The System II (Yes with irony) | Page 365 | 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)

  • #7,281
  • Sep 25, 2009 8:25am Sep 25, 2009 8:25am
Quoting PaulLangham
Hi Moneda

Price might even confirm this for us shortly, my stop at 58. It's a very valid argument you are making

Ok out at 58
Survive and Preserve
  • #7,282
  • Sep 25, 2009 8:30am Sep 25, 2009 8:30am
Quoting elizo
Out at 58.5

+28.5

I am a little bit angry with myself and I will post a chart to explain in a few minutes.
it doesnt matter that we didnt take the lot, as it could have well gone down for another 40 pips. we gave it room to breathe, unfortunately this one decided not to behave, nevermind, the next one might.
  • #7,283
  • Sep 25, 2009 8:36am Sep 25, 2009 8:36am
When price did stall at one place and loss momentum (speed) I did remember the words of Feb:
The moment you don't feel good about a trade, the market stalls, or simple, are just coming back against you… please... Get Out.

And I did so at 4638... Just my choice and decision... I try to not stay with clear cut rules... more with my feelings... and practice... But I have to work more and more about it...
  • #7,284
  • Sep 25, 2009 8:41am Sep 25, 2009 8:41am
Quoting benkm108
it doesnt matter that we didnt take the lot, as it could have well gone down for another 40 pips. we gave it room to breathe, unfortunately this one decided not to behave, nevermind, the next one might.
Benkm,

I will respectfully disagree with you in this particular trade... If you had exited at the point that I suggested in my previous post, you would have given the trade over 20 pip of oxygen.. remember that FX has stated in the past that 30+ can be considered a runner...maybe is not as much as you would like but to let a trade loose more than 50% of its gain seems a bit too much for my taste... and you are correct regardless of the decision..there will be other trades... You can kill a person with too much oxygen to breathe

Good luck
Unus pro omnibus, omnes pro uno
  • #7,285
  • Sep 25, 2009 8:42am Sep 25, 2009 8:42am
Quoting dim4ik42
When price did stall at one place and loss momentum (speed) I did remember the words of Feb:
The moment you don't feel good about a trade, the market stalls, or simple, are just coming back against you… please... Get Out.

And I did so at 4638... Just my choice and decision... I try to not stay with clear cut rules... more with my feelings... and practice... But I have to work more and more about it...
Dim and Helen,

Unus pro omnibus, omnes pro uno
  • #7,286
  • Sep 25, 2009 8:44am Sep 25, 2009 8:44am
Hello,


1-2-3....cha, cha, cha.
Unus pro omnibus, omnes pro uno
  • #7,287
  • Edited 3:10pm Sep 25, 2009 8:45am | Edited 3:10pm
I'm still holding this guyz

I had my SL @ 4674 and it was not hitted, so once I saw that thing retracing so much, to be frankly, I said to myself... it is the same for me now 30 pips, than 15, due to not having formed any clear FCR to trail down my stop loss.....so... let it be.....

Let's see...
  • #7,288
  • Sep 25, 2009 8:46am Sep 25, 2009 8:46am
Quoting moneda
Dim and Helen,

Thank you form us!!!

We just learn and learn... and another day learn and learn again...
and re-read good posts of great traders of this thread (include You, Moneda).

you too
  • #7,289
  • Sep 25, 2009 8:49am Sep 25, 2009 8:49am
Quoting moneda
Benkm,

I will respectfully disagree with you in this particular trade... If you had exited at the point that I suggested in my previous post, you would have given the trade over 20 pip of oxygen.. remember that FX has stated in the past that 30+ can be considered a runner...maybe is not as much as you would like but to let a trade loose more than 50% of its gain seems a bit too much for my taste... and you are correct regardless of the decision..there will be other trades... You can kill a person with too much oxygen to breathe

Good...
Maybe this is also just a personal thing but, price stalling or exhaustion are very iùmportant points.

What i saw on the trade was 20 pip down candle and price having trouble to climb the wall of worry - this time it didn't break to the downside again - buit for me it was a good candidate to do so.

But I agree it is important to establish for one's self what constitutes exhuastion in a move or price stalling then take action on those feelings.

lasta again personal - don' tshoot the piano player please - but I also base things on where I am in the day, I will give a little more room if I am +positive pips (over daily average)

Lastly those mini FCR triple top at 45 you mentioned need to be clarified for me, tricky to see forming - maybe FX can comment over the weekend or later on this

Survive and Preserve
  • #7,290
  • Sep 25, 2009 8:50am Sep 25, 2009 8:50am
Quoting jplo
I'm still holding this guyz

I had my SL @ 4674 and it was not hitted, so once I saw that thing retracing so much, to be frankly, I said to myself... it is the same for me now 30 pips, than 15, so... let it be.....

Let's see...
jplo,

If you were trading 50 lots like Fx....hmmmm....$7500


Buena suerte (good luck)
Unus pro omnibus, omnes pro uno
  • #7,291
  • Sep 25, 2009 8:53am Sep 25, 2009 8:53am
Ok... following Paul's help (thanks very much indeed) I agreed with setting my SL above the Mini FCR formed at 56. My sl at 58.5. Got busted for 28.5.

But I was monitoring carefully everything and I detected a lower mini FCR that already gave me a TP signal when it was broken (see attached chart). That's why I am angry: I had to do what I thought it was reasonable.

However, learning to keep the runner alive is good and a process I have to go through. A few numbers: bearing my entry point yesterday and applying Paul's patience, I would have banked +140 (instead of +50 when I jumped off). If I would have jumped off as a chicken at +50 that would mean +100 in two days... comparing to those +140 and +28 from today, I would still be 68% pips ahead of the chicken way.
Attached Image (click to enlarge)
Click to Enlarge Name: angry.gif Size: 21 KB
  • #7,292
  • Sep 25, 2009 8:53am Sep 25, 2009 8:53am
Just look how many times the price visited the 4666 level .
At the beginning as a res. level , then support and lately res. again .
Could have been used as a Reverse point ?
Tks
David
Attached Image (click to enlarge)
Click to Enlarge Name: s_r level.gif Size: 68 KB
  • #7,293
  • Sep 25, 2009 8:57am Sep 25, 2009 8:57am
Quoting moneda
Benkm,

I will respectfully disagree with you in this particular trade... If you had exited at the point that I suggested in my previous post, you would have given the trade over 20 pip of oxygen.. remember that FX has stated in the past that 30+ can be considered a runner...maybe is not as much as you would like but to let a trade loose more than 50% of its gain seems a bit too much for my taste... and you are correct regardless of the decision..there will be other trades......
yes you are right mon. i suppose you have to draw the line somewhere(excuse the pun) of when to let your runner run and when to decide enough is enough in a pullback. another experience under my belt. cheers
  • #7,294
  • Sep 25, 2009 9:02am Sep 25, 2009 9:02am
Quoting PaulLangham
Maybe this is also just a personal thing but, price stalling or exhaustion are very iùmportant points.

What i saw on the trade was 20 pip down candle and price having trouble to climb the wall of worry - this time it didn't break to the downside again - buit for me it was a good candidate to do so.

But I agree it is important to establish for one's self what constitutes exhuastion in a move or price stalling then take action on those feelings.

lasta again personal - don' tshoot the piano player please - but I also base things on where I am...
Paul,

...shoot the piano player?... I don't even carry a gun! In this family if you stick around enough a person will receive medicine in different styles but the great thing about this thread is that we are all trying to cure the illness! I know exactly what you mean regarding your exit strategies... at some point even when you follow the plan it becomes "personal". Take poker as an example, there are tight players, loose players and everything in between but they can all be successful exercising their own particular style, goals and circumstances. The triple top..I don't know what to call it....mini, minee, mo,... for me it was a matter of proctecting my profit and reloading.

Thanks for your comments
Unus pro omnibus, omnes pro uno
  • #7,295
  • Sep 25, 2009 9:03am Sep 25, 2009 9:03am
Quoting elizo
Ok... following Paul's help (thanks very much indeed) I agreed with setting my SL above the Mini FCR formed at 56. My sl at 58.5. Got busted for 28.5.

But I was monitoring carefully everything and I detected a lower mini FCR that already gave me a TP signal when it was broken (see attached chart). That's why I am angry: I had to do what I thought it was reasonable.

However, learning to keep the runner alive is good and a process I have to go through. A few numbers: bearing my entry point yesterday and applying Paul's patience, I would have banked...
H Elizo,

You have it in a nutshell.

In fact yesterday was easier for me as no FCR was challenged, price never came against me until right at the end and I gave it one more then it took me out.

Now I have never added the pips up as you have done, but it would be intresting to see the stats - I remmeber from some tie back FX said he had 5 runners in one month I think which banked him the majority of his profits. Now without goijg down the same road again the question is as i put it last night - insurance premium for runners.

As moneda has suggsted part of wxhat we do depends on our personality, some peope will simply like to bank earlier, some will like to hold. See the trade from FX fro ealy this morning.

I hold but will look at my daily balance as well, my own personal way. Up until this one where I banked +32 I was sitting on -5 after two trades and I have to pack up early tonight.
Survive and Preserve
  • #7,296
  • Sep 25, 2009 9:03am Sep 25, 2009 9:03am
Out @ +15 pips.... on the short one.....

Now long....
  • #7,297
  • Sep 25, 2009 9:03am Sep 25, 2009 9:03am
Hello,

1-2-3 cha, cha, cha,, let's dance!
Unus pro omnibus, omnes pro uno
  • #7,298
  • Edited 9:22am Sep 25, 2009 9:06am | Edited 9:22am
close the short one on the bottom for 40... now will close the buy at BE... and I am a officially totally drunk..


http://cdn.forexfactory.com/images/attach/gif.gif
Attached Image (click to enlarge)
Click to Enlarge Name: 133.gif Size: 28 KB
  • #7,299
  • Sep 25, 2009 9:06am Sep 25, 2009 9:06am
Quoting moneda
Paul,

. The triple top..I don't know what to call it....mini, minee, mo,... for me it was a matter of proctecting my profit and reloading.

Thanks for your comments
I dare not even write this,in case I get taken out and beaten up by Fx for going off thread , but there are a fw other ways which i will not mention to see that mini, using price, but we don't talk about them here - not indicators - price action only.

But having what we use and sticking to that maybe I will take more attention to the mini, miny, moe's in the future.
Survive and Preserve
  • #7,300
  • Sep 25, 2009 9:07am Sep 25, 2009 9:07am
Quoting david4u
Just look how many times the price visited the 4666 level .
At the beginning as a res. level , then support and lately res. again .
Could have been used as a Reverse point ?
Tks
David
The problem is once you start to notice these things is just about the time when they stop working. It just broke through this level a few minutes ago. What you're suggesting could be a valid setup but I don't it's a part of system II.
1 trader viewing now