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The System II (Yes with irony)

  • #5,421
  • Sep 13, 2009 3:14pm Sep 13, 2009 3:14pm
Hi Fx

Totally agree with you about using the weekends to review charts and trades and do research.

Great post you made - I have already printed it out thx.

I have a question unrelated to the above, whichh maybe you can help with.

It concerns the opening trades on Friday during the European open. See chart 1.

In fact you mentioned tthat when someone posted they had taken a long at 4, that the move was already in its third stage of the breakout. Typically the Asian session could breakout later than it did, if at all, however this was not the case Friday. A move was well underway

I had the impression that the person who took the long - I did as well by the way - took it based on the immediate preceeding price action, with out recourse to seeing what was going on in Asia several hours back or looking at what stage of a move price was already at.

My question is that given we have the theory of taking every trade irrespective, as you never know which one will be the runner, how, do you then balance this with general market reading (prediction?) about what is likely to happen to price based on moves which happened longer ago than the immediate preceeding past. How to equate those two, how long is the immediate preeding past if you like ? How to equate taking every move and reading price action which then tells you to stay out ?

Thanks and regards
Survive and Preserve
  • #5,422
  • Sep 13, 2009 3:34pm Sep 13, 2009 3:34pm
Chart now attached
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Survive and Preserve
  • #5,423
  • Sep 13, 2009 5:37pm Sep 13, 2009 5:37pm
This is really clear - it is the whole thread in a nutshell.

Thanks. Looking forward to Monday morning!


Quoting fxachilies
Guys weekends are study time for me.. i sit back and refelect on everyting.. going over my trades and my decision making and all the why's..
in the persuasion of constant improvements, I lately can not come up with any add on's to this style of trading or my own trading arsenal, it concludes to just do what you been doing, only to do it bette and keep the standard above par and possibly higer..
staying intact and focus.. so in order to do so..
[font=Arial]I am doing...
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,424
  • Sep 13, 2009 6:04pm Sep 13, 2009 6:04pm
hi guys,
odd to see me at this time bcz normally I am sleeping as it is 3:30am in my side of the world.. but i got planty of sleep during the day so I can get up and watch u.s open's super saturday's action.. and make some $$ possibly during sydney and asian session and currently the aussies are good to me as I just banked 25 pips on that short run and I may take the long on the break of fcr..
my man federer is wining.. but tomrrow i will be pulling for the Argantinian underdog to beat him in the final.. jplo, sad to see Raffa get beat like that.. vamoss Raffa anyways, he accomplished better than expected under his circumstances..

so let's see if asians can be any fun as well as aussies..

PS) I am going to reply to Pauls question.. it be good for everyone to pay close attention aswell.
  • #5,425
  • Sep 13, 2009 6:16pm Sep 13, 2009 6:16pm
Quoting fxachilies
hi guys,
odd to see me at this time bcz normally I am sleeping as it is 3:30am in my side of the world.. but i got planty of sleep during the day so I can get up and watch u.s open's super saturday's action.. and make some $$ possibly during sydney and asian session and currently the aussies are good to me as I just banked 25 pips on that short run and I may take the long on the break of fcr..
my man federer is wining.. but tomrrow i will be pulling for the Argantinian underdog to beat him in the final.. jplo, sad to see Raffa get beat like that.....
r u lucky or there is something i dont get ?
how come u got 25pips
move was 25 (without spread)
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  • #5,426
  • Sep 13, 2009 6:22pm Sep 13, 2009 6:22pm
Quoting PaulLangham
Hi Fx

Totally agree with you about using the weekends to review charts and trades and do research.

Great post you made - I have already printed it out thx.

I have a question unrelated to the above, whichh maybe you can help with.

It concerns the opening trades on Friday during the European open. See chart 1.

In fact you mentioned tthat when someone posted they had taken a long at 4, that the move was already in its third stage of the breakout. Typically the Asian session could breakout later than it did, if at all, however this was not...

Paul,
this is a good question.. please refer to post 3809.. I think you will get part of your answer there..
for the missing part ..
simply when I look to take on a possible entery, first I need to know, where was the begining of this particular swing, and where was the first opportunity to
get on this ride, and where am i trying to get on it.. if its the first break i take it without hesitaion.. if its 2nd break, it must fall
into my countinuation signal theory (post 3973) and so on.. thats how i gage it and weightout the risk/reward issue as to catch runners..
in order for me to catch a runner it is vital that i get on the bus on the first bus-stop.. if i have missed it.. I wait for the next first bus-stop..
you may miss a few rides here and there but in the big picture you save your ass many more times.. it takes supreme discipline though to stay put till next one..
I hope i answered your question..
  • #5,427
  • Sep 13, 2009 6:30pm Sep 13, 2009 6:30pm
Quoting oleevier
r u lucky or there is something i dont get ?
how come u got 25pips
move was 25 (without spread)
the whole bearish move is 36pips.. from where i got in is 29 based on fcr entery.. risk was only 10 pips for me.. i took the trade, set my tp at the end of last L/L and went to take a shower and luckly came back and tp was hit.. so yes I was lucky..

but I might get lucky again as i am on the long ride too..
http://cdn.forexfactory.com/images/attach/gif.gif
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  • #5,428
  • Sep 13, 2009 6:35pm Sep 13, 2009 6:35pm
Quoting fxachilies
the whole bearish move is 36pips.. from where i got in is 29 based on fcr entery.. risk was only 10 pips for me.. i took the trade, set my tp at the end of last L/L and went to take a shower and luckly came back and tp was hit.. so yes I was lucky..

but I might get lucky again as i am on the long ride too..
http://cdn.forexfactory.com/images/attach/gif.gif
Quote
currently the aussies are good to me as I just banked 25 pips
i was thinking u took trade on aud/usd not e/u
i attached chart of aud/usd there move was much smaller.
missunderstood u dude
  • #5,429
  • Sep 13, 2009 6:41pm Sep 13, 2009 6:41pm
Quoting oleevier
i was thinking u took trade on aud/usd not e/u
i attached chart of aud/usd there move was much smaller.
missunderstood u dude
oh ok no problem.. I only trade E/U.. I refer to aussies as to sydney market had just opened..
  • #5,430
  • Sep 13, 2009 7:15pm Sep 13, 2009 7:15pm
Quoting fxachilies
hi guys,
odd to see me at this time bcz normally I am sleeping as it is 3:30am in my side of the world...
so let's see if asians can be any fun as well as aussies...
fxachilies, this time of day/night is OK for AUD/USD, but that pair is moving very close to EUR/USD
you may find AUD/JPY trading better during that time. Good trading mate.
  • #5,431
  • Sep 13, 2009 7:58pm Sep 13, 2009 7:58pm
Morning all,

New week, this week I am going to think about every trade I take and make sure, I am taking it for the right reason and not of revenge trading.
I am also going to ensure I have a game plan BEFORE each trade, game plan will be the IF... THEN.. statement.

On a side note, I attended a tradeshow with my wife over the weekend, the trade show was for Special Effects Makeup (something my wife is studying and doing) very interesting tradeshow and very cool but I digress. My wife and I decided to have lunch at the local food court here in Syndey, and while sitting around eating 3 people joined us. I overheard their conversation and it turns out they were on a trading workshop. I enquired as to what the workshop taught them and they said it was a trading system. Curious I enquired as to what the basics of the system were. It was called the "ABC" method. AHHH the ABC method, so just to clarify what an ABC method was I discribed to them the basics of 123 method and they said yes that was it. I then enquired how much was this workshop, the answer 4000 AUD for 2 days....

And here we have this method being taught to us for free :0), besides the method a much more valuable leason being taught to us, Dare, FX, Feb you guys parting some of your trading intuition onto us, or trying. Some of us , like, are more stubborn then others are learning.

So , if you feel you are not making it, just think, you can go pay 4K for two days to learn the same material, rather pay attention here and respect those who know what they are doing :0) you guys

-chris
Survive and Preserve
  • #5,432
  • Sep 13, 2009 9:01pm Sep 13, 2009 9:01pm
Quoting en0x
Morning all,
... My wife and I decided to have lunch at the local food court here in Syndey, and while sitting around eating 3 people joined us. I overheard their conversation and it turns out they were on a trading workshop. I enquired as to what the workshop taught them and they said it was a trading system. Curious I enquired as to what the basics of the system were. It was called the "ABC" method. AHHH the ABC method, so just to clarify what an ABC method was I discribed to them the basics of 123 method and they said yes that was it. I then...
G'day Chris,
... you know, there is old Polish saying, which may translate to English as "stupidity doesn't require planting, because it's growing successfully by itself"
It's not hard to find naive to spend some money on useless courses, seminars, webinars, etc.
they simply feel better when they pay and still not going anywhere or keep losing 'cos that clears theirs consciousness from guilt and blame.
That kind of people never gonna understand, that succes in trading is not a stuff someone can just buy and/or sell ...
Have a good trading and stick to your plan for a week.
  • #5,433
  • Sep 13, 2009 11:58pm Sep 13, 2009 11:58pm
Quoting DareXau
fxachilies, this time of day/night is OK for AUD/USD, but that pair is moving very close to EUR/USD
you may find AUD/JPY trading better during that time. Good trading mate.
Thanks Bro I take a note of that.. trading during this time its just every once in awhile thing for me..
I have banked 55 pips so far just trading e/u and I was watching tennis the whole time.. lol.. you gotta loving that.. I took a couple of hours sleep after that woments final and now I am ready to go again..

Good Luck.
  • #5,434
  • Sep 14, 2009 12:38am Sep 14, 2009 12:38am
currently on this short trade based on fcr.. survived one hiccup.. and now dealing with slow pace but luckly in my direction.. lets see what happens.. RR well in my favor though..


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  • #5,435
  • Sep 14, 2009 12:54am Sep 14, 2009 12:54am
now watching the price reaction to the LL line very closley..
  • #5,436
  • Sep 14, 2009 12:56am Sep 14, 2009 12:56am
Morning - happy monday.

Thought I was up early! - Nice runner - sad I missed it.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,437
  • Sep 14, 2009 1:04am Sep 14, 2009 1:04am
out for +15.. its unlike my usuall approach but i did not like the quick turn around after hitting the LL line..
its expectancy and the speed thing.. that made my decision..
  • #5,438
  • Sep 14, 2009 1:12am Sep 14, 2009 1:12am
so what now?

price is making a nice bull run and no clear fcr till 4547 mind aswell wait for 4554 H/H price reaction.. so, in situation like this that fcr's are so far away.. i would be lookin to get a hiccup or a 123 in between to get on this bull ride and findout the color of this up move..

very important lil piece on craft I gave you guys now in live action.. take note..
  • #5,439
  • Sep 14, 2009 1:14am Sep 14, 2009 1:14am
Quoting fxachilies
now watching the price reaction to the LL line very closley..

I'm thinking that this is too deep a retracement to warrant a short trade at 14627 if the price breaks through.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,440
  • Sep 14, 2009 1:17am Sep 14, 2009 1:17am
Quoting mac1956
I'm thinking that this is too deep a retracement to warrant a short trade at 14627 if the price breaks through.
I mean at 14527
$urvive, Pre$erve & RESPECT THE TEACHER
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