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The System II (Yes with irony)

  • #6,521
  • Sep 22, 2009 3:09pm Sep 22, 2009 3:09pm
hay paul
nice trads
in the 1st trad you enter at 4722, that is above the last high 4718 i guess.
didn't it bother you that bracket line above at 4721?
that what made my enter at 4724
it's a huge gap tony, a huge gap.
  • #6,522
  • Sep 22, 2009 3:13pm Sep 22, 2009 3:13pm
Quoting fxachilies
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..
Never went away. Had to go back to basics one more time. I was watching today dear teacher - watching and learning - having my stupid surgically removed!!!!

Thread is sooooo brilliant. Back in the throes with my £££££££ on the line again tomorrow and using the FORCE FX Skywalker.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #6,523
  • Sep 22, 2009 3:18pm Sep 22, 2009 3:18pm
Quoting gevellber02
hay paul
nice trads
in the 1st trad you enter at 4722, that is above the last high 4718 i guess.
didn't it bother you that bracket line above at 4721?
that what made my enter at 4724
Hi Gevel,

This is a good point and one I think we covered sometime back with FX.

Now maybe this is wrong but I had very nearly taken the trade to the down side, my order was 4 pips away, then when I saw that price was rejected there and it being Frankfurt open, I decided to take the lower entry level, cos I thought it might truly breakout to the upside. Why the lower level ? In the case it was a fakeout again to the upside I would be in lower to get out more easily and play #2.

Now is this right ? Let`s see if FX will answer the question for us.

Don`t shoot the piano player if I was wrong.
Survive and Preserve
  • #6,524
  • Sep 22, 2009 3:27pm Sep 22, 2009 3:27pm
Quoting capt. ok
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?

Entries I would say we have the following see chart:


Breakout of range or continuation breakout this was this morning`s first trade

We have 1,2,3

And we have FCR

Hope this helps
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Survive and Preserve
  • #6,525
  • Sep 22, 2009 3:31pm Sep 22, 2009 3:31pm
ok guys here is my trades and chart for the trade..
I only took trade 1 & 5.. due to threads stuff.. was not the easiest day handeling the threads stuff.. but also did not really like the whole price consolidation after that london runner..

now trade one.. obvious BB.. one hurdel, which it may have thrown out most of you of the boat.. hopefully more and more of you stay tough and hold your grounds and pass there hurdels.. +59 for me..

trade two.. its a countinuation of bracket range time.. not my favorite but if you got on it your should have closed it at BE at worst..
trade three.. its simply our bread and butter 123.. there was no reall fcr to get on that any quicker.. so BE should have been your worst result on that one..
trade four.. its based on the quickest most realistic fcr inside the trenches.. again BE should have been you worst result..
trade five.. i took this one and i exited late on this and did not play #1 accordingly.. and once it did broke the LL for a short while it never gave me a chance to play #1 again and i just let it be to see how it reacts to that fcr on top 4795.. and it racted with hitting my sl for 12 pips..
proper exits should have been at 4780ish..

anyhow.. ugly day after that london runner.. but as you see your able to take your shot even in the worst times and get away at BE at worst or very minimul lost... so thats why you see how important to bank big when we do get a runner..

cya all tomorrow..

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  • #6,526
  • Sep 22, 2009 4:14pm Sep 22, 2009 4:14pm
ok guys i just had dinner at midnight belive it or not..

I am going to answer Gevellbers concern here in a few minutes..
stay tune..
  • #6,527
  • Sep 22, 2009 4:34pm Sep 22, 2009 4:34pm
Quoting fxachilies
anyhow.. ugly day after that london runner.. but as you see your able to take your shot even in the worst times and get away at BE at worst or very minimul lost... so thats why you see how important to bank big when we do get a runner..

http://cdn.forexfactory.com/images/attach/gif.gif
It's amazing. I finished the day with -15, a very tough and challenging day in my opinion, and played rather badly on my side (but very productive in terms of learning).

-15 pips, and just because I got trapped on the failure of the breakthrough on the lower boundary at 70!!! Not withstanding that I jumped out of the boat for the only runner!!!

Maybe I am too excited these days of intense learning, but this style of trading fits me... or I fit it.

Again, thanks everybody here for your time, patience and support.
  • #6,528
  • Sep 22, 2009 4:38pm Sep 22, 2009 4:38pm
Quoting mac1956
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...
Well said my man, my sentiments exactly!!!! Yes, a wee community it is ,but a great one!! This indeed is a treasure I discovered quite by accident and fortunatly I know one when I see it. I feel very fortunate!

Your response, as well as all others, is what gives me a little more confidence that I can make a go of this. Mucho thanks!! One of my first goals is to be able to travel more to see my daughter in Japan, while not being tied down to one place and a job, and make a living while doing this. Now if I can just learn more (practice, practice,practice), settle down and make some succesful trades, I'll be happier than a monkey with a bag full of bananas!!!

Special times it is

Later, The Capt.
I know where I am----I just don't know where I'm going!
  • #6,529
  • Edited 5:07pm Sep 22, 2009 4:41pm | Edited 5:07pm
ok guys..
when price goes sideways and its ranging and we are inside a bracket.. and fcr inside the bracket don't mean shit.. don't even draw it..
noramlly brackets are around 20-30 pips range..
but the question is how you can spot that early?
its hard bcz price can do anything at anytime..
but once you got a bull run like the one in the picture then price stops at some point and retraces and forms a V shape.. so point A becomes your end of swing (your draw your red line right away).. then point B is your fcr (you draw your gray line quickly).. then point C could become tricky.. thats why i got the countinuation concerns there.. and I advise people to not take those (now you see why).. and to get extras defense for you I got you to Ply #2 if you do get involve.. but its better not too..
so after point A,B,C is fromed you got your nice bracket line drawn and at that point its abvious you are in a price stall, range, sideway PA.. so now you stop drawing fcr and wait for a bracket to even jam up more and eventually break out of it from either side.. and its evident that we got our wish and price brokeout bigtime later on at point X..

the main point..
now you should understand even more as to why i stay with my trades longer..
the reason I do not jump off my trade when i got a run is because of not falling into countinuation itchy singals and to better recongnize the range time..
what i mean exactly: when price stops and forms a V shape I am still in the trade bcz i am commited to my plan to play #1.. so if price breaks out of C area great I am on the ride.. but if it stops and froms a full C then the rage time is more mature and obvuois to me.. at that point in the middle of the bracket I bank and sit on my hands to catch X..
your challenging three things with one simple action and that is to stay with your trades a lil longer than most people..
1)to gain more profit.
2)recognizing range time better..
3) no need to fall into risky countinuation..

so.. did you guys get me there.. with one action you wipe couple of major chanllenges that people face everyday and lose money or give back all they made.. I hope it makes sense to you as much as it does to me.. I tried my best to put it in the most easiest way to understand.. I appoligize for my short comings there.. if you got quetions let me know tomorrow.. but study it hard and force your brain..

so i hope it helps.. i am better at explaining this things when its reall time and I am dealling with it at the time myself.. but there you have it anyways..

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  • #6,530
  • Sep 22, 2009 5:10pm Sep 22, 2009 5:10pm
FX,

I need to get your pills that keep you awake for so long .

Good Morning and happy pipping for today, lets see what the day brings.

After your posts last week this week I have made a massive change psychologically. Although I do consider the last two days easy pickings so I am actually hoping for a tough day to test my new mentallity. Up until Friday I would have traded every single signal (as posted previously) and on many days when you guys where in profit, I was in -100 pips land. The last two days I have taken most likely just under a dozen trades. It makes a HUGE difference in the outcome if you abvoid those continuation signals and actually pay attention to price and what its telling you. I do feel it has a lot to do with screen time and I have seriously come to the conclusion that 1 time frame , 1 currency and 1 method.

Lets do it

PS post me some of this pills you are on so I can stay up, 6 hours sleep is killing my trading session, I need less.



Quoting fxachilies
ok guys..
when price goes sideways and its ranging and we are inside a bracket.. and fcr inside the bracket don't mean shit.. don't even draw it..
noramlly brackets are around 20-30 pips range..
but the question is how you can spot that early?
its hard bcz price can do anything at anytime..
but once you got a bull run like the one in the picture then price stops at some point and retraces and forms a V shape.. so point A becomes your end of swing (your draw your red line right away).. then point B is your fcr (you draw your gray line quickly).....
Survive and Preserve
  • #6,531
  • Sep 22, 2009 5:10pm Sep 22, 2009 5:10pm
Quoting fxachilies
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..
Hi FX-- sorry I missed your post --busy painting the house-yyyuuuuuugggghhhh!!

I hear ya' on trading with live account-- but I've been trying to get the emotional thing of losing money together before I trade live. But I see what you mean ,maybe trading live is what it will take to conquer that fear. MAKE IT OR BREAK IT --right?

I really , really, really appreciate all the help and knowledge that you pass out around here, I learn a lot and it gives me more confidence. I feel very fortunate to come across guys like you , and everybody else in this great little community. Keep it up!!!!

Later, The Capt.
I know where I am----I just don't know where I'm going!
  • #6,532
  • Sep 22, 2009 5:19pm Sep 22, 2009 5:19pm
Ol Captain,

What I did is open up a small account with Oanda , you can even put 100 USD in there. The nice thing about them is you can trade literally 0.2% risk of that capital. Meaning little money but its real money.

What I found my issue with demoing is this (my personal experiance) is that if you have a losing streak for say two weeks, you reset your account and GO OKAY, THIS IS THE WEEK I START AGAIN AND DO IT PROPERLY.Not sure if you are guilty of that but I know I was

At least with real money it goes down, with no reset button as such.


Quoting capt. ok
Hi FX-- sorry I missed your post --busy painting the house-yyyuuuuuugggghhhh!!

I hear ya' on trading with live account-- but I've been trying to get the emotional thing of losing money together before I trade live. But I see what you mean ,maybe trading live is what it will take to conquer that fear. MAKE IT OR BREAK IT --right?

I really , really, really appreciate all the help and knowledge that you pass out around here, I learn a lot and it gives me more confidence. I feel very fortunate to come across guys like you , and everybody else in...
Survive and Preserve
  • #6,533
  • Sep 22, 2009 5:22pm Sep 22, 2009 5:22pm
Quoting PaulLangham
Entries I would say we have the following see chart:


Breakout of range or continuation breakout this was this morning`s first trade

We have 1,2,3

And we have FCR

Hope this helps
Hey Paul-- Helps a lot --very clear. All three entry lessons in 1 day--pretty cool! I see the entries as they are happening but I freak-out and jump in and out too much. %^&&^%#$#%&^*_)(*&^%$#@!!!!!!! That seems to be my biggest problem.

Mucho Thanks!!
Later , The Capt.
I know where I am----I just don't know where I'm going!
  • #6,534
  • Sep 22, 2009 5:31pm Sep 22, 2009 5:31pm
Quoting en0x
Ol Captain,

What I did is open up a small account with Oanda , you can even put 100 USD in there. The nice thing about them is you can trade literally 0.2% risk of that capital. Meaning little money but its real money.

What I found my issue with demoing is this (my personal experiance) is that if you have a losing streak for say two weeks, you reset your account and GO OKAY, THIS IS THE WEEK I START AGAIN AND DO IT PROPERLY.Not sure if you are guilty of that but I know I was

At least with real money it goes down, with no reset button as...
en0x----So true--as for me ---GUILTY!!!

With no reset button as such.[/quote] I like that.

Thanks enOx----
Later The Capt.
I know where I am----I just don't know where I'm going!
  • #6,535
  • Sep 22, 2009 5:58pm Sep 22, 2009 5:58pm
Quoting fxachilies
ok guys..
when price goes sideways and its ranging and we are inside a bracket.. and fcr inside the bracket don't mean shit..
WOW what a fantastic post! Thank you so much. I recognise the failings in my own trades from what you say. I will try to be less trigger happy in future, look out for the brackets and try to forget the continuation signals.

I really think I have been missing the importance of recognising the bracket range and I have been looking for the FCRs inside the range - mostly this leads to losing trades. :-(

Am I right in saying that we don't really know where we are in the market until we see a bracket range?

Cheers,
John.
  • #6,536
  • Sep 22, 2009 6:06pm Sep 22, 2009 6:06pm
Is it me or was that one of the strangest US opens seen?

I mean no movement, no price action.

Odd.

Though I looked at news for tomorrow and jesus... the E/U is in for some action... I think there are going to be some wild sings tomorrow... on your toes ppl... it's going to be a good day tomorrow for sure... by the way... I am long at the moment... lol.. ok this joke it getting tired, I know.

Happy pipping... see you all tomorrow.

Regards,
Vip
  • #6,537
  • Sep 22, 2009 6:24pm Sep 22, 2009 6:24pm
What the heck is happening?
I just made +22 pips (yes I targetted it , its ASIA dog nabbit EURO is not supposed to move now) on a EU breakout trade...
Survive and Preserve
  • #6,538
  • Sep 22, 2009 6:27pm Sep 22, 2009 6:27pm
Breakout during TKY open?? How bizarre but who complains.
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Survive and Preserve
  • #6,539
  • Sep 22, 2009 7:21pm Sep 22, 2009 7:21pm
Quoting en0x
Breakout during TKY open?? How bizarre but who complains.
Hi Enox,

I just missed it, I think it was some positive new zealand news set if off. retraced now.
"Save your ass, then go for profit"
  • #6,540
  • Edited 9:41pm Sep 22, 2009 8:10pm | Edited 9:41pm
Quoting en0x
I didnt even look at what news was out there as I know USD and EUR news is finished until this evening(sydney time here) and I trash news unless its NFP or some other major news.
Agreed, I don't normally look at news either this time of day. I was curious, so had a look. I am in Sydney as well, how about this dust.
"Save your ass, then go for profit"
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