 2009 3:13am
Good Morning,

you guys were busy already, congrats to your nice profits.
I jumped on, but it was too late already; small loss of ca 8 Pips....
(I know the early bird catches.....)
But I´m ready for a potential break in either direction of this fractal,
thats constructed now...

Dare: i´m surprised how good it works to trade the Sidney & Tokio Session
for you, maybe I should get up really much earlier
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  • #3,040
  • Jul 28, 2009 3:23am Jul 28, 2009 3:23am
Quoting julias
...
Dare: i´m surprised how good it works to trade the Sidney & Tokio Session
for you, maybe I should get up really much earlier
I'm surprised too 'cos usually in last few months it was really almost flat ...
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