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The System II (Yes with irony)

  • #5,501
  • Sep 14, 2009 4:41am Sep 14, 2009 4:41am
Guys,

In order to save FX's head and desk from further damage could I refer you to posts 5426 and 3809. Also, although prompted by a different reason, FX's reply to Jplo in #5483 which spells out the dangers of this specific short.
Too tired to argue. Too old to care.
  • #5,502
  • Sep 14, 2009 4:41am Sep 14, 2009 4:41am
No presuming FX, just trying to understand, please correct me if I am wrong.

Quoting en0x
I think FX was saying you should have been short on the break of the bracket formed at 4559, correct FX?

Now is too far down the line, also its quite late in the London session. Rather wait until NYC start or another consolidation to up our chances.

I played number 2 as it turned as soon as I entered to -5, I then watched LL and it didnt break so I closed out, straight away. price is a little unpredictable for me and I am over playing the hope and pray method.
Survive and Preserve
  • #5,503
  • Sep 14, 2009 4:44am Sep 14, 2009 4:44am
Quoting mac1956
Fx, I don't understand what was so wrong. I'm short and the price is going my way. If there's something obvious I've done wrong here I can't see what it is. (unless it was the news issue)

I'm open to anyone's comments here - what am I missing????
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,504
  • Sep 14, 2009 4:46am Sep 14, 2009 4:46am
Quoting davidb
Guys,

In order to save FX's head and desk from further damage could I refer you to posts 5426 and 3809. Also, although prompted by a different reason, FX's reply to Jplo in #5483 which spells out the dangers of this specific short.

Thanks - I'll read them again.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,505
  • Sep 14, 2009 4:55am Sep 14, 2009 4:55am
Once upon a time, FXachilies was also a newbie like me. But today seeing him as a teacher is so impressive.

http://www.forexfactory.com/showpost...&postcount=934
Failure is the mother of success: learn from 'her'
  • #5,506
  • Sep 14, 2009 4:55am Sep 14, 2009 4:55am
Let me get this straight,

We actually only enter on a bracket breakout then use 123 to manage the trade? If I read your post on continuation signals it says that you dont take them because you don't need to as you using the 123 to manage the trade AFTER your entry from the breakout?
Survive and Preserve
  • #5,507
  • Sep 14, 2009 4:57am Sep 14, 2009 4:57am
You also take the reversal if the 123 fails to break, you then take the break of the FCR in the opposite direction as an indication of of a reversal (which coincides with a double bottom/double top)?


Quoting en0x
Let me get this straight,

We actually only enter on a bracket breakout then use 123 to manage the trade? If I read your post on continuation signals it says that you dont take them because you don't need to as you using the 123 to manage the trade AFTER your entry from the breakout?
Survive and Preserve
  • #5,508
  • Sep 14, 2009 5:08am Sep 14, 2009 5:08am
Long @4544
  • #5,509
  • Sep 14, 2009 5:10am Sep 14, 2009 5:10am
FCR is too close to enter there for me, my buy stop(buy limit order) is at 1.4554

Quoting eb_
Long @4544
Survive and Preserve
  • #5,510
  • Sep 14, 2009 5:13am Sep 14, 2009 5:13am
Quoting en0x
You also take the reversal if the 123 fails to break, you then take the break of the FCR in the opposite direction as an indication of of a reversal (which coincides with a double bottom/double top)?

That makes sense to me completely. The price broke through a low at 14539. It then retraced to 14552 before breaking through the LL. To play short I should have got in 3 pips beyond that, but I was late on it and went anyway at 14531 (which proved to be the new low low and therefore was pretty dumb). However I did that and the price stalled beyond at 14523. Played #2 and exited at BE. No cost. The FCR and PA then suggest a long trade at 14543 after breaking the high at 14540.

I this faulty thinking?
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,511
  • Sep 14, 2009 5:13am Sep 14, 2009 5:13am
Testing the market again off this FCR....

Could have been taken on the mini FCR which happened before, but only 8 pips far from the previous one.....

Let's see....
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  • #5,512
  • Sep 14, 2009 5:15am Sep 14, 2009 5:15am
Quoting mac1956
That makes sense to me completely. The price broke through a low at 14539. It then retraced to 14552 before breaking through the LL. To play short I should have got in 3 pips beyond that, but I was late on it and went anyway at 14531 (which proved to be the new low low and therefore was pretty dumb). However I did that and the price stalled beyond at 14523. Played #2 and exited at BE. No cost. The FCR and PA then suggest a long trade at 14543 after breaking the high at 14540.

I this faulty thinking?

Aw come on Fx - your wisdom please....
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,513
  • Sep 14, 2009 5:19am Sep 14, 2009 5:19am
Mac, actually read post 3809 on page 254. A post from FX explains this nicely.
Quoting mac1956
Aw come on Fx - your wisdom please....
Survive and Preserve
  • #5,514
  • Sep 14, 2009 5:20am Sep 14, 2009 5:20am
Quoting K7420
Once upon a time, FXachilies was also a newbie like me. But today seeing him as a teacher is so impressive.

http://www.forexfactory.com/showpost...&postcount=934

yes my friend.. and feb quickly replied to my post and he said something that stuck with me for good..

he said something like.. oh ya.. train your naked eye and you'll never need to use any crutch..

that was it... the end of indicator eara for me..
cleaned all the junk from my chart for good..

I can not thank him enough for that ever..
  • #5,515
  • Sep 14, 2009 5:30am Sep 14, 2009 5:30am
Quoting fxachilies
ok guys.. TAKING EVERY BREAK.. I want to clearify one thing about it that it maybe been misunderstood..
what I am refering to is taking the first break of each swing/reversal based on FCR and ride it to as much as possible.. the first opportunity.. price continuation and following 123 signals given when swing develops into a trend or runner is at higher risk and not as much as a strong signal.. bcz the second chance is maybe 50pips down the line and it could well be due for a reversal.. thats why I rather stop trail my trade...

This makes it all very clear indeed. Thanks EnOx - I'm too keen to get in the game...patience....
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,516
  • Sep 14, 2009 5:34am Sep 14, 2009 5:34am
Just tripped my long then didnt go anywhere, closed out at -2 as price seems to now be in a range. i want a clear break now of 4572 before I go long.
Not playing this praying rubbish.

Quoting jplo
Testing the market again off this FCR....

Could have been taken on the mini FCR which happened before, but only 8 pips far from the previous one.....

Let's see....
Survive and Preserve
  • #5,517
  • Sep 14, 2009 5:37am Sep 14, 2009 5:37am
I'm still in that trade but I will close it if it fails to make a HH

And out for +10 pips. It looks like it hit a wall @4555
  • #5,518
  • Sep 14, 2009 5:45am Sep 14, 2009 5:45am
Quoting en0x
Just tripped my long then didnt go anywhere, closed out at -2 as price seems to now be in a range. i want a clear break now of 4572 before I go long.
Not playing this praying rubbish.
Price seems to stall a little around 4553 +-...

There is no much rythm or speed, so a low expectancy for me....

What I'm going to do is to set my SL @ BE (1.4544), 10 pips away from current market price, and 2 pips below the last fractal, and let it breath a little to see what happens....
If price doesn't break to the upside, and I get stopped out, I'm gonna lose 10 or 12 pips.... So, everything is in my favor....

I'm gonna aim for a runner...
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  • #5,519
  • Sep 14, 2009 5:46am Sep 14, 2009 5:46am
guys if you are in this long trade and you entered promptly after 4539 fcr.. then now you simply bring you sl to under the price stall should be around your entery and let the matttta be... don't fall into qucik in and outs.. what do you got to lose..
  • #5,520
  • Sep 14, 2009 5:48am Sep 14, 2009 5:48am
Quoting jplo
Price seems to stall a little around 4553 +-...

There is no much rythm or speed, so a low expectancy for me....

What I'm going to do is to set my SL @ BE (1.4544), 10 pips away from current market price, and 2 pips below the last fractal, and let it breath a little to see what happens....
If price doesn't break to the upside, and I get stopped out, I'm gonna lose 10 or 12 pips.... So, everything is in my favor....

I'm gonna aim for a runner...
atta boy...
you guys see now why i call him the star to be..
he is simply the student of the game..
nice job..
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