The System II (Yes with irony) | Page 375 | 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)

  • #7,481
  • Sep 28, 2009 4:56am Sep 28, 2009 4:56am
Good morning to all,

Went to bed very early so... here I am.. just finished reading all of today's posts. It is great to see a lot of interaction...a bit of controlled chaos at times but we do have a few individuals like Paul L. and jplo that can keep the conversation from becoming noise. We trade noise but when it comes to discussion we should slow down a bit ... think things through on our own and formulate a question that deserves an answer. PLEASE READ DAVIDd's excellent post: pg.308/#4613. There is a fine line between evaluating a trade that you have made and turning this thread into a signal service. This is not the place to try to trade what others are posting..it will do you more harm than good. We need to treat this as a business...I believe that a question coming out of serious investigation on your own is never stupid...I will not bother with lazy questions that have been answered a multiple of times by Feb, Fx and others.

Ok... a couple of questions that came up:

EnOx: I personally do not see any harm in sharing your Asian trades as long as it doesn't include other ways of trading and sticks to... eur/usd, 5min frame, no indicators...etc.

Elizo: In my opinion we can not completely ignore major levels of support and resistance... If I see that price has not broken a particular level in months/years..do I based my trade on it? NO... but it is something to keep in the back of your mind...we trade the setups that this approach gives us and use #1(preserve) and #2(survive) as our first aid kit.

Ok, the misunderstandings have been cleared...It is Monday... time to go to work
Unus pro omnibus, omnes pro uno
  • #7,482
  • Sep 28, 2009 5:09am Sep 28, 2009 5:09am
So.. my look at situation...

I will sell If... (on the chart)...
Attached Image (click to enlarge)
Click to Enlarge Name: 11@.gif Size: 16 KB
  • #7,483
  • Sep 28, 2009 5:10am Sep 28, 2009 5:10am
Quoting david4u
Hi
I have lot of confusion regarding this point .I know there are no rigid rules.I now it's more like an art .It's a personal preference. It depends also on risk tolerance , etc , etc ,.
Let me explain my confusion:
From FX's post #4219(282)
[color=black]"...now at this point don't be afraid that your hard sl to be hit.. don't be deceived too early and exit for a loss so immediatley..wait for the fakeout to really shape up.. most time it will stop around the fractal and heads back in your direction.. but...
Hi David

Great post

From myside this is all about truly starting to read price. This last move where we all went long at around 20 started off with a great candle which showed plenty of potential and thrust.

Now if price had retested my entry I would have held there. Compare this candle to the opening candles we had when we went long earlier in the day. Such a candle didn't exist - thyere was not a great deal of momentum, so therefore i clsoed.

That is NOT to say that if price had spiked up violently to +20 and straight back down again, I woudln't have closed.

What I was looking for was a firm push away from the entry area, some continuation or buying when the price started to come back at me a little.

Not sure if this explains the difference betwen the two examples, it comes down to chart and candle reading, but in anycase I hope it helps

I agree with Moneda's coments, there are good people on here who are posting live trades so let's stay with them.
Survive and Preserve
  • #7,484
  • Sep 28, 2009 5:11am Sep 28, 2009 5:11am
It was nice seeing it go from 22 to 6 in one candle and still have the position.

THe trade doesnt control me, I control the situation (not where the market moves)

Quoting andrewb7
i hear yeah enox, but we need to hold & continue to play no.1
Survive and Preserve
  • #7,485
  • Sep 28, 2009 5:16am Sep 28, 2009 5:16am
Quoting david4u
Hi
I have lot of confusion regarding this point .I know there are no rigid rules.I now it's more like an art .It's a personal preference. It depends also on risk tolerance , etc , etc ,.
Let me explain my confusion:
From FX's post #4219(282)
[color=black]"...now at this point don't be afraid that your hard sl to be hit.. don't be deceived too early and exit for a loss so immediatley..wait for the fakeout to really shape up.. most time it will stop around the fractal and heads back in your direction.. but...
Hi David,

I'm gonna try to explain how I see your concerns, from my litlle experience, and for sure, you are gonna get much better answers from our VIP's...

About SL:
the SL you place when you enter into a trade, it is just your Hard Stop Loss, that means that it is only there to protect you from major troubles, as a secure against major disasters, that sometimes happen, but the most of the times when your trade goes against you, you don't let your hard stop loss be hitted, using expectancy and playing #1 and #2....

#1:
You need to have a reasonable move in your direction, I'm not gonna enter in an exact number of pips, because from my opinion market is not always accurate to the pip... then, you should wait for a retrace and see what's happen when price resumes its move on the LL/HH's......

#2:
Sometimes, price goes against you right when you enter into a trade....
If this move doesn't go too much far away, and with no much speed and rythm, you can wait to see what happens with the HH/LL, and if it is not as strong break you can exit at BE...
Otherwise is when that move is in such a big momentum, so, the game here is called "Survive", and you has to try to exit as soon as posible with less damage as possible.....

** Far away from playing #1 and #2, I read from Fxachilies that sometimes when there is a FCR close to ech other, is the only time when he cannot respect these moves, religiously, and he may bail out when his intuition tells him something is not good enough to stay, but this is something that came with a lot of experience, work and screen time....

As I sid before, these are only my views....

Hope it helps
  • #7,486
  • Sep 28, 2009 5:19am Sep 28, 2009 5:19am
David4u,

I will make an attempt to make things a bit more clear for you..as far as the quotes from others.. I will let them tell you what they meant...

The proper placement of your SL is dictated by what type of trade you are making:
1-2-3: the HH or LL of the most recent swing.
BB: The other side of the bracket
FCR: The HH or LL or the most recent point where price reversed and went in the direction of your trade.

With all of them I would manage my load according to how many pips I am risking.

Keep in mind that your SL, for the most part,is placed to protect you from a sudden spike in price action not as a fixed point of exiting.

I understand your frustration...but the most important thing is that you investigate these things as you are doing and with practice and screen time you will have a personal feeling for exiting... I would not worry at this point if your exits are pure...there is not such thing.

Hope this helps... others can add their views
Unus pro omnibus, omnes pro uno
  • #7,487
  • Sep 28, 2009 5:27am Sep 28, 2009 5:27am
Closed this at +17, was tired. It doesnt appear to want to break HH.

Now looking for REversal for NYC open.

BTW< I post a chart of all my trades once done for the day. I cannot post whle trading as it takes too much time to screen shot on Oanda, then edit it paint and use the stupid pencil to draw things in. Basically I made a massive messup this morning which put my whole trading day from a lovely profit start to a breakeven day in total.

The massive issues I did (again wait until you see my chart) is a I had a short trade with a stop loss at 35 pips away and I didn't lighten the load at all. THis is a stupid amateurish mistake. Therefore I lost 35 pips and put myself in - for the day.

Anyways, I am on earlys at work this week so I wont be trading NYC as I cannot afford the lack of sleep for an early shift at work but I will be posting ASIA session trades again for those around.

Quoting en0x
It was nice seeing it go from 22 to 6 in one candle and still have the position.

THe trade doesnt control me, I control the situation (not where the market moves)
Survive and Preserve
  • #7,488
  • Sep 28, 2009 5:32am Sep 28, 2009 5:32am
it has formed a bracket now, may have to wait for NY to open to move it
Survive & Preserve
  • #7,489
  • Sep 28, 2009 5:37am Sep 28, 2009 5:37am
yeah, now just flip a coin and dive i choose heads
  • #7,490
  • Sep 28, 2009 5:47am Sep 28, 2009 5:47am
Feline, we do not flip coins.

We have a bracket here, personally I prefer to look on the short side as the recent high failed to be H/H or even reach the previous High, lefore its a lower high in a swing.

Butthat is my opinion and that is how I play these scenarios.where are your entries as it seems you are signal watching?
Quoting feline207
yeah, now just flip a coin and dive i choose heads
Survive and Preserve
  • #7,491
  • Sep 28, 2009 5:48am Sep 28, 2009 5:48am
that was a joke . 1.4620 . what do you mean by signal watching
  • #7,492
  • Sep 28, 2009 5:53am Sep 28, 2009 5:53am
Hi Guys,
I am fine.. I don't give a rats ass about Musanto and his misunderstanding.. I just replied to his post just to make sure everyone understands that I did not mean any disrespect to anyone and its this guys obvious misinterpretation.. that all..

I am just concerntrating on my own trading..

Like dear Helen herself said.. its about business here..

so lets get to it..

Guys Rome was not build in a day.. it takes time, practise, agonie, loseing money, and more, to get the hang of this.. and eventually 5 out of 100 of you if you last, maybe be able to make this work for you and be profitable.. its a burtal fact and it don't sound too encouraging, but hey.. it is what it is..
and its eveident.. the 80/20 rule applies in all business and no different here..
same tools and supports are available equally for eveyone.. some of you are doing well with it and some of you not.. there is only so much I, Feb and Moneda can do for you..
and not to mention that some of you are out there that think that we are full of shit and keep throwing rocks!!!.. but i always tried to ignore and work around this things and keep the thread focus on the right track for the sake of the ones that were really glowing.. but its safe to say that it takes a toll to do so and takes a lot out of you.. that be that sometimes I get involve/post less..
I am here however.. if strong questions or issues come up I will make a effort to tackel it..

Good trading you all..
  • #7,493
  • Sep 28, 2009 5:58am Sep 28, 2009 5:58am
Odd how this post came at the last post, on page 500....

Good timing FX.


Quoting fxachilies
Hi Guys,
I am fine.. I don't give a rats ass about Musanto and his misunderstanding.....
Survive and Preserve
  • #7,494
  • Sep 28, 2009 6:05am Sep 28, 2009 6:05am
I would agree with the short look. 4hr chart still making LL LH. Res at 4561 and 4515. Nice drop to 4362 afterwards. Thoughts, comments, complaints...?
  • #7,495
  • Sep 28, 2009 6:08am Sep 28, 2009 6:08am
Alan D, we don't generally look at anything out of 5 min.

I take it as a given that you have read the forum and are up to speed with what we do? If not let me know I can point you to a post that will help summarize what we do here.
Quoting Alan_D
I would agree with the short look. 4hr chart still making LL LH. Res at 4561 and 4515. Nice drop to 4362 afterwards. Thoughts, comments, complaints...?
Survive and Preserve
  • #7,496
  • Sep 28, 2009 6:09am Sep 28, 2009 6:09am
Quoting fxachilies
Hi Guys,
I am fine.. I don't give a rats ass about Musanto and his misunderstanding.....
Fx,

Eye 2nd uat u just said..

Ok... whose ass were u talking about? Oh, yes, a rat!...now that should not insult anyone here!...
Unus pro omnibus, omnes pro uno
  • #7,497
  • Sep 28, 2009 6:10am Sep 28, 2009 6:10am
I have read the thread. I just like to look at larger time frame PA to give me overall trends. Moves generally are longer lived in that direction. Thats all.
  • #7,498
  • Sep 28, 2009 6:14am Sep 28, 2009 6:14am
long 4645
it's a huge gap tony, a huge gap.
  • #7,499
  • Sep 28, 2009 6:15am Sep 28, 2009 6:15am
Quoting moneda
Hello,

Ok, ladies and gentlemen,
It is Friday night and I rather spend time here sharing my thoughts with you than watching TV ..

At first as we learn a new skill whether it is this approach or a musical instrument, it will require a narrow focus on the basic tools that we need to get the ball rolling. Then after a while, we realize that learning the tools of the trade is not enough....something is missing...we get frustrated...damn it! I did everything that I was suppose to do and I was not successful or damn it! I knew what...
Hi Moneda,

Great post from yourself as always, if I may can I drill down on some of the points contained in it.

I don’t want t take up people’s trading time so will chop this into three part

Expertise and gaining the necessary skills

You made the point that most of us have experience of trying to learn a new skill be it a sport, musical instrument of similar, but I think people tend to forget the time that it tales to perfect something and the time it takes to hold your technique at a very high level.

People who come to trading very often do so because of other issues, feeling this might eb the game which finally gets them out of a mess – well it can but only if you work.

I would urge any new comer or experienced trader for that matter to think back and remember how long it took before you play that perfect tennis serve – JPLO and FX are our guys here - how long it took become perfectly fit , or play the piano. Trading isn’t any different., why shoudl it be.

As you said the other day, we don’t laugh at people we laugh with them because “who hasn’t been there’

I like loads of sports, but want to share this with you see this link to Tiger Woods site and see what he posts about his daily physical routine.

---------------

6:30 a.m. - One hour of cardio. Choice between endurance runs, sprints or biking.

7:30 a.m. - One hour of lower weight training. 60-70 percent of normal lifting weight, high reps and multiple sets.

8:30 a.m. - High protein/low-fat breakfast. Typically includes egg-white omelet with vegetables.

9:00 a.m. - Two hours on the golf course. Hit on the range and work on swing.

11:00 a.m. - Practice putting for 30 minutes to an hour.

Noon - Play nine holes.

1:30 p.m. - High protein/low-fat lunch. Typically includes grilled chicken or fish, salad and vegetables.

2:00 p.m. - Three-to-four hours on the golf course. Work on swing, short game and occasionally play another nine holes.

6:30 p.m. - 30 minutes of upper weight training. High reps.

7:00 p.m. - Dinner and rest.

-----------------

In short the gusy never stops and if you want to trade successfully nor should you.As traders we should be going over old charts, looking at setups, seeing if we can improve entries etc etc

He won’t be the only onel ike this either, take baseball, soccer, tennis, you name it these guys at the pinnacle take their training very seriously and so should we, but we also need to remind ourselves it takes time to get the initial skills. So next time as a newcomer you come on to the thread and start getting frustrated straight away cos you can’t see an FCR, screw up an entry, or what ever, step back and remind yourself, each day is a step – and it is one step at a time………….The markets always open tomorrow, they will be there for you.

And just another point, part of people’s frustration is in seeing experienced traders like FX walk the walk, and make it all look so easy, even when he had a beer or three last week …………… Well again remember the work that has gone in order to get to the level he has attained, that isn’t without blood, sweat and tears, he has mentioned this on more than one occasion, so people should remind themselves of this fact. Nothing comes for nothing and nothing comes easily, even for top professional, be they traders or sportsmen.


Hope this helps
Survive and Preserve
  • #7,500
  • Sep 28, 2009 6:17am Sep 28, 2009 6:17am
Quoting gevellber02
long 4645
here
Attached Image (click to enlarge)
Click to Enlarge Name: 17.gif Size: 12 KB
it's a huge gap tony, a huge gap.
47 traders viewing now