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We all need pivots to win..yes or not? 13 replies

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The System II (Yes with irony)

  • #6,501
  • Sep 22, 2009 11:29am Sep 22, 2009 11:29am
Bye guyz,

Always a pleasure trading with you,

See you tomorrow for new opportunities...
  • #6,502
  • Sep 22, 2009 11:44am Sep 22, 2009 11:44am
Quoting jplo
Bye guyz,

Always a pleasure trading with you,

See you tomorrow for new opportunities...
are you going to trad tomorrow ?
there is a lot of euro news like every 0.5 hour
it's a huge gap tony, a huge gap.
  • #6,503
  • Sep 22, 2009 11:50am Sep 22, 2009 11:50am
gee there is alot of news, however i think i recall a post from feb saying he isnt too concerned about alot of the news except for interest rates and nfp days. if we are in a trade and can get to breakeven then there is nothing wrong with holding your position to test the news

will see what the senior guys say
  • #6,504
  • Sep 22, 2009 12:14pm Sep 22, 2009 12:14pm
Quoting benkm108
if we are in a trade and can get to breakeven then there is nothing wrong with holding your position to test the news

will see what the senior guys say
My experience with news is that you never know when it'll have a big impact on the market, and when it does the market is like to move 10 ticks or more in both directions. So if you're open profit is around 10 ticks there's a high chance of getting stopped out. If you have a big open profit then one has to ask if it's worth risking loosing it on news. I'm still learning about the news thing but that's my impression so far..
  • #6,505
  • Sep 22, 2009 1:25pm Sep 22, 2009 1:25pm
Quoting mac1956
So ashamed was I of my crappy execution of this simple method in my first week with it I went underground with the whole thread printed out and read it again, and studied the charts - phew.

Started again. Back in the action tomorrow. No prediction, no hallucinating FCR's that aren't there, no news trading - just cool, calm, patient hunting....then...££££$$$$

Sorry for my blethering last week.

Thanks for all your tolerant help too.

Mac,

For my money you have been a very valid contributor to this thread and as I think I said once before there is nothing wrong bearing all with crappy trades, as those trades bit by bit get better and better and by posting them they get etter even faster than normal

U R on the road to the bank keep it up .
Survive and Preserve
  • #6,506
  • Sep 22, 2009 1:52pm Sep 22, 2009 1:52pm
Quoting mac1956
So ashamed was I of my crappy execution of this simple method in my first week with it I went underground with the whole thread printed out and read it again, and studied the charts - phew.

Started again. Back in the action tomorrow. No prediction, no hallucinating FCR's that aren't there, no news trading - just cool, calm, patient hunting....then...££££$$$$

Sorry for my blethering last week.

Thanks for all your tolerant help too.
hey mack---looks like I'm in the same boat with you . I've been silent lately, trying to read more, absorb more, learn more, and trying to" just get my head in the right place"!! I get the basic idea but I seem to get too nervous, cautious, antsy, and impatient by watching too closely , I think. And that's with just a demo acccount!! I'm trying to treat it like it's real.

Anyways, any suggestions??
I know where I am----I just don't know where I'm going!
  • #6,507
  • Sep 22, 2009 2:09pm Sep 22, 2009 2:09pm
Quoting capt. ok
hey mack---looks like I'm in the same boat with you . I've been silent lately, trying to read more, absorb more, learn more, and trying to" just get my head in the right place"!! I get the basic idea but I seem to get too nervous, cautious, antsy, and impatient by watching too closely , I think. And that's with just a demo acccount!! I'm trying to treat it like it's real.

Anyways, any suggestions??
Hi Captain,

Again, just my personal shot at this but I would concentrate on one thing at a time:

- Say go for entries first, don`t even worry about pips, or profit or exits to begin with, get the entry right first. Analize where u go wrong when compared to Fx

- Then go for Exits etc

- Then go for perfecting runners

- Then go for fine tuning - not getting sucked into continuations etc

As i say just my one shot, but hope that it helps
Survive and Preserve
  • #6,508
  • Sep 22, 2009 2:11pm Sep 22, 2009 2:11pm
Quoting jplo
Bye guyz,

Always a pleasure trading with you,

See you tomorrow for new opportunities...
Jplo

Likewise my friend, see u 2morrow for more trading
Survive and Preserve
  • #6,509
  • Sep 22, 2009 2:15pm Sep 22, 2009 2:15pm
Quoting crashout
Hello,

Do you plot the lines red and grey by hand ? Or do you have an indicator for that ?

I'm sorry for my ask, i searched in the 32 pages of attachments but didn't find nothing

Thanks !
all by hands.. and I draw naked.. I am a pretty good artist
  • #6,510
  • Sep 22, 2009 2:15pm Sep 22, 2009 2:15pm
Quoting fxachilies
its not easy but do able..
specially the first hurdel.. but do able..
the rest is also not so easy but do able..

don't take the market for granted but don't give in too easy either..


http://cdn.forexfactory.com/images/attach/gif.gif
Hi,
I do not trade System II, but you may find this useful, because on 5 min chart precision pays off. Ever since I have started trading on eSignal's composite feed, I have noticed all those little dirty tricks (or are they just mistakes?) brokers are playing against us. My broker's (Oanda) feed looks similar to yours. But there was no breakout at the place you marked BOOM, as you can see from the chart below.
Attached Image (click to enlarge)
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  • #6,511
  • Sep 22, 2009 2:17pm Sep 22, 2009 2:17pm
Quoting capt. ok
hey mack---looks like I'm in the same boat with you . I've been silent lately, trying to read more, absorb more, learn more, and trying to" just get my head in the right place"!! I get the basic idea but I seem to get too nervous, cautious, antsy, and impatient by watching too closely , I think. And that's with just a demo acccount!! I'm trying to treat it like it's real.

Anyways, any suggestions??
I went back and looked at what I am doing and realized I am focused on the wrong information. On the first page it says the swings are between 20 and 30 pips. I have been creating FCR's within this range and getting mashed up like a potatoe (potato). Time to back out and look at the bigger picture instead of zeroing in trying to catch the next swing while the market is becoming range bound. I look at what FXachilies did today - only 1 trade maybe 2 trades. I had half a dozen, a sure sign of poor trader management.

Looking back I see that I got caught up in the search for FCR's inside a forming rangebound market. When I do this, I am tightening up the swings and finding the difference between FCR's getting smaller and smaller, making my trades subject to rangebound market action instead of a breakout. Mr chop eats me alive when I do this.
I make money anywhere in the world by taking orders
  • #6,512
  • Sep 22, 2009 2:19pm Sep 22, 2009 2:19pm
Quoting PaulLangham
Hi Captain,

Again, just my personal shot at this but I would concentrate on one thing at a time:

- Say go for entries first, don`t even worry about pips, or profit or exits to begin with, get the entry right first. Analize where u go wrong when compared to Fx

- Then go for Exits etc

- Then go for perfecting runners

- Then go for fine tuning - not getting sucked into continuations etc

As i say just my one shot, but hope that it helps
I second that..
only to add that.. I highly suggest to open a micro account for $300 and ply with your own money.. start risking only 0.01 lot and work your way up.. I a sorry but screw demo.. nothing replaces risking your own hard earned money..
  • #6,513
  • Sep 22, 2009 2:23pm Sep 22, 2009 2:23pm
Quoting PaulLangham
Hi Captain,

Again, just my personal shot at this but I would concentrate on one thing at a time:

- Say go for entries first, don`t even worry about pips, or profit or exits to begin with, get the entry right first. Analize where u go wrong when compared to Fx

- Then go for Exits etc

- Then go for perfecting runners

- Then go for fine tuning - not getting sucked into continuations etc

As i say just my one shot, but hope that it helps
Mucho appreciated Paul, it helps alot--It does seem like I worry about profits, etc. Maybe Good idea to just concentrate on one thing at a time --Any tips on getting the entries right?
I know where I am----I just don't know where I'm going!
  • #6,514
  • Sep 22, 2009 2:27pm Sep 22, 2009 2:27pm
Quoting Pipsy108
Hi,
I do not trade System II, but you may find this useful, because on 5 min chart precision pays off. Ever since I have started trading on eSignal's composite feed, I have noticed all those little dirty tricks (or are they just mistakes?) brokers are playing against us. My broker's (Oanda) feed looks similar to yours. But there was no breakout at the place you marked BOOM, as you can see from the chart below.
what do you mean.. i never make a mistake on my BOOM.. lol..
its evident on your own chart too.. but it turned out to be a short lived boom.. as it broke the recent LL 4776 at the time and never coutinued BOOMing after that slight BOOM.. lol
but you don't trade the "system II" so don't lose any sleep over it.. lol
  • #6,515
  • Sep 22, 2009 2:31pm Sep 22, 2009 2:31pm
Hi

Here are today`s trades.

Trade 1 - Nice breakout trade. There was a question earlier -I never doubted to hold this trade as the retracment never challend my entry price. With the aggressive two bar candles that formed I ws looking for at least a second push.

Missed a peach trade - simply didn`t see the trade.

Trade 2 - BE - As thetrade was initaited close to the top it seemed obvious that price might find it difficult to make it higher. ready to close at BE and closed at BE.

Trade 3 - Again knew this one was risky as close to the bottom, ready to close at BE and did so.

Trade 4 - +1 Again closed at +1 as price threatened my entry.

Any questions or comments always welcome.

Thanks for a good trading day everyone.

PS red vertical line on the first chart is "start of trading line"
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Survive and Preserve
  • #6,516
  • Sep 22, 2009 2:49pm Sep 22, 2009 2:49pm
Quoting fxachilies
nice post.. I apperciated Paul..
If you don't mind i like to input a short summery here.. a quick story..
guys.. afew weeks ago, Paul or (fxachilies 6mo ago).. was not catching whole lot of runners.. so he made less or its safe to say he did not take full advantage of a given ride.. as a result he cut winners short and fell into risky countituation signals.. by doing that most times he gave back what he made on his small made profits..
Paul at best brokeven or made little at end.. bottomline = BE

Now.. Paul holds on to his postions a lil longer...

Hi Fx,

Nice post.

Here is the crux for me like u say:

by one psychological change and the help of some technical techinques.. he makes more and gives away less

This is mega important.

I also like this:

and practise it day in day out.. and stay humble.. its a maraton and not a dash.. it takes time

That red bit is for me personally very important. no greed, no ego, just rinse and repeat.

Thanks.
Survive and Preserve
  • #6,517
  • Sep 22, 2009 3:00pm Sep 22, 2009 3:00pm
Quoting PaulLangham
Mac,

For my money you have been a very valid contributor to this thread and as I think I said once before there is nothing wrong bearing all with crappy trades, as those trades bit by bit get better and better and by posting them they get etter even faster than normal

U R on the road to the bank keep it up .

You are an inspiration to me Paul. Thank you so much.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #6,518
  • Sep 22, 2009 3:06pm Sep 22, 2009 3:06pm
Quoting mac1956
You are an inspiration to me Paul. Thank you so much.
Macdaddy is back.. where were you today?.. I was worried.. i wanted to send you a PM later on.. good to see you my friend..
  • #6,519
  • Sep 22, 2009 3:07pm Sep 22, 2009 3:07pm
Quoting PaulLangham
Hi

Here are today`s trades.

Trade 1...
Thanks for your chart Paul. I really enjoy your (and fxA's) end of day charts. One day I hope to post my own :-)

Cheers!
  • #6,520
  • Sep 22, 2009 3:08pm Sep 22, 2009 3:08pm
Quoting capt. ok
hey mack---looks like I'm in the same boat with you . I've been silent lately, trying to read more, absorb more, learn more, and trying to" just get my head in the right place"!! I get the basic idea but I seem to get too nervous, cautious, antsy, and impatient by watching too closely , I think. And that's with just a demo acccount!! I'm trying to treat it like it's real.

Anyways, any suggestions??

Thanks man - this is one of those activities where you have to face yourself in the raw. There is nowhere to hide - fear of failure, fear of losing, fear of fear - even fear of success!!! It is no exaggeration to say I have grown over the past week in all sorts of ways. Painful at times, and triumphant at others. Nothing was ever mastered in a couple of weeks - and the only suggestions I have are that we keep turning up, putting our butts on the line and being humble enough to learn as fast as we learn. My respect for successful traders goes up and up. My respect for the learners on this thread is huge. How many people do you meet who are genuinely willing to face up to shortcomings openly and honestly? This thread is exceptional - full of integrity, honesty, tough love and generous spirit. Sometimes you discover treasure quite by accident - this is one of those oocasions.

So thanks for your response which typifies everything that is great about our wee community here. Special times - yay!
$urvive, Pre$erve & RESPECT THE TEACHER
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