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The System II (Yes with irony)

  • #5,861
  • Sep 17, 2009 1:55am Sep 17, 2009 1:55am
Quoting en0x
I have had a shocking week. I know why as well, and its trading WAY to much(quick in and outs).

My issue is knowing when to try let a trade for the runner instead of getting out using #1 or #2. By doing this I miss the runner which should clear out my losses. Fun games.

Like this trade you are on, I took at as well but got out 5 pips later when price didnt break the HH on the candle when it pulled back. Will post my charts later.
Hi Enox,

I would say that this is probably fear of losing money, looking like an idiot all that stuff. Nobody is going to crticize here if you post a bad trade - I have posted a few myself !! In fact thats how you learn best I reckon.

I already switched my style from the +21 to runner only as Fx has suggested cos i was also snatching at a few pips here and there. After a time it comes. Some times like yesterday you see price roar away and then come back to a valid FCR stop and you make +8 or something and a little voice syas "hey you ciould have had +21", but ignore it . Put up some of Fx's charts and see his trades, this ferwuently happens to him - also wait for that runner which will come as we know, and when it does it is sweet, then say back to the little "hey I just banked +64 or whatever, if I had of listened to you I would have had just +21"

Hope this helps.
Survive and Preserve
  • #5,862
  • Sep 17, 2009 2:01am Sep 17, 2009 2:01am
Ok I will let Fx update us on this trade when he arrives , but I currently have my stop at 39 where there is, for me ,a small FCR which has formed.

I will be interested to see what he says about any smaller FCR at 49/50 which I didn't reverse on
Survive and Preserve
  • #5,863
  • Sep 17, 2009 2:01am Sep 17, 2009 2:01am
You know, I know it and everyones says it TIME and TIME again.

Which should be ingrained into my head, if you miss a move then stand on the sideline and watch.

Quoting PaulLangham
Hi Enox,

I would say that this is probably fear of losing money, looking like an idiot all that stuff. Nobody is going to crticize here if you post a bad trade - I have posted a few myself !! In fact thats how you learn best I reckon.

I already switched my style from the +21 to runner only as Fx has suggested cos i was also snatching at a few pips here and there. After a time it comes. Some times like yesterday you see price roar away and then come back to a valid FCR stop and you make +8 or something and a little voice syas "hey you ciould...
Survive and Preserve
  • #5,864
  • Sep 17, 2009 2:08am Sep 17, 2009 2:08am
Quoting PaulLangham
Ok I will let Fx update us on this trade when he arrives , but I currently have my stop at 39 where there is, for me ,a small FCR which has formed.

I will be interested to see what he says about any smaller FCR at 49/50 which I didn't reverse on

I went in short at 4745
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,865
  • Sep 17, 2009 2:13am Sep 17, 2009 2:13am
Quoting PaulLangham
I already switched my style from the +21 to runner only as Fx has suggested cos i was also snatching at a few pips here and there. After a time it comes. Some times like yesterday you see price roar away and then come back to a valid FCR stop and you make +8 or something and a little voice syas "hey you ciould have had +21", but ignore it . Put up some of Fx's charts and see his trades, this ferwuently happens to him - also wait for that runner which will come as we know, and when it does it is sweet, then say back to the little "hey I just banked...
I'm thinking about opening two positions:
One contract 21 pips to pay the bills.
Another runner to go the distance.
Will see how it would go.
  • #5,866
  • Sep 17, 2009 2:18am Sep 17, 2009 2:18am
Quoting tghfbt8
I'm thinking about opening two positions:
One contract 21 pips to pay the bills.
Another runner to go the distance.
Will see how it would go.

Hi

I haven't got the post to hand but check back a few weeks where I posted some charts using the same idea/method - it was also my idea to have some bread and butter and then jam occassionally. But in fact if you do the maths it pays to hold for the runner. Fx answered thuis and you can see some charts where he explains it nicely.

Hope this helps
Survive and Preserve
  • #5,867
  • Sep 17, 2009 2:21am Sep 17, 2009 2:21am
Quoting mac1956
I went in short at 4745
OK I don't really see an FCR there.

I got taken out at 39 for +4 on that one and am now ready for a short at 36 FCR or a 1,2,3 entry to the upside at 67
Survive and Preserve
  • #5,868
  • Edited 2:28am Sep 17, 2009 2:23am | Edited 2:28am
Look like bracket trade to me
Long at 1.4756
Short at 1.4735
Attached Image (click to enlarge)
Click to Enlarge Name: sep 17 1.gif Size: 14 KB
  • #5,869
  • Sep 17, 2009 2:24am Sep 17, 2009 2:24am
Quoting PaulLangham
OK I don't really see an FCR there.

I got taken out at 39 for +4 on that one and am now ready for a short at 36 FCR or a 1,2,3 entry to the upside at 67
IN the 123 series - the third bear gives us a 2 - and, oh yes...bit premature...
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,870
  • Sep 17, 2009 2:25am Sep 17, 2009 2:25am
Quoting en0x
I have had a shocking week. I know why as well, and its trading WAY to much(quick in and outs).
En0x mate, although this thought applies to you it's more of a general observation.

When your finding your way in this type of trading (like me) the worst thing you can do is to exit too early. it's much better too exit too late, even if it costs you pips. Why? Because the only way to learn expectancy and trade management is to be in the trade. If you exit too early you are denying yourself the very opportunity to learn the things that will make you profitable.

I hope this helps, realising this was what stopped me from bailing out of a trade too soon.

Now if only I can sort out my other issues.....
Too tired to argue. Too old to care.
  • #5,871
  • Sep 17, 2009 2:26am Sep 17, 2009 2:26am
My order for short is at 35.
Lets see what happens
Quoting PaulLangham
OK I don't really see an FCR there.

I got taken out at 39 for +4 on that one and am now ready for a short at 36 FCR or a 1,2,3 entry to the upside at 67
Survive and Preserve
  • #5,872
  • Sep 17, 2009 2:26am Sep 17, 2009 2:26am
Quoting mac1956
IN the 123 series - the third bear gives us a 2 - and, oh yes...bit premature...

Thanks for responding Paul
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,873
  • Sep 17, 2009 2:31am Sep 17, 2009 2:31am
sorry folks, the fibo still there, no intention really
and I can't make a correction .
next time I'll left the line I prepared only.
  • #5,874
  • Sep 17, 2009 2:36am Sep 17, 2009 2:36am
Quoting PaulLangham
OK I don't really see an FCR there.

I got taken out at 39 for +4 on that one and am now ready for a short at 36 FCR or a 1,2,3 entry to the upside at 67

No, I can see what I thought now. the 2 was at 14758, the 3 was at low of second bear candle and then the next closes higher. I still entered too early though, even if that thinking is right. WHen you have a moment I'd really appreciate knowing your take on that?
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,875
  • Sep 17, 2009 2:43am Sep 17, 2009 2:43am
I take it you are in this trade, since we havent gone straight to +10 are you playing number #2 or just letting it breathe. Just seeing how you guys are thinking

Quoting PaulLangham
OK I don't really see an FCR there.

I got taken out at 39 for +4 on that one and am now ready for a short at 36 FCR or a 1,2,3 entry to the upside at 67
Survive and Preserve
  • #5,876
  • Sep 17, 2009 2:45am Sep 17, 2009 2:45am
My thoughts on this short (which I am in now) is to let it breathe and that means that if it pulls back to forma new FCR, move my stop to above that FCR then if price doesnt break the LL then I am out.

If price doesnt form a new FCR then my hard stop is there in place to sort me out.
Quoting en0x
I take it you are in this trade, since we havent gone straight to +10 are you playing number #2 or just letting it breathe. Just seeing how you guys are thinking
Survive and Preserve
  • #5,877
  • Sep 17, 2009 2:55am Sep 17, 2009 2:55am
Quoting en0x
My thoughts on this short (which I am in now) is to let it breathe and that means that if it pulls back to forma new FCR, move my stop to above that FCR then if price doesnt break the LL then I am out.

If price doesnt form a new FCR then my hard stop is there in place to sort me out.
Out at BE as there was follow thru. So played #2
Survive and Preserve
  • #5,878
  • Sep 17, 2009 2:57am Sep 17, 2009 2:57am
Quoting en0x
My thoughts on this short (which I am in now) is to let it breathe and that means that if it pulls back to forma new FCR, move my stop to above that FCR then if price doesnt break the LL then I am out.

If price doesnt form a new FCR then my hard stop is there in place to sort me out.
Same here. The way it's going could be a #2 if we don't get a clean break soon?
Too tired to argue. Too old to care.
  • #5,879
  • Sep 17, 2009 2:59am Sep 17, 2009 2:59am
Quoting PaulLangham
Out at BE as there was follow thru. So played #2

What do you mean by follow through Paul?
$urvive, Pre$erve & RESPECT THE TEACHER
  • #5,880
  • Sep 17, 2009 3:06am Sep 17, 2009 3:06am
Quoting mac1956
What do you mean by follow through Paul?
Price didn't follow thru to the downside. This is the question of expectancy and giving the market reasonable amount of time to make its move.

Now bracket setup short at 30 long at 55 waiting now.
Survive and Preserve
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