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The System II (Yes with irony)

  • #10,981
  • Edited 8:03am Nov 17, 2009 7:52am | Edited 8:03am
Quoting coronajazz
I was not aware of this, I am sorry. But may I ask why is that so? I thougth it was about the methodology (the system 2)?

In the thread you'll find a number of instances where this explained. One pair-one time frame. EURUSD is the preferred pairing - it has a lot going for it, good movement and it is a great practice ground for this philosophy.
Posting charts from other pairs leaves everyone with a bit of a messy thread to contend with. By focussing on teh one pair (unless Feb gives permission otherwise to specific people) everyone gets to learn and apply lessons to the same charts. YOu make everything a whole lot easier.

Read the thread through thoroughly and you'll start to understand everything much better. It looks like a life's work - but it isn't - although trading probably is!!!

Get up to speed and then share your experiences. And as for it being a System - it isn't - that's why it's said with irony. It shows how generous spirited you are to share the USDJPY heads up though, so thanks for that.

Good luck friend. Enjoy the read - it's better than Dallas!!!!
$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,982
  • Nov 17, 2009 7:59am Nov 17, 2009 7:59am
Quoting coronajazz
I am short 1.4917. Lets see what this brings us to!
This was a great entry point, Corona, welcome to this thread. Please, feel free to ask if you need some help. In the meantime, how did you manage this deal?
  • #10,983
  • Nov 17, 2009 8:04am Nov 17, 2009 8:04am
Quoting mac1956
In the thread you'll find a number of instances where this explained. One pair-one time frame. EURUSD is the preferred pairing - it has a lot going for it, good movement and it is a great practice ground for this philosophy.
Posting charts from other pairs leaves everyone with a bit of a messy thread to contend with. By focussing on teh one pair (unless Feb gives permission otherwise to specific people) everyone gets to learn and apply lessons to the same charts. YOu make everything a whole lot easier.

Read the thread through thoroughly and you'll...
I pretty much let that pair preference option open.

I prefer EUR/USD for the following reasons.

1) Liquidity - Believe it or not is better to keep your spot broker happy!! if you trade EUR/USD consistently, would be easy for your broker to clear your transactions by the end of the day. Those who trade currency futures. EUR/USD can easily holds 100 contracts in one shot(on high traffic hours of course). Very liquid.

2) EUR/USD has predictable ranges. Normally you won't see huge spikes. In my opinion is easier to trade that way. Placing your stops/targets are definitely easier.That also provides room for be more creative.

3) Cost of trading - if you trade with Oanda is normally 1 pip. Very close to what we have in currency futures.

4)momentum - something I've been teaching lately - I found out that momentum in EUR/USD is also predictable to a certain degree. It's easy to spot sudden burst in price and either jump in the bus or don't get caught with your pants down( just for people to see that you're not wearing undies).
Peace
  • #10,984
  • Nov 17, 2009 8:04am Nov 17, 2009 8:04am
Quoting feb2865
Hey Sam! welcome to the family!!

I love your signature!!!!

smjones is a dear friend...
hi feb,
thank you again for your great work to help others,it must be hard work for a long time to have such a trading skills,its a honour for me to learn from you!,thanks and many pips to you!
Money is made by sitting, not trading. Jesse L. Livermore
  • #10,985
  • Nov 17, 2009 8:07am Nov 17, 2009 8:07am
Quoting coronajazz
USDJPY looks nice for a long!
Nice charts corona!!!

Excellent assessment!!!
Peace
  • #10,986
  • Nov 17, 2009 8:09am Nov 17, 2009 8:09am
Quoting en0x
Hi Sam,

Welcome and well done, its pretty powerful stuff. Have you read the thread yet and reached FXachillies teachings to Feb's system2 ideology?

Pretty powerful stuff, I would implore you to find it and learn it, then practice it, because not ever day is like today and you will be pulling your hair out soon.

Also no need to demo, get some real cash in there even if you trade light, just at least you have something to lose.
thank you for your suggestions,i will follow it,where can i find this system2/thread? and btw. i like your humour (post #2)
Money is made by sitting, not trading. Jesse L. Livermore
  • #10,987
  • Nov 17, 2009 8:12am Nov 17, 2009 8:12am
I prefer EUR/USD for the following reasons.

1) Liquidity - Believe it or not is better to keep your spot broker happy!! if you trade EUR/USD consistently, would be easy for your broker to clear your transactions by the end of the day. Those who trade currency futures. EUR/USD can easily holds 100 contracts in one shot(on high traffic hours of course). Very liquid.

2) EUR/USD has predictable ranges. Normally you won't see huge spikes. In my opinion is easier to trade that way. Placing your stops/targets are definitely easier.That also provides room for be more creative.

3) Cost of trading - if you trade with Oanda is normally 1 pip. Very close to what we have in currency futures.

4)momentum - something I've been teaching lately - I found out that momentum in EUR/USD is also predictable to a certain degree. It's easy to spot sudden burst in price and either jump in the bus or don't get caught with your pants down( just for people to see that you're not wearing undies).[/quote]

Hi Feb,

With your every post comes a wealth of information that is experienced based. Thank you for sharing so willingly. In point 4 above, you said that momentum in EUR/USD is predictable to a certain degree. How do you determine this and what exactly are you looking for to anticipate or predict momentum. Thank you.

fxpilot
  • #10,988
  • Nov 17, 2009 8:20am Nov 17, 2009 8:20am
Quoting sam69
hi feb,
thank you again for your great work to help others,it must be hard work for a long time to have such a trading skills,its a honour for me to learn from you!,thanks and many pips to you!
no problem!! the pleasure is mine.

Listenguys, I want you all to feel like home here. Sometimes I am lil' tight but still I take time to check this thread and reply any questions. Still, is wise to read the thread and take notes in case you get stuck somewhere. I know it's a bit long but is a pleasant and sometimes funny reading. There's also plenty of experience guys here that are in the same attitude as me: to help your fellow trader.

Be awared that sometimes you'll be confronted with your own charts. Although we do it with respect, it is part of the learning process. We don't spoon feed people. Trading is hard and cold. You have another disadvantage that is called loneliness. It's only you and the screen (boring) but is nice to have a place like this where you have not only friends but a place to lean on in case you fall ('cause you will).


One more thing: I will enforce heavily any lack of respect to anybody I don't care who your are. If you have any troll upon your ass, leave it to me....I assure you I'll take care of it.....

Now back to my trading board.

Love, and good Karma to ALL of you....
Peace
  • #10,989
  • Nov 17, 2009 8:22am Nov 17, 2009 8:22am
Hi guys,
I am learning that concept reading the thread from start. Still did not finish it .. in the mean while I want to know that I am on right track:
See the charts, are that valid marks for swing start and swing high?
I am waiting to long on break of these highs.
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  • #10,990
  • Nov 17, 2009 8:23am Nov 17, 2009 8:23am
Quoting fxpilot
I prefer EUR/USD for the following reasons.

1) Liquidity - Believe it or not is better to keep your spot broker happy!! if you trade EUR/USD consistently, would be easy for your broker to clear your transactions by the end of the day. Those who trade currency futures. EUR/USD can easily holds 100 contracts in one shot(on high traffic hours of course). Very liquid.

2) EUR/USD has predictable ranges. Normally you won't see huge spikes. In my opinion is easier to trade that way. Placing your stops/targets are definitely easier.That also provides...
Hi Feb,

With your every post comes a wealth of information that is experienced based. Thank you for sharing so willingly. In point 4 above, you said that momentum in EUR/USD is predictable to a certain degree. How do you determine this and what exactly are you looking for to anticipate or predict momentum. Thank you.

fxpilot[/quote]

In my case, well....looking at how price moves. I barely use charts for trading. In case of the spot, simply observe how candles/bars are formed. Check the speed as they form. It takes time but you'll get familiarized with that rhythm.
Peace
  • #10,991
  • Nov 17, 2009 8:25am Nov 17, 2009 8:25am
Quoting 786 trading
Hi guys,
I am learning that concept reading the thread from start. Still did not finish it .. in the mean while I want to know that I am on right track:
See the charts, are that valid marks for swing start and swing high?
I am waiting to long on break of these highs.
A simple answer....

But....

I want to hear your reasoning behind those trades (to be).....

Why you want to go long???
Peace
  • #10,992
  • Nov 17, 2009 8:29am Nov 17, 2009 8:29am
Quoting feb2865
I pretty much let that pair preference option open.

I prefer EUR/USD for the following reasons.

1) Liquidity - Believe it or not is better to keep your spot broker happy!! if you trade EUR/USD consistently, would be easy for your broker to clear your transactions by the end of the day. Those who trade currency futures. EUR/USD can easily holds 100 contracts in one shot(on high traffic hours of course). Very liquid.

2) EUR/USD has predictable ranges. Normally you won't see huge spikes. In my opinion is easier to trade that way. Placing your...

Ah long live change my friend - I embrace it and look to learn from it.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,993
  • Nov 17, 2009 8:32am Nov 17, 2009 8:32am
Quoting feb2865
A simple answer....

But....

I want to hear your reasoning behind those trades (to be).....

Why you want to go long???
To be honest, not sure why want to go, although chart is going down which shows trend is down but now the current swing is making higher highs and higher lows and may be the up trend has started so will wait the market to decide and if it breaks the swing high means there is possiblilty that up trend has started .
  • #10,994
  • Nov 17, 2009 8:37am Nov 17, 2009 8:37am
Quoting 786 trading
Hi guys,
I am learning that concept reading the thread from start. Still did not finish it .. in the mean while I want to know that I am on right track:
See the charts, are that valid marks for swing start and swing high?
I am waiting to long on break of these highs.
hi 786,

i would say the main trend is down,i would short it on your 'swing start' point but i'm also new to this thread and to forex,its just my opinion,please dont follow it directly
Money is made by sitting, not trading. Jesse L. Livermore
  • #10,995
  • Nov 17, 2009 8:44am Nov 17, 2009 8:44am
Hi all!
I am really sorry for my ignorance, I ve read the thread until 57th page now so I am not really up to date. However I have traded something like this in the past, among many other things (i am not thinking of it as a system too) and it is my choice of preference now I ve decided to filter out everything else and stick to only one type of trade so I can more easily evaluate my results when time comes (at the end of week, month or whatever).

I closed the EURUSD trade today with +14 pips when it started to consolidate. The USDJPY never developed as it should so I did not enter that.

As for the pairing, I understand those of you who would like to stick with the EURUSD. It is my pair of preference too. I will only have one open position at same time, preferably on EURUSD. But if I see something nice developing on GBPUSD, USDJPY or EURJPY, at the time that EURUSD is choppy I ll take that too. We are predators right? We are allowed to watch more than one prey, but when time comes to strike only go for the easiest one.

Greetings coronajazz!
You wont survive without preserving!!!
  • #10,996
  • Nov 17, 2009 8:45am Nov 17, 2009 8:45am
Just a reminder guys.

"The trend" is pretty much a macro view of the current market situation. We pretty much trade in short -confirmed changes AKA swings, which are not related to higher moves (trends...tendencies etc.) I have some post on that subject....
Peace
  • #10,997
  • Nov 17, 2009 8:46am Nov 17, 2009 8:46am
Tick report is @10:00 EST - be careful....
Peace
  • #10,998
  • Nov 17, 2009 8:55am Nov 17, 2009 8:55am
Quoting coronajazz
Hi all!
I am really sorry for my ignorance, I ve read the thread until 57th page now so I am not really up to date. However I have traded something like this in the past, among many other things (i am not thinking of it as a system too) and it is my choice of preference now I ve decided to filter out everything else and stick to only one type of trade so I can more easily evaluate my results when time comes (at the end of week, month or whatever).

I closed the EURUSD trade today with +14 pips when it started to consolidate. The USDJPY never developed...

You're a fine fellow coronajazz - and I'm sure we'll learn a lot from you participating.
$urvive, Pre$erve & RESPECT THE TEACHER
  • #10,999
  • Nov 17, 2009 9:03am Nov 17, 2009 9:03am
Quoting coronajazz
Hi all!
I am really sorry for my ignorance, I ve read the thread until 57th page now so I am not really up to date. However I have traded something like this in the past, among many other things (i am not thinking of it as a system too) and it is my choice of preference now I ve decided to filter out everything else and stick to only one type of trade so I can more easily evaluate my results when time comes (at the end of week, month or whatever).

I closed the EURUSD trade today with +14 pips when it started to consolidate. The USDJPY never developed...
Please be careful - as you choose to trade more than one pair, both, the risk and the profit will be spread out.
Peace
  • #11,000
  • Nov 17, 2009 9:09am Nov 17, 2009 9:09am
short at 4851 BB
it's a huge gap tony, a huge gap.
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