The System II (Yes with irony) | Page 354 | 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)

  • #7,061
  • Sep 25, 2009 12:58am Sep 25, 2009 12:58am
Thanks Royston, I will give it a try .


Quoting Royston
http://www.forexfactory.com/showpost...postcount=2633

This poster uses FastStone Capture. I have never used it but this caught my eye in passing, and it seemed like a happy user.
Survive and Preserve
  • #7,062
  • Sep 25, 2009 1:08am Sep 25, 2009 1:08am
Good morning guyz...

As usual, I've missed this first break to the upside (It happened 6:30 am my time)... jejeje

Now I'm waiting for the FCR break @ 1.4676 to go short...
  • #7,063
  • Sep 25, 2009 1:15am Sep 25, 2009 1:15am
Good morning all -

back at the coal face here in the UK.

GOOD HUNTING EVERYONE!

Love the overnight thread - really informative stuff.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,064
  • Sep 25, 2009 1:18am Sep 25, 2009 1:18am
Good morning!!! Yeh, in Ukraine is morning too now... We are 06:17 (our time is 09:17) GMT here now.

I missed the morning breakout too...
Now it looks to me like brackets are forming... I have sell and buy stop orders in place now...

Good trading-trending day to all!!!!!!
  • #7,065
  • Sep 25, 2009 1:19am Sep 25, 2009 1:19am
Some advice please.

I have been activating my trades manually - which is a bit hit and miss - it ususally means I am either a little early or late on the ideal entry price. When placing an order how do you best calculate your entry taking into consideration the spread? With a 2 pip spread does that mean setting it +4?
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,066
  • Sep 25, 2009 1:19am Sep 25, 2009 1:19am
Good Morning guys, its afternoon here

Nearly evening. Man, I love 24hour forex. Alwways on

Quoting mac1956
Good morning all -

back at the coal face here in the UK.

GOOD HUNTING EVERYONE!

Love the overnight thread - really informative stuff.
Survive and Preserve
  • #7,067
  • Sep 25, 2009 1:20am Sep 25, 2009 1:20am
Quoting xtensive
Hi guys, just made it through this very lengthy thread! Nice work, I hope Feb is doing well!

Is the Asian session worth watching on the JPY pairs, or is it best to stick to London or NYC and EU/GU? I see a couple potential setups on the UJ and GJ but they might be false setups because of the big drop due to news...

Looking forward to following this thread!

Mike
You've read the thread and want to discuss other currencies

Eur/Usd only on this thread now
  • #7,068
  • Sep 25, 2009 1:21am Sep 25, 2009 1:21am
Quoting mac1956
Some advice please.

I have been activating my trades manually - which is a bit hit and miss - it ususally means I am either a little early or late on the ideal entry price. When placing an order how do you best calculate your entry taking into consideration the spread? With a 2 pip spread does that mean setting it +4?
morning mac, in london here... Fx always says 3 pips plus spread, if your spread was 2 then in theory you should be 5 pips outside the 123/bracket/fcr. winter is setting in. awesome
  • #7,069
  • Sep 25, 2009 1:21am Sep 25, 2009 1:21am
You are on an expensive broker, move brokers.
You should get a 0.9 spread on a variable spread broker. Since we trade eur/nyc then your spread should always be 0.9 until major volatile news(NFP which we dont trade).

secondly 3+ spread.
my case its 3+1 during EUR/NYC or 3+2 during asia.

You will be amazed how aften price hits 1-2 pips +spread over support/resitance, then turns around. what is 1 pip when you get a runner of 40-50 or even 20?

Quoting mac1956
Some advice please.

I have been activating my trades manually - which is a bit hit and miss - it ususally means I am either a little early or late on the ideal entry price. When placing an order how do you best calculate your entry taking into consideration the spread? With a 2 pip spread does that mean setting it +4?
Survive and Preserve
  • #7,070
  • Sep 25, 2009 1:23am Sep 25, 2009 1:23am
Quoting mac1956
Some advice please.

I have been activating my trades manually - which is a bit hit and miss - it ususally means I am either a little early or late on the ideal entry price. When placing an order how do you best calculate your entry taking into consideration the spread? With a 2 pip spread does that mean setting it +4?
Hi! My math is very simple... When I place pending orders - I just
for BUY - add 5 pips (2 pips spred and 3 pips break hh);
for SELL - take away 3 pips (break pips)...

So just +5 for BUY; -3 for SELL...
That's is...
  • #7,071
  • Sep 25, 2009 1:24am Sep 25, 2009 1:24am
why -3 for sell? Why not -5?


Quoting dim4ik42
Hi! My math is very simple... When I place pending orders - I just
for BUY - add 5 pips (2 pips spred and 3 pips break hh);
for SELL - take away 3 pips (break pips)...

So just +5 for BUY; -3 for SELL...
That's is...
Survive and Preserve
  • #7,072
  • Sep 25, 2009 1:27am Sep 25, 2009 1:27am
Quoting en0x
why -3 for sell? Why not -5?
Because you do not have to add spread when we speak about SELL... Do not you think about it??? On charts we see BID price always...
  • #7,073
  • Sep 25, 2009 1:29am Sep 25, 2009 1:29am
When you buy, you use the BID price,
when you sell, you use the ASK price.

The more expensive price you use

So if you look at your chart in mt4 you only seeing bid price, right click it and go show ask price

You ALWAYS pay spread. I promise you.

Quoting dim4ik42
Because you do not have to add spread when we speak about SELL... Do not you think about it??? On charts we see BID price always...
Survive and Preserve
  • #7,074
  • Sep 25, 2009 1:29am Sep 25, 2009 1:29am
Quoting mac1956
Some advice please.

I have been activating my trades manually - which is a bit hit and miss - it ususally means I am either a little early or late on the ideal entry price. When placing an order how do you best calculate your entry taking into consideration the spread? With a 2 pip spread does that mean setting it +4?
Hi Mac...

To set your orders, you have to take into account the usual spread you have into your broker, so if your spread is 2 pips, you should place your order 3 pips + spread = 5 pips....

This is what you should add to the price you see in your screenr to go long... as far as you are usually seeing the "bid" price.
In order to go short, you only have to add 3 pips below that price, because the spread is going to affect you only when you close your position if you were....

I hope I had explained well in order to you understand , if not, let me know, please
  • #7,075
  • Sep 25, 2009 1:30am Sep 25, 2009 1:30am
Quoting en0x
why -3 for sell? Why not -5?

Thanks guys - I'm going automated from now on - it's +/- 5 from now on.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,076
  • Sep 25, 2009 1:31am Sep 25, 2009 1:31am
I might have that wrong. But basically in a price you have two prices
One is which is SOLD to you at, one which is what the market BUYS it at.

When you go LONG you buy from THEIR SELL price
When you go short , you SELL to theiR BUY price.

The buy price is ALWAYS higher then the SELL price. The difference is called the spread.

Therefore when you short, it will still be 2 pip spread.

Quoting en0x
When you buy, you use the BID price,
when you sell, you use the ASK price.

The more expensive price you use

So if you look at your chart in mt4 you only seeing bid price, right click it and go show ask price

You ALWAYS pay spread. I promise you.
Survive and Preserve
  • #7,077
  • Sep 25, 2009 1:33am Sep 25, 2009 1:33am
Quoting en0x
Damn shit, the temptation to remove at +21 is HUGE. I must relax, ZEN ZEN. if its ment to be its ment to be. I cannot decide it. I take what the market gives....
lol
Hey... I am the master of chickens, so no worries, wellcome to the farm.

Now seriously, I think this is a collateral effect of lack of experience. Once you are used to see runners (yesterday I jumped off the big one at +50) and not afraid of "leaving money on the table" everything will come smooth and natural. If it helps you, I must admit I am not used to see myself riding consistently the big waves, but I know it's just training and hard work here.
  • #7,078
  • Sep 25, 2009 1:38am Sep 25, 2009 1:38am
Quoting jplo
Hi Mac...

To set your orders, you have to take into account the usual spread you have into your broker, so if your spread is 2 pips, you should place your order 3 pips + spread = 5 pips....

This is what you should add to the price you see in your screenr to go long... as far as you are usually seeing the "bid" price.
In order to go short, you only have to add 3 pips below that price, because the spread is going to affect you only when you close your position if you were....

I hope I had explained well in order to you understand ,...

Ahhh, now it makes sense. So it is about settlement - you pay the spread up front on long trades and pay on closure for sell trades...have I got it?
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,079
  • Sep 25, 2009 1:39am Sep 25, 2009 1:39am
[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,

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...

Hi Moneda

Thanks for your comments, if it is Ok I will address these oday after trading as I want to answer them proprly and go back over tha charts etc at the same time. So that my reply is conherent.

Cheers
Survive and Preserve
  • #7,080
  • Sep 25, 2009 1:40am Sep 25, 2009 1:40am
Quoting en0x
I might have that wrong. But basically in a price you have two prices
One is which is SOLD to you at, one which is what the market BUYS it at.

When you go LONG you buy from THEIR SELL price
When you go short , you SELL to theiR BUY price.

The buy price is ALWAYS higher then the SELL price. The difference is called the spread.

Therefore when you short, it will still be 2 pip spread.
i think you use Oanda en0x(i do too), in which case, you do need to add spread price, because the price line on you chart is the average price, however on MT4 charts, the price lin is the sell price, in which case you wouldnt have to add spread. but you would add spread to go long. cheers
2 traders viewing now