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The System (Irony included) 1,175 replies

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The System II (Yes with irony)

  • #10,021
  • Oct 30, 2009 2:52pm Oct 30, 2009 2:52pm
Hi

Here are my trades +53 total.

Early trades were a bit snatchy and nervous, I wasn`t giving price very much room. Later in the day I made up from a -15 start and came away with the pips.

To answer the question from Fourx, risk reward at that stage was in my favour stop was outide of the range top, still only max loss of -11 pips if it all went wrong was what I was looking at. This time it paid off. In fact you can see clearly in my charts where I allow the market to tell me "this time it doesn`t work" and the times when it runs and "it does work this time" I simply close on a break of last lower high down move or last higher low - up move.

I hope this helps.

Well done to all, there are some really great traders being born amongst the guys in this thread, as Fx said the other 16 hr days and dedication pay off in the long run.
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Survive and Preserve
  • #10,022
  • Edited 5:58pm Oct 30, 2009 2:57pm | Edited 5:58pm
Quoting mac1956
I wasn't going totrade today because I couldn't be in front of the screen all day - but I couldn't resist it. I've inlcuded some of my thinking for my own benefit and left it in so anyone can pick holes in it.
1 = +3 - really bad entry and exit far too late - weathered the retrace - but should't have been in it so long
2 = +3 same nonsense - bad entry, held it too long - got out from relief more than aything else.
3 = +51 - didn't like the double bottom and the failure to saty below it so I bailed for my 50 - thought I might be being a bit of...

Hey MAc,

Well I will let FX give his run down on your trades, but I would say very well done, hey you stuck to your guns and walked away with pips - ya is da man

If you can start to take the reversal FCR`s after a failure as you pointed out in your commentary then it doesn`t matter if you get, 1,2,3 fakeouits for -15 or so cos the reversal in these cases can really reap rewards. You just need to be ready for them. Then just one good reversal kills 3 fakeouts and leaves you with jam on your bread.

Sounds bizarre but the more fakeouts you get the nearer you are to a runner and PAY DAY

Anyay good playing.

Nice weekend
Survive and Preserve
  • #10,023
  • Oct 30, 2009 5:45pm Oct 30, 2009 5:45pm
http://www.forexfactory.com/images/attach/gif.gif
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  • #10,024
  • Oct 30, 2009 5:51pm Oct 30, 2009 5:51pm
Quoting fxachilies
http://www.forexfactory.com/images/attach/gif.gif
LOL The master has spoken ! LOL

Nice play FX - yea, I got too close to the market in some of my trades - you let the trade cook properly well done and a good weekend to you
Survive and Preserve
  • #10,025
  • Oct 30, 2009 6:14pm Oct 30, 2009 6:14pm
Quoting fxachilies
http://www.forexfactory.com/images/attach/gif.gif
$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,026
  • Oct 31, 2009 12:10am Oct 31, 2009 12:10am
Hi All,

Sometimes I forget to check the time of important news events being released so I found this news indicator which is the best i've seen so far, as per chart attached.
No vertical lines or comments in the top corner, just non obtrusive
coloured cirlces indicating the impact of the news event i.e red=high impact, orange=medium impact etc which you can filter and by running the mouse over the circle it tells you what the event is. And the number in the circle represents the currency i.e 1= USD, 3= EUR.

See link below for installation instructions from original FF thread:
http://www.forexfactory.com/showthread.php?t=16364

It takes a little bit of time to set up but seems to work great.
Thanks to Hanover for all the hard work!

Cheers

HR
Attached Image (click to enlarge)
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Attached File(s)
File Type: zip FFcal137.ZIP   1.1 MB | 623 downloads
  • #10,027
  • Oct 31, 2009 8:52am Oct 31, 2009 8:52am
Quoting highroller
Hi All,

Sometimes I forget to check the time of important news events being released so I found this news indicator which is the best i've seen so far, as per chart attached.
HR

Is this just for MT4? Looks really handy.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,028
  • Oct 31, 2009 9:05am Oct 31, 2009 9:05am
Quoting PaulLangham
Hi

Here are my trades +53 total.

Early trades were a bit snatchy and nervous, I wasn`t giving price very much room. Later in the day I made up from a -15 start and came away with the pips.

I hope this helps.

Well done to all, there are some really great traders being born amongst the guys in this thread, as Fx said the other 16 hr days and dedication pay off in the long run.
Thanks for your observations Paul - I absolutely take your point about reversals - thinking forward 'if and then' - not being in front of the screen throughout the session is not a good way to trade. Monday I am onto the reversals - 'celebrity dancing with PA' -

I was really impressed by your entry Short at 40 - I don't think anyone else got in at that price. The discipline of the exit at the first break of the FCR ripped you off a bit - I'm surprised you didn't leave it on the table. SO hard to judge any of this inretrospect though. I guess the break of the fcr made it a 'right' exit.

Your charts and your live trading really help me learn. Thanks mate.

Looking forward to MOnday - I'm replaying charts at 'realtime pace' and practice trading when I can this weekend.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,029
  • Oct 31, 2009 1:38pm Oct 31, 2009 1:38pm
Quoting mac1956
Is this just for MT4? Looks really handy.
yep, sure is for MT4
  • #10,030
  • Oct 31, 2009 2:18pm Oct 31, 2009 2:18pm
World is in financial crise, most of countries are in recession. For 2009, an estimated 9.6 million U.S. jobs were eliminated. In Russia only in december 2008 1.0 million jobs were eliminated. Learn how to survive and play virtual stock exchange trading with stocks and goods. Only the best wins!


http://www.stocks.en.st/


Today tradings:


http://i88.servimg.com/u/f88/11/28/19/17/most_s10.jpg
  • #10,031
  • Oct 31, 2009 2:47pm Oct 31, 2009 2:47pm
Hi Fxachilies your trade is like from the book.Very good entry and surfing on that wave to the death.This is exactly what you teach here.
  • #10,032
  • Oct 31, 2009 3:09pm Oct 31, 2009 3:09pm
Quoting PaulLangham
Hi

Here are my trades +53 total.

Early trades were a bit snatchy and nervous, I wasn`t giving price very much room. Later in the day I made up from a -15 start and came away with the pips.

To answer the question from Fourx, risk reward at that stage was in my favour stop was outide of the range top, still only max loss of -11 pips if it all went wrong was what I was looking at. This time it paid off. In fact you can see clearly in my charts where I allow the market to tell me "this time it doesn`t work" and the times when it runs and "it...
Hi Paul L.You did good job nice entery in on the top to short.On Friday and Thursday u did similiar entry,which were quiet risky but they are very powerful if price go to you way.How was you MM in this trades(how was you load?not No,just if was like usuall or lighter?).
Fxachillies surfed on that wave to the her end. He just did like really pro surfer.I always looked on your charts and it seem to me your style little be change to more aggressive trader(your entries,exits) and I like it.I wish to you and all rock familie good trades next week.
  • #10,033
  • Oct 31, 2009 9:47pm Oct 31, 2009 9:47pm
Quoting PaulLangham
Hi

Here are my trades +53 total.

Early trades were a bit snatchy and nervous, I wasn`t giving price very much room. Later in the day I made up from a -15 start and came away with the pips.

To answer the question from Fourx, risk reward at that stage was in my favour stop was outide of the range top, still only max loss of -11 pips if it all went wrong was what I was looking at. This time it paid off. In fact you can see clearly in my charts where I allow the market to tell me "this time it doesn`t work" and the times when it runs and "it...
Hi Paul,

like your trading style & the way you've explained in the charts(very clear).
I have some question about SL I have seen you do not follow SL 20 rule from the first page of the thread. Do you mind explain more about your SL management.?

Thanks,

Have a good weekend.
  • #10,034
  • Nov 1, 2009 2:09am Nov 1, 2009 2:09am
Quoting pete.alfa
Hi Paul,

like your trading style & the way you've explained in the charts(very clear).
I have some question about SL I have seen you do not follow SL 20 rule from the first page of the thread. Do you mind explain more about your SL management.?

Thanks,

Have a good weekend.
with all do respect I'll jump in and answere ur question..

its called magic..

we are a long way from first page.. this thread has evolved.. I suggest you stay current with the thread..
if your expecting Paul to give you some clear cut set on stone rule that when xyz blinks then do zfy and then repeat the same next time, then i must break it to you my friend I highly doubt thats gonna happen..

Best regards,
  • #10,035
  • Nov 1, 2009 2:19am Nov 1, 2009 2:19am
Quoting wienerstrach
World is in financial crise, most of countries are in recession. For 2009, an estimated 9.6 million U.S. jobs were eliminated. In Russia only in december 2008 1.0 million jobs were eliminated. Learn how to survive and play virtual stock exchange trading with stocks and goods. Only the best wins!


http://www.stocks.en.st/


Today tradings:


http://i88.servimg.com/u/f88/11/28/19/17/most_s10.jpg
does this look like a stock thread to you?

you must have been hit with a two-by-four before making this post.. lol

and.. by the way, your "only the best wins" are elite but elitely dog shit to make money of them..
  • #10,036
  • Nov 1, 2009 4:39am Nov 1, 2009 4:39am
Quoting highroller
yep, sure is for MT4
Yea agreed looks very good, will certainly help me focus more.
Survive and Preserve
  • #10,037
  • Nov 1, 2009 4:42am Nov 1, 2009 4:42am
Quoting wienerstrach
World is in financial crise, most of countries are in recession. For 2009, an estimated 9.6 million U.S. jobs were eliminated. In Russia only in december 2008 1.0 million jobs were eliminated. Learn how to survive and play virtual stock exchange trading with stocks and goods. Only the best wins!


http://www.stocks.en.st/


Today tradings:


http://i88.servimg.com/u/f88/11/28/19/17/most_s10.jpg

Very very nice I am sure, but are aren`t playing "virtual" here we are ripping the throats out of the most powerful trading houses in the world Someone should delete your post.

And in case anyone thinks I am joking what do you think are doing when you walk a way with pips,day after day. This is les than a zero sum game, when you take trading comissions, exchange fees and spreads etc into account, when you win someone else loses.
Survive and Preserve
  • #10,038
  • Nov 1, 2009 4:48am Nov 1, 2009 4:48am
Quoting Fxfighter
Hi Paul L.You did good job nice entery in on the top to short.On Friday and Thursday u did similiar entry,which were quiet risky but they are very powerful if price go to you way.How was you MM in this trades(how was you load?not No,just if was like usuall or lighter?).
Fxachillies surfed on that wave to the her end. He just did like really pro surfer.I always looked on your charts and it seem to me your style little be change to more aggressive trader(your entries,exits) and I like it.I wish to you and all rock familie good trades next week.

Hi I always play the same size wht ever the trade, but I keep leverage well udner control. This is a lesson I learnt from another lfe which cost me dear and big time, I learnt my lesson. Yea agreed sometime these trades are agressive and sometimes i get caught and pay some - pips, but if you think about the fact that the majority are nearly always wrong we have to thin out of the box, this is what Feb and FX have always said, so if I see a small 1,2,3, or reverse FCR coming up, I will take it come what may, probabaly more confident on it the closer we are to an "open" as we know the boys like to turn things the other way on the open just to make sure they get pad that day.

Yea FX rode that one to bottom, and yes ur r right my exit is very simple wait for a true FCR to form and then if it breaks I am out. pips above the break and I am in the trade going in the opposite direction.

One last thing rember a week or so back I jumped too early and took what I thought was a small FCR reversal and got it wrong there I paid my money to Mr Market, so in esssence we have to be careful we don`t snathc at trades or jump too early.

Hope this helps
Survive and Preserve
  • #10,039
  • Nov 1, 2009 9:01am Nov 1, 2009 9:01am
Quoting mac1956
Thanks Porkpie. I've just read it and it is right on the money - the man is totally correct.
Great thread .... here's another useful pdf about trading psychology.....
Attached File(s)
File Type: pdf EmotionFreeTradingBook.pdf   484 KB | 833 downloads
  • #10,040
  • Nov 1, 2009 1:04pm Nov 1, 2009 1:04pm
Hey paul

how do you choose when to stop and reverse, as you did for your trade 4, and you chose not to when closing trade 5.

If we are taking every opportunity as in your post #10038

"so if I see a small 1,2,3, or reverse FCR coming up, I will take it come what may"

every trade should be closed with a stop and reverse should'nt it? because we are getting a reverse signal.

thanks
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