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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)

  • #7,561
  • Sep 28, 2009 2:54pm Sep 28, 2009 2:54pm
Listen guys.

The thread is blowing thru the roof!!! congratulations.

There's something I've seen people doing and is not keeping an eye on their bankroll. Trading without fear is the way to go but you must draw a line between winning and losing what you just earned. The idea is not to start with 100 bucks on Monday and end up with 100.01 bucks on Friday. If that's happening to you buddy, I assure you, there's something wrong in the middle. You must play this game to win $$$, not to win pennies.

Breakeven is inevitable but don't hold yourself to that like is "acceptable"......would you rather be "A" student or a "C" student??

"C" Doesn't win money in this game...only waste your time....you gotta be "A" in order to make money......

I said this before...keep an eye on your equity...that's the true goal of this game. You're trading fast in order to build equity as the time goes.

If you feel that by Wednesday you're below your numbers, lower your load and fly low. Load control is a MUST on this business-game.

Don't take accounting out of trading. It's part of it.....

Ultimately the whole show is a numbers game.......

Carry on...good luck.
Peace
  • #7,562
  • Sep 28, 2009 3:04pm Sep 28, 2009 3:04pm
Quoting fxachilies
I can't tell you to take or not.. those are not fcr of any kind.. on fcr's I would like to see a more of a loop thing.. now I know you guys have seen me take those and I admit that i have.. but its not based on fcr.. it not based on my intution either.. its based on favorable RR.. if you look closley I will not lose no more than 15 pips top on those trades.. I personally willing to take the risk.. to anything less than 15-20 pips is a favorable RR.. specially in those reversal situation if we get it right.. the minimum that you will make is 15-20...
Hey Fx,

Ok thanks for your reply, its clear for me now. I got it.

Thanks
Survive and Preserve
  • #7,563
  • Sep 28, 2009 3:06pm Sep 28, 2009 3:06pm
Quoting mac1956
You really persevered up that long swing...you're tenacious I'll give you that!
Hi MAc,

Thanks. We saw in an earlier thread thogh that a long before the Frankfurt open would hav been enough to last the entire morning , and it would have avoided all the spread.


So I will be looking to improve that tomorrow and in the future.
Survive and Preserve
  • #7,564
  • Sep 28, 2009 3:08pm Sep 28, 2009 3:08pm
These are my trades for today:

1.- +11. Getting out when I realised that peak area, at the moment was a previous support of big importance.
2.- +12. Entry point when breakthrough of a minor FCR. Out when price was stalling too much, unable to go on with another impulse.
3.- -2.5. Didn't like the reversal
4.- The stupid trade of the day. Resuming the previous deal, suffered from a spike and was stopped out at -15.
5.- +2. New reversal, out.
6.- Same story, but now +14. Big reversal again.

Thanks in advance for your comments or suggestions.
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  • #7,565
  • Sep 28, 2009 4:32pm Sep 28, 2009 4:32pm
Quoting fxachilies
I can't tell you to take or not.. those are not fcr of any kind.. on fcr's I would like to see a more of a loop thing.. now I know you guys have seen me take those and I admit that i have.. but its not based on fcr.. it not based on my intution either.. its based on favorable RR.. if you look closley I will not lose no more than 15 pips top on those trades.. I personally willing to take the risk.. to anything less than 15-20 pips is a favorable RR.. specially in those reversal situation if we get it right.. the minimum that you will make...
Hey fx.

you indicate in this post, that your pip value is fixed per trade, rather than % of account .Is this correct?

Thanks
  • #7,566
  • Sep 28, 2009 5:28pm Sep 28, 2009 5:28pm
hay
this are my trades today:
1.short 4608 under the minor FCR BE
2.long 4619 break of a minor FCR with enough space from the HH
exit 4630 +11. the big question: to exit or not. i did
3.long 4645 looks like a BB. looked very promising. again with that question....i exit at 4653 +8
4. OMG i was deceived big time! long at 4669 what looked like a BB
and immediately stop out at my hard stop at 4651 -18
5.short 4640 semi fake out exit at BE
6.short 4645- price go in my direction 24 pips.... again with that question: i didn't exit... BE
6.long 4650 it looked like a big run up and then it lost momentum....BE
I'll be glad to reed your comments and if there is some thing we can learn from this.
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it's a huge gap tony, a huge gap.
  • #7,567
  • Sep 28, 2009 7:07pm Sep 28, 2009 7:07pm
Recent FCR at 4624, does it make sense to go short under this? My stop would be just above recent FCR high at 4635?

Thanks.

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testing the market
  • #7,568
  • Sep 28, 2009 7:12pm Sep 28, 2009 7:12pm
Quoting John888
Recent FCR at 4624, does it make sense to go short under this? My stop would be just above recent FCR high at 4635?

Thanks.

Attachment

Hi John888,
I'm far from an expert and new to watching the Asian session, but I would have taken that fcr if I got to the computer on time. I think Enox watches the asian session more so he can probably give a better answer. I may take a 1-2-3 entry once I see a pullback develop here.
  • #7,569
  • Sep 28, 2009 7:42pm Sep 28, 2009 7:42pm
Good play, lets hope they start moving it south again.

Quoting John888
Recent FCR at 4624, does it make sense to go short under this? My stop would be just above recent FCR high at 4635?

Thanks.

Attachment
Survive and Preserve
  • #7,570
  • Sep 28, 2009 7:45pm Sep 28, 2009 7:45pm
Quoting Johannes
Hi John888,
I'm far from an expert and new to watching the Asian session, but I would have taken that fcr if I got to the computer on time. I think Enox watches the asian session more so he can probably give a better answer. I may take a 1-2-3 entry once I see a pullback develop here.
Johannes,

Thanks for your reply. I think a 123 may have happened just now.

cheers
John
testing the market
  • #7,571
  • Sep 28, 2009 8:00pm Sep 28, 2009 8:00pm
Quoting John888
Johannes,

Thanks for your reply. I think a 123 may have happened just now.

cheers
John

I missed it, the retrace didn't look significant enough to me so I'm on the sidelines.
  • #7,572
  • Sep 28, 2009 8:04pm Sep 28, 2009 8:04pm
Lets hold until the two following conditions are met
FCR is formed , FCR is broken on the up
Consilidation is formed and the bracket of that consildation is not broken.


Quoting John888
Johannes,

Thanks for your reply. I think a 123 may have happened just now.

cheers
John
Survive and Preserve
  • #7,573
  • Sep 28, 2009 8:29pm Sep 28, 2009 8:29pm
Quoting en0x
Lets hold until the two following conditions are met
FCR is formed , FCR is broken on the up
Consilidation is formed and the bracket of that consildation is not broken.

I missed that early FCR as well. Sitting on my hands here. Might have a reversal now but we are a long way from an FCR to latch onto
"Save your ass, then go for profit"
  • #7,574
  • Sep 28, 2009 8:30pm Sep 28, 2009 8:30pm
I am hoping for an FCR so I can move my stops closer and lock in some profit.

Lets see what it does.
Quoting Paul M
I missed that early FCR as well. Sitting on my hands here. Might have a reversal now but we are a long way from an FCR to latch onto
Survive and Preserve
  • #7,575
  • Sep 28, 2009 8:56pm Sep 28, 2009 8:56pm
long at 4603, let's see how it develops.
  • #7,576
  • Sep 28, 2009 8:58pm Sep 28, 2009 8:58pm
Trying to control emotions, clsoed on the break of FCR for +8 and reversed position, now long since 4605.

Quoting en0x
I am hoping for an FCR so I can move my stops closer and lock in some profit.

Lets see what it does.
Survive and Preserve
  • #7,577
  • Sep 28, 2009 9:12pm Sep 28, 2009 9:12pm
I was out of the short at 4604, but was away from computer and didn't take a long at 4604, which begs the question, why didn't I have an order outstanding to go long at 4604?? A lesson for me I think.

Fx's post from yesterday was sobering, and it pushed me to stay with the trade as best I could.

Thanks everyone..
testing the market
  • #7,578
  • Sep 28, 2009 9:31pm Sep 28, 2009 9:31pm
I am long also at 4606. Stop loss now at BE and off to get some lunch
"Save your ass, then go for profit"
  • #7,579
  • Sep 28, 2009 10:29pm Sep 28, 2009 10:29pm
Tempted to place short entry order below 4617, but concerned this is a bracket formation, and my order would be hit, then price reverse to top of bracket. Am I being paranoid? (en0x, your earlier comment about waiting for consolidation made me take a second look here, txs)

Cheers.

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testing the market
  • #7,580
  • Sep 28, 2009 10:42pm Sep 28, 2009 10:42pm
I'd say 85 - 35 becoming more and more no man land.
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