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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)

  • #4,101
  • Aug 26, 2009 5:27am Aug 26, 2009 5:27am
Short 1.4303 ... lets play this baby.
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  • #4,102
  • Aug 26, 2009 5:38am Aug 26, 2009 5:38am
FX since price correcting would you play #2 now or? would you see if price action continues yet and give it some time.
  • #4,103
  • Aug 26, 2009 5:50am Aug 26, 2009 5:50am
Quoting DesertFX
FX since price correcting would you play #2 now or? would you see if price action continues yet and give it some time.

i give it some time.. this seems like a hiccp so far.. but I got a tight stop 15 pips above my entery..
  • #4,104
  • Aug 26, 2009 6:25am Aug 26, 2009 6:25am
I chickend out , closed for +34
I need to control that emotion. The emotion of OMG ITS GOING TO TURN OF ME GET OUT GET OUT GET OUT.;..

That emotion there ...

Quoting fxachilies
i give it some time.. this seems like a hiccp so far.. but I got a tight stop 15 pips above my entery..
Survive and Preserve
  • #4,105
  • Aug 26, 2009 6:29am Aug 26, 2009 6:29am
Thank God ... what a beautiful trade.
  • #4,106
  • Aug 26, 2009 6:36am Aug 26, 2009 6:36am
Quoting en0x
I chickend out , closed for +34
I need to control that emotion. The emotion of OMG ITS GOING TO TURN OF ME GET OUT GET OUT GET OUT.;..

That emotion there ...
en0x,

Be kind to yourself... u did pretty good.... u can always re-enter the continuation after the pullback or a new fcr. U can not get rid of emotions.... acknowledge them, take a deep breath and re evaluate the situation...

Good luck.
Unus pro omnibus, omnes pro uno
  • #4,107
  • Aug 26, 2009 6:37am Aug 26, 2009 6:37am
Forget the Head and shoulders pattern. I drew that before the move (but odd how price has stalled at the HS profit taking projection isnt it? pure luck I put it that way.), now this big move is over FX, do we wait for consolidation again>?
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Survive and Preserve
  • #4,108
  • Aug 26, 2009 6:39am Aug 26, 2009 6:39am
Its the nerves....

What gets me, is this is my learning account (its live but micro account) meaning I should be learning to trade away these emotions. its not like I am going to go broke if I get it wrong, but emotions are damn hard things.
Going to try it again.
Quoting moneda
en0x,

Be kind to yourself... u did pretty good.... u can always re-enter the continuation after the pullback or a new fcr. U can not get rid of emotions.... acknowledge them, take a deep breath and re evaluate the situation...

Good luck.
Survive and Preserve
  • #4,109
  • Aug 26, 2009 6:43am Aug 26, 2009 6:43am
Quoting en0x
I chickend out , closed for +34
I need to control that emotion. The emotion of OMG ITS GOING TO TURN OF ME GET OUT GET OUT GET OUT.;..

That emotion there ...

Fuck it man... given the size of an average loss (often alot less than the initial stop size) that is a really solid trade. Sorts out your aggregate risk reward big styles. Good work. The smart money says that there is a high probability of a pullback after that move... catch the next one and be happy you've banked some mad pips already.

With the benefit of hindsight its easy to berate oneself when we see we "could've take a shitload more" ... but i think banking the pips is the right thing to do given the frequency of signals, and the knowledge that it aint gonna move in a straight line anyway.

Im being a bit of a hypocryte cos I am constantly kicking myself for not being perfect and nailing the perfect exits... but as long as you are moving forward and keeping your wins bigger than your losers... your're winning the game, and time will take care of the p/l. Thats how I TRY to look at things to keep myself sane (looking at charts 90% of my waking hours during the week - with MANY below average decisions)
"If it bleeds ... we can kill it"
  • #4,110
  • Aug 26, 2009 6:47am Aug 26, 2009 6:47am
This is true
it comes down to "Do you want to be right or make money"

Trading isnt about being right, its about making money.
Okay, i pat myself on my back. yes that little trade made up all the losses plus some for the day.

Feels good to be making progress

Quoting Ari Gold
Fuck it man... given the size of an average loss (often alot less than the initial stop size) that is a really solid trade. Sorts out your aggregate risk reward big styles. Good work. The smart money says that there is a high probability of a pullback after that move... catch the next one and be happy you've banked some mad pips already.

With the benefit of hindsight its easy to berate oneself when we see we "could've take a shitload more" ... but i think banking the pips is the right thing to do given the frequency of signals, and the knowledge...
Survive and Preserve
  • #4,111
  • Aug 26, 2009 6:48am Aug 26, 2009 6:48am
Quoting en0x
Its the nerves....

What gets me, is this is my learning account (its live but micro account) meaning I should be learning to trade away these emotions. its not like I am going to go broke if I get it wrong, but emotions are damn hard things.
Going to try it again.
enOx,

We are all wired a little different here or there... figure out a way that helps you deal with the fear/greed you are confronting.. even if it means cutting your profits short at the beginning until your practice helps you build confidence in your expectancy skills. Maybe set a profit target by moving your stop loss or trailing your stop loss and get up and get a cup of coffee or tea. If you can approach your micro as if you were trading 10 lots it will set the right mind set for the future.

Good luck..
Unus pro omnibus, omnes pro uno
  • #4,112
  • Aug 26, 2009 7:44am Aug 26, 2009 7:44am
Quoting Ari Gold
.

Im being a bit of a hypocryte cos I am constantly kicking myself for not being perfect and nailing the perfect exits... but as long as you are moving forward and keeping your wins bigger than your losers... your're winning the game, and time will take care of the p/l. Thats how I TRY to look at things to keep myself sane (looking at charts 90% of my waking hours during the week - with MANY below average decisions)
I will second that - well said.

Give yourself a brownie point if you have earnt it.
Survive and Preserve
  • #4,113
  • Aug 26, 2009 8:37am Aug 26, 2009 8:37am
ok guys,
just sitting back absorbing your good comments as how everyone reacting to enox's post/concern.. here is my two cent..

watch the chart..

if you got out on the big bearish candel.. you got a problem..
if you got out on the next 5 candels.. you still got a problem..
but if you made you exit on the sixth candel.. you used the correct expectancy.. (I banked myself 29 pips at the sixth candel)..
by that exit you have done two things..
one.. gave your trade a chance pre sixith candel to get more if there was a extended gain..
two.. at the same time still banked good solid money with more of a structural exit.. something that is reduplicatable with odds of probability on your side..

overall.. banking 34 pips its a great profit taking.. even if you had banked just 21pips still would have been a great profit taking.. but you got to make sure you never give away anymore than those amounts aswell..

some of you might not agree with some part of this post.. but to catch runners and be super successful this style of trading that is the way to go even if you had to give up 2/3 of this profit..

great job everyone.. its been a awsome day..
  • #4,114
  • Aug 26, 2009 8:50am Aug 26, 2009 8:50am
I hope you guys did not miss this great ride aswell..



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  • #4,115
  • Aug 26, 2009 8:56am Aug 26, 2009 8:56am
The reason I should have closed on the 6th candle being HH and HL?

just trying to understand it for next time.
Quoting fxachilies
ok guys,
just sitting back absorbing your good comments as how everyone reacting to enox's post/concern.....
Survive and Preserve
  • #4,116
  • Aug 26, 2009 9:01am Aug 26, 2009 9:01am
Quoting fxachilies
ok guys,
just sitting back absorbing your good comments as how everyone reacting to enox's post/concern.. here is my two cent..

watch the chart..

if you got out on the big bearish candel.. you got a problem..
if you got out on the next 5 candels.. you still got a problem..
but if you made you exit on the sixth candel.. you used the correct expectancy.. (I banked myself 29 pips at the sixth candel)..
by that exit you have done two things..
one.. gave your trade a chance pre sixith candel to get more if there was a extended gain..
two.. at the...

Understood ... its the fear of giving that profit away ... you need to manage those emotions to let the profits run while at the same time managing not to let the trade turn around and reverse ... one is constantly monitoring price action and see behaviour.

One of the most interesting reads of this thread FX has been your #1 #2 scenarios ... it gives one a feel how price action can behave. e.g. it goes against you (u have a hard stop in play - so u have u worst case scenario) so no need to panic ... monitor price action and see whats the reaction to optimise your exit.

Man I am reading with a great deal of interest.
  • #4,117
  • Aug 26, 2009 9:26am Aug 26, 2009 9:26am
I may be dumb but when i get a runner i have a 40 pip goal usually, it works for me

unless im totally missing the point :o
  • #4,118
  • Aug 26, 2009 9:56am Aug 26, 2009 9:56am
Hi Fx,

Just wondering did you take this long trade? (blue on the chart ) and if yes how did you manage it

Thanks
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  • #4,119
  • Aug 26, 2009 10:23am Aug 26, 2009 10:23am
Quoting anthony500
Hi Fx,

Just wondering did you take this long trade? (blue on the chart ) and if yes how did you manage it

Thanks
I took that trade i just closed at -10
  • #4,120
  • Aug 26, 2009 1:19pm Aug 26, 2009 1:19pm
Quoting anthony500
Hi Fx,

Just wondering did you take this long trade? (blue on the chart ) and if yes how did you manage it

Thanks
I took that trade and closed at the maxiumum loss -20 as foir me there was nowhere else to get out, the candle was quite severe and spanned over 20 pips. I know sometimes FX takes the stop off and then bails out a few candles later on an intermediate up candle.

I was going to ask FX the same question in fact, let`s see what he says.

Will post all my trades shortly
Survive and Preserve
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