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The System II (Yes with irony)

  • #4,321
  • Sep 1, 2009 4:01am Sep 1, 2009 4:01am
Quoting andrewb7
hey mon. i did something similar i entered at fcr 4357 it looked like a fakeout so i took a small loss, then re entered at fcr 4353 & took 21 pips profit, thats how i dealt with it so far
andrew
Andrew,

Great minds think alike!

Not sure if it would have the FX seal of approval but given that my spread is only .9 pips it may be worth a try with certain situations.
Unus pro omnibus, omnes pro uno
  • #4,322
  • Sep 1, 2009 4:17am Sep 1, 2009 4:17am
Quoting moneda
Good morning to all,

Fx, I have a question regarding your fcr.... If you look at the chart you will see that we could have taken the fcr short @1.4354 and after the next three candles price stalled and formed a new fcr @ 1.4344 which coincides with a previous fcr before the London Open. At that point on the last candle price came down again to the LL and stalled briefly.... would you consider taking a few pips profit there instead of risking a rebound and setting another short below the 1.4344? It may be a question of an individual's expectancy...
ok I am back guys,
Moneda,
I played that short trade the same as andrew.. as it is the right thing to do.. i entered on the first opportunity fcr 4357.. exited at 4361 for -7.. then reentered at same fcr and due to me being hungery and had to go to lunch so could not babysit it i took 17pips profit..
what you did right there in my opinion is a little too safe and toomuch in and out and cheating yourself out of pips.. and I definitely would not pay any attention to that coinside fcr before london open.. I am all about now and the recent swing in hand..
that is just my humble opinion..
  • #4,323
  • Edited 4:53am Sep 1, 2009 4:25am | Edited 4:53am
Morning all, and thx for your comments. Just arrived yesterday to this thread and still reading it (only 10% of the whole one so far), but I had the chance to deal this morning, short around 4350 and out at 4330, for +20 pips easy!

Although this could be used and redundant material for all of you, the most important thing I have read so far is the psychological preparation for losses, minimizing the impact in your mind, but to understand this is the long run.

Just a couple of questions:

In the attached picture, we saw the swing from 1.4377 to 1.4327. Now, the "neck" line, that was broken around 1.4350 meant the enter short signal. We took profit 20 pips below. Market has pulled back again to that area, 1.4350 (actually 1.4347). I understand that breaking 1.4327 on the downside is a clear signal of continuation and we should open shorts there, but what happens if we break 1.4347 on the upside? Do we open longs there or we have to wait for the rupture of the highest level, 1.4377?

Second one, (and sorry but as I said it will take a while to read the whole thread...), what is an FCR?

Thanks.

P.S.: Apologies for the chart with indicators... just using an old template I have in MT4.
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  • #4,324
  • Sep 1, 2009 4:55am Sep 1, 2009 4:55am
Quoting elizo
Morning all, and thx for your comments. Just arrived yesterday to this thread and still reading it (only 10% of the whole one so far), but I had the chance to deal this morning, short around 4350 and out at 4330, for +20 pips easy!

Although this could be used and redundant material for all of you, the most important thing I have read so far is the psychological preparation for losses, minimizing the impact in your mind, but to understand this is the long run.

Just a couple of questions:

In the attached picture, we saw the swing from 1.4377...
eilizo,
before you read on this whole thread.. you must understand that this is a pure price action thread.. so firstly be ready to detach yourself from all indicators (no display of charts with indicators).. secondly, you must read the whole thread.. period. i know its long and hard but its neccessary and its worth it.

Good luck.
  • #4,325
  • Sep 1, 2009 5:05am Sep 1, 2009 5:05am
[quote=fxachilies;3011043]ok I am back guys,
Moneda,
I played that short trade the same as andrew.. as it is the right thing to do.. i entered on the first opportunity fcr 4357.. exited at 4361 for -7.. then reentered at same fcr and due to me being hungery and had to go to lunch so could not babysit it i took 17pips profit..
what you did right there in my opinion is a little too safe ...

Fx,

I understand your reasoning... I was just thinking out loud in case that there were others thinking something similar..

Thanks for your perspective
Unus pro omnibus, omnes pro uno
  • #4,326
  • Sep 1, 2009 5:42am Sep 1, 2009 5:42am
ok guys.. looks like everyone gave there answers.. great comments by most and I am so glad to see we all are on the same page or in the development process to be..
ok..
fxachiles sucess formula given to him by his mentor piece by piece and making him really get a migraine by forcing him to think and earn it by paying his dues so it would be absurbed for good once for all and stays life lasting and fx took it to heart.. here it is:

*IF and THEN..meaning, taking every shot..pulling the trigger..sand theory
*Expectancy..meaning, time, speed, rhythm..
*Low Hit Ratio.. meaning, to accept losing as part of your agenda.

The last of the three is the most important.. and I was looking to see one can give it to me in this manner in one package..
some of you mentioned: accept losing!! but in what manner.. going 1-7 in 3hrs and still plugging like nothing happened.. so Low Hit Ratio..

If you accept the Low Hit Ratio factor.. it means you have coped with losing in the manner of this style.. when you pass this level it means your doing everything else correctly and accordingly to the plan.. such as..
-spreading the load wisely.. no care for batting 3 out of 10.. more losing tolarance.
-playing expectancy correctly.. surviving and profiting more often.
-taking all the shots.. feel more confidence in your ability.
-Hope, Fear, Greed factor.. are out the window
-Price action.. is your one and only guide and indicator.. and no care or time get off track and fall into analysis paralysis..
and last but not least you have a clear understanding of that bottom line is what matter the most.

anyways i have keept this very simple formula as my bible.. I live with them when i am trading all alone in this vast of sea.

I hope it helps.
  • #4,327
  • Sep 1, 2009 5:57am Sep 1, 2009 5:57am
Quoting fxachilies
eilizo,
before you read on this whole thread.. you must understand that this is a pure price action thread.. so firstly be ready to detach yourself from all indicators (no display of charts with indicators).. secondly, you must read the whole thread.. period. i know its long and hard but its neccessary and its worth it.

Good luck.
Apologies for that (I already mentioned in my P.S.). I'll be back when everything is read. Thanks.
  • #4,328
  • Sep 1, 2009 6:02am Sep 1, 2009 6:02am
Quoting elizo
Apologies for that (I already mentioned in my P.S.). I'll be back when everything is read. Thanks.
no apologies needed my friend.. welcome to the thread.. keep on reading and let me know if you need anything once your finished..

Good Luck.
  • #4,329
  • Sep 1, 2009 6:16am Sep 1, 2009 6:16am
Boys and girls,

Fx could not have put it anybetter... Feb would be proud to have this man to carry the torch!

Make those three points your mantra:

*IF and THEN..meaning, taking every shot..pulling the trigger..sand theory
*Expectancy..meaning, time, speed, rhythm..
*Low Hit Ratio.. meaning, to accept losing as part of your agenda.

I would like to quote a famous coach who passed away a few years back ..."Don't give up...never give up"

And...

Practice,Practice,Practice..... keep your unit size at a comfortable level to take some of the stress out as well as the revenge factor.... to live to trade another day.
Unus pro omnibus, omnes pro uno
  • #4,330
  • Sep 1, 2009 6:20am Sep 1, 2009 6:20am
I regret taking lunch.. lol.. it made me take very little chunk of this beautiful bearish ride.. nice job fx .. so no lunch from now....lol

but check it out.. this has been a great first two days of the week so far.. we had a nice runner yesterday and this one today.. no need to deal with low hit ratio today so far ..
draw your fcr's.. boys from NY may turn this around.. you mean yanksssssssss could come through again? yes.. greatest city in the world could do it again.. lol.. I am just having fun and babbling as I am envies of you making money in this bearish ride and I am not.. don't mind me..
  • #4,331
  • Sep 1, 2009 6:27am Sep 1, 2009 6:27am
i am long guys.. it could be a bit premature and risky.. but risk is my middel name.. it could payoff greatly.. just this is not recommended for everyone.. I know my tollarnce and comfort level..
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  • #4,332
  • Sep 1, 2009 6:31am Sep 1, 2009 6:31am
Quoting moneda
Boys and girls,

Fx could not have put it anybetter... Feb would be proud to have this man to carry the torch!

Make those three points your mantra:

*IF and THEN..meaning, taking every shot..pulling the trigger..sand theory
*Expectancy..meaning, time, speed, rhythm..
*Low Hit Ratio.. meaning, to accept losing as part of your agenda.

I would like to quote a famous coach who passed away a few years back ..."Don't give up...never give up"...
thank you for the nice words my friend.. its all bcz i got buddies like you to back me up as well as so many group of great people in this thread..

Thx again.
  • #4,333
  • Sep 1, 2009 7:24am Sep 1, 2009 7:24am
lets see what else is in the store.. another retrace or decieve? countinuation? runner? who cares.. I stay close to the price.. and get what i can..

http://cdn.forexfactory.com/images/attach/gif.gif
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  • #4,334
  • Sep 1, 2009 7:40am Sep 1, 2009 7:40am
on crusie control now.. SL below new fcr 4311.. at least 10pips is banked.. lets see how this brearish long ass candel will shape up.. could be just another decieve.. I pay to find out.. fuck him.. lol
  • #4,335
  • Sep 1, 2009 7:58am Sep 1, 2009 7:58am
1.4311 is an FCR? I am lost as to why.
Quoting fxachilies
on crusie control now.. SL below new fcr 4311.. at least 10pips is banked.. lets see how this brearish long ass candel will shape up.. could be just another decieve.. I pay to find out.. fuck him.. lol
Survive and Preserve
  • #4,336
  • Sep 1, 2009 8:12am Sep 1, 2009 8:12am
Quoting en0x
1.4311 is an FCR? I am lost as to why.
http://cdn.forexfactory.com/images/attach/gif.gif
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  • #4,337
  • Sep 1, 2009 8:15am Sep 1, 2009 8:15am
I thought we defined a FCR as a price pullback, not just 1 bearish candle amongst many. Oh well, need to pay more attention to candles then. That confused me badly.
Quoting fxachilies
http://cdn.forexfactory.com/images/attach/gif.gif
Survive and Preserve
  • #4,338
  • Sep 1, 2009 8:20am Sep 1, 2009 8:20am
Quoting fxachilies
http://cdn.forexfactory.com/images/attach/gif.gif
Could you please send the indicator for the market open times on your chart please?
Thanks
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  • #4,339
  • Sep 1, 2009 8:21am Sep 1, 2009 8:21am
guys price is giving us such awsome opportunities.. i hope your taking advantage.. 4311 is a simple fcr that i used for my exit on the long trade and entery for short trade..
PS.. PA reading.. the break of 4311 fcr is a confirmation of that solid bearish candel..
  • #4,340
  • Sep 1, 2009 8:29am Sep 1, 2009 8:29am
jplo,
how are you my spaniard friend.. your quiet these days.. how are u doing with your new account?
I am coming to spain/mallorca.. to kick your buddy Rafayel Nadals ass in tennis.. lol
just wanted to shout out at you..
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