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The System II (Yes with irony)

  • #7,741
  • Sep 29, 2009 11:02am Sep 29, 2009 11:02am
Chop monster!

Is there a channel (bracket) forming from 1.4566 to 1.4537? 1.4537 has been touched and pulled back to many times today...

Mike
  • #7,742
  • Sep 29, 2009 11:20am Sep 29, 2009 11:20am
Quoting MJurban
i m watching this thread almost every day but i do not post much cause i still trade the old basic 1-2-3 setup and i do not want to disturb this wondrfull thread. For exit i use ( i still try to learn his ) the #1 and #2 Exit rules.Great work from FX and i cannot thank u enough for what u teaching here and helping people to get in the right shape being a good trader.This is probly the best FF thread at all.
Mjurban,

You are always welcome here...we go back a long time with Feb
Unus pro omnibus, omnes pro uno
  • #7,743
  • Sep 29, 2009 12:02pm Sep 29, 2009 12:02pm
Long on this upper bracker breakout - least I hope it is!
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,744
  • Sep 29, 2009 12:57pm Sep 29, 2009 12:57pm
Quoting mac1956
Long on this upper bracker breakout - least I hope it is!

Out +1 - non momentum at all.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,745
  • Sep 29, 2009 1:45pm Sep 29, 2009 1:45pm
Quoting MJurban
i m watching this thread almost every day but i do not post much cause i still trade the old basic 1-2-3 setup and i do not want to disturb this wondrfull thread. For exit i use ( i still try to learn his ) the #1 and #2 Exit rules.Great work from FX and i cannot thank u enough for what u teaching here and helping people to get in the right shape being a good trader.This is probly the best FF thread at all.
MJ,
I appreciate your nice words.. your own contribution to this thread as one of the first people alongside feb has not been forgotten and are very valuable..
If anything need to be cleared up with playing #1&2 please don't hesitate and ask me anytime..

Good trading..
  • #7,746
  • Sep 29, 2009 3:23pm Sep 29, 2009 3:23pm
Hiu All,

Hereare my trades.

I think the message from feb concerning BE and giving trades space may have been directed at me so I was conciously giving price some room today - on botht the lossing and winning side.

Trade 1 - Long 1.4638 -2 Took the trade off the break of an innder channle prior the high which helped me to bail at -2. Taking this trade opff the top would have cost me some more.

Trade 2 - Long 1.4629 -15 Was looking for a fast reversal trade here but bailed when I saw that the momentum was downside not upside.

Trade 3 - Short 1.4612 - 50% closed at 54 for +58 and 50% closed at 56 for 56 so average for the trade +57
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Survive and Preserve
  • #7,747
  • Sep 29, 2009 3:29pm Sep 29, 2009 3:29pm
Hello all,

I started trading the first part of this thread with very good results. Now I went to the end of the thread skipping most of the middle and found something different but I am interested in the triggers and the exit strategies.

Im sure there must be a post describing this type of trading could someone please direct me?

Thank you in advance..
  • #7,748
  • Sep 29, 2009 3:37pm Sep 29, 2009 3:37pm
Quoting bpips
Hello all,

I started trading the first part of this thread with very good results. Now I went to the end of the thread skipping most of the middle and found something different but I am interested in the triggers and the exit strategies.

Im sure there must be a post describing this type of trading could someone please direct me?

Thank you in advance..
Hi bpips,

I am new here as well and had similar questions. Here is the info I received that helped me get up to speed with the last part of the thread:

From en0x:

Quote
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...
And a helpful link from Paul M:

http://www.forexfactory.com/showpost...postcount=6398

Mike
  • #7,749
  • Sep 29, 2009 3:44pm Sep 29, 2009 3:44pm
Quoting bpips
Hello all,

I started trading the first part of this thread with very good results. Now I went to the end of the thread skipping most of the middle and found something different but I am interested in the triggers and the exit strategies.

Im sure there must be a post describing this type of trading could someone please direct me?

Thank you in advance..

Hi Bpips,

Welcome.

I thnk is best to read the thread completely - its the only way to truly understand things.
Survive and Preserve
  • #7,750
  • Sep 29, 2009 3:53pm Sep 29, 2009 3:53pm
Quoting PaulLangham
Hi Bpips,

Welcome.

I thnk is best to read the thread completely - its the only way to truly understand things.
Thanks Paul but time is limited I find that most threads contain supurfalous BS that I would normally like to avoid. You know the type where someone post what to do and everyone changes it, adds indicators etc, etc, then there is the normal rivalry somewhere that takes up many pages of useless reading.

So if someone could point me to the meat and bones that would be nice.

Thanks,
  • #7,751
  • Sep 29, 2009 3:57pm Sep 29, 2009 3:57pm
Quoting xtensive
Hi bpips,

I am new here as well and had similar questions. Here is the info I received that helped me get up to speed with the last part of the thread:

From en0x:

And a helpful link from Paul M:

http://www.forexfactory.com/showpost...postcount=6398

Mike
Thanks XT, looks like the link is broken for some reason. Hmm not sure why it doesn't come up
  • #7,752
  • Sep 29, 2009 4:02pm Sep 29, 2009 4:02pm
Quoting bpips
Thanks XT, looks like the link is broken for some reason. Hmm not sure why it doesn't come up
hay, i think that will do
http://www.forexfactory.com/showpost...postcount=6398
it's a huge gap tony, a huge gap.
  • #7,753
  • Sep 29, 2009 4:08pm Sep 29, 2009 4:08pm
Thanks gevellber02
  • #7,754
  • Edited 4:44pm Sep 29, 2009 4:09pm | Edited 4:44pm
Quoting gevellber02
hay, i think that will do
http://www.forexfactory.com/showpost...postcount=6398
Perfect thank you very much that came up. I got the 123 down thats all i trade but the #1 and #2 is new to me..

Most time I just exit with profit most times I leave pips on table but profit is profit...

Thanks for the thread....


Seems like a great bunch of traders here in the thread...
  • #7,755
  • Sep 29, 2009 4:30pm Sep 29, 2009 4:30pm
Quoting PaulLangham
Hiu All,



Trade 3 - Short 1.4612 - 50% closed at 54 for +58 and 50% closed at 56 for 56 so average for the trade +57

That was astonishing patience there for your +57.
I started well - and then handed a load back by two stupid entries later in the day. Trade 5 I rushed the entry and triggered it manually putting me in far too early and escaped with -2, but then I decided to enter it (trade 6) at the correct level - still rattled from the previous escape - only to have it retrace too close to news to get out. It hit my hard Sl for a -22.
A profit for the day. I had a trade 7 for a +1 later testing an upper BB which took 55 minutes to retrace and then provide an opportunity to play a #2. Onwards and upwards I guess...

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$urvive, Pre$erve & RESPECT THE TEACHER
  • #7,756
  • Sep 29, 2009 5:15pm Sep 29, 2009 5:15pm
I heard there are steps in trading

first step, is just a complete loss until you come to grips with it
second step, is just to break even consistently
third step, make a profit

Normally these are in years year 1 step 1 for example but I think we are accelerated by having great mentors who guide us.

SO be happy if you just break even for the week. Its not the goal, no, but be happy that you break even this week if last week and the week before was a loss, then start working on making a profit.

That doesn mean strive to be a break even trader, but be happy when you know how to survive by cutting the losses short.

Rule 1 in this game, capital preservation, remember, no capital, no trade
I reckon there are a wave of us that started doing this together that is moving forward, ever so slightly but as long as we dont move backwards (that means we didnt learn from our mistakes)

Quoting mac1956
That was astonishing patience there for your +57.
I started well - and then handed a load back by two stupid entries later in the day. Trade 5 I rushed the entry and triggered it manually putting me in far too early and escaped with -2, but then I decided to enter it (trade 6) at the correct level - still rattled from the previous escape - only to have it retrace too close to news to get out. It hit my hard Sl for a -22.
A profit for the day. I had a trade 7 for a +1 later testing an upper BB which took 55 minutes to retrace and then provide an...
Survive and Preserve
  • #7,757
  • Sep 29, 2009 6:12pm Sep 29, 2009 6:12pm
I am new here and finding this trade very interesting. A couple of questions though...
What entry do we use after a resistance line break?
Does anyone use this on other pairs other then the EURUSD?

Enjoying the post.

Thanks,
TTB
  • #7,758
  • Sep 29, 2009 7:20pm Sep 29, 2009 7:20pm
hey enox , i totally agree with what u said in there are steps & currently i m at the b/e & just ahead step, but 2 months ago i was losing, but with the help of fx, paul,feb,jplo & others (yourself as well) things are starting to sink in & normal trades where u hope & pray for it to turn i am playing no 2 & getting out at b/e or a small loss. it gives me the confidence to keep trading.
thanks again to everyone here who posts
cheers andrew
Survive & Preserve
  • #7,759
  • Sep 29, 2009 7:54pm Sep 29, 2009 7:54pm
Hi All,

These are my end of day trades:

Trade 1: Short 1.46237, closed when failed to go lower. -3.1

Trade 2: Long 1.46314, closed playing #2. +0.1

Trade 3: Short 1.46190, stopped at last FCR. I doubted about the last FCR (it was in touch to the highs of all bars). I should have taken the previous FCR and profit more for this short and avoid the loss in the trade 4. +34.7

Trade 4: Long 1.45884 from stop of trade 3, trying to give space to the trade but stopped at last FCR. -12.2

Trade 5 and 6: Long and closed at BE playing #2.

Comments are welcome.


Regards.

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  • #7,760
  • Sep 29, 2009 8:00pm Sep 29, 2009 8:00pm
Started in this session, currently long since 4589, and trying to stay relaxed during the pull-backs. And trying to keep the stops a sensible distance from the action.

ttb, I am staying focussed on EurUsd in line with this forum, but like to look at Aussie.

best wishes to all
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