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The System II (Yes with irony)

  • #5,341
  • Sep 11, 2009 4:25am Sep 11, 2009 4:25am
Made a complete dog's dinner of that! -17
In too late and out too early with SL in too tight.

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Click to Enlarge Name: Chart 3.gif Size: 44 KB
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,342
  • Sep 11, 2009 4:28am Sep 11, 2009 4:28am
Quoting fxachilies
ok.. checke it out guys..
i did not take that bearish countinuation signal.. but i take this long signal out of this litte fcr.. why?
simple commonsense.. the most i'll lose is 13 pips (RR in my favor).. it pays off great if its a real reversal... if not big deal..

http://cdn.forexfactory.com/images/attach/gif.gif
FX, if you don't mind to answer my question... does not taking the bearish continuation have something to do with the fact that we have a pretty important FCR on the 69/70 area?

Together with the already mentioned risky activity of jumping on second, third continuations...

Thanks
  • #5,343
  • Sep 11, 2009 4:34am Sep 11, 2009 4:34am
now if price stalls a bit more before hiting my sl.. i'll exit at BE..
I took my shot early on.. did not work, no big deal.. no harm no foul..I'll take my chance again at the more convising FCR on top 4598.. only 17 pips away from L/L.. so my second shot still will be in the early stage of a breakout if its meant to happen..
now if price breaks the LL, I will take the short as well, bcz price has gone thorugh some ping pong time.. (see i play ping pong too.. just in a different way.. if you know what I mean )..
  • #5,344
  • Sep 11, 2009 4:40am Sep 11, 2009 4:40am
[quote=mac1956;3044804]Made a complete dog's dinner of that! -17
In too late and out too early with SL in too tight.

Better chart - last one sucked.

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$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,345
  • Sep 11, 2009 4:42am Sep 11, 2009 4:42am
Quoting elizo
FX, if you don't mind to answer my question... does not taking the bearish continuation have something to do with the fact that we have a pretty important FCR on the 69/70 area?

Together with the already mentioned risky activity of jumping on second, third continuations...

Thanks
no.. definatly has nothing to do with the 70/69.. thats history.. i am all about now and most recent activity..

simply your second paraghraph.. and my read of the market..
there was a reason i exited my short trade off 4609.. felt threaten by that 30pips up movement.. and as you see countinuation break was not a strong one...
guys price simply comunicated with you.. and with enough screen time and practise live trades you will be able to communicate back and become successfull..
these are great question.. i do my best to answer them in the most honest way as how i do things.. some peopel might not agree.. this is just my way..
  • #5,346
  • Sep 11, 2009 4:45am Sep 11, 2009 4:45am
Quoting fxachilies
yes its a good observation but you got no structure there.. until price does not break the 4598 there is no solid confirmation of L/L to not be broken.. its a good way to get cut in the fire JP..
I know your losing only 6pips.. but you rather lose 20pips smartly and lose 1 pip stupidly..
lets stick to the double bottom and fcr... just imagine if it would have countiued and where would you be now?
Thank you for your review and feedback, buddy.....

I'm out at BE.... No momentum + too much time to unfold + no rythm = NO expectancy.....

Keep on learning little by little....
  • #5,347
  • Sep 11, 2009 4:46am Sep 11, 2009 4:46am
Quoting fxachilies
no.. definatly has nothing to do with the 70/69.. thats history.. i am all about now and most recent activity..

simply your second paraghraph.. and my read of the market.....
Thanks for that, to me is a good rationale, which is the proper way to risk my money, instead of following this or that indicator as a robot... I try the questions always to be refreshing in mi mind: why I am on this deal, what I expect from it, what IF it does not work the most expected scenario, and what to be applied THEN.
  • #5,348
  • Sep 11, 2009 4:52am Sep 11, 2009 4:52am
Quoting elizo
Thanks for that, to me is a good rationale, which is the proper way to risk my money, instead of following this or that indicator as a robot... I try the questions always to be refreshing in mi mind: why I am on this deal, what I expect from it, what IF it does not work the most expected scenario, and what to be applied THEN.
nice job elizo.. i like your thinking..
i am sure you have read my post about countinuation siganal and my long ass 5278 pg 352.. but in slight chance if you haven't please do so..

Good luck..
  • #5,349
  • Sep 11, 2009 4:54am Sep 11, 2009 4:54am
Quoting jplo
Thank you for your review and feedback, buddy.....

I'm out at BE.... No momentum + too much time to unfold + no rythm = NO expectancy.....

Keep on learning little by little....
no problem JP.. you are making great process from what i see.. keep it up..
your the rising star
  • #5,350
  • Sep 11, 2009 5:06am Sep 11, 2009 5:06am
Going to the gym to pay penance for my crappy work this morning. Good hunting guys.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,351
  • Sep 11, 2009 5:06am Sep 11, 2009 5:06am
Price in brackets right now....
Let's see where it breaks through...
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  • #5,352
  • Sep 11, 2009 5:08am Sep 11, 2009 5:08am
Quoting DareXau
... short triggered, lets see where Europe is going today ...

plz can u share this indicator..
Patience + Discipline = Pips
  • #5,353
  • Sep 11, 2009 5:13am Sep 11, 2009 5:13am
first of all, thanks to all the posters here and particularly FEB,FX.JP ETC... i have been trading for many years.. anything from stocks to options, and now forex... In the old days. when i started. late 70's. i used to draw my own charts.. SWING CHARTS. 1 day, 2 day and 3 day swing charts. It used to help me a lot. (no intraday trading in those days) for me anyway. I've never used moving average, macd cci etc.... i used to rely on my swing charts and drawing 45 degrees angle line on the way up.. and 315 degrees on the way down.. to keep me in line with what was happening. I love price action to me it's the only (REAL) indicator.. Sorry to have put these few words in your wonderful thread. If you want put those lines ( i don't call them trendlines).. from a top or bottom and see what you think. It's just one more little thing to add to the price. Once again sorry and good trading all. Greetings from TASMANIA.

Jean
  • #5,354
  • Sep 11, 2009 5:29am Sep 11, 2009 5:29am
Quoting Froggy10
first of all, thanks to all the posters here and particularly FEB,FX.JP ETC... i have been trading for many years.. anything from stocks to options, and now forex... In the old days. when i started. late 70's. i used to draw my own charts.. SWING CHARTS. 1 day, 2 day and 3 day swing charts. It used to help me a lot. (no intraday trading in those days) for me anyway. I've never used moving average, macd cci etc.... i used to rely on my swing charts and drawing 45 degrees angle line on the way up.. and 315 degrees on the way down.. to keep me in line...
froggy,
can you give us a example of what it looks like in a chart..

apperciated.
  • #5,355
  • Sep 11, 2009 5:31am Sep 11, 2009 5:31am
Hi fx, i would love to.. but don't know how to post a chart?? if you can help i'll do it.. cherrs
  • #5,356
  • Sep 11, 2009 5:38am Sep 11, 2009 5:38am
Quoting Froggy10
Hi fx, i would love to.. but don't know how to post a chart?? if you can help i'll do it.. cherrs
do you have meta trader platform?
  • #5,357
  • Sep 11, 2009 5:39am Sep 11, 2009 5:39am
yes i have..
  • #5,358
  • Sep 11, 2009 5:47am Sep 11, 2009 5:47am
Are you long?...
SL trailed below last fractal fater playing the first #1 move and price overtaking HH....
GO up, Go up.......
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  • #5,359
  • Sep 11, 2009 5:51am Sep 11, 2009 5:51am
Quoting Froggy10
yes i have..
ok you right click on your chart and save the pic.. then you open reply on top click on the attachments.. then new small window opens.. then click on the browser and input the picture.. then up loaded.. then copy and pasted it to the reply page..
  • #5,360
  • Sep 11, 2009 5:51am Sep 11, 2009 5:51am
Quoting jplo
Are you long?...
SL trailed below last fractal fater playing the first #1 move and price overtaking HH....
GO up, Go up.......
im longing too
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