The System II (Yes with irony) | Page 323 | Forex Factory

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The System II (Yes with irony)

  • #6,441
  • Sep 22, 2009 7:54am Sep 22, 2009 7:54am
Quoting zaba1
Hi ,

Please can you tell me somebody where the fcr section is . I am just joining this thread after reading the first 100 pages only ...
So much interesting stuff here !

Appreciated your help ,

thanks
zaba1

http://www.forexfactory.com/showthre...80290&page=427

Post 6398
  • #6,442
  • Sep 22, 2009 7:55am Sep 22, 2009 7:55am
Quoting elizo
WHY?
i didn't liked the pa next to the 4800 fcr
it's a huge gap tony, a huge gap.
  • #6,443
  • Sep 22, 2009 7:59am Sep 22, 2009 7:59am
I got out at BE. Thought I made a mistake but felt better when price wenter lower. Now we could be setting up for a 1-2-3 trade.
  • #6,444
  • Sep 22, 2009 8:00am Sep 22, 2009 8:00am
Quoting gevellber02
i didn't liked the pa next to the 4800 fcr
Ok, I am long on this one from 89... Price could have some hesitation or not... but you have to play #1 on this: Price retraces even to entry point or more, but then show the true colour. In my humble opinion, you are cashing just for +5 and potentially leaving a runner on the table... I prefer to assume even a tiny loss (I will have to time to jump out the deal, for sure) than no to cash this motherf**** if it goes north...

Probably the senseis will be able to explain this better.

Edit: Just for you to understand, I did the same this morning and cashed for +5. Paul kept the deal and cashed +68.
  • #6,445
  • Sep 22, 2009 8:00am Sep 22, 2009 8:00am
I dont know, I just didnt want to get out yet. Maybe it was the actual break of the range. I want to give it some to breath.
Quoting cunparis
I got out at BE. Thought I made a mistake but felt better when price wenter lower. Now we could be setting up for a 1-2-3 trade.
Survive and Preserve
  • #6,446
  • Sep 22, 2009 8:01am Sep 22, 2009 8:01am
I'm playing #1....

Waiting to see how price acts with this HH @ 4803...
  • #6,447
  • Sep 22, 2009 8:01am Sep 22, 2009 8:01am
RAH, am with you elizo. Let the bugger run to 1.500 and beyond.
Quoting elizo
Ok, I am long on this one from 89... Price could have some hesitation or not... but you have to play #1 on this: Price retraces even to entry point or more, but then show the true colour. In my humble opinion, you are cashing just for +5 and potentially leaving a runner on the table... I prefer to assume even a tiny loss (I will have to time to jump out the deal, for sure) than no to cash this motherf**** if it goes north...

Probably the senseis will be able to explain this better.
Survive and Preserve
  • #6,448
  • Sep 22, 2009 8:03am Sep 22, 2009 8:03am
Quoting en0x
There are these adverts around Sydney ,Called NASAL DELIVERY SEX THERAPY.

They say it makes you go longer..Maybe you should try some

Seriously, don't be so quick.
Maybe you start a career as a clown and tell your joke to someone else
it's a huge gap tony, a huge gap.
  • #6,449
  • Sep 22, 2009 8:08am Sep 22, 2009 8:08am
Quoting gevellber02
i didn't liked the pa next to the 4800 fcr
I commited that very same mistake this morning and I missed 30 pips...

So not anymore....

I can lose here perfectly, but playing well #1...
  • #6,450
  • Sep 22, 2009 8:15am Sep 22, 2009 8:15am
Hello,

Relax, we are dealing with noise and until you can detect a tune it is best to keep your options open... Yes, this approach is about keeping your options open so that you are in a position to go for a long ride. You need to be in the bus for the long ride if you are going to make it. Trade a comfortable amount so that you can relax with whatever you loose in the process....see what is happening right now?

Unus pro omnibus, omnes pro uno
  • #6,451
  • Sep 22, 2009 8:17am Sep 22, 2009 8:17am
Hopefully the 1.4800 can now become support
  • #6,452
  • Sep 22, 2009 8:17am Sep 22, 2009 8:17am
Quoting jplo
I commited that very same mistake this morning and I missed 30 pips...

So not anymore....

I can lose here perfectly, but playing well #1...
thex jplo your comments are always helps
it's a huge gap tony, a huge gap.
  • #6,453
  • Sep 22, 2009 8:20am Sep 22, 2009 8:20am
Quoting gevellber02
thex jplo your comments are always helps

As Fx and Moneda are constantly saying, our job is to catch runners..... but to do that, we have to play expectancy and let the price shows its real clor....
  • #6,454
  • Sep 22, 2009 8:20am Sep 22, 2009 8:20am
Hello,

So if you enter at the BB...where is your stoploss now? Where is the latest FCR?
Unus pro omnibus, omnes pro uno
  • #6,455
  • Sep 22, 2009 8:20am Sep 22, 2009 8:20am
I am watching and I love these posts going back and forth between you as your brain exersing and how your thinking process is developing..

if you have got involved with this long trade on the edge of the ny open and held on and passed the first hurdel pat yourself on the back.. you got a fcr now formed right at 4791 and your on you way to a free ride... if the NY boys are bullish your are set to make mega bucks with risking nothing.. that is a strong postion to be.. so hold your ground and this is the time to go after the big fish and not care some much to leave money on the table..

if you care toomuch about leaving money on the table you will have a hard time to catch runners..
  • #6,456
  • Sep 22, 2009 8:22am Sep 22, 2009 8:22am
1.4790
Quoting moneda
Hello,

So if you enter at the BB...where is your stoploss now? Where is the latest FCR?
Survive and Preserve
  • #6,457
  • Sep 22, 2009 8:23am Sep 22, 2009 8:23am
Quoting en0x
1.4790

Unus pro omnibus, omnes pro uno
  • #6,458
  • Sep 22, 2009 8:29am Sep 22, 2009 8:29am
Fx,

I have a question for you... what if a new bracket is formed with this trade? do you exit with +pips and reload for the next BB?

Thanks
Unus pro omnibus, omnes pro uno
  • #6,459
  • Sep 22, 2009 8:30am Sep 22, 2009 8:30am
Quoting fxachilies
nice job Paul..
anytime you close a runner at above 50pips you have done good.. unless when we get bigtime straight line runner and in those situations you my have the lugxury to lock 50-60 pips then let that baby run..

done prefectly Paul.. I banked 59 myself..

paul are you greatful?
if you are!! is it ok for your buddy fxachilies to ask a favor?.. if it is..
then my favor is to share and..
give us your view about yourself as a trader prior to two weeks ago and now? how would you rate yourself and why?
I greatly appericated
Hey Fx,

OK I will try to keep this on track and stick to question you asked, but will mention that I am an experienced trader with quite some years experience and with quite some ups and downs in terms of consistency of results. This is the elusive “something” which many of us have trouble attaining.

Again, without going off track – this is maybe good for newbie’s - , I will explain I have traded quite a few differing styles, taught by good and not so good mentors and coaches and have come to the following conclusion. Anything can be taught and anything can be learnt, by those that are willing to learn and a listen. So learn and listen guys. Hhowever, with trading its like this; just like you need to find the right partner, wife, girl friend or what ever, which suits you, you need to find the right trading method which suits you. No point in trading intraday if you prefer trades lasting weeks and weeks……… enough said.

Lastly, I do not partipate so readily in forums threads usually as I have noted that mostly this quickly leads to confrontation between people – not my style - and this detracts from the trading element which is the purpose of the thread. When I started to read the FEB thread, something interested me, firstly the willingness of other people to genuinely teach and give back and secondly the method’s simplicity and straight forwardness, after a life’s learning and relearning of over complex strategies which are mostly based on prediction (best guessing). The simplicity is of course a paradox in that the method might seem very simple to understand and comprehend but it is not at all easy to implement to it’s full devastating effect………. Example and witness FX

To answer your question:

Part of me has always wanted to cut winners short, I freely admit this has been an issue for me – I even published a short post on the thread some time back. It is my observation, just as in any sphere, that traders have weak and strong points. Part of my weakness was cutting winners short. Why this is so I don’t know, I am sure it has not been helped by trading on occasion’s complex strategies where the exit went something like IF, THEN, ELSE IF THEN, ELSE IF NOT.etc etc leading to exit analysis paralysis …..In any case it was something I needed to deal with because it had held me back from true and consistent profitability.

What I found here with the FEB thread was firstly a realization of “let’s see”, being a very very constructive way to trade. Even though I have a lot of experience, the idea of “let’s see” put like this is a different way of looking at things, it immediately takes the pressure off the need to being ‘right’ in your trade.

Point 1 then – Improvement in terms of pressure on needing to be ‘right’ on your market call.

What I also like is the ‘get out of jail’ cards that we can play using #1 or #2.

If I am playing #1 and price races away +12 or something I will generally come out at BE without hesitation getting my stop to BE once price is sufficiently away from entry. Now the way many people might look at this is, is you are leaving +12 on the table. But point 2 is this

Point 2 – The acceptance of the concept that leaving some points on the table now will lead to a bigger result when the “home runs” start arriving.

As for #2, there is a very nice concept of closing at BE or very close two when price doesn’t go in the intended direction. As explained in the thread several times already this is a very good escape route and simply means you just step to the side of the road, keep the motor on the bus ticking over rand wait for the next ride.

Point 3 - When playing #2 there is the ability to mostly get out for BE or very close too it, this is wildly encouraging that barring the type of situation like catastrophe, mostly losses will be very small, this helps the psyche stay in tune with the method, as opposed to methods where sometimes you get hit very very hard and your mind starts second guessing you and the method. Nobody likes pain right?

Point 4 – Best until last. The acceptance of waiting for that runner and knowing it will come. Just being alert to the fact and allowing the market to do what it wants, when it wants and not having to try to force prediction onto the market. Market doesn’t want to run, fine no issues, I am here, ready for when it does. When the market does want to run, I am on board.

SO for my own rating my own personal development needs to improve as regards closing the runners, I am working on this. But there are good improvements for the reasons I have laid out in my four points above.

Hope this helps. FX, my sincere thanks form me for your dedication to this thread and to helping people becomes better traders.
Survive and Preserve
  • #6,460
  • Sep 22, 2009 8:31am Sep 22, 2009 8:31am
Ok guys, teachers... everybody. I failed you: out for +22 pips. Not an excuse, but this makes me be on green numbers for today and I must admit I did not like the behaviour failing to make new highs for the previous candles. I AM 75% SURE I DID NOT RIGHT, but wanted to cash and be happy.

Not proud anyway...
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