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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)

  • #3,301
  • Aug 4, 2009 3:03am Aug 4, 2009 3:03am
Quoting -jo-
DareXau, I think I did not state my question clearly, so I try again:
When entering a trade, how do you determine how much time you will give that trade to develop? We entered a trade at the same price, and you gave the trade time to develop, but based on what?
Yes, we had entry at the same price, but my entry was much later on then yours.
So, it's similar trades, but very different too.
Well, going back to the question; this is scalping, so I expect a trade to finish whit-in one hour - London session or London/New York,
during Sydney/Tokyo everything is slower, so about two hours, max. three
It's all based on observation of the market.
  • #3,302
  • Aug 4, 2009 3:15am Aug 4, 2009 3:15am
Quoting DareXau
Yes, we had entry at the same price, but my entry was much later on then yours.
I don't mean to be a smartass, but I double checked, and our entries were at the same time (if your rectangle also marks more or less the entry time of your trade. Mine starts with the blue triangle pointing up and ends with an orange triangle pointing down.)
Quoting DareXau
Well, going back to the question; this is scalping, so I expect a trade to finish whit-in one hour - London session or London/New York,
during Sydney/Tokyo everything is slower, so about two hours, max. three
It's all based on observation of the market.
Thank you. That is exactly what I was asking for.
  • #3,303
  • Edited 4:18am Aug 4, 2009 3:21am | Edited 4:18am
Inside the chop-monster...

13:15 Limit buy at possible 123 setup forming. This entry is very risky because it is inside a big chop-monster, but I do this to practice my trade expectation. Let's see what happens...

13:50 ...the price is going south, I did not have any shorts there. Right now I will leave my order just sitting there and waiting, but most probably I will adjust it based on new market conditions after a while...

14:15 ...the price did not break through the lows, and is now on its way up again. I canceled my long order, and waiting now until the price makes a new 123 setup for me.
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  • #3,304
  • Aug 4, 2009 3:28am Aug 4, 2009 3:28am
Quoting -jo-
I don't mean to be a smartass, but I double checked, and our entries were at the same time (if your rectangle also marks more or less the entry time of your trade. Mine starts with the blue triangle pointing up and ends with an orange triangle pointing down.)
Ha, ha, ... you smartass. Sorry that's my fault, I wasn't looking properly, just by reading text, I had a false impression about different timing.
  • #3,305
  • Edited 3:49am Aug 4, 2009 3:33am | Edited 3:49am
Quoting -jo-
Inside the chop-monster...
Limit buy at possible 123 setup forming. This entry is very risky because it is inside a big chop-monster, but I do this to practice my trade expectation. Let's see what happens...
I'm with you on this one, long @1.4409 20/21
... little change of the plan, going in brackets ...
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  • #3,306
  • Aug 4, 2009 3:52am Aug 4, 2009 3:52am
Quoting DareXau
Now, ... yes.
You are answering faster than I manage to delete my obsolete posts!

  • #3,307
  • Aug 4, 2009 3:58am Aug 4, 2009 3:58am
Quoting -jo-
You are answering faster than I manage to delete my obsolete posts!
... 'cos I'm so b u s y trading today, by the way short just triggered
  • #3,308
  • Aug 4, 2009 4:06am Aug 4, 2009 4:06am
Threatening to break the lows here... room to breathe at least down to 1.4340 ... I would like to think... trading the PA nonetheless...

Wow this is a long-ass range.
"If it bleeds ... we can kill it"
  • #3,309
  • Aug 4, 2009 4:14am Aug 4, 2009 4:14am
Quoting DareXau
... 'cos I'm so b u s y trading today, by the way short just triggered
Yeah im short @ 90. This badboy has got to break fairly soon i would think... spending numbers out of the US might shake it up for us.
"If it bleeds ... we can kill it"
  • #3,310
  • Edited 8:14am Aug 4, 2009 4:33am | Edited 8:14am
New orders placed.

14:45 Limit short filled...

14:52 ...chicken out. So, the price went through the resistance, filled my order, and stalled, so I got scared and got out with a loss of -2 pips. Since the price might continue to go down more after the initial break out, I set a limit order below the break out bar, at a slightly worse price; but on the other hand I am 'safe' now if this was just a fake break out...

15:02 ...limit short filled again, this time price is showing some momentum...

15:20 ...well, what can I say, the fake break out was bigger than I expected, my short position hit SL; long limit just triggered...

16:00 ...adjust SL to 1,4383...

16:06 ...looking good now, let's see how far it goes...

16:56 ...move SL to 1,4388

17:00 ...exit long at 1,4422 close to previous highs
Attached Image(s) (click to enlarge)
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  • #3,311
  • Aug 4, 2009 4:57am Aug 4, 2009 4:57am
Hello to all,

One of the most difficult habits to break is the "hope and pray" for price action to move in your favor or decrease your loss. With this method in particular you can not afford to do this! It will throw your risk management and game plan out of rhythm. At the beginning as you sharpen your expectancy skills you need to be very disciplined with how much $$$$ you can loose with any particular entry if you are going to survive. Sometimes your hard stops have to be larger than you are comfortable with... in such a case, reduce the # of units that you are trading. This will help you trade within your comfort level and help you with your emotions. Remember that this method is a "wash and rinse" you will loose maybe more than you are used to but jumping on the bus and riding it for big pips will make up for it in the long run.

Here is a formula that I found somewhere in this forum that can help you with your risk management.

Equity(amount in your account) x %risk= $$$risk x 10k divided by stoploss= units to trade.

for example:

1,000 x 3%= $30 risk x 10000/30pips stoploss= 10,000 units to trade.

Hope this helps some of you
Unus pro omnibus, omnes pro uno
  • #3,312
  • Aug 4, 2009 5:19am Aug 4, 2009 5:19am
Quoting moneda
Hello to all,

One of the most difficult habits to break is the "hope and pray"...
Well, it will definitely help me!!! Thanks Moneda. I was thinking why I am hanging on my losers, and why I am cutting my winners. And the conclusion is, yes, I am working with much more mini lots, that I should.

I was working with 4 mini lots on my $2000 demo account.

Once again, thanks Moneda!!

Regards, Zoreli
  • #3,313
  • Aug 4, 2009 5:20am Aug 4, 2009 5:20am
Quoting -jo-
New orders placed.
14:45 ...
14:52 ...chicken out
15:02 ...
Sorry -jo-,
I don't understand, what made you to exit that early?
The price was steadily making L/H & L/L, almost did touch the target;
reversed now and reached entry level again, but for me there isn't anything to worry yet.
If the adjusted stop-loss will be hit, well ... so be it, it's only 10 pips
  • #3,314
  • Aug 4, 2009 5:25am Aug 4, 2009 5:25am
Quoting DareXau
Sorry -jo-,
I don't understand, what made you to exit that early?
The price was steadily making L/H & L/L, almost did touch the target;
reversed now and reached entry level again, but for me there isn't anything to worry yet.
If the adjusted stop-loss will be hit, well ... so be it, it's only 10 pips
check febs post #538
  • #3,315
  • Aug 4, 2009 5:25am Aug 4, 2009 5:25am
Quoting DareXau
Sorry -jo-,
I don't understand, what made you to exit that early?
The price was steadily making L/H & L/L, almost did touch the target;
reversed now and reached entry level again, but for me there isn't anything to worry yet.
If the adjusted stop-loss will be hit, well ... so be it, it's only 10 pips
Well, I am just not confident enough to wait for LL/LH, and if price stalls, and doesn't go anywhere, I tend to "panic" and get out.

(And the way I am usually trading a break out is to wait a bar breaking through S or R, and then set a limit below/above that bar; but this is not Feb style, but that is why I chickened out, especially because there was no momentum behind the first break out.)

Right now my long order is going nicely against me as I write... I really don't know why I am doing this...
  • #3,316
  • Aug 4, 2009 5:33am Aug 4, 2009 5:33am
Quoting FOURX
check febs post #538
Is there a way to jump to posts directly?
  • #3,317
  • Aug 4, 2009 5:38am Aug 4, 2009 5:38am
Inserted Video


this is what your doing jo
  • #3,318
  • Edited 6:22am Aug 4, 2009 5:44am | Edited 6:22am
Quoting FOURX

this is what your doing jo
That doesn't answer my question.

And btw, I am not a singer, and I also don't play any instruments, so that is really not what I am doing...
  • #3,319
  • Aug 4, 2009 5:57am Aug 4, 2009 5:57am
Quoting FOURX
check febs post #538
Yes, it's about expectancy, I've been reading this more then five times already ... it's good.
That's why there is my question, because in this particular post is nothing to suggest about giving-up the trade prematurely;
unless your understanding differs from mine.
  • #3,320
  • Aug 4, 2009 6:05am Aug 4, 2009 6:05am
Quoting DareXau
Yes, it's about expectancy, I've been reading this more then five times already ... it's good.
That's why there is my question, because in this particular post is nothing to suggest about giving-up the trade prematurely;
unless your understanding differs from mine.
DareXau, it is just a different technique for entering a break out. At first I did it with Feb style, limit short on the lows, but as the order got filled, there was no momentum in my direction, the price litararilly stopped. So I got out, for a loss of -2 pips which is not a biggie, and set a limit sell below the break out bar, which is a different type of playing a break out (nothing to do with Feb style). So, I should clearly not mix up different entry techniques into this method (it has already an entry technique).

(Btw, this time I had a different entry than you, so my trade was riskier to take on the break of this strong support - you already had some pips in green, I didn't.)
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