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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)

  • #3,161
  • Jul 30, 2009 2:13pm Jul 30, 2009 2:13pm
Hi Guys,

Just to say that I will post my trades again now, but also that I am not joining the thread in trading hours as I want to take the trading decisions by myself at the moment, so that I don`t get swayed by other people`s trades and comments. I need to learn fully this trading style and actually do the work myself before joining the club intra day - but thanks sincerely to you all for posting , because this enables me to review the comments and trades when I am out of the market and compare notes - see where I went wrong etc.

Here are my trades.

Trade 1 Long 1.4065 TP 1.4085 + 20 pips

Trade 2 Short 1.4063 TP 1.4050 -. Was holding for the full 20 pips but some higher lows came in and convinced me it was time to quit + 13 pips

Trade 3 Long 1.4064 TP 1.4087 for + 23 pips

Trade 4 - Short 1.4050 closed for -10 pips at 1.4060 - I seem to be able to read the head fakes and get out at a sensible loss rather than with true damage.

I would make an observation about my own trading and that is I reguarly seem to be able to switch from the downside to the upside, quickly getting postioned to go long. Reviewing charts from others over the last few days I have noted that I either pass or am late on reversal short trades whcih are genarlly accepted by all as acceptable trades. Maybe this is upside bias trading on my part?

One example was from today where many people got short at 1.4070 area and had an easy ride down. I simply watched it happen. I definately need to work on this ability to switch to the downside as well as the upside.



Trade 5 - Long at 1.4166 Close for -20 pips at 1.4146. If anyine has any comments about how I could have handled this trade better I would be interested to hear. I think as was mentioned this was a news item.

Trade 6 Long at 1.4042 TP at 1.4062 + 20 pips no real issues.
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Survive and Preserve
  • #3,162
  • Jul 30, 2009 2:21pm Jul 30, 2009 2:21pm
Quoting DareXau
... last trade exited on technical fractal breakout, next trade is basically continuation of the previous one.
It is always better to cash-out when in profit, rather to watch the pips despairing or turning into loss.

Hi Dare ,

I was looking at the short trade you took at 1.4038 for +20 pips could you explain the logic/reason for entry there as from what I can see you are short the end of the body of the long news candle ? Thanks

Nice trading by the way to take the full loss on the previous trade and then take it straight back again from Mr Market within minutes !
Survive and Preserve
  • #3,163
  • Jul 30, 2009 8:44pm Jul 30, 2009 8:44pm
hello PaulLangham, what is your signal for trade 6 (long at 1.4042)? tq!
  • #3,164
  • Edited 11:08pm Jul 30, 2009 9:44pm | Edited 11:08pm
Quoting PaulLangham
Hi Dare ,

I was looking at the short trade you took at 1.4038 for +20 pips could you explain the logic/reason for entry there as from what I can see you are short the end of the body of the long news candle ? Thanks
Nice trading by the way to take the full loss on the previous trade and then take it straight back again from Mr Market within minutes !
G'day Paul,
Short @ 1.4038 was a typical 1-2-3 set-up to down-side established about one hour after NY open,
(it's not visible on my previous chart, post # 3141 pg. 210, but surly was there, because I did a bracket entry that time)
similarly to Long @ 1.4068 (based on fractal reversal) which triggered first and lead to 20 pips loss.
Regarding taking a full loss ... well, there was nothing I could do, happened very quickly without any chance for price to come back.
I'm glad, that I didn't cancel this short order, when long was triggered, because that gave me instant win and recovery of previous loss.
But for me, this funny price action is representing a good example of the way, how market is manipulated by big players.
They can throw away millions, just to fade the real move, eliminating most small traders in the process.
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  • #3,165
  • Jul 31, 2009 12:36am Jul 31, 2009 12:36am
Quoting Mdr
hello PaulLangham, what is your signal for trade 6 (long at 1.4042)? tq!
Hi, Well spotted entry line on the chart was too high in fact - have corrected this now.

In fact the trigger was a break - one pip above - the retracement high at that stage following the down move.

Thanks
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Survive and Preserve
  • #3,166
  • Jul 31, 2009 12:40am Jul 31, 2009 12:40am
Quoting DareXau
G'day Paul,
Short @ 1.4038 was a typical 1-2-3 set-up to down-side established about one hour after NY open,
(it's not visible on my previous chart, post # 3141 pg. 210, but surly was there, because I did a bracket entry that time)
similarly to Long @ 1.4068 (based on fractal reversal) which triggered first and lead to 20 pips loss.
Regarding taking a full loss ... well, there was nothing I could do, happened very quickly without any chance for price to come back.
I'm glad, that I didn't cancel this short order, when long was triggered, because...

Hi Dare,

Ok thanks, I se it now, I wasn`t looking at the longer swing points, it was a very very nice trade in fact. I also got stopped for the full 20 on the news event. I will be looking out for some longer swing moves as well now.

Thanks
Survive and Preserve
  • #3,167
  • Jul 31, 2009 1:49am Jul 31, 2009 1:49am
G'day Guys,
Nice to see you ready for friday-market-action,
I've been trading as usual since Sydney opens and have been rewarded with pips already.
Two standard orders 20/21, both successful; first very quick, but second going for ages, but eventually has finished.
Just writing this I missed third trade, but that was rather fortunate, 'cos the price moved down very quickly.
For some stupid reason I can't upload the charts ... well, maybe later on.
OK, so my next orders in brackets: long @1.4147 and short @1.4114
  • #3,168
  • Jul 31, 2009 2:09am Jul 31, 2009 2:09am
Good Friday morning guyz....
I'm in this trade with stoploss to breakeven and aiming for the 1.4101...
Entry due to fractal reversal
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  • #3,169
  • Jul 31, 2009 2:21am Jul 31, 2009 2:21am
Quoting jplo
Good Friday morning guyz....
I'm in this trade with stoploss to breakeven and aiming for the 1.4101...
Entry due to fractal reversal
Very good entry Jaco,
... fractal reversal between 1.4131 & 1.4121, for me was to late 'cos of posting
  • #3,170
  • Jul 31, 2009 2:27am Jul 31, 2009 2:27am
It worked nice...!
For you too Dare and all the guys who entered here!
ready for the next one
  • #3,171
  • Jul 31, 2009 2:27am Jul 31, 2009 2:27am
I missed that one too... slept too long.
  • #3,172
  • Jul 31, 2009 2:34am Jul 31, 2009 2:34am
I think I've missed this one....
Making my coffee
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  • #3,173
  • Jul 31, 2009 2:41am Jul 31, 2009 2:41am
Quoting jplo
I think I've missed this one....
Making my coffee
You mean short or long? For short it would be too little retracement for me, especially because we were already in a move down which started form the 1,4122 area (and I think Feb mentioned a pullback 'must' be at least 2 bars), and it is too close too double zeros. For longs I don't see any setup.
  • #3,174
  • Jul 31, 2009 2:43am Jul 31, 2009 2:43am
My Short @ 1.4114 trade closed on break-even, next to open Long @ 1.4124 and Short @ 1.4099
  • #3,175
  • Jul 31, 2009 2:52am Jul 31, 2009 2:52am
Quoting -jo-
You mean short or long? For short it would be too little retracement for me, especially because we were already in a move down which started form the 1,4122 area (and I think Feb mentioned a pullback 'must' be at least 2 bars), and it is too close too double zeros. For longs I don't see any setup.
I meant long....
What double 00 do you refer to?
The only one is 1.41, where price turns over from the previous short move...
Entry would be on the mini-fractal and maybe exit before hitting the next one....
Aimin for 10 or 11 pips
Maybe it is not the perfect one, but I think it was worked out...
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  • #3,176
  • Jul 31, 2009 2:59am Jul 31, 2009 2:59am
Dare, in case there was more difference between them would you adjust your long order to the new fractal, or the correct thing would be keeping it on the previous one, which looks more significant...??
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  • #3,177
  • Jul 31, 2009 3:05am Jul 31, 2009 3:05am
Quoting jplo
I meant long....
What double 00 do you refer to?
The only one is 1.41, where price turns over from the previous short move...
Entry would be on the mini-fractal and maybe exit before hitting the next one....
Aimin for 10 or 11 pips
Maybe it is not the perfect one, but I think it was worked out...
Yes, I meant the 1,4100 area as double zero which might act as resistance (not Feb style). But to your entry, did I identify your fractal correctly with the yellow lines? If yes, then your entry should have been on the green line for long.
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  • #3,178
  • Jul 31, 2009 3:14am Jul 31, 2009 3:14am
Quoting -jo-
Yes, I meant the 1,4100 area as double zero which might act as resistance (not Feb style). But to your entry, did I identify your fractal correctly with the yellow lines? If yes, then your entry should have been on the green line for long.
Yes, your lines define exactly what I meant...
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  • #3,179
  • Jul 31, 2009 3:19am Jul 31, 2009 3:19am
Quoting jplo
Yes, your lines define exactly what I meant...
Ok, then your trade was not based on fractal reversal, as far as I understand this thread. Maybe I am wrong, don't know, so it would be good if somebody else could clarify, because I am getting confused myself right now. But, on the other side, jplo, if those trades work for you, then go for it.
  • #3,180
  • Jul 31, 2009 3:28am Jul 31, 2009 3:28am
Quoting jplo
Dare, in case there was more difference between them would you adjust your long order to the new fractal, or the correct thing would be keeping it on the previous one, which looks more significant...??
Yes, of course only most recent is valid
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