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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)

  • #3,981
  • Aug 25, 2009 1:57am Aug 25, 2009 1:57am
Quoting en0x
I traded this but I didnt want to set a target profit. Suffice to say ended the trade in a loss. The reverse wasnt gentle.
yes indeed the reverse was nasty.. but you should have closed that trade at worst at BE.. specially when you see such bounce of that support and big solid first bull candel..
its ok.. with more screen time under your belt you will be able to distinguish such situations better..
  • #3,982
  • Aug 25, 2009 2:02am Aug 25, 2009 2:02am
I don't like to predict but its obvious that market is way too imbalance at this point to get involove.. usually at this points and times I sit on my hands and use as a amusment for myself..lol
some matta f banks dumping large quantities or something bcz there is not anouncment.. who knows.. wait for it to settle down.. market will be here its not going anywhere..
  • #3,983
  • Aug 25, 2009 2:12am Aug 25, 2009 2:12am
Quoting Ari Gold
Thanks for clarification. Its obvious now you were just illustrating the way you handle the markets after a mover... ie. waiting for a range to develop to reenter.

Thanks again.

MM

PS: WHIPPY MARKETS RIGHT HERE!!!
yes ari.. that was a illustration.. all i can do is to show the correct way of doing things.. what I do persanally is 95% time the same as my illustrations for you guys.. the only sometimes it differes is when i got large money on the line and I bank profit and don't go for the full ride.

and yes this is as whippy as it gets in the price range that we have been experiencing.. london open got some to do with it as banks are dumping EUR for now..
  • #3,984
  • Aug 25, 2009 2:18am Aug 25, 2009 2:18am
Yeah mate im not sure on the fundamental reason... the SSE got smacked off to sub 5% breifly which seemed to act as the catalyst - but it has since recovered and EUR is still getting bummed.

Im happy though... well short from 1.4345 (swing trade) and will just let it ride and stay out of the short term stuff - like you say - too whippy.
"If it bleeds ... we can kill it"
  • #3,985
  • Aug 25, 2009 2:19am Aug 25, 2009 2:19am
and yes this is as whippy as it gets in the price range that we have been experiencing.. london open got some to do with it as banks are dumping EUR for now..[/quote]

Risk aversion is back -maybe - asia stock mkets down and looks like european mkts will also be down, everyone getting nervous and dumping eur gbp and commodity ccys like nzd and aud. We could be in for an interesting session.

I too am just sitting on my hands currently have leant the hard way in the past how you can loose very quickly in this situation

Cheers all
  • #3,986
  • Aug 25, 2009 2:20am Aug 25, 2009 2:20am
By the way dude,

What sort of position sizes are you trading these days? In terms of standard lots...
"If it bleeds ... we can kill it"
  • #3,987
  • Aug 25, 2009 2:22am Aug 25, 2009 2:22am
Quoting Kiwiian1

Risk aversion is back -maybe - asia stock mkets down and looks like european mkts will also be down, everyone getting nervous and dumping eur gbp and commodity ccys like nzd and aud. We could be in for an interesting session.

I too am just sitting on my hands currently have leant the hard way in the past how you can loose very quickly in this situation

Cheers all
AUD and NZD not getting dumped bro... just whippy as F*CK. Thats why the sell off in EUR is a little confusing... but hey... i dont trade fundies... just the PA.

Cheers,
MM
"If it bleeds ... we can kill it"
  • #3,988
  • Aug 25, 2009 2:34am Aug 25, 2009 2:34am
Quoting Ari Gold
By the way dude,

What sort of position sizes are you trading these days? In terms of standard lots...
usually 10 lots when i trade my fxpro/union account, where i do my illustrations and live trading for you guys.. and anywhere from 30-50 lots on my major account with DB.
yesterday i had 40 large going on that short trade that your were talking about..

I be back in a hr or so guys..
  • #3,989
  • Aug 25, 2009 3:11am Aug 25, 2009 3:11am
long at 4283.. lets see what happens..
  • #3,990
  • Aug 25, 2009 3:14am Aug 25, 2009 3:14am
same here fx
Survive & Preserve
  • #3,991
  • Aug 25, 2009 3:40am Aug 25, 2009 3:40am
well we got a fakeout inhand.. price making move in our direction.. I play #2.. unless i get a clean break of the H/H..
  • #3,992
  • Aug 25, 2009 3:55am Aug 25, 2009 3:55am
fakeouts..
don't be frustrated with it guys be patience.. 80% of times when we enter we first experience fakeouts or price stall before it breaks through for us or gives us a chance back at BE close..
get used to it.. its a big part of this game.. this is reall time.. in hindsight you dont see this.. but in real time when got money on the line you do see it.. but with some patience, right attitued, correct use of expectancy and PA reading you will over come this hurdel..
  • #3,993
  • Aug 25, 2009 3:58am Aug 25, 2009 3:58am
i took -3 on that trade , there wasnt much momentum with the candles
just my thoughts only
andrew
Survive & Preserve
  • #3,994
  • Aug 25, 2009 4:05am Aug 25, 2009 4:05am
Quoting andrewb7
i took -3 on that trade , there wasnt much momentum with the candles
just my thoughts only
andrew
nice job andrew.. it a sign of improvment.. dont rule out the reentery thou..
  • #3,995
  • Aug 25, 2009 4:09am Aug 25, 2009 4:09am
cheers the reentry is set up already, just in case
Survive & Preserve
  • #3,996
  • Aug 25, 2009 4:14am Aug 25, 2009 4:14am
Quoting andrewb7
cheers the reentry is set up already, just in case

outtta babyyyy.. lol
  • #3,997
  • Aug 25, 2009 4:15am Aug 25, 2009 4:15am
Quoting fxachilies
usually 10 lots when i trade my fxpro/union account, where i do my illustrations and live trading for you guys.. and anywhere from 30-50 lots on my major account with DB.
yesterday i had 40 large going on that short trade that your were talking about..

I be back in a hr or so guys..
Thats impressive for a personal account. Respect. Tell me, how much margin do Deutsche require for you to trade those position sizes on a personal account? I trade with them too... only the profits go in my bosses back pocket...


Cheers,
"If it bleeds ... we can kill it"
  • #3,998
  • Aug 25, 2009 4:24am Aug 25, 2009 4:24am
Quoting Ari Gold
Thats impressive for a personal account. Respect. Tell me, how much margin do Deutsche require for you to trade those position sizes on a personal account? I trade with them too... only the profits go in my bosses back pocket...


Cheers,
50:1.. I know.. and I pay heavy tax on it.. but it makes me sleep well at night.. my money is safe and my stops are guranteed.. most two important things to me.
  • #3,999
  • Aug 25, 2009 4:26am Aug 25, 2009 4:26am
Hi Fxachilies,

Thank you for carrying on where Feb left off. I trust Feb is doing well. Do you have any updates on his health?

The information you have shared here is invaluable. I have been trading in a similar fashion. I know that this is an indicator free strategy, however, I just wish to add that I use ADX (14) to check trend strength prior to executing trades. This has helped to keep me out of several false breakouts. Keep up the excellent work that you are doing. God bless you.

fxpilot
  • #4,000
  • Aug 25, 2009 4:39am Aug 25, 2009 4:39am
Quoting fxpilot
Hi Fxachilies,

Thank you for carrying on where Feb left off. I trust Feb is doing well. Do you have any updates on his health?

The information you have shared here is invaluable. I have been trading in a similar fashion. I know that this is an indicator free strategy, however, I just wish to add that I use ADX (14) to check trend strength prior to executing trades. This has helped to keep me out of several false breakouts. Keep up the excellent work that you are doing. God bless you.

fxpilot
Thank you for your nice words.. last i heard from him he is doing great and back to fulltime trading.. that means mega bucks for Mr. feb..

ADX.. i dont know.. I dont like it in the 5m timeframe.. my eyes and price tells me things faster than adx does.. its a personal choose.. we just try to keep indi's out of our charts when we display them in this thread.. I am sure some of you use indi's.. but to me they all are laggers and crutches.. i want to only trust my my naked eyes and intution as i use the PA as my best indicator..

Thank you.
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