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The System II (Yes with irony)

  • #7,581
  • Sep 28, 2009 10:46pm Sep 28, 2009 10:46pm
Hi guys,

It looks like your longs worked out quite nicely, but I am wondering what the signal was to go long around ~1.4600?

From what I see regarding this method is that we were in a possible pullback from the drop @ 1.4623 down to 1.4585.

I am very new to this thread and style, so I apologize if I've missed something obvious, but I saw that as a potential pullback that kept going and negated the trade. Getting in where you guys did was the smart move though, what was the trigger? Thanks!

Mike
  • #7,582
  • Sep 28, 2009 11:01pm Sep 28, 2009 11:01pm
Hi Extensive,

Welcome to the thread. I take it you have read the thread and understand what an FCR is and 123 is ? The trade long on 14605 was a break of a FCR. Take a read of the thread, its 500 pages long but pay attention to the posts made by Dare, Moneda, FX Achillies and of course Feb. Once you understand the basic of what we trade (entry wise) then the hard part becomes on getting out. You will need to understand the basics to participate effectily in this forum.
The basics are
123 trade
FCR
bracket Breakout
plays number 1 and number 2
Continuation signals


Have fun.
Quoting xtensive
Hi guys,

It looks like your longs worked out quite nicely, but I am wondering what the signal was to go long around ~1.4600?

From what I see regarding this method is that we were in a possible pullback from the drop @ 1.4623 down to 1.4585.

I am very new to this thread and style, so I apologize if I've missed something obvious, but I saw that as a potential pullback that kept going and negated the trade. Getting in where you guys did was the smart move though, what was the trigger? Thanks!

Mike
Survive and Preserve
  • #7,583
  • Sep 28, 2009 11:20pm Sep 28, 2009 11:20pm
I am still in this trade, can you believe it. Been a few hours now and now we in cosolidation at the top . I really want to pull the trigger but my SL is now set to 4615. If it breaks north then the R:R is way in my favour, if it breaks south I make only another 10 pips.

Both of these trades (the short and long) both hit targets of 21 but I didnt close. I am pushing myself to see if I can force myself to let my emotions out the way, to try catch the runner as such. 2x 21 pips would have made most of my target for the day but heck why not train myself to follow price and get out when I am stopped out. Sure this leaves cash on the table but heck ,I think its better to catch a runner as my SL is always begind the reversal point.

Anyways, it cant be that bad to train my emotions from a playing scared to playing aggressivly.I guess there is a medium we need to find in between for each of us. I am searching for mine.
Quoting en0x
Trying to control emotions, clsoed on the break of FCR for +8 and reversed position, now long since 4605.
Survive and Preserve
  • #7,584
  • Sep 28, 2009 11:26pm Sep 28, 2009 11:26pm
lol, I missed the FCR section, going through this many pages is tough on the absorption factor.

Mike
  • #7,585
  • Sep 28, 2009 11:28pm Sep 28, 2009 11:28pm
I have some page overviews at home, telling you what pages and posts are important, like summary.

They all importnat though, keep going mate keep going.

Then keep practising
basically FCR in a nutshell is 123 but a failure to make a new HH or LL then the reversal on the 3 point (the pullback or retrace)
Sorry I dont have anything to draw this on so you going to have to draw it on a piece of paper. There are some wonderful posts with drawings showing this in the later 1/4 of the thread.


Quoting xtensive
lol, I missed the FCR section, going through this many pages is tough on the absorption factor.

Mike
Survive and Preserve
  • #7,586
  • Sep 28, 2009 11:40pm Sep 28, 2009 11:40pm
This is tough fighting myself to exit....


Quoting en0x
I am still in this trade, can you believe it. Been a few hours now and now we in cosolidation at the top . I really want to pull the trigger but my SL is now set to 4615. If it breaks north then the R:R is way in my favour, if it breaks south I make only another 10 pips.

Both of these trades (the short and long) both hit targets of 21 but I didnt close. I am pushing myself to see if I can force myself to let my emotions out the way, to try catch the runner as such. 2x 21 pips would have made most of my target for the day but heck why not train...
Survive and Preserve
  • #7,587
  • Sep 28, 2009 11:41pm Sep 28, 2009 11:41pm
Quoting xtensive
lol, I missed the FCR section, going through this many pages is tough on the absorption factor.

Mike
Hi Mike

Welcome to the thread, This page has an excellent summary of need to know info

http://www.forexfactory.com/showpost...postcount=6398
"Save your ass, then go for profit"
  • #7,588
  • Sep 28, 2009 11:50pm Sep 28, 2009 11:50pm
Quoting en0x
This is tough fighting myself to exit....
Sold half already. Letting the other half run for profit

Gogogogogogogo bulls.
  • #7,589
  • Sep 28, 2009 11:51pm Sep 28, 2009 11:51pm
Thanks guys!
  • #7,590
  • Sep 28, 2009 11:52pm Sep 28, 2009 11:52pm
Hi All,

Looking forward to another days positive trading. Looks like you guys had some good moves again overnight.
Survive and Preserve
  • #7,591
  • Sep 28, 2009 11:58pm Sep 28, 2009 11:58pm
Sl now at 4628 (well under it 4625)
that locks in a secure 20 pips. Now I dont give a rats bum what this thing does.
Quoting en0x
This is tough fighting myself to exit....
Survive and Preserve
  • #7,592
  • Sep 28, 2009 11:58pm Sep 28, 2009 11:58pm
I rekon asia is good for 50 pips a day now . you need to sleep less there Paul


Quoting PaulLangham
Hi All,

Looking forward to another days positive trading. Looks like you guys had some good moves again overnight.
Survive and Preserve
  • #7,593
  • Sep 29, 2009 12:12am Sep 29, 2009 12:12am
Stopped out for +20
I migth have played the stop too aggressively,time will tell, if 4624 breaks then I was right, if it holds then I played too agressbily, what do you think Paul?
Stopped out at 4625.




Quoting en0x
I rekon asia is good for 50 pips a day now . you need to sleep less there Paul
Survive and Preserve
  • #7,594
  • Sep 29, 2009 12:16am Sep 29, 2009 12:16am
Quoting en0x
I rekon asia is good for 50 pips a day now . you need to sleep less there Paul
Nice one LOL
Survive and Preserve
  • #7,595
  • Sep 29, 2009 12:17am Sep 29, 2009 12:17am
Quoting en0x
Stopped out for +20
I migth have played the stop too aggressively,time will tell, if 4624 breaks then I was right, if it holds then I played too agressbily, what do you think Paul?
Stopped out at 4625.
Like Fx says keep the stop out of the heat and give them space.
Survive and Preserve
  • #7,596
  • Sep 29, 2009 12:18am Sep 29, 2009 12:18am
Price just confirmed, I played that wrongly in the last stretch. Agggh. Nearly played it right.
Quoting en0x
Stopped out for +20
I migth have played the stop too aggressively,time will tell, if 4624 breaks then I was right, if it holds then I played too agressbily, what do you think Paul?
Stopped out at 4625.
Survive and Preserve
  • #7,597
  • Sep 29, 2009 12:19am Sep 29, 2009 12:19am
I think I messed that up. Oh well, there are other trades to test myself again.

At least this time I didnt pull the trigger on +21. I tried playing sensible. Just need to adjust my head a little bit

Quoting PaulLangham
Like Fx says keep the stop out of the heat and give them space.
Survive and Preserve
  • #7,598
  • Sep 29, 2009 12:30am Sep 29, 2009 12:30am
Quoting en0x
I think I messed that up. Oh well, there are other trades to test myself again.

At least this time I didnt pull the trigger on +21. I tried playing sensible. Just need to adjust my head a little bit
Good morning all. Hopefully this will be a better enviromental day for our methodology (at least, and easier one)

Enox, this has been thrilling! As I woke up I was reading your chain of posts, it looked like a novel, and I was saying to myself "Come on, mate! Keep the position! Keep it". I know perfectly what you are coming through right now, since this kind of monster (banking quickly) is the one I am fighting against day in and day out. You were really near, and that is a real improvement. It's a pity you did not keep the Hard SL below 15, where the FCR is located.

But well played. You are moving forward crystal clear. You are getting used to the feelings and stretching yourself. After more runners you will recognise the tension, the fear and the anxiety, but you'll say to that big enemy, the one you have in one ear whispering "bank it, bank it": No, I know this is a matter of patience.
  • #7,599
  • Sep 29, 2009 12:33am Sep 29, 2009 12:33am
Quoting en0x
I think I messed that up. Oh well, there are other trades to test myself again.

At least this time I didnt pull the trigger on +21. I tried playing sensible. Just need to adjust my head a little bit
en0x, the place you had your stop looked a valid FCR to me, I had it marked on my chart. Do we need to keep stops back at 2nd previous FCRs?

Cheers.
testing the market
  • #7,600
  • Sep 29, 2009 12:53am Sep 29, 2009 12:53am
Quoting John888
en0x, the place you had your stop looked a valid FCR to me, I had it marked on my chart. Do we need to keep stops back at 2nd previous FCRs?

Cheers.
To me it's not that clear. What I would have done is to keep the Hard SL below the more evident FCR at 16, and manage the trade. You can always get out mannualy from a trade if its behaviour is sissy or doubtful. Notice that the candle that stopped him out was a typical (and very bullish promising, as it finally happened) pin bar: I always await for the final aspect of the PA, since I have realised that most of the final look is drawn in the last 4-5 minutes of the candle.

Hard SL must be set in the last assured point before a clear reversal is released. To me, breaking that mini FCR does not refer this situation.

Hope it helps.
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