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The System II (Yes with irony)

  • #10,301
  • Edited 4:49am Nov 5, 2009 4:33am | Edited 4:49am
Quoting mac1956
- I read 14824 as a lower bracket and took a short at 14819 at 6.50 GMT went through the whole retrace and got out BE (9 am GMT). When I reviewed the chart yesterday I noticed I took a long at 744 and bailed for a -6 (re-entering at 761 and took a -7). If I'd sweated out the first trade and let it run it would have paid 100+ pips. So I thought I'd give it a try this morning and stick to my guns on this first short - the truth is though for me being in a deep retrace for that length of time isn't really very pleasant no matter how steely...
thats right macdaddy... its called the power decieve of the hindsight.. hindsight to me is the king of all lagging indicators.. lol..
remember my 10280 post yesterday.. one picture with 1000's of meaning..

now.. to everyone,
Guys.. the worst thing one can do is to fall into the trap of the hindsight and deviate himself from the plan..
the plan that i have placed for u guys in here has cost me a mass of dough.. this is not some bullshit demo backtested, understested, sidewaytested, overtested, animaltested or any other such crap.. I have forward tested this in real time live trades with bigtime money on the line.. why w/big money on the line? bcz i had to figure out how i will react and make decisions under extream pressure in the heat of the battle in different options that i tried..
so.. i have tried different options and tested each and every possible way that u can think of in the frame of our style, and finally after lots of agonies and bigtime financiall costs I managed to come up with combination that works the best..
I am confident and belive in 100% of my plan.. (just incase u did not know)
I have done the dirty work, you don't have too.. save your dough and your time.. trust me.

now the skeptics will say: why would you give out your secrets for free or, there must be somthing behind the seen (whispering).. lol.. or some other concern/negative talks along those lines.
my answere is: I dont know.. its just being me.

you want one last tip? if yes.. here it is..

Use your money & time and just execute the plan.. you live to thank me and feb.
  • #10,302
  • Nov 5, 2009 4:50am Nov 5, 2009 4:50am
Loving the plan. before this thread i had no plan and no idea and lost the plot big time. now i have a plan. ooone day will learn to stick to it like glue, hopefully soon, and i am making pips now. 200 this week already! Thankyou fx and everyone else who contributes. This thread has really turned my trading around and put me on the right path. Still got miles to go but at least it not in circles any more. Read the thread if you havnt already, its great fun aswell as educational.

Thankyou thread
  • #10,303
  • Nov 5, 2009 5:16am Nov 5, 2009 5:16am
Quoting Paul M
To me that was a semi fakeout. Bailed at +7 playing #1.
nice job PaulM..
correct read of the Position recognition after trigger time and sticking to the plan.. peeling off +7 pips out of a narrow 22 pips ride potential its a major major ass kicking..
i hope everyone can understand that..
well done PaulM..


Fourx,
G+ exit occurs when price crosses the level line not your entery.. price dose not care nor reacts to your entery line (i wish it did.. I would have been a zillionair by now.. lol).. but it does react to the level lines.. (PaulM use to do the same mistake.. but now he has made the adjustment).
G+ is not a BE exit play!!!.. with G+ you will lose money.. but its very little, 10pips top.. thats why you got to love it.. its meant to save you from bigger loss or disasters and a slight option left open to not miss a potential ride.. Make this part of your agenda..
your doing great.. from my study of your preformance on what i see in the thread you are prefect at reading correct setups and well aware of things and that is a super plus.. but i do see u jump the gun on G+ too early.. if you can get this going correctly then u be tearing this thing apart.. it reqires a bit of mental change.. (you may concur with me on this bcz u missed a runner the other day bcz of bailing out to quickly the other day)..
I know u can make the adjusment.. this is just a heads up and a humble observation from your brother..
  • #10,304
  • Nov 5, 2009 5:52am Nov 5, 2009 5:52am
Quoting fxachilies
nice job PaulM..
correct read of the Position recognition after trigger time and sticking to the plan.. peeling off +7 pips out of a narrow 22 pips ride potential its a major major ass kicking..
i hope everyone can understand that..
well done PaulM..


Fourx,
G+ exit occurs when price crosses the level line not your entery.. price dose not care nor reacts to your entery line (i wish it did.. I would have been a zillionair by now.. lol).. but it does react to the level lines.. (PaulM use to do the same mistake.. but now he has made the...

hey fx,

i played the bb with g+(i understand the level line has to be tested), as price retraced just after entry, i didnt close......... i switched to playing #1 as it run up to the double top , obviously letting it retrace to BE was wrong

your observations are correct
  • #10,305
  • Nov 5, 2009 6:03am Nov 5, 2009 6:03am
Well this is dull! still in BB from earlier.

HA HA! Not any more! why cld it not go the other way? B£$$£$d!
  • #10,306
  • Nov 5, 2009 6:37am Nov 5, 2009 6:37am
long on BB
  • #10,307
  • Nov 5, 2009 6:55am Nov 5, 2009 6:55am
Good afternoon guys....

Quite choopy day so far, let's see if we can get something from now on....

  • #10,308
  • Nov 5, 2009 6:57am Nov 5, 2009 6:57am
Quoting iak
long on BB
Iak,
same mistake from me yesterday...
Too close to news anouncement, in fact the biggest one, interest rates....

Anyway, hope it works for you this time...
  • #10,309
  • Nov 5, 2009 7:00am Nov 5, 2009 7:00am
Quoting jplo
Iak,
same mistake from me yesterday...
Too close to news anouncement, in fact the biggest one, interest rates....

Anyway, hope it works for you this time...

yeah, i feel well chopped about!! hopefully this new move will be better lol!
  • #10,310
  • Nov 5, 2009 7:10am Nov 5, 2009 7:10am
Quoting iak
yeah, i feel well chopped about!! hopefully this new move will be better lol!
The fact was that I entered 10 mins. after the news and you 10 before.....
Risky in both cases....
Apart from that, the really important one is coming in 20 min. with Trichet speech, so, make sure you protect yourself if you are still in the trade....
  • #10,311
  • Nov 5, 2009 7:15am Nov 5, 2009 7:15am
Quoting jplo
The fact was that I entered 10 mins. after the news and you 10 before.....
Risky in both cases....
Apart from that, the really important one is coming in 20 min. with Trichet speech, so, make sure you protect yourself if you are still in the trade....

Just closed that one. Price looked very weak and didnt want to sit in washing machine again. might sit on my hands for a bit now. Thanks for advice
  • #10,312
  • Nov 5, 2009 7:28am Nov 5, 2009 7:28am
Quoting FOURX
out be

Taking on board what Fx says and Paul, which is pretty spot on, I still think that it was disciplined to stick to your plan -
I am still to likely to say 'oh,let's give it a bit more..room, time, space...oh shit!" to often...
$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,313
  • Nov 5, 2009 7:32am Nov 5, 2009 7:32am
Quoting jplo
The fact was that I entered 10 mins. after the news and you 10 before.....
Risky in both cases....
Apart from that, the really important one is coming in 20 min. with Trichet speech, so, make sure you protect yourself if you are still in the trade....
guys..
getting in before the news it ok.. but be happy botton if you don't ge on a quick SF..

iak,
the problem with yours was that u traded between the news in a close time frame (45min).. Boe rate change and ecb.


today pretty much i am sitting on my hands from the 1st major news (boe rate chande) allthough way to trichet speach.. and then when dust settles and setup is there i will take action..
i did the same yesterday and made 40 pips with only a 15pips sl risk.. (had to leave it open over night but at zero risk)..
  • #10,314
  • Nov 5, 2009 7:51am Nov 5, 2009 7:51am
  •  leemo
  • | Joined Oct 2009 | Status: Frankie Howard lives on... | 42 Posts
Hi,

I have been reading the thread and now got to page 105 but it is growing faster than I can read it. I have a demo account and would like to start trading Feb's system. Has there been any changes to your decision making or any other trading considerations since earlier this year?

Thanks
  • #10,315
  • Nov 5, 2009 8:26am Nov 5, 2009 8:26am
keep reading mate !
there is no short cut to get rich lol !
all pages are interessting and important
zaba1
  • #10,316
  • Nov 5, 2009 9:13am Nov 5, 2009 9:13am
Quoting jplo
The fact was that I entered 10 mins. after the news and you 10 before.....
Risky in both cases....
Apart from that, the really important one is coming in 20 min. with Trichet speech, so, make sure you protect yourself if you are still in the trade....
Hi,

Where do you get information like described?
I use http://fidweek.econoday.com/byweek.asp?cust=mam and sometimes
http://www.forexfactory.com/calendar...=2009-11-5&c=2. On both I do not see information on Trichet speeking.

Thanks.
Posting Demo charts, mirroring some of them live.
  • #10,317
  • Nov 5, 2009 9:21am Nov 5, 2009 9:21am
Quoting leemo
Hi,

I have been reading the thread and now got to page 105 but it is growing faster than I can read it. I have a demo account and would like to start trading Feb's system. Has there been any changes to your decision making or any other trading considerations since earlier this year?

Thanks
refer to post 4734 and follow from there.. read the thread pal - some bits you'll speed through, but we've all come a long way and the terms we use have shifted somewhat. Spend a few days on it and ditch your demo account - you'll learn quicker and you can keep your load small - but learning to lose is central in order to win. With demo it never hurts.

Reading where we are now will take you ages because you won't undersatnd what we're talking about just yet.
This is a really worthwhile thread - so investing time now won't be wasted. We all had to.
Then you'll be very welcome. We only trade EURUSD on a 5 minute time frame - so no posts about any other TF or Currency pair. We're pretty focussed - bet we're welcoming to people who put in the learning and apply it.

Good luck Leemo
$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,318
  • Nov 5, 2009 9:32am Nov 5, 2009 9:32am
Quoting leemo
Hi,

I have been reading the thread and now got to page 105 but it is growing faster than I can read it. I have a demo account and would like to start trading Feb's system. Has there been any changes to your decision making or any other trading considerations since earlier this year?

Thanks


ya there has been some slight changes..
in order to find out you need to read from page 105 to 688..

welcome to the thread..
  • #10,319
  • Nov 5, 2009 9:49am Nov 5, 2009 9:49am
Time for me to make a confession. I cheat on the plan - I fudge a couple of pips here and there on my entries and I get busted everytime I do it and yet I still do it. I am now doing my AA recovery admission. I cheat on the plan and I am really pissed at myself for consistently doing it.

One of my cheats is when PA closes back inside the level line on any trade the has a reentry as part of plan, I use the old high or low instead of the newly formed high or low. Doesn't seem like much and yet it costs me plenty, both in money and in mental capital.

Oh I love my excuses and rational for doing so and can give you a ton of justifications, and what really matters though is the bottom line. Testing the market is all well and good as long as it is within the parameters of the Plan. When I enter a trade and say to myself "I am testing the market" and its not part of the plan, I find it to be a sure fire way to be out of control.

I admit this both to slap my wrist and to bring to everyone's awareness how critical it is to follow the plan. The plan works, cheating on the plan does not. Period.
I make money anywhere in the world by taking orders
  • #10,320
  • Nov 5, 2009 9:55am Nov 5, 2009 9:55am
This is a bitch today.
Makeout wid da fakeout
$urvive, Pre$erve & RESPECT THE TEACHER
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