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The System II (Yes with irony)

  • #10,521
  • Nov 9, 2009 8:36am Nov 9, 2009 8:36am
Quoting fxachilies
it be a 123S or D depending on the retrace here.. it looks like a D though..
Thanks FX, appreciate the time
  • #10,522
  • Nov 9, 2009 10:26am Nov 9, 2009 10:26am
Chop Monster
  • #10,523
  • Nov 9, 2009 1:30pm Nov 9, 2009 1:30pm
I am directing this question at Feb2865, the man with the vast experience.
Today has been a disastrous chopp monster day.
Is there any way that you can recognize what is happening?
When should you stop trading? Any clues would be appreciated.
Trading in this environment will part you from your dollars in the wallet in a hurry.
Hope your health is excellent and look forward to your comments if you have the time
regards
emtee
  • #10,524
  • Nov 9, 2009 1:39pm Nov 9, 2009 1:39pm
My trades for the day.

I recovered from my Monday morning nonsense and finished +28.


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$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,525
  • Nov 9, 2009 2:46pm Nov 9, 2009 2:46pm
Quoting mac1956
My trades for the day.

I recovered from my Monday morning nonsense and finished +28.


Attachment
Nice play Mr Macdaddy !
Survive and Preserve
  • #10,526
  • Nov 9, 2009 2:49pm Nov 9, 2009 2:49pm
Quoting emtee
I am directing this question at Feb2865, the man with the vast experience.
Today has been a disastrous chopp monster day.
Is there any way that you can recognize what is happening?
When should you stop trading? Any clues would be appreciated.
Trading in this environment will part you from your dollars in the wallet in a hurry.
Hope your health is excellent and look forward to your comments if you have the time
regards
emtee
It's all based on expectancy.

Ask yourself this questions before putting up a trade.

1)How much I am going to risk on that trade?(comfort level)
2)How many trades I am going to make.?This is just due a market reversal.
3)How much time I am leaving this trade open in order to mature.?
4)where is the point for me to bail out (not to be confused with a hard stop-loss)
5)What is going to be my R/R for this particular trade? 1: 1 or 2:1?

as a side note:

Limit your risk in $$$ not in pips.
Adjust your load accordingly with your stop distance.

You're playing your game. You call the shots. In a day like this. if you're in a trade already and the time of closing is near, you know that the spread is gonna increase...what would you do?? will you leave the trade for the asia session or will you bail out?
If you're sitting on your hands...will you check the Asia session to see if is worth it?? do you have the time???

Will you trade overnight?

Choppy markets are synonymous of lack of volume, especially in forex. As for why, well many reasons. How to spot that early, it's another story which is away from the context of this thread. But still, you don't need to know in order to make it in this business.

Doesn't matter what the market is or do etc. Is what you do in order to stay afloat.

I don't know if you're a guy or a girl, but normally women wants to make things to men "difficult"...you know...she will say "no" but she will be smiling looking at the floor.....at the other hand, there's some that just say no because they don't want anything with you.

The market behaves similar......sometimes it say "no" but....you know there's something in there.... or the market is acting up and simply don't wanna give ya money. The question is....... what would you do??.

it's 3:40 PM EST..... yes the day has been choppy but.......don't you think this market could go short...big time????


what would you do??.

hey, you can opt to do nothing and that's ok......but...is that what you want?? Your MM allows you for another trade or...your risk limit has been reached already?

Hope it helps...
Peace
  • #10,527
  • Nov 9, 2009 2:59pm Nov 9, 2009 2:59pm
Hi

Here are my trades form earlier today.

-2 on the day.
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Survive and Preserve
  • #10,528
  • Nov 9, 2009 3:09pm Nov 9, 2009 3:09pm
Quoting feb2865
It's all based on expectancy.

Ask yourself this questions before putting up a trade.

1)How much I am going to risk on that trade?(comfort level)
2)How many trades I am going to make.?This is just due a market reversal.
3)How much time I am leaving this trade open in order to mature.?
4)where is the point for me to bail out (not to be confused with a hard stop-loss)
5)What is going to be my R/R for this particular trade? 1: 1 or 2:1?

as a side note:

Limit your risk in $$$ not in pips.
[u][b]Adjust your load accordingly with...
Hi Feb,

Can I make an observation - of course very simple after the event but take a look at today`s activity, agreed concerning the NY session there has been some sidewayas action, but don`t you think that once price tries for that breakout at the high then fails, we then drop into a trading range and peoples queue to the next trade should be a close outside the BB ? See my red trading range indicated.

Likewise, again depends on your time zone, but today has actually been very good from the Aussie and London session, just maybe that the swings were not so wide as to get people immediately into profit, therefore people had a lot of BE or small stop outs, rather than being able to manage a play #1 trade.

Yes regarding the short - doesn`t it look like price is simply rolling over and getting ready to drop out of the range ? LH`s and LL` s building.

Thanks for your update and I hope this helps people..
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Survive and Preserve
  • #10,529
  • Nov 9, 2009 3:29pm Nov 9, 2009 3:29pm
Quoting PaulLangham
Hi Feb,

Can I make an observation - of course very simple after the event but take a look at today`s activity, agreed concerning the NY session there has been some sidewayas action, but don`t you think that once price tries for that breakout at the high then fails, we then drop into a trading range and peoples queue to the next trade should be a close outside the BB ? See my red trading range indicated.

Likewise, again depends on your time zone, but today has actually been very good from the Aussie and London session, just maybe that the swings...
a fakeout is always like a ball of shit. Sooner or later, someone has to put the gloves ON and pick it up. Today in particular the market hover around 1.50-1.5020 area - the logic dictates that many Small guns and some P.I's were trying to break that level for the next logic stop which should be 1.55. In my opinion, the big guns are not in agreement with that 1.50 number - it's too high for their taste....normally a big push down like the one we had this morning will send the market down but there was no interest whatsoever. Nobody was bidding heavy.

The big guns are aware of that surge. They will take the other side of the trade hitting stops, making money from all the "long" lost souls. Then the market was "suppose" to go short in anger...but it didn't happen.

Maybe...you know...someone in Asia seize the opportunity. As for now, the market is up for grabs.

The overnight session was good because the big guns were clearing a lotta euro's from the DAX, which went to the ground short and logically, took the E/U to the roof. . This Monday was unusual in my opinion. ah man!! I was sleeping....you should call me we could made more LOL!!!!
Peace
  • #10,530
  • Nov 9, 2009 3:33pm Nov 9, 2009 3:33pm
thank you Feb2865 for your words of wisdom.
No I don't wear a dress and I am male.
I only trade for 5 hours from the start of the NY session.
Why?
It is a stressful business and I feel it is not healthy for me to trade any longer as I also have health issues. So I have to live with what the market gives me during those 5 hours. I must admit, I would prefer to trade the London session as there it appears to have more certainity during most days.

You quoted that """" Choppy markets are synonymous of lack of volume, especially in forex. As for why, well many reasons. How to spot that early, it's another story which is away from the context of this thread. But still, you don't need to know in order to make it in this business. """"

I realize that it is away from the context of this thread , but if you cannot touch on it briefly, then maybe you can direct me to where I can read up on it.

Thanks again
emtee
  • #10,531
  • Nov 9, 2009 3:34pm Nov 9, 2009 3:34pm
Quoting feb2865
a fakeout is always like a ball of shit. Sooner or later, someone has to put the gloves ON and pick it up. Today in particular the market hover around 1.50-1.5020 area - the logic dictates that many Small guns and some P.I's were trying to break that level for the next logic stop which should be 1.55. In my opinion, the big guns are not in agreement with that 1.50 number - it's too high for their taste....normally a big push down like the one we had this morning will send the market down but there was no interest whatsoever. Nobody was bidding heavy....
My bad

I wasn't the DAX...I don't have any idea but I know they were dumping euro's.......mmm that's interesting...I'll find out....I know how to squeeze them out.....that gives me an idea for the rest of the week...
Peace
  • #10,532
  • Nov 9, 2009 3:35pm Nov 9, 2009 3:35pm
Quoting feb2865
My bad

I wasn't the DAX...I don't have any idea but I know they were dumping euro's.......mmm that's interesting...I'll find out....I know how to squeeze them out.....that gives me an idea for the rest of the week...


Peace
  • #10,533
  • Nov 9, 2009 4:01pm Nov 9, 2009 4:01pm
Quoting emtee
thank you Feb2865 for your words of wisdom.
No I don't wear a dress and I am male.
I only trade for 5 hours from the start of the NY session.
Why?
It is a stressful business and I feel it is not healthy for me to trade any longer as I also have health issues. So I have to live with what the market gives me during those 5 hours. I must admit, I would prefer to trade the London session as there it appears to have more certainity during most days.

You quoted that """"...
I have to be brutally blunt.

There's nowhere that I can point you out. The information books etc, other than Jesse Livermore and Nicolas Darvas, is simply : biased. The internet is 100% biased. crappolandia in my opinion. If I knew something worth it, I will send you without hesitation.

Markets have certain inter-dependency which is beyond the scope of anyone's view. This is where trading becomes art literally.

Guys, I sincerely wish I can put something together on this and some other subjects. If you bear with me, I have 2 open classrooms already. But I will anounce something as soon as possible.
Peace
  • #10,534
  • Nov 9, 2009 4:01pm Nov 9, 2009 4:01pm
Quoting feb2865

feb my friend don't stress yourself too much.. I know who moved the market.. it was Jaco and macdaddy.. lol
  • #10,535
  • Nov 9, 2009 4:04pm Nov 9, 2009 4:04pm
Quoting mac1956
My trades for the day.

I recovered from my Monday morning nonsense and finished +28.


Attachment
very impressive!
it's a huge gap tony, a huge gap.
  • #10,536
  • Edited 4:44pm Nov 9, 2009 4:24pm | Edited 4:44pm
I put my 2cent about chopp monster if I may.. feb my brother u may correct me anytime..
the only way to spot the chopp monster is when its actually really revealed.. lol.. which we usually have paid the price for it atleast with couple of fakeouts or more.. (make out with the fakeout)
i think to me is not so much important as to how to spot it early but to rather how to survive it with less damage by applying the correct expectancy defensive plays..

I know that if i apply the very same expectancy when i got the market by the balls, thats when market goes on a run.. what i'll make will top all my chopp monster losses and other loss by head and shoulder..
this is how i will counter fit the chopp monster instead of trying to battle the beast and making sense out of it.
the way i see it you got two options.. you either waist all your life to try to figure this shit out or your just simply deal with it..
i choose the second option... feb touched on this earlier.. its like women.. if you try to figure them out you will go nuts.. your better off to just deal with them.. lol.

anyways this is just my humble thoughts as of how i have build my trading arsenal to battle this issue..
  • #10,537
  • Nov 9, 2009 4:30pm Nov 9, 2009 4:30pm
Quoting fxachilies
I put my 2cent about chopp monster if I may.. feb my brother u may correct me anytime..
the only way to spot the chopp monster is when its actually really revealed.. lol.. which we usually have paid the price for it atleast with couple of fakeouts or more.. (make out with the fakeout)
i think to me is not so much important as to how to spot it early but to rather how to survive it with less damage by applying the correct expectancy defensive plays..

..

Exactly this is what I was saying earlier in my post, if it breaks to higher ground and doesn`t make it - you pay some education fees to the market and you then wait for it to break the BB
Survive and Preserve
  • #10,538
  • Nov 9, 2009 5:27pm Nov 9, 2009 5:27pm
Quoting PaulLangham
Exactly this is what I was saying earlier in my post, if it breaks to higher ground and doesn`t make it - you pay some education fees to the market and you then wait for it to break the BB
oh I definitely I agree with you guys. I was trying to tell him that the chop monster in the bigger scheme of things is totally irrelevant - is your action what matters - will you carry the monster in your shoulder or simply will leave the mess behind???

The market can do whatever, is your game plan what matters. If you plan ahead, the chop monster should be in your list.

remember if the market does xx then I'll do xx....

If somebody ask me what to do on a chop monster situation, obviously you need to asses( oh I like this word for some reason) the situation and address the problem accordingly..
Peace
  • #10,539
  • Nov 9, 2009 6:21pm Nov 9, 2009 6:21pm
Quoting feb2865

The overnight session was good because the big guns were clearing a lotta euro's from the DAX, which went to the ground short and logically, took the E/U to the roof. . This Monday was unusual in my opinion. ah man!! I was sleeping....you should call me we could made more LOL!!!!
Feb,

Is there any correlation between SP 500, DJ and euro?
If it is big day on New York exchange would it take money from forex?
  • #10,540
  • Nov 9, 2009 7:11pm Nov 9, 2009 7:11pm
Quoting tghfbt8
Feb,

Is there any correlation between SP 500, DJ and euro?
If it is big day on New York exchange would it take money from forex?
S&P is the big daddy of all.....the rest just follow...

New York Exchange is just for stocks - S&P as an index only can be traded in CME...
Peace
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