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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)

  • #5,301
  • Sep 11, 2009 1:53am Sep 11, 2009 1:53am
Quoting fxachilies
the line that i call fractal in that chart is the fcr that we call it now..
Yea, I understand that - but to qualify does a single candle have to literally post one higher low than the previous one?
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,302
  • Sep 11, 2009 1:55am Sep 11, 2009 1:55am
Fx, May I ask you a question?...
As far as I can see in your last chart, you have plotted, the entry (green dotted line), the hard SL (red one) and another red one, that I assume as your "hard" take profit order...
Is that true?
If so, how do you measure this, if you are gonna go for a runner?, because it is not an standar 20/21, right?...
Thanks in advance Fx...
  • #5,303
  • Sep 11, 2009 1:57am Sep 11, 2009 1:57am
Quoting DareXau
... short triggered, lets see where Europe is going today ...
DX... are you short at 4595?
if you are may I make a comment?
  • #5,304
  • Sep 11, 2009 2:00am Sep 11, 2009 2:00am
Hey guys I would like to get some feedback on the stop placement and managing the trade just after entry. I feel like this is my weakest part of the trade and the part I understand the least. I'm now going back and rereading the first 50 pages to find the things that I might have missed on my first read.

Here's one of the first posts from Feb about the stop loss placement:

http://www.forexfactory.com/showpost...&postcount=189

Quote
There's many thing you could do

1) Increase your limit - maybe 40 ticks with a scale out at 20???

2) decrease your stop so it can match 20 ticks

3) place your stop behind the pullback, once you get a fill, trail the stop aggressively moving it manually at the top of every bar down

4) no trade - you have a setup of 20 and you're not going to risk more than that.

5) use an auto-tailing stop 1 tick at the time

I'm currently using the original method, 20 trailing stop loss and 21 profit target. But when I feel like it's running I'll drag the profit target out 5-10 more ticks and try to exit with the stop loss. I'm experimenting with keeping the stop above the last swing pivot and going for the big runners (like FX).

I'm wondering what you all are currently doing? It seems that you guys are giving it room in hopes of catching a runner of much more than 21 pts. But I think I remember Feb saying that he almost never gets stopped out at -20, that he usually catches it at -10 or -15 (sorry I don't have the link, I'm posting this from work, I thought about this on my commute).

I think we can make 3 scenarios after entry:

1 - price doesn't move in your favor - in this case it really wasn't a breakout so I think it's best to exit quickly.

2 - price moves 5 ticks or so and starts to pull back.

3 - price moves 8-10 ticks and then pulls back. I'm currently using a trailing stop so here my risk goes down to 10-12 ticks.

4 - price doesn't pullback - the easy one!

Yesterday I took a couple full losers and that kept me from being positive for the day, so I'd like to prevent that. But at the same time I'm afraid if I exit I may end up missing a big move. I can always re-enter but then you enter with a worse price and are prone to getting whipped again.

If this is something that has to be learned through trial & error that's fine. I'm just hoping for a bit of guidance, especially since the method has evolved a bit from the original.

Thanks
  • #5,305
  • Sep 11, 2009 2:01am Sep 11, 2009 2:01am
Quoting mac1956
Yea, I understand that - but to qualify does a single candle have to literally post one higher low than the previous one?
higher/lower of previous what? you have got me all confuse.. the chart is pretty self explantory Mac daddy..
I don't know what more else I can say..
  • #5,306
  • Sep 11, 2009 2:05am Sep 11, 2009 2:05am
Quoting jplo
Fx, May I ask you a question?...
As far as I can see in your last chart, you have plotted, the entry (green dotted line), the hard SL (red one) and another red one, that I assume as your "hard" take profit order...
Is that true?
If so, how do you measure this, if you are gonna go for a runner?, because it is not an standar 20/21, right?...
Thanks in advance Fx...
me and feb throw out the 20/21 deal long time ago.. it was there just as a guide for awhile..

I put both my sl and tp away from heat thats all.. I manually change them as price makes progress.. specially my tp.. bcz i am runner hunter dude.. no set structure there.. I babysit the mattta the whole time
  • #5,307
  • Sep 11, 2009 2:05am Sep 11, 2009 2:05am
Quoting fxachilies
higher/lower of previous what? you have got me all confuse.. the chart is pretty self explantory Mac daddy..
I don't know what more else I can say..

IIIt's me being a thicko Fx, - in a series of 8 red bear candles, you highlight the 6th one as the fractal/fcr. I can't see what singles it out as a fractal/fcr. Call me dumb and make me wear the pointy hat. Is it that it's low is higher than the low of the previous candle (#5)???
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,308
  • Sep 11, 2009 2:06am Sep 11, 2009 2:06am
Quoting fxachilies
DX... are you short at 4595?
if you are may I make a comment?
Yes, I've decided not to enter earlier on 1.4605 'cos of the previous ranging at the top, I know it's a late entry, but have to test this London open ...
  • #5,309
  • Sep 11, 2009 2:08am Sep 11, 2009 2:08am
Quoting jplo
Good morning to everyone

I've been updating me a little bit with yesterdays posts...
Very useful and helpful as usual....

I'm short in this thing now.... Let's seen we are gonna play move #1

Morning All,

I took the long off the top before seeing FX's comments and reversed the other side of the channel so am now also short at 1.4609

Good trading to all
Survive and Preserve
  • #5,310
  • Sep 11, 2009 2:09am Sep 11, 2009 2:09am
Quoting fxachilies
me and feb throw out the 20/21 deal long time ago.. it was there just as a guide for awhile..

I put both my sl and tp away from heat thats all.. I manually change them as price makes progress.. specially my tp.. bcz i am runner hunter dude.. no set structure there.. I babysit the mattta the whole time
Got it, buddy!!!
So, let's go for the runner on this one!!!
  • #5,311
  • Sep 11, 2009 2:11am Sep 11, 2009 2:11am
Quoting mac1956
IIIt's me being a thicko Fx, - in a series of 8 red bear candles, you highlight the 6th one as the fractal/fcr. I can't see what singles it out as a fractal/fcr. Call me dumb and make me wear the pointy hat. Is it that it's low is higher than the low of the previous candle (#5)???
no its go nothing to do with the candels at all.. its about breaking the fcr.. thats it
  • #5,312
  • Sep 11, 2009 2:12am Sep 11, 2009 2:12am
Quoting DareXau
... short triggered, lets see where Europe is going today ...
Hi Darek....
I've seen that you have already taken your "loyalty payment" from Sydney....
Sydney movements are usually in less quantity, but more quality (less deceiving)
  • #5,313
  • Sep 11, 2009 2:13am Sep 11, 2009 2:13am
About time I shared my charts instead of just learning from everyone elses'.
I guess this is a #1 play right now - lessons from yesterday already in action - expectancyatience ratio.

Attachment
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,314
  • Sep 11, 2009 2:18am Sep 11, 2009 2:18am
- Oh, stupid!!! I see now - the bear run breaks the previous fcr - now I see what you mean!
Quoting fxachilies
no its go nothing to do with the candels at all.. its about breaking the fcr.. thats it
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,315
  • Sep 11, 2009 2:22am Sep 11, 2009 2:22am
played #1 and exited at BE..
to me even if price drops below the L/L it won't be a strong move down..
there is a reason price fakes up for 30pips..
thats the way i see it.. could be wrong.. its my expectancy..
  • #5,316
  • Sep 11, 2009 2:36am Sep 11, 2009 2:36am
Exit for -5

Attachment
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,317
  • Sep 11, 2009 2:43am Sep 11, 2009 2:43am
- 2 pips for me....
  • #5,318
  • Sep 11, 2009 2:46am Sep 11, 2009 2:46am
Quoting DareXau
Yes, I've decided not to enter earlier on 1.4605 'cos of the previous ranging at the top, I know it's a late entry, but have to test this London open ...

well you still entered before london open.. with only difference that you got in at much later stage.. if that would be the case might as well wait for the 4570 break after london open perhaps.. that be the reall breakout maybe and of course there is another one after that and another one and so on..
or... the hell with all and just stick to the most recent price action and take them as soon as they form.. and go to work with out expectancy skill.. if we are only trading the 5m chart noise..
thats of course if you belive in quick reversal approach..
it gets you in early at much favorable RR and if sl is hit normally is no more than 20pips and its not big deal bcz losing is part of our agenda in our runner hunting goal here.. or if get semi fakedout like the one we got in hand live, you won't get extrem toped/bottomed off..
quicker entey gives you a better chance to survive with less damage..

just the way I see it brother.. you are expert on your own..

Good Luck..
  • #5,319
  • Sep 11, 2009 2:56am Sep 11, 2009 2:56am
Quoting fxachilies
me and feb throw out the 20/21 deal long time ago.. it was there just as a guide for awhile..

I put both my sl and tp away from heat thats all.. I manually change them as price makes progress.. specially my tp.. bcz i am runner hunter dude.. no set structure there.. I babysit the mattta the whole time
If you enter and it goes 10 ticks against you do you exit? Or do you give it room up until your stop?

How often are you stopped out?

Thanks
  • #5,320
  • Sep 11, 2009 3:03am Sep 11, 2009 3:03am
Quoting cunparis
If you enter and it goes 10 ticks against you do you exit? Or do you give it room up until your stop?

How often are you stopped out?

Thanks
not necesarly..
somtimes..
under 15-20 pips yes i do get stoped out.. over 25 never..

its all about expectacny..

guys.. stop looking for clear cut rules.. it don't work that way..
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