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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)

  • #6,541
  • Sep 22, 2009 9:57pm Sep 22, 2009 9:57pm
Quoting fxachilies
ok guys..

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..
http://cdn.forexfactory.com/images/attach/gif.gif
Hi Fx

Thankyou, Excellent post, made of lot of sense to me. It is now a lot clearer to me when to hang on and when to exit. I printed it out and made some notes. See how I go with a real time chart. I am off the demo account now, ready to start making (or losing) some real money.

P.S I have posted before but as I am still a junior member my posts tend to come out when everybody else has moved on.
"Save your ass, then go for profit"
  • #6,542
  • Sep 22, 2009 10:36pm Sep 22, 2009 10:36pm
In case you guys are not aware, this is what we woke up to in Sydney this morning
Crazy eh? its a massive dust storm that went over 3 states here in Australia. Enough said about it .

lets trade

Quoting Paul M
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.
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Survive and Preserve
  • #6,543
  • Sep 22, 2009 11:35pm Sep 22, 2009 11:35pm
Bracket set for open. 30 mins until trade start time
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Survive and Preserve
  • #6,544
  • Sep 23, 2009 12:06am Sep 23, 2009 12:06am
Why do you guys trade on 5 minutes?
What advantage does this interval have over 15 minutes?
  • #6,545
  • Sep 23, 2009 12:22am Sep 23, 2009 12:22am
Quoting tghfbt8
Why do you guys trade on 5 minutes?
What advantage does this interval have over 15 minutes?
We trade the 5 minute time frame and the eurusd only because that's what we have chosen to do. The advantage of trading one time frame over another is actually a fairly complex discussion. I am sure you could use a Price Action trading methodology on a 15 minute time frame and have good results. For the continued integrity of this thread though, we have chosen to not discuss different time frames and currencies so that everyone is on the same page and sees the same entries and exits.
I make money anywhere in the world by taking orders
  • #6,546
  • Sep 23, 2009 12:44am Sep 23, 2009 12:44am
Quoting en0x
In case you guys are not aware, this is what we woke up to in Sydney this morning
Crazy eh? its a massive dust storm that went over 3 states here in Australia. Enough said about it .

lets trade
holy sh!t. that looks pretty cool, but can you taste it in your mouth?
  • #6,547
  • Sep 23, 2009 1:03am Sep 23, 2009 1:03am
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).....
Hey Fx

This will clear up a lot of confusion for people, very nice post.

For me as you say, this is the gem:

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

If you are already on there isn`t that easier than struggling to find the breakout ? Also reduces costs as well. Well put

Thanks
Survive and Preserve
  • #6,548
  • Sep 23, 2009 1:10am Sep 23, 2009 1:10am
Quoting capt. ok
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.

Hi Captain,

What I forgot to add was that obviously once you understand the trades you are looking for you then need to work out what trade is coming up next, for example:

To detect the range bound continuation as explained earlier today by FX , A,B,C , will then play breakout after the ABC has formed.

Or detect we are in a runner and the market may reverse so take the FCR, if not stay with it

Or in a runner - stay with it, market pulls back, breaks out again from the top and you have a 1,2,3 for free.

Cheers
Survive and Preserve
  • #6,549
  • Sep 23, 2009 1:11am Sep 23, 2009 1:11am
Good Morning to all,
Well we're inside the bracket.. stalling time.. you know what that means..
christmas.. if you know what i mean.. lol

I got my orders setup on both side..

lets do it..

PS) post 6530 its must read if you haven't already..
  • #6,550
  • Sep 23, 2009 1:15am Sep 23, 2009 1:15am
Quoting tghfbt8
Why do you guys trade on 5 minutes?
What advantage does this interval have over 15 minutes?
the interval its a million miles away..
  • #6,551
  • Sep 23, 2009 1:18am Sep 23, 2009 1:18am
Good morning, Traders!!!

Now I'm short frim BB...

erlier at morning i was Long, but that time it was fakeout... So I did play #1 and exit at -6... If I wouldn't play #1 my loss would be -12....

Happy trading day!!!
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  • #6,552
  • Sep 23, 2009 1:25am Sep 23, 2009 1:25am
Exact same play I made, closed at -6 for that long.
Quoting dim4ik42
Good morning, Traders!!!

Now I'm short frim BB...

erlier at morning i was Long, but that time it was fakeout... So I did play #1 and exit at -6... If I wouldn't play #1 my loss would be -12....

Happy trading day!!!
Survive and Preserve
  • #6,553
  • Sep 23, 2009 1:25am Sep 23, 2009 1:25am
guys this is your bracket (inside gray box)..
as you notice i have my red line drawn to recognize swing end.. and my gray line on the bottom to recognize the end of retrace or fcr at the time..

price just broke though my short.. lets see if it will bring it home..

http://cdn.forexfactory.com/images/attach/gif.gif
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  • #6,554
  • Sep 23, 2009 1:26am Sep 23, 2009 1:26am
Good morning to everyone,

Ready for another battle.. jejeje

Nice post Fx,

Super helpful for us to quickly recognize problematic ranging areas from the very begining (one of the trickiest and hardest things into trading in general)..

Apart from that, it remembered me, again, the importance to be first in line and taking every shot (where FCR's are the kings) , in order to be in a privileged position to manage well that kind of hurdles...

So then, here it goes another gold post into my favorites folder.....

let's get start looking for those opportunities...
  • #6,555
  • Sep 23, 2009 1:28am Sep 23, 2009 1:28am
hey guys, enox i m on the gold coast & its the same up here mate, chewing on dust, good stuff
havent been around much this week but there has been some great post by fx & paul & mon etc, excellent stuff
i m on the short as well
andrew
Survive & Preserve
  • #6,556
  • Sep 23, 2009 1:29am Sep 23, 2009 1:29am
Dim & enox,
make sure you give the price 3pips + spread..
you should not have been triggered for that long.. price moved 2.6 only.. atleast on my chart..
  • #6,557
  • Sep 23, 2009 1:32am Sep 23, 2009 1:32am
I'm also short now on that bracket breakout...

Let's see what's happens....

There are important EUR news in 15 min. and in 30 min. as well
  • #6,558
  • Sep 23, 2009 1:33am Sep 23, 2009 1:33am
BOOM... oh ya thats how like the day to begin..
strong postion to be in on the edge of Londi open... now only if they be nice and think bearish we're set to make mega bucks..
  • #6,559
  • Sep 23, 2009 1:33am Sep 23, 2009 1:33am
Quoting fxachilies
Dim & enox,
make sure you give the price 3pips + spread..
you should not have been triggered for that long.. price moved 2.6 only.. atleast on my chart..
ok!

I just put my trigger always 2pips + 2 spred... So - 3 pips, Ok!

NOW I WILL TRY TO APPLY MY RUNNER MENTALITY...

I do not afraid to leave some money on the table.... (my mantra)

I AM STRONGER THAN I AM... lol...
  • #6,560
  • Sep 23, 2009 1:34am Sep 23, 2009 1:34am
Actually, that was my mistake. I must have messed up the simple math. Normally I am dilligent 3+spread (which is NORMALLY under 1 in oanda)

Quoting fxachilies
Dim & enox,
make sure you give the price 3pips + spread..
you should not have been triggered for that long.. price moved 2.6 only.. atleast on my chart..
Survive and Preserve
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