The System II (Yes with irony) | Page 340 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

The System (Irony included) 1,175 replies

Attachments: The System II (Yes with irony)
Exit Attachments

The System II (Yes with irony)

  • #6,781
  • Sep 23, 2009 9:19am Sep 23, 2009 9:19am
Hi Everyone,

This is my first post in this thread, and I want to thank all the efforts, time and knowledge shared by feb, fxachilies, moneda and others.

Today was my first day trading "The System II". I like pretty much the idea of taking into account only price action without indicators, so I am going to post my first "end of day" chart (because today I have not more time to trade).

3 Trades:
1) Short +13.5 pips, closed when failed to go lower.
2) Short -3.5 pips, closed applying #2.
3) Long -11.7 pips, closed applying #2.
Total: -1.7 pips

Regards.

Attached Image (click to enlarge)
Click to Enlarge Name: 20090923 chart.gif Size: 20 KB
  • #6,782
  • Sep 23, 2009 9:21am Sep 23, 2009 9:21am
Quoting moneda
Hello,

My trading friends...Let us remember that this is a great opportunity to work on ours skills... our pair has covered less than 100 pips since the open of London yesterday.... stay focus, exercise patience and try not to guess what is coming... a chimpazee can make $$ when a new trend starts... take care of your loses and you will be ahead of the game in the long run.

Good luck
Wise words Mon,

"lose smartly is as important as win in the long run", as you said once....
  • #6,783
  • Sep 23, 2009 9:23am Sep 23, 2009 9:23am
The the one time I try let a trade breath and its hitting me badly.
Survive and Preserve
  • #6,784
  • Sep 23, 2009 9:27am Sep 23, 2009 9:27am
yep in s bit of drawdown at the momoent, lets get back to BE
  • #6,785
  • Sep 23, 2009 9:28am Sep 23, 2009 9:28am
I am off to bed, leaving trade as it is, setting target profit .

my hard SL Is close by but I am seriously suffering with lack of sleep here so if it hits it then it hits it.
Maybe the gods will do me well .

Night all.
Quoting en0x
The the one time I try let a trade breath and its hitting me badly.
Survive and Preserve
  • #6,786
  • Sep 23, 2009 9:35am Sep 23, 2009 9:35am
Out @ BE..... uffff

Another match ball saved.....

I'm defending more than Rafa Nadal Today.....
  • #6,787
  • Sep 23, 2009 9:37am Sep 23, 2009 9:37am
Quoting jplo
Out @ BE..... uffff

Another match ball saved.....

I'm defending more than Rafa Nadal Today.....
hehe me too got +1 for the landlord

i hope en0x saw that he could get out at BE before he went to bed!
  • #6,788
  • Sep 23, 2009 9:37am Sep 23, 2009 9:37am
out of that short (4764) at BE
it's a huge gap tony, a huge gap.
  • #6,789
  • Sep 23, 2009 9:44am Sep 23, 2009 9:44am
Hello,

Indulge for a moment...I share these thoughts because I have the scars to prove that they are based on my experiences over the years... Like for example..what is happening atm...let's say that you play #2 and it took a while to come back to your initial entry....fear creeps in and you exit prematurely because you are sastisfied with breaking even... sometimes just waiting a little longer pay dividens (runner) it might be worth loosing a few pips after price comes back and waiting until it pull back again...this is the part that can not be taught... it takes confidence/experience/patience/courage etc.. that is one reason to trade one pair/one timeframe like we do here so that you become personally familiar with the approach and the pair..

Good luck
Unus pro omnibus, omnes pro uno
  • #6,790
  • Sep 23, 2009 9:46am Sep 23, 2009 9:46am
Quoting jplo
Out @ BE..... uffff

Another match ball saved.....

I'm defending more than Rafa Nadal Today.....
Well done Jplo
Survive and Preserve
  • #6,791
  • Sep 23, 2009 9:47am Sep 23, 2009 9:47am
after all that, is it worth going taking the 123?
  • #6,792
  • Sep 23, 2009 9:47am Sep 23, 2009 9:47am
Quoting moneda
Hello,

Indulge for a moment...I share these thoughts because I have the scars to prove that they are based on my experiences over the years... Like for example..what is happening atm...let's say that you play #2 and it took a while to come back to your initial entry....fear creeps in and you exit prematurely because you are sastisfied with breaking even... sometimes just waiting a little longer pay dividens (runner) it might be worth loosing a few pips after price comes back and waiting until it pull back again...this is the part that can not...
Nice post, I have to admit that if I have pips in the bag for the day I will attemt this otherwise I look to conserve my account = get taken over by fear
Survive and Preserve
  • #6,793
  • Sep 23, 2009 9:53am Sep 23, 2009 9:53am
Quoting PaulLangham
Nice post, I have to admit that if I have pips in the bag for the day I will attemt this otherwise I look to conserve my account = get taken over by fear
Paul,

I know what you mean...I can taste fear on every trade I make....the thing for me is to stay focus and work on my mental state.. with this last trade...I was tempted to exit several times but stayed with it ... went positive and exit with a small loss.. I am ok with a small loss if it gives me the option of catching a runner.

Keep up your excellent contribution
Unus pro omnibus, omnes pro uno
  • #6,794
  • Sep 23, 2009 10:24am Sep 23, 2009 10:24am
Quoting moneda
Hello,

Indulge for a moment...I share these thoughts because I have the scars to prove that they are based on my experiences over the years... Like for example..what is happening atm...let's say that you play #2 and it took a while to come back to your initial entry....fear creeps in and you exit prematurely because you are sastisfied with breaking even... sometimes just waiting a little longer pay dividens (runner) it might be worth loosing a few pips after price comes back and waiting until it pull back again...this is the part that can not...
Great point Moneda,

Talking about me myself, when I saw that 25 +- pips move against me, and which was much more important for me, in such a rythm and speed, something clicked into my mind to turn me into "Surviving mode"...

For sure, if the retrace wasn't in so much momentum and depth, and the previous attempts to break to the downside hadn't been rejected so heavy as well, I would have waited to see how price would have reacted to LL before bailling out, as you say..... To be honest, I felt too much preasure to get a BE...

Maybe I have to work on this aspect to improve and play #2 better....

Thanks for your comments, buddy, you always make me think deeper
  • #6,795
  • Sep 23, 2009 10:53am Sep 23, 2009 10:53am
maybe this will be our runner for the day... struggling to push south all day though!!
Attached Image (click to enlarge)
Click to Enlarge Name: eum5.jpg Size: 95 KB
  • #6,796
  • Sep 23, 2009 11:10am Sep 23, 2009 11:10am
i read those posts. it is very very useful for me when you point me to the right direciton so thank you. i had some profit today mostly from the last move south instead of asking many many questions at least for now i will be here reading your posts and the trades when you post them as images. thats the best way for me to learn from this thread. thank you once again and have a nice evening :]
  • #6,797
  • Sep 23, 2009 2:31pm Sep 23, 2009 2:31pm
Hi guys,thought introduce myself.Loving the thread and the way u trade.I have read most of the thread and feel I have sort of got to know u guys .anyway going to start demoing with set ups tomorrow
  • #6,798
  • Sep 23, 2009 2:36pm Sep 23, 2009 2:36pm
Hi All,

Here are my trades from today.

Trade 1 - +7 Pips came out when price hit lower FCR

Trade 2 - Aware by now market was slow, no immediate follow through so closed at BE

Trade 3 - Again no follow thru so closed at BE

Trade 4 - Again no real follow although looking at it now I could have given more space, the result would have better. +2


Trade 5 - Late entry there was an earlier FCR which if taken would have resuted in a perfect play #2 exit. -10
Attached Image (click to enlarge)
Click to Enlarge Name: 2009092302.jpg Size: 111 KB
Survive and Preserve
  • #6,799
  • Sep 23, 2009 3:46pm Sep 23, 2009 3:46pm
Quoting PaulLangham
Hi All,

Here are my trades from today.

Trade 1 - +7 Pips came out when price hit lower FCR

Trade 2 - Aware by now market was slow, no immediate follow through so closed at BE

Trade 3 - Again no follow thru so closed at BE

Trade 4 - Again no real follow although looking at it now I could have given more space, the result would have better. +2


Trade 5 - Late entry there was an earlier FCR which if taken would have resuted in a perfect play #2 exit. -10
Congrats, Paul. I am used to see your score even near a figure, when not 60-80 pips a day. But in a tough enviroment you exited at BE for the day. A couple of questions:

1.- Do you also find today as one of the most challenging on the last weeks? (I have not been using this methodology for a long time, but yesterday and today looked to me really tough)
2.- Trade 2: How do you define your FCR there, in the highs of the previous bearish candles? If so, even though it's a clear reversal, looks not very well formed.

Thanks in advance. And yes, I know it will help (you know why I'm saying this )
  • #6,800
  • Sep 23, 2009 3:46pm Sep 23, 2009 3:46pm
The gods surely smiled on me

Okay so there is luck in it a little but it does pay putting your stops out the way (above FCRs) so as it offers some protection.

I actually came good from this trade +21 pips. was nice to wake up to but not doing that again for sure.


Lets do it again today, I am rested.

Quoting en0x
I am off to bed, leaving trade as it is, setting target profit .

my hard SL Is close by but I am seriously suffering with lack of sleep here so if it hits it then it hits it.
Maybe the gods will do me well .

Night all.
Survive and Preserve
7 traders viewing now