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The System II (Yes with irony)

  • #8,081
  • Oct 1, 2009 4:44pm Oct 1, 2009 4:44pm
Hi Guys,
tough day in the office today.. I wish it was all about trading but hey thats life, take the good with the bad roll with the punches and move on.. for sure was another day of overall learning..

Guys.. every night around this time (Mid-night in my timezone).. its my quiet time.. in my office upstairs alone, no friends, no girlfriend not even my dog, its just me and a soft music (mostly, baby blue eyes with his soft voice lyrics full on meanings.. I love sinatra).. I sit back and go through every one of my trades and fine tune everything.. i reflect back and remember the feel and state of mind that i was in at that parituclar moment when i was making decisions as to why and how and so on.. its really a moment of true for me.. I find a lot of my strenght, weaknesses and the flaws in my trading arsenal..
I dedicate big part of my sucess to this particular one hour a night.. "my quiet night".. so if you wanna take anything positive from today's chaos it be it.. make sure you make the "quiet night" part of your agenda.. brotherly advise.

here is my chart and trades..
after all it was a good day.. another minum 100pips day if you played it right..
ask for me I managed to make only 30 out of it.. why? don't ask..
elizo said it.. he is not prefect.. and I am far from that.. I am battling my own war too.. I am in a stage of over confidence, getting to wise and smart for myself at times, its not good, and i will make the adjustments.. couple of mistakes here and there, being overly aggressive, will make the difference.. i am humble and greatfull though.. i remember myself losing 75-100 pips on such days..
Macdaddy reminded us again.. its 90% mental..
btw his post earlier today is a must read.. excellent post.. I personally took away a bunch from it. so lucky to be around such a elite group of people.
i am so glad that Vlady made that post so it result in Sir. Mac coming up with this excellent life lasting post for all of us.. Its a crazy but yet a beautiful world.. at the time i was hot.. but now in my quiet time made just to realize that.. which it brings me to this old saying that "everything happens for a reason"..

CYA all tomorrow..

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  • #8,082
  • Oct 1, 2009 6:50pm Oct 1, 2009 6:50pm
Just missed seeing the BB, below 4530, but went short below 4518, @ 4515, see what happens next.

cheers
testing the market
  • #8,083
  • Oct 1, 2009 6:59pm Oct 1, 2009 6:59pm
Quoting John888
Just missed seeing the BB, below 4530, but went short below 4518, @ 4515, see what happens next.

cheers
It went 5 pips with me, then 10 pips against, so its looking like a #2 at this point, see what happens...
testing the market
  • #8,084
  • Oct 1, 2009 7:01pm Oct 1, 2009 7:01pm
Hi John,

I am with you on the short of 4518. I missed the break too because I was still getting to work. I had to run an errand , normally I am here at 9am. Today 9:30am . Price you pay for doing stuff eh?


Quoting John888
Just missed seeing the BB, below 4530, but went short below 4518, @ 4515, see what happens next.

cheers
Survive and Preserve
  • #8,085
  • Oct 1, 2009 7:06pm Oct 1, 2009 7:06pm
Letys shake our fists at this one

The good news its formed a FCR, top seems around 4526, lets see what it does around thre. I am not moving my stops t there yet. woudlnt mind giving it some room to breath.

Quoting John888
It went 5 pips with me, then 10 pips against, so its looking like a #2 at this point, see what happens...
Survive and Preserve
  • #8,086
  • Oct 1, 2009 7:14pm Oct 1, 2009 7:14pm
Quoting John888
It went 5 pips with me, then 10 pips against, so its looking like a #2 at this point, see what happens...
Out for -6, but now its heading back in original direction down, so was my #2 call too early? Any advice?

John
testing the market
  • #8,087
  • Oct 1, 2009 7:16pm Oct 1, 2009 7:16pm
I closed out at break even. I posted something prior to this post that was irrelavant to this thread and bad of me so I deleted it.

Anyways, this has been closed at BE>
Survive and Preserve
  • #8,088
  • Oct 1, 2009 7:26pm Oct 1, 2009 7:26pm
Long order aat 4530
lets see if market wants to go long for the day.
Quoting en0x
I closed out at break even. I posted something prior to this post that was irrelavant to this thread and bad of me so I deleted it.

Anyways, this has been closed at BE>
Survive and Preserve
  • #8,089
  • Oct 1, 2009 7:33pm Oct 1, 2009 7:33pm
Quoting en0x
Letys shake our fists at this one

The good news its formed a FCR, top seems around 4526, lets see what it does around thre. I am not moving my stops t there yet. woudlnt mind giving it some room to breath.
Good morning guys, I got this one on the break. Watching closely now. Will it Break the 4526 FCR and stop me out? Will it range for a bit. Will it break the LL and run for 100 pips ?
"Save your ass, then go for profit"
  • #8,090
  • Oct 1, 2009 7:42pm Oct 1, 2009 7:42pm
I am going to wait for an FCR to form on this long haul then a failure of the LL before placing my order for a long.

Quoting en0x
Long order aat 4530
lets see if market wants to go long for the day.
Survive and Preserve
  • #8,091
  • Oct 1, 2009 8:15pm Oct 1, 2009 8:15pm
Quoting Paul M
Good morning guys, I got this one on the break. Watching closely now. Will it Break the 4526 FCR and stop me out? Will it range for a bit. Will it break the LL and run for 100 pips ?
I am out +7. It failed to break the LL and turned back up. It already broke the previous HH ( by 3 pips) so it appears to be swinging up. Long set above 4527 FCR
"Save your ass, then go for profit"
  • #8,092
  • Oct 1, 2009 8:21pm Oct 1, 2009 8:21pm
I took the short at 26 also but bailed when it turned against me +8. I need to work on not getting faked out so early...Glad you guys are posting I can follow along see if I am interpreting the set ups correctly.
  • #8,093
  • Oct 1, 2009 8:21pm Oct 1, 2009 8:21pm
Quoting John888
Out for -6, but now its heading back in original direction down, so was my #2 call too early? Any advice?

John
Hi John

I find playing these #1 and #2 hard. I thinking I am getting better, takes practice. I started off getting out too early. Then went to waiting to long. trying to find an in between now

It is a bit easier in the asia session cause everything is so slow.
"Save your ass, then go for profit"
  • #8,094
  • Oct 1, 2009 8:34pm Oct 1, 2009 8:34pm
Quoting Paul M
Hi John

I find playing these #1 and #2 hard. I thinking I am getting better, takes practice. I started off getting out too early. Then went to waiting to long. trying to find an in between now

It is a bit easier in the asia session cause everything is so slow.
Thanks, I guess practice at spotting these will help me.

The session is slowish, but looks like knocking on 4528 door now, maybe it will go through and give us a long entry.
testing the market
  • #8,095
  • Oct 1, 2009 8:39pm Oct 1, 2009 8:39pm
Long at 4632, Lets see if we can get some momentum here in asia and at least get 20+ pips from this long. Would be nice.
Quoting John888
Thanks, I guess practice at spotting these will help me.

The session is slowish, but looks like knocking on 4528 door now, maybe it will go through and give us a long entry.
Survive and Preserve
  • #8,096
  • Oct 1, 2009 8:49pm Oct 1, 2009 8:49pm
Quoting en0x
Long at 4632, Lets see if we can get some momentum here in asia and at least get 20+ pips from this long. Would be nice.
I went in 1 pip later, @4533, stop below recent low at 4504-ish.

cheers
testing the market
  • #8,097
  • Oct 1, 2009 9:27pm Oct 1, 2009 9:27pm
Mty SL is now set to under 4529

watching this 4542 area. Be nice to be able to break it.


Quoting John888
I went in 1 pip later, @4533, stop below recent low at 4504-ish.

cheers
Survive and Preserve
  • #8,098
  • Oct 1, 2009 9:27pm Oct 1, 2009 9:27pm
Quoting John888
I went in 1 pip later, @4533, stop below recent low at 4504-ish.

cheers
I can't see any FCRs , so I'm trailing my stop 21 pips below the price.

cheers
testing the market
  • #8,099
  • Oct 1, 2009 9:43pm Oct 1, 2009 9:43pm
Quoting John888
I can't see any FCRs , so I'm trailing my stop 21 pips below the price.

cheers
You have to squint to see the one at 4529.
"Save your ass, then go for profit"
  • #8,100
  • Oct 1, 2009 9:50pm Oct 1, 2009 9:50pm
Hi Feb,
I just read your thread, having been referred to Forex Factory by a fellow trader today. I read your early posts (Apr 08) and 'I'm a believer'. I have seen the price action you use a thousand times and have intuitively felt there must be a way to harness this to profit, and you have distilled a brilliantly simple strategy from it. I am going to try it immediately in my trading.
I have one question that was not answered in reading your early posts. Forgive me if it has been answered in one of the subsequent 500+ pages, but here it is:
Following your 20/20 rule, would you get out at 20p profit regardless of the price action, or would you leave it on a trailing stop? The TS will capture any further moves, but one risks getting out at less than 20p profit. While the 'take your money and run' strategy will miss out on some potentially large moves.
What is your advice / experience in this regard?

Chanak
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