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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)

  • #4,861
  • Sep 8, 2009 2:25pm Sep 8, 2009 2:25pm
13pips SL hit.. big deal.. I am not in the hit ratio contests.. its about my bottomline..

but I played this too tight bcz I like the lower risk factor there(only 13pips).. otherwise i let the price to show his true color and wait for small pullback and exit at BE..
but taking a shot and losing around 10 its a RR in my favor in a long run success..
  • #4,862
  • Sep 8, 2009 2:48pm Sep 8, 2009 2:48pm
Quoting fxachilies
13pips SL hit.. big deal.. I am not in the hit ratio contests.. its about my bottomline..

but I played this too tight bcz I like the lower risk factor there(only 13pips).. otherwise i let the price to show his true color and wait for small pullback and exit at BE..
but taking a shot and losing around 10 its a RR in my favor in a long run success..
I stopped out too. Thanks for posting your trade, it was good to know that I was trading along side you all. Today was just a bad day, and tomorrow is a new one.
  • #4,863
  • Sep 8, 2009 3:10pm Sep 8, 2009 3:10pm
If you got the jet eye to recognize the range time early and actually be discipline enough to stay away from trading the rest of the day after the big bull run, then my hats off to you.. i just hope you can do this consistently and still getting your fare and share of runners, if you know what i mean..

but if your were a guy that lived by the fcr, by taking every shot correctly and to follow it with expectancy skill, useing #1&2 as your guide, you should not have lost money as nasty as this thing was.. and be proud that you gave yourself the chance to make more by hunting the short runner and came out breakeven at worst..
if you lost.. then there are flaws in your trading skill.. technically and psychologically..
watch my chart and you'll know.. there are 7 possible trades between the trenches.. (yellow thick line = exits)

in this type of situation you got to make a decision..
either you should have been happy with what you made on the runner and stay the hell out of the consolidation time for good and come back tommorow.. or to keep going.. when you decide to keep on trading you must take all the possible enteries and not cherry pick.. then you be in truoble.. bcz hit ratio is 2 out of 7.. so the chances are you get all the loser and none of the two winner..
again if you struggled today look at my chart as to where my enteries and exits are and where my fcr's are drawn..

If you got any question let me know..

http://cdn.forexfactory.com/images/attach/gif.gif
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  • #4,864
  • Sep 8, 2009 3:23pm Sep 8, 2009 3:23pm
Hey Fxach....

Stupid Question:

I know what the red and grey lines on your chart represent but
what are the Yellow Lines?

I guess they are your exits?

Lufkindog
  • #4,865
  • Sep 8, 2009 3:24pm Sep 8, 2009 3:24pm
Hi All,

Here are today`s trades.

WHat I like about posting here is that you see your erros in black and white.

Here goes - if anyone sees any more do not hesitate

Trade 1- Closed in mid stream. Not on the brek of the FCR. I put this down to greed in that I wanted to bag an early trade - and was to eager ti bank it. FX pointed out at the time if i had held I wa spotentially in with the chance of another rocket blast off for nothing - of course this duly came in. Lesson learnt - I hope so, at least seen and documented.

Trade 2 - Late closing - on the second FCR not on the first.

Trade 3 - Short OK, but should have been taken on the earlier FCR.

Trade 4 - Traded to plan exit on break of FCR.

Trade 5 - Hard stop - OK

Trade 6 - Best trade for me, nice recovery straight after the hard stop. Played according to plan.

Thanks for all the updates during the day, any comments, improvements or suggestions always welcome.

Thanks to all.
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Survive and Preserve
  • #4,866
  • Sep 8, 2009 3:25pm Sep 8, 2009 3:25pm
Quoting lufkindog
Hey Fxach....

Stupid Question:

I know what the red and grey lines on your chart represent but
what are the Yellow Lines?

I guess they are your exits?

Lufkindog
(yellow thick line = exits)
Survive and Preserve
  • #4,867
  • Sep 8, 2009 3:25pm Sep 8, 2009 3:25pm
closed at BE +1p

right now we can have same setup down
or it will go up
can play both sides
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  • #4,868
  • Sep 8, 2009 3:31pm Sep 8, 2009 3:31pm
Quoting lufkindog
Hey Fxach....

Stupid Question:

I know what the red and grey lines on your chart represent but
what are the Yellow Lines?

I guess they are your exits?

Lufkindog
you are correct.. i did mentioned it in my post too..
  • #4,869
  • Sep 8, 2009 3:38pm Sep 8, 2009 3:38pm
Quoting oleevier
closed at BE +1p

right now we can have same setup down
or it will go up
can play both sides
ok oleevier, now your talking.. looks like you decided to play the #2 and sticking with the plan.. nice job.
now i have no doubts that you have read and absurbed most of the thread..
let me know if I can be a help to you..
  • #4,870
  • Sep 8, 2009 3:56pm Sep 8, 2009 3:56pm
i re-enter short
will see what will happen

Quoting fxachilies
ok oleevier, now your talking.. looks like you decided to play the #2 and sticking with the plan.. nice job.
now i have no doubts that you have read and absurbed most of the thread..
let me know if I can be a help to you..
im fast learner but have problems with english , im polish
i have read whole thread , but after u guys started screaming at me , i just refreshed some post , read them few time again, coz i did not understand them well first time (my english is well but not perfect)

thx for help ofering , i will use it by sure
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  • #4,871
  • Sep 8, 2009 3:59pm Sep 8, 2009 3:59pm
Quoting PaulLangham
Hi All,

Here are today`s trades.

WHat I like about posting here is that you see your erros in black and white.

Here goes - if anyone sees any more do not hesitate

Trade 1-...
Hello Paul,

Let me share some comments with you...

Trade #3: Short???... I think that considering that it was so close to your previous exit, price showing little speed/momentum I would have waited a bit longer for a more clear sign of the market's intention. I will say that you exited, reloaded and entered long (#4) sticking to the plan...

Trade #5: This is a breakout out of consolidation...I would have waited for a pullback and a continuation..especially that eur/usd had made its main move already and London was closed(low volatility).... if read your chart correctly.

Trade#6: I agree... nice execution... again kind of late in the day....

Something to keep in mind (or not):

There are certain times of the day that "generally" price action tends to slow down making difficult to find the unbalanced action that we need...

Good work.
Unus pro omnibus, omnes pro uno
  • #4,872
  • Sep 8, 2009 4:50pm Sep 8, 2009 4:50pm
Quoting moneda

There are certain times of the day that "generally" price action tends to slow down making difficult to find the unbalanced action that we need...
Totally agreed. On a general basis, to me, entering after 21.30 CET (15.30 EST) it's not a good idea.

Quoting oleevier

i re-enter short
will see what will happen
Therefore this reentering would not be advisable, in my humble opinion. Dead market
  • #4,873
  • Sep 8, 2009 8:11pm Sep 8, 2009 8:11pm
Ill start posting tomorrow and maybe you guys can help me see what I need to change, see you all tomorrow at the start of N.Y.!!
  • #4,874
  • Sep 8, 2009 9:05pm Sep 8, 2009 9:05pm
Quoting oleevier
i re-enter short
will see what will happen
im fast learner but have problems with english , im polish
i have read whole thread , but after u guys started screaming at me , i just refreshed some post , read them few time again, coz i did not understand them well first time (my english is well but not perfect)
thx for help ofering , i will use it by sure
Hi oleevier,
It's nice to have a countryman in this thread, if you run in troubles with understanding - what/why we doing here or simply need some explanation,
let me know via "PM" - I may try to help you out in our language.
  • #4,875
  • Sep 9, 2009 1:06am Sep 9, 2009 1:06am
Anybody on the long yet? Ihave moved my SL to break even (was +17) lets see if it crashes at the previous high
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Survive and Preserve
  • #4,876
  • Sep 9, 2009 1:12am Sep 9, 2009 1:12am
yeah i m on the long enox but from 4505
lets see what happens 2day
Survive & Preserve
  • #4,877
  • Sep 9, 2009 1:25am Sep 9, 2009 1:25am
Quoting andrewb7
yeah i m on the long enox but from 4505
lets see what happens 2day
why so late andy?
  • #4,878
  • Sep 9, 2009 1:25am Sep 9, 2009 1:25am
Closed for +18, price hit resitance, retraced formed FCR but didnt break the HH and dropped again. maybe it will break maybe not, but it pulled back second time (double top).

Time to close for me
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Survive and Preserve
  • #4,879
  • Sep 9, 2009 1:27am Sep 9, 2009 1:27am
wrong chart sory
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Survive and Preserve
  • #4,880
  • Sep 9, 2009 1:29am Sep 9, 2009 1:29am
wasnt at screen at the time u entered , so played it as a break of the 4502 area , knowing there was resistance at 4517ish ,
Survive & Preserve
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