The System II (Yes with irony) | Page 366 | Forex Factory

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

The System (Irony included) 1,175 replies

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The System II (Yes with irony)

  • #7,301
  • Sep 25, 2009 9:10am Sep 25, 2009 9:10am
Long took TP at +30 ------wow!!!
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,302
  • Sep 25, 2009 9:13am Sep 25, 2009 9:13am
Quoting mac1956
Long took TP at +30 ------wow!!!
Well done

I am holding, pips in the bag now
Survive and Preserve
  • #7,303
  • Sep 25, 2009 9:14am Sep 25, 2009 9:14am
Quoting fxachilies
close the short one on the bottom for 40... now will close the but at BE... and I am a afficialy totally drunk..


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

I hope you don't end up like this....
Attached Image
Unus pro omnibus, omnes pro uno
  • #7,304
  • Sep 25, 2009 9:14am Sep 25, 2009 9:14am
Quoting PaulLangham
Hi Trader222,

First up good effort posting your trads that way people can help.

What I see is that you seem to be quite late on some entries. Maybe you were not trading at that time.

Having said that some good control on the BE or nearly BE.

It would be easier for me if you posted the exact entry and exit price, then I could add more for you.

Hope this bit helps anyway
Hi Paul,

Thanks for your comments. I agree with you that "some" (maybe in fact all... lol) entries were quite late. Yesterday I lost focus because I was reading old posts of this thread.

Today I will post my charts with prices, so any comment from you will be welcome.

Regards.
  • #7,305
  • Sep 25, 2009 9:15am Sep 25, 2009 9:15am
Some persons took this trade and some not .
Would like to ask the people that did NOT enter this trade to explain why...
We are in a trend continuation , followed by a bracket of almost 2 hours ...
30 min. before London opening (?)
Tks
david4u
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  • #7,306
  • Sep 25, 2009 9:19am Sep 25, 2009 9:19am
Quoting mac1956
Long took TP at +30 ------wow!!!
I'm curious if anyone has done any statistics on the profitability resulting from taking profit at say 21, 30, 50, and letting it run?

My main concern with runners is this: I am not able to take every trade, especially during london session. So the trade I don't take could be the runner that makes up for the other times where I give all my pips back.

I definitely agree that for FX, it's better to go for runners. I'm just wondering if this applies to all situations? I remember Feb and FX saying we have to take every trade. If we cannot do this, does that change things?

I've tried both 30 and runners. I don't know if it's cause the NY open is especially choppy right now or what but my personal impression which I have not backed up with some real numbers is that I can do better taking 30.

Finally, I'm reading a book on price action (no indicators just price) and I'm learning about reversal bars. I think this could be useful when playing #1 & #2, and also some times when playing #1 & #2 price doesn't make it back down to your entry but reverses half way. I think it'd be good to be able to detect this and close out the trade.

Please let me know if I'm totally off or not.

Congrats to the guys who took the long euro trade. I didn't because of the news. I think it has finally sunk in that we should only sit out for the major news. Recently it seems the Euro has been heading in the right direction going into these news releases.
  • #7,307
  • Sep 25, 2009 9:20am Sep 25, 2009 9:20am
Quoting PaulLangham

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.
Thanks for your comments, Paul, always so useful. Yes indeed, there is a fundamental part here which is economic efficiency vs global efficiency. Holding it perfectly could be great but you could spend too much mental stamina, especially for us newbies. I am not saying we don't have to excel the process of profit taking, which is key, but seeing some food on the table is good and keeps you in a good mood. Sometimes, without acting as a big chicken, could make sense to take profit for the sake of your mind.

Cheers.
  • #7,308
  • Sep 25, 2009 9:22am Sep 25, 2009 9:22am
Quoting PaulLangham
Well done

I am holding, pips in the bag now

I've had a great day AND a workout at the gym - also took some profits elsewhere, but we don't mention that here - so I'm + 44 here which added to unmentionable earnings has me at + 76 for the day. I'm going to spend time with my daughter.

Pennies are beginning to drop - and all the posts have helped so much. You're all a fantastically inspiring bunch of people and I'm proud to be able to trade with you.

See you tomorrow.

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$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,309
  • Sep 25, 2009 9:26am Sep 25, 2009 9:26am
Quoting elizo
Thanks for your comments, Paul, always so useful. Yes indeed, there is a fundamental part here which is economic efficiency vs global efficiency. Holding it perfectly could be great but you could spend too much mental stamina, especially for us newbies. I am not seeing we have to excel the process of profit taking, which is key, but seeing some food on the table is good and keeps you in a good mood. Sometimes, without acting as a big chicken, could make sense to take profit for the sake of your mind.

Cheers.
OK no problems.
Survive and Preserve
  • #7,310
  • Sep 25, 2009 9:29am Sep 25, 2009 9:29am
Ok out on the mini miny mo, at 04 +32
Survive and Preserve
  • #7,311
  • Sep 25, 2009 9:32am Sep 25, 2009 9:32am
hey. i saw there was a nice movement to the north really bad i missed that one too hahah. did all of you exit the trade or no ??
  • #7,312
  • Sep 25, 2009 9:33am Sep 25, 2009 9:33am
Quoting moneda
Fx.

I hope you don't end up like this....

lol...... no man not quite like that.. thats the old days too old for that now..
  • #7,313
  • Sep 25, 2009 9:36am Sep 25, 2009 9:36am
Hi All,

These are my end of day trades.

Only 2 trades;

Trade 1: I went long but I closed it because the market became flat.

Missed Trade: Maybe the result would have been -5 to +0.

Trade 2: short after the spike, after the first pull back I moved the SL to BE + 1, and then to the FCR. I think I failed to close it earlier at the triple top of the last pull back (as moneda said in post 7277).


Regards.

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  • #7,314
  • Sep 25, 2009 9:39am Sep 25, 2009 9:39am
Out @ +11 .....
and reversed again to the shortson the new FCR.....
  • #7,315
  • Sep 25, 2009 9:41am Sep 25, 2009 9:41am
Quoting jplo
Out @ +11 .....
and reversed again to the shortson the new FCR.....
You are nailing it jplo. An inspiration to all of us new guys. Thanks for calling them real time, it's very helpful to me to see it right away especially if I missed it.
  • #7,316
  • Sep 25, 2009 9:42am Sep 25, 2009 9:42am
Quoting cunparis
You are nailing it jplo. An inspiration to all of us new guys. Thanks for calling them real time, it's very helpful to me to see it right away especially if I missed it.
My pleasure if I can help.....
  • #7,317
  • Sep 25, 2009 9:45am Sep 25, 2009 9:45am
Quoting david4u
Some persons took this trade and some not .
Would like to ask the people that did NOT enter this trade to explain why...
We are in a trend continuation , followed by a bracket of almost 2 hours ...
30 min. before London opening (?)
Tks
david4u
david
I took this trade and closed for a full stop. I stopped and reversed at the bottom of the range for the next trade. As you say, conventional wisdom would have it as a trade with a good probability of coming out OK because of factors you mentioned, 2 hour range, direction into the range was up etc etc. However, I decided afterwards that the negative aspect of the trade that I did not consider was that the closest chart based point under which to place a stop, was far too far way. I implicitly recognised this by reducing the load I placed on the trade, so no damage done apart from to my ego. But in future, the swing low would need to be a lot closer for me to consider a trade. That way, I will get confirmed far quicker that the trade is not fitting into my mental picture of a "good" trade.
  • #7,318
  • Sep 25, 2009 10:00am Sep 25, 2009 10:00am
Out @ BE..... don't like at all what PA is doing.........
  • #7,319
  • Sep 25, 2009 10:04am Sep 25, 2009 10:04am
Hello,

Goodbye everybody.....May the pipgods be with you!

Unus pro omnibus, omnes pro uno
  • #7,320
  • Sep 25, 2009 10:22am Sep 25, 2009 10:22am
Quoting david4u
Some persons took this trade and some not .
Would like to ask the people that did NOT enter this trade to explain why...
We are in a trend continuation , followed by a bracket of almost 2 hours ...
30 min. before London opening (?)
Tks
david4u
I confused with this problem too, why not trade that palce? but i dont think 30m before LON open or SL was too big(21p only in fact) is not the reason. Who can give some comments? FX, Paul, Jplo, Moneda....please,,, thank you in advance http://cdn.forexfactory.com/images/misc/progress.gif
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