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The System II (Yes with irony)

  • #5,761
  • Sep 16, 2009 5:54am Sep 16, 2009 5:54am
Quoting benkm108
Price is now back inside the range from the asian session, so seeing that i got in short above the range, i dont see the harm in holding on even though it is moving slow
i see price isnt moving with speed and rythm but at worst i could get stopped out at b/e... am i right in saying this?


EDIT: PS, this is in response to mac getting out at b/e, making me secondguess myself...

I'm a raw recruit Benkm - I lost patience and expectancy! Applause for staying in. Looking good and risk free.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,762
  • Sep 16, 2009 5:58am Sep 16, 2009 5:58am
Quoting mac1956
................and risk free.
This is the key for my now...
  • #5,763
  • Sep 16, 2009 6:11am Sep 16, 2009 6:11am
now out at b/e
  • #5,764
  • Sep 16, 2009 6:29am Sep 16, 2009 6:29am
Out @ 11 pips after playing #1 and price not being able to hit confortable the LL making a Higher Low.... No expectancy for me at all due to recent PA...

Ready to go long on the major fractal @4686... , but I won't take the continuation on the short side if it breaks to the downside
  • #5,765
  • Sep 16, 2009 6:41am Sep 16, 2009 6:41am
Quoting jplo
Out @ 11 pips after playing #1 and price not being able to hit confortable the LL making a Higher Low.... No expectancy for me at all due to recent PA...

Ready to go long on the major fractal @4686... , but I won't take the continuation on the short side if it breaks to the downside
If price hesitates too much long in time.... I'm gonna simply cancel my order because of the upcoming bunch of news anouncements...

This is my IF.....THEN for now....
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  • #5,766
  • Sep 16, 2009 6:47am Sep 16, 2009 6:47am
Quoting jplo
if price hesitates too much long in time.... I'm gonna simply cancel my order because of the upcoming bunch of news anouncements...

this is my if.....then for now....

your posts are gold dust mate
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,767
  • Sep 16, 2009 6:49am Sep 16, 2009 6:49am
i think ill close my order now, steer well clear of the news, leave the big boyz to it
  • #5,768
  • Sep 16, 2009 7:08am Sep 16, 2009 7:08am
Quoting mac1956
your posts are gold dust mate
I'm glad if I can help a little...

But still making mistakes here and there, and much more learning proccess leaving for me to master "system II"...
Working on it as all of you...

I've of course closed some time ago my buy stop order, by the way....
Waiting now for the ducks to settle in line....
  • #5,769
  • Sep 16, 2009 7:12am Sep 16, 2009 7:12am
Quoting jplo
I'm glad if I can help a little...

But still making mistakes here and there, and much more learning proccess leaving for me to master "system II"...
Working on it as all of you...

I've of course closed some time ago my buy stop order, by the way....
Waiting now for the ducks to settle in line....
yes, i hear it is duck shooting season, and the ducks just keep lining up, not hearing or seeing the gunfire even though it echoes right through the countryside. Ducks just dont learn
  • #5,770
  • Sep 16, 2009 7:20am Sep 16, 2009 7:20am
Quoting fxachilies
now to all,
guys it is important that you set your scheduel to trade from couple of hours befor London open to atleast couple of hours past NY open.. you just don't know when the one runner that your looking for will occur.. so you got to be there all the time.. so its a full time job specially with our style of trading.. just
I have been wondering about this. I currently work part time and was coming home from the NY open of the stock market (I live in France). Since I started practicing this method I started coming home at 8am new york time for the NY open.

Now I'm wondering if that's enough? I can adjust my schedule so that I work 2-3 full days a week which could give me 2-3 full days for trading Euro. Would that be better?
  • #5,771
  • Sep 16, 2009 7:21am Sep 16, 2009 7:21am
Quoting benkm108
i think ill close my order now, steer well clear of the news, leave the big boyz to it
Hi Benkm,

One thing, remeber what fx said yesterday. if you are already in profit going into the news why not lock your stop into BE +1 and leave the trade on - you have a 50/50 chance of a free runner.

I am still sitting short from the top and am moving my stop to beneath BE.

Hope this helps.
Survive and Preserve
  • #5,772
  • Sep 16, 2009 7:27am Sep 16, 2009 7:27am
Quoting PaulLangham
Hi Benkm,

One thing, remeber what fx said yesterday. if you are already in profit going into the news why not lock your stop into BE +1 and leave the trade on - you have a 50/50 chance of a free runner.

I am still sitting short from the top and am moving my stop to beneath BE.

Hope this helps.
This is a good point Fx aportted yesterday....

When I closed my trade about one hour ago, I hesitate a little to do it, because of this...
  • #5,773
  • Sep 16, 2009 7:40am Sep 16, 2009 7:40am
first attempt failes to break out of bracket low 4654.. lets see how it reacts further..
  • #5,774
  • Sep 16, 2009 7:50am Sep 16, 2009 7:50am
USD News - TIC Long-Term Purchases in 10 minutes
  • #5,775
  • Sep 16, 2009 8:02am Sep 16, 2009 8:02am
Quoting PaulLangham
Hi Benkm,

One thing, remeber what fx said yesterday. if you are already in profit going into the news why not lock your stop into BE +1 and leave the trade on - you have a 50/50 chance of a free runner.

I am still sitting short from the top and am moving my stop to beneath BE.

Hope this helps.
thanks paul, i got stopped out of the short trade at breakeven, all good.
the order i cancelled was a buy order above the fractal at 14685.. i cancelled it because i wanted to stay clear of the upcoming news release at 13:30 as yesterday i got chopped around a bit, and then the runner ended up being a couple hours later anyway, once the dust settled

cheers.
  • #5,776
  • Sep 16, 2009 8:11am Sep 16, 2009 8:11am
Quoting cunparis
I have been wondering about this. I currently work part time and was coming home from the NY open of the stock market (I live in France). Since I started practicing this method I started coming home at 8am new york time for the NY open.

Now I'm wondering if that's enough? I can adjust my schedule so that I work 2-3 full days a week which could give me 2-3 full days for trading Euro. Would that be better?
From my opinion, mate, if you can trade full London session and first hours of NY, even wheter it is for 2,3 days/week, would be better than only trade NY session everyday...
As far as I know, London is the biggest forex market worldwide, and after it, NY.... so that means that biggest volatility and of course opportunities, are also in that order.....

Only my humble opinion, but more experimented guyz her will be able to answer you more accurately....
  • #5,777
  • Sep 16, 2009 8:17am Sep 16, 2009 8:17am
guys if you decied to trade in any particular day then must trade both session (like Jplo said.. all london and atleast first part of NY) otherwise don't trade at all..
  • #5,778
  • Sep 16, 2009 8:19am Sep 16, 2009 8:19am
Quoting fxachilies
guys if you decied to trade in any particular day then must trade both session (like Jplo said.. all london and atleast first part of NY) otherwise don't trade at all..
I guess I should try waking up at 3am for 2 days a week LOL im in new york time zone
  • #5,779
  • Sep 16, 2009 8:22am Sep 16, 2009 8:22am
Quoting Ogna
I guess I should try waking up at 3am for 2 days a week LOL im in new york time zone
i think what you should do is to chase after girls man.. your missing out at 15 sitting infront of screen all day.. lol.. just kidding around..
  • #5,780
  • Sep 16, 2009 8:26am Sep 16, 2009 8:26am
Quoting Ogna
I guess I should try waking up at 3am for 2 days a week LOL im in new york time zone

I tried this for a while, IMO, it's very difficult and I couldn't keep it up, esp. with a young family. So in the end I'm trading this system in the NY session while also investigating other instruments (equities, commodities, etc.)
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