The System II (Yes with irony)

its ok don't be so hard on yourself.. if you survive fakeout with losing only 3 to 7 pips your ok.. it's about surviving with less damage..
so consider yourself a winner when you survive such situation with little damage..

patience paying off..

http://cdn.forexfactory.com/images/attach/gif.gif

Good morning guyz...
Another ugly day until now....
It seems all big players are waiting for the interest rates anouncement to begin moving the market....

P.D. Fxachilies our Rafa is in second round of the US open ..... He smashed Gasquet... 6-2 6-2 6-3

Hi Schoey,

Welcome.

Yes I also do this, it heps. I have also printed out some trades as well for reference.

... so far it's incredible boring day of trading,
got 21 pips out of the Sydney close (almost every day can count on this)
but now there isn't much happening at all ...

ok.. exited that long trade for +15 pips..
now, I know what your thinking.. you say.. well about time, i took +21 pips profit long ago.. right? I know.

when you read the rest of this post just keep in mind febs frazes .. "don't fall into counting pips" or "daily win loss"

ok let me break it down for you then..
you took 21 pips profit.. vs ..I stayed in the trade for a runner hunt and force the market to show his true color..

I know in this case price dip down way too low and took all my profit and even took me inside some loss and easily could have hit my sl under fcr..

but.. what if price would have made a two par retrace and shoot up for 60 pips? your out of the trade +21 and i am still in it trade for 60+ and still running.. now you most likly would say.. ok i would reenter at the countiunation break.. ok, thats fine.. (not to count that you would lose some pips in the middle of all this since you have to reenter at higher point).. but what if it breaks the countinuation and feaks back and get you into a 20 pips loss very quickly.. so what are u left with now?.. at best it would be breakeven.. and worst not being in the trade anymore.. Plus losing the chance of being in the runner hunt..right? and what am i left with.. i am at breakeven aswell but still in the trade, still in the hunt for a runner from original entery, and still could play #1 and get my 15-21 pips (your original strickt plan).. and more importantly I made the market to show his reall hand.. and i got the taste of really being in the trenches and under pressure and getting out of it.. developing into much mature trader.. it boosts you confidence.. very important for the psychological stand point.
in great trandish times I would endup with bigger gain and much bigger bottomline then yours.. in a not so great times I would end up with still solid result or at worst breakeven or some loss and bigtime bottomline still then yours at end of the month, bcz my huge runners bank result wash away more than my losses.. and you be having a rough bottomline.. its a fact.. I been there done that..

guys when you take 21pips profit right away.. what you are doing is banking on high hit ratio.. now be the judge..

and there is not much to it to reverse your postion here.. it just takes a bit of..
patience and not panicing..
guys I go though a lot of agonies.. true.. such as the one that we just witnessed but look at the end result.. pretty much same as yours.. and i keept all kinds of option open..
negative side.. sure i tell you about that too..
if price would have break the fcr 4284 and hit my sl, it would have not been a big deal either, it would have been counted as to just a another loss and also another possible entery for short and new direction for a possible runner.. ahhhaaaaa.. positive thinking.. life is good again.. gettin my loss back immidaitly and who knows even get a runner the other way.. and this my friends would be your.. what.. yes... you got it.... IF and THEN.. thas how you fight back the neg..with that simple two word.. powerfull stuff..

anyways.. all i am tring to do is to make you successfull and to get you to think outside the box and really in grave your job discription in (as feb mentioned it yesterday live again) your brain as feb did to me..

and that is.. TO CATCH RUNNERS.. thats it..

if you don't you will not get the taste of reall success in the long run and become a consistent earner in our style of trading.. period.

feb has taken the hardship.. i have taken the hardship.. and you will take the hardship aswell.. but must be in the righ path (otherwise is a waste of time).. and the light at the end of the tunnel becomes brighter as you improve.. some don't even see the light or it never ever gets brighter for them.. thats why you see a 20yr experience trader sitll struggling and and the 2yr experienced trader running a mulit million dollar account out of his laptop..

I tried my best to put this in words.. I hope to God that i have made it across.. and i promise this would be the last time i would talk about runners issue in such long post.. but I found it super necessary to be mentioned in details..
I hope it helps.
http://cdn.forexfactory.com/images/attach/gif.gif

yes I watched part of that match.. he looks good to reach 4th round.. will see how he holds up after that. but anyway you look at it.. i'll still be kicking his ass.. lol..


guys,
don't complaine.. we had a great first two days of this week.. you could have banked over 100pips.. so stay humble brothers.. you made todays money yesterday.. don't get cut up in daily ups and downs.. guess what be ready for more of the same tomorrow too.. (NFP)

Hello to all,

I keep seeing newcomers to this thread jumping right into the entrails of the chop monster!... If, and that is a big IF you venture into this approach instead of waiting for the basic 1-2-3 taught by Feb2865, you need to be extremely disciplined tactically and emotionally to deal with the fakeouts that are part of a ranging market. Fx has shared a way to trade even under those conditions. Fx calls it "fcr"; is not important what it stands for although if you are reading the entire thread, you will eventually see how that name came about... no, the "f" does not stand for fractals nor is it based on what is normally define as a fractal. I am not going to explain the FCR approach.. FX has done an excellent job of explaining the logic behind it... I am more interested in making sure that you don't get caught up with trying to follow the more advanced approach (approved by Feb) of the FCR(Fx) before you grasped the main idea behind this thread and find yourself chopped up and swallowed by the ChopMonster! Heck, you may even decide to trade the 1-2-3 setup exclusively... there are no Holy Grails! the main thing is to develop the skills and attitude that will make you a consistent winner in the long term. Engrave in your mind the 3 Keys to Success (see previous posts by FX) and you will have the best chance for success if you stick to this thread.

Good luck to all

Thank you moneda.

Guys this is a great heads up post by Moneda..
I have stressed manytimes as was bringing in the FCR into play, that.. one step out of time.. newbies to the thread should firstly read the whole thread and secondly pace themselves up by mastering our bread and Butter (123).. become profitable with that then you will see it with your own eyes that there are other oppourtunites in advance levels.. but first thing first.. do the ground work..
and.. yes.. the main thing that makes you money is the 3 success formula.. should be keept as your bible trading this style..

YES, it helps

as crazy as I am but did not take this long trade of the bracket due to the major announcemnt rate changes (spikes, whiplash etc..).. so this is when i sit on my hands.. looking to follow febs advise and after all is said and down take the other way pull after 30 min or so if the setup is there to take..

Nice posts guys. I love this thread

Great posts Fx and Moneda....
I'm afraid that in 45 min. "ECB press conference" and "unemployment claims" from USA, another hit to the chart..... so maybe we won't be able to take the other side of the spike as Feb pointed out....

ya after both is done..

trades at mid day , not bad so far.. up 2.5%

thx anthony500 for sharing that chart
i did not see these oportunities earlier
im fresh on this thread and try to focus on finding correct swing and retr.

please answer my question i wrote on chart
want to learn

I see that is around a resistance area if you look at it but if it went further
I would close but i didnt take that trade i was sleeping im in Florida so i only trade N.Y.

G

Great post FX it was very helpful

Thanks!!

Hi oleevier,

As Ogna said if those candles went a bit further down ( and closed really beow my blue line) I would have closed the trade as well. So for me that wasn't really a new LL as you said but an indication for me that price was stalling at the previous LL and also a clue that the main mouvement was still up...