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The System II (Yes with irony)

  • #7,021
  • Sep 24, 2009 3:40pm Sep 24, 2009 3:40pm
Quoting PaulLangham
Hey Mondea,

Thanks for your update....
Paul,

Thanks for the encouragement.... I will be late for the party but there will be plenty of booze left still. The period between 7am est and noon is pretty good. By the way I dissect your "trades of the day" and find them extremely helpful in that it either confirms something I did or thought about or learn some new perspective. It should be mandatory for the newbies .

See you in NY.
Unus pro omnibus, omnes pro uno
  • #7,022
  • Sep 24, 2009 3:54pm Sep 24, 2009 3:54pm
Quoting moneda
Paul,

Thanks for the encouragement.... I will be late for the party but there will be plenty of booze left still. The period between 7am est and noon is pretty good. By the way I dissect your "trades of the day" and find them extremely helpful in that it either confirms something I did or thought about or learn some new perspective. It should be mandatory for the newbies .

See you in NY.
Oh yes there is plenty of booze left alright, take a look at the move today , nearly 100% New York trading session.

Will keep posting so long as people like it - it also helps me to see the mistakes etc.
Survive and Preserve
  • #7,023
  • Edited 7:27pm Sep 24, 2009 3:56pm | Edited 7:27pm
Paul,

I took a shower and feel a bit re-energized so I wanted to comment on your trades... sort of a dialog...hopefully it will benefit both of us and the rest of the gang:

[quote=PaulLangham;3091022]Hi All,

Here are my trades for today.

Trade 1 - I played this one OK according to plan coming out on the FCR which had formed. +15
I would have exited after the failed attempt of price(.4764) to surpass the HH(.47680). With 49+pips in the bag I would have protected and not let it go down too much.

Trade 2 -10 on this one, was looking for an exit point and used a minor FCR which I then reverseed into for the long trade 3.
I am not sure if I would have considered the low of .4747 a FCR thus I don't think that I would have taken this trade short. However, nice recovery and no hesitation on reentering long.
Trade 3 - Long +15 Exited on the break of the minor FCR
I am not sure how one classifies a minor FCR...to me it looks like price stalled and then continued but I am glad it worked for you. Again, if I had banked 30+ pips, I would have exited after it failed to go north @ 11:10.
Trade 4 - Exit at BE. Price simply did not get off the ground and came back at me fast so I closed out.
That was a scary move down....in retrospect(always easier) perhaps one could have given it more room and made a few pips..but I don't blame for getting out.

Trade 5 - BE. I took this trade at 1.4790 and took it realizing that we could be at the end of the move even though we been in a consolidation period. Was to ready to bail and di dso at BE, giving price not second chances.
Yes, I see what you mean.
Trade 6 + OK +110 pips.
I love this trade! textbook ... you played it like a pro!

Ok, so thank you again for putting your trades here and submit yourself to "after the fact" comments... always easier and not necessarily correct but nevertheless helpful to all.
Unus pro omnibus, omnes pro uno
  • #7,024
  • Sep 24, 2009 3:57pm Sep 24, 2009 3:57pm
Quoting david4u
4 trades .
Must work to improve my exits .
+49.5 pips ....which is very good for me .
On trade 3 , the runner , I have taken profits along the trade .
FX , can you say a word about that ? (partial closing)
I know it's not your way to trade ...
Regards & tks
david4u

Hi David,

I know you want FX to answer your query, but see my post above.

In essence be prepared to give some pips back or leave them on the table in order to get the home runs.

Like FX said yesterday he does everything wrong according to conventional wisdom, low winning ratio, (less than 50%) 12 losing day a month but hey 500 pips profit per week !!!! How come , cos he holds those runners. Thats what you need to do.

I hope that helps.
Survive and Preserve
  • #7,025
  • Sep 24, 2009 4:02pm Sep 24, 2009 4:02pm
[quote=moneda;3091096]Paul,

I took a shower and feel a bit re-energized so I wanted to comment on your trades... sort of a dialog...hopefully it will benefit both of us and the rest of the gang:

Quoting PaulLangham
Hi All,


I would have exited after the failed attempt of price(.4764) to surpass the HH(.47680)

.
This is indeed and excellent point and funnily enough I already had this in my head about my exit strategy. Maybe I am being too generous about leaving pips on the table.....

I think part of my issue is in seeing the failed high and actually realizing it , it seems much easier for me to recognize an FCR under price as in this case, simply put in my order and wait to see if it will get hit.

My point then mostly for myself is at what point do you actually confirm the failed high, sometims you see these things forming and then you get upside.. ..
Survive and Preserve
  • #7,026
  • Sep 24, 2009 4:07pm Sep 24, 2009 4:07pm
Quoting Royston
Hullo everyone,

first post on this excellent thread, but hopefully not the last...the spirit running through the core of the thread is inspiring....
I too am interested in some thoughts on this. That mini fcr would have been worth quite a lot today.
  • #7,027
  • Sep 24, 2009 4:28pm Sep 24, 2009 4:28pm
Quoting PaulLangham
Hi All,

Here are my trades for today.

Trade 1 - I played this one OK according to plan coming out on the FCR which had formed. +15

Trade 2 -10 on this one, was looking for an exit point and used a minor FCR which I then reverseed into for the long trade 3.

Trade 3 - Long +15 Exited on the break of the minor FCR

Trade 4 - Exit at BE. Price simply did not get off the ground and came back at me fast so I closed out.


Trade 5 - BE. I took this trade at 1.4790 and took it realizing that we could be at the end of the move even though we been...

Nice post, as usual, Paul,
and also great trades for today, buddy... you are already become a pro, man.....
Great inspiration for all of us.....
  • #7,028
  • Sep 24, 2009 4:33pm Sep 24, 2009 4:33pm
[quote=PaulLangham;3091105]
Quoting moneda
Paul,

I took a shower and feel a bit re-energized so I wanted to comment on your trades... sort of a dialog...hopefully it will benefit both of us and the rest of the gang:



This is indeed and excellent point and funnily enough I already had this in my head about my exit strategy. Maybe I am being too generous about leaving pips on the table.....

I think part of my issue is in seeing the failed high and actually realizing it , it seems much easier for me to recognize an FCR under price as in this case, simply put in...
Paul,

Wait..... I have more comments.... If my entry goes 30+ I tend look for those failed attempts at continuation as my guide.
Unus pro omnibus, omnes pro uno
  • #7,029
  • Sep 24, 2009 4:44pm Sep 24, 2009 4:44pm
Well that is what sleep does to you eh? As soon as I went to bed price dropped like a stone.
well next week my collegue is back therefore I dont have to get into the office at ridicoulous hours in the morning, meaning I can trade more of the US session

Anyways, lots of chances out there, will continue on .
Survive and Preserve
  • #7,030
  • Sep 24, 2009 4:47pm Sep 24, 2009 4:47pm
Quoting Royston
Hullo everyone,

first post on this excellent thread, but hopefully not the last...the spirit running through the core of the thread is inspiring. Fx, I have a question. Moneda posted earlier asking a question about mini fcr etc, which kind of got lost in amongst your ISP problem, feline posting and the large drop in price through the rest of the afternoon. This is the link.

http://www.forexfactory.com/showpost...postcount=6959

I do not quite understand the question, , but it relates to the entry you and jplo made...
I must have missed the question based on the isp problem.. thanks for bringing it to my attention..
fcr.. forget about F part and forget about the C part.. lol.. its all about the R part.. stands for Reversal..
4754 is not a reversal its a countinuation of bullish price that were on at the time.. sure i use them for my exit point but not for enterance.. I wait for the price to break the HH.. and I did make trade on the break of that HH and made 22pips..
so there reason i did not take that one is,,
1) it is a fcr but not a reversal..
2) it was inside the bracket.. and the reall countinuation break was on top of BB or HH..

why I did take the 4786.. simply it is a reversal with a capitol R.. price has taken off although way to top of the chart and one I do get a fcr break I test it anytime.. if it works out we get it big.. and it did beautifully today.. and my RR was very favorable.. most i would have lost was no more than 20 pips..

I hope I answered your questions..

PS) Moneda I appoligize for not answering promptly I simply did not see it when I came back after my isp problems..
  • #7,031
  • Sep 24, 2009 4:48pm Sep 24, 2009 4:48pm
Quoting moneda
Hello there,

Guys I have to come to terms with my trading schedule....I live in EST and the London Open is at 3am which means that I have to get up an hour and a half before that in order to be ready for a action... I have been trying it for the last week or so and frankly at my ripe old age of 57 with a small business to attend, a wife, two cats and a house to upkeep is just too much for me... I wish I lived in a more London trading time friendly timezone but it is what it is. One needs a fresh and rested mind to go to battle. So, I am going...
I'm really sorry about hearing that, Moneda....

Not sorry for you, because I'm sure you are gonna be successful whenever you trade, buddy, no doubt about that.........

......but for us, it is always so helpful your experience and your touch here, making us thinking by ourselves, to progress......

Anyways, we will see you around on first NY hours....

Quoting fxachilies
57.. I imagined your more around my age, I be turning 36 in 17 days..
now about the time zone..
Moneda, I got the same problem when I am in the states.. I live 6 months out of the year in u.s and rest in my homeland.. but its a bitch when I am in calif/LA.. if it wasn't for my love for california as my second home.. i would have rather settle down somewhere in europe, like Spain or UK.. but I am just too american now and affraid to not be able to cope to well..
so, I can understand what your talking about..
neverless it will decress your odds...
You are most than welcome to settle down here in Spain.....

We are nice people, jejeje, and life here is so good as well....

We have the sun, we have the party, we have the girls... you know about this.... jejeje....we have the tennis, and also we have the right timezone to trade London session...... So... C'mon, you are gonna love it.....
  • #7,032
  • Sep 24, 2009 4:54pm Sep 24, 2009 4:54pm
Sydney is a pretty cool timezone, I can see the future for you guys (its Friday here )

Except it sucks if you are not a night owl or have to get up early to get to work(like I had to do this week).


Quoting jplo
I'm really sorry about hearing that, Moneda....

Not sorry for you, because I'm sure you are gonna be successful whenever you trade, buddy, no doubt about that.........

......but for us, it is always so helpful your experience and your touch here, making us thinking by ourselves, to progress......

Anyways, we will see you around on first NY hours....



You are most than welcome to settle down here in Spain.....

We are nice people, jejeje, and life here is so good as well....

We have the sun, we have the party, we have...
Survive and Preserve
  • #7,033
  • Sep 24, 2009 5:16pm Sep 24, 2009 5:16pm
I have a q regarding this trade .
Entry @ 1.4731
How to manage the trade ?
1. "normal" exit at the red dotted line after fcr did not hold .
2. as Moneda suggested (I think) @ point 2 , one bar after we saw that point B failed to break the HH of point A.
3. I don't know if we have the option according to FX rules to say :
"Although we are supposed to exit @ the red dotted line (1) , as we have made an early and good entry ,and still are in the green territory even @ point #3 ,
we can stay in the trade and move our SL to BE , expecting to catch a runner and finish the trade at one of the "exit" ".
In this case the "price" we are paying is 15 pips ,which is the distance between fcr (1) and BE for "buying" the "ticket" for a potential runner .
OR we CAN NOT do that and we MUST exit as price did not hold fcr (1) .
Tks
david4u
Attached Image (click to enlarge)
Click to Enlarge Name: q runner.gif Size: 72 KB
  • #7,034
  • Sep 24, 2009 5:22pm Sep 24, 2009 5:22pm
Quoting PaulLangham
Hi All,

Here are my trades for today.

Trade 1 - I played this one OK according to plan coming out on the FCR which had formed. +15

Trade 2 -10 on this one, was looking for an exit point and used a minor FCR which I then reverseed into for the long trade 3.

Trade 3 - Long +15 Exited on the break of the minor FCR

Trade 4 - Exit at BE. Price simply did not get off the ground and came back at me fast so I closed out.


Trade 5 - BE. I took this trade at 1.4790 and took it realizing that we could be at the end of the move even though we been...
Sir.Paul.. with capitol P.. you were so late on that #6 trade.. .. just busting your balls.. guys just imagine what would have happend if he had got in on time.. lol..
well done my man.. i tell you its awsome to watch that chart and see your 110 big ones.. lots of benji's there guys..
the main message there is..
you sacrifies money on the table to catch more runners..

Thanks for you nice words to me.. as somebody said something very solid today.. forgive me for not remembring the name.. it was something around this line..
you been handed the screwdriver, its you that making it work..
I just handed the tools.. its paul that making work to his best advantage.. paul is taking it and running with it.. as i did when feb said something.. i took it and ran with it.. as you all should do..
it's all about mental guys once you pass certain level.. just a simple couple of changes and outside thinking..

well done Paul L..
  • #7,035
  • Sep 24, 2009 5:31pm Sep 24, 2009 5:31pm
Quoting en0x
Well that is what sleep does to you eh? As soon as I went to bed price dropped like a stone.
well next week my collegue is back therefore I dont have to get into the office at ridicoulous hours in the morning, meaning I can trade more of the US session

Anyways, lots of chances out there, will continue on .
I told you once "money never sleeps".. just kidding with you..
but guess what..
market is open tomorrow.. shit its even open now.. it will be open next week and next month and so on.. and there will be many many more buses leaving the station..

good luck with sydney and asian session.. Play the same ball though ..

Cya..
  • #7,036
  • Sep 24, 2009 5:38pm Sep 24, 2009 5:38pm
Quoting fxachilies
57.. I imagined your more around my age, I be turning 36 in 17 days..
That 1973 harvest was reaaaaaaaaaally good. I'll be turning 36 in december.
  • #7,037
  • Sep 24, 2009 5:38pm Sep 24, 2009 5:38pm
Remember the prior 4 thursday I said I hate Thursdays... they kill me in the market.
yesterday I broke that, okay okay, I didnt get that runner or make anything about BE but hey, I didnt lose Woohoo, my psych fear of Thursdays are gone. Gonna rope me a Thursday next week

Yeah, lets see how Asia goes, and tonight is Friday, so I get to trade all the night (I am 30, others are at the pub, and I am trading. and I prefer to be at home trading then at the pub )


Quoting fxachilies
I told you once "money never sleeps".. just kidding with you..
but guess what..
market is open tomorrow.. shit its even open now.. it will be open next week and next month and so on.. and there will be many many more buses leaving the station..

good luck with sydney and asian session.. Play the same ball though ..

Cya..
Survive and Preserve
  • #7,038
  • Sep 24, 2009 5:39pm Sep 24, 2009 5:39pm
Quoting PaulLangham
Hey Elizo,

Cool trading man, u r on your way. Excellent work
Coming from you, it's a pleasure. Impossible work without your help and many others.

But... this is a marathon. Tomorrow more.
  • #7,039
  • Sep 24, 2009 5:40pm Sep 24, 2009 5:40pm
Quoting fxachilies
and I whisper back.. great job and many many more to come..
I really appreciate your help. Many, many thanks.
  • #7,040
  • Sep 24, 2009 5:41pm Sep 24, 2009 5:41pm
Quoting en0x
Sydney is a pretty cool timezone, I can see the future for you guys (its Friday here )

Except it sucks if you are not a night owl or have to get up early to get to work(like I had to do this week).
Hi Enox

I went to bed and missed the whole thing too, I was dead tired got a bit of cold too. Maybe we can do something with this asian session
"Save your ass, then go for profit"
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