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We all need pivots to win..yes or not? 13 replies

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The System II (Yes with irony)

  • #11,021
  • Edited 12:33pm Nov 17, 2009 12:22pm | Edited 12:33pm
Although my stop-loss hit but as Feb said and I believe in it that loss is part of this business. I am not worried about it... The only thing I am concerned that did I follow the setup properly or not?

So here is my chart, Did I selected the proper swing ( more than 30 pips) higher lows and then pull back almost 50% and then making higher highs and break of swing high....and did I put the stop loss properly? I set it below the pull back and my order long was 2 pips above the swing high....

are all these parameters were correct to take long trade?
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  • #11,022
  • Nov 17, 2009 1:18pm Nov 17, 2009 1:18pm
Quoting 786 trading
Although my stop-loss hit but as Feb said and I believe in it that loss is part of this business. I am not worried about it... The only thing I am concerned that did I follow the setup properly or not?

So here is my chart, Did I selected the proper swing ( more than 30 pips) higher lows and then pull back almost 50% and then making higher highs and break of swing high....and did I put the stop loss properly? I set it below the pull back and my order long was 2 pips above the swing high....

are all these parameters were correct to take long...
786, couple of things - you're trading on a 15m chart and GBP/USD. I won't tell you that you can't trade this approach on that pairtimeframe as it may (or may not) work. What I will say though is that the characteristics of that pair would require a completely different risk profile to what is being discussed in this thread (ie EUR/USD on 5 min charts). Hope this helps.
Leonardo Follower
  • #11,023
  • Nov 17, 2009 1:30pm Nov 17, 2009 1:30pm
Quoting shodd
786, couple of things - you're trading on a 15m chart and GBP/USD. I won't tell you that you can't trade this approach on that pairtimeframe as it may (or may not) work. What I will say though is that the characteristics of that pair would require a completely different risk profile to what is being discussed in this thread (ie EUR/USD on 5 min charts). Hope this helps.
I agree with you, but please can you explain more that should I lower the time-frame of G/U or increase the risk around 40 pips?
  • #11,024
  • Nov 17, 2009 1:32pm Nov 17, 2009 1:32pm
Enough trading for today. Back to reading the thread. I have 680 pages left :nerd:
You wont survive without preserving!!!
  • #11,025
  • Nov 17, 2009 1:38pm Nov 17, 2009 1:38pm
Quoting feb2865
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...




Thanks Feb....was hoping this would continue....dont post much as I'm still figuring thing out.....glad you are keeping it alive...thx again
  • #11,026
  • Nov 17, 2009 3:49pm Nov 17, 2009 3:49pm
Quoting 786 trading
I agree with you, but please can you explain more that should I lower the time-frame of G/U or increase the risk around 40 pips?
786 - Firstly lowering the timeframe to 5 mins is a must for this approach, in my opinion. Secondly, I would advise against learning this "system" on any of the Pound pairs as they have a tendancy to spike often through your SL before resuming the prevailing trend. Unless you can read the ticks well and be very nimble, the safer option is to trade the EUR/USD with the rest of the crew around here. The Euro will present enough trading opportunities daily to make some money.
Leonardo Follower
  • #11,027
  • Nov 17, 2009 4:51pm Nov 17, 2009 4:51pm
First trade of the day, enter short at 4863, be out if it retraces much above 4866

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testing the market
  • #11,028
  • Nov 17, 2009 5:21pm Nov 17, 2009 5:21pm
[quote=John888;3240220]First trade of the day, enter short at 4863, be out if it retraces much above 4866

out for -10, ready for next trade
testing the market
  • #11,029
  • Nov 17, 2009 5:22pm Nov 17, 2009 5:22pm
John - I would advise against taking setups this early in the Asian session. I would recommend backtesting this if you don't believe me
Leonardo Follower
  • #11,030
  • Nov 17, 2009 8:24pm Nov 17, 2009 8:24pm
Missed a few trades when comms failed, waiting for next setup again.


Quoting shodd
John - I would advise against taking setups this early in the Asian session. I would recommend backtesting this if you don't believe me
Shodd, I trade the setups I see according to the plan, unless a news announcement is coming, or the market is clearly choppy. What aspects of this timeframe don't you like?
testing the market
  • #11,031
  • Nov 17, 2009 8:35pm Nov 17, 2009 8:35pm
John - there simply aren't enough market participants active at this time to provide the necessary volatility. At least that's what I have found anyway. You can do OK trading this approach with AUS/USD, but that's for another thread...
Leonardo Follower
  • #11,032
  • Nov 17, 2009 8:38pm Nov 17, 2009 8:38pm
Further to the above...... yes it's certainly feasible to trade EUR/USD during the asian session, but I would wait for a qualifying swing to occur after Tokyo opens. This strategy will help preserve your capital
Leonardo Follower
  • #11,033
  • Nov 17, 2009 9:35pm Nov 17, 2009 9:35pm
Shodd,
What do you know about AUDUSD trading this?

I have been trying to do this for the last 3 weeks due to my time sechdule, do you trade AUDUSD on the 5 m in during asia? Please come join in my the system2(aud) thread, would be good to get your insight.

What I have found is AUD runners are REALLY small runners, and they step quite a bit but would love to hear from you.

Enox

Quoting shodd
John - there simply aren't enough market participants active at this time to provide the necessary volatility. At least that's what I have found anyway. You can do OK trading this approach with AUS/USD, but that's for another thread...
Survive and Preserve
  • #11,034
  • Nov 17, 2009 9:42pm Nov 17, 2009 9:42pm
Quoting shodd
Further to the above...... yes it's certainly feasible to trade EUR/USD during the asian session, but I would wait for a qualifying swing to occur after Tokyo opens. This strategy will help preserve your capital
What other times are no-go?
testing the market
  • #11,035
  • Nov 17, 2009 10:11pm Nov 17, 2009 10:11pm
en0x - I have been trading the AUD using this methodology (but not for that long). I wasn't aware that there was a thread for this pair, but now that I know I'll pop on over and contribute to the discussion

John - Outside of the transition from US session to Asian session there is no other time that I do not trade this method. I will look for opportunities from (currently because of DST) 11am AEDT to 11pm AEDT. The only other time to be cautious in my opinion is around lunchtime of each session, as the market will reverse a little more often than not. I would recommend downloading a timezone app for your computer and putting NY, Frankfurt and Tokyo time on it.
Leonardo Follower
  • #11,036
  • Nov 18, 2009 12:15am Nov 18, 2009 12:15am
Morning guys. good luck today
  • #11,037
  • Nov 18, 2009 1:08am Nov 18, 2009 1:08am
Morning all,

A bit of help needed here. Could someone explain the #1 strategy and how it's applied? The lack of a proper tool to manage runners is becoming a real issue for me as I find I'm regularly cutting runners short for limited pips only to see the price continue in my favour and I'm left waving more pips goodbye.

Thanks.
  • #11,038
  • Nov 18, 2009 1:25am Nov 18, 2009 1:25am
Good morning everyone! Just opened my platform. Narrow range we ve had in Asian session. I drew some lines and wait to see what happens.
You wont survive without preserving!!!
  • #11,039
  • Nov 18, 2009 1:29am Nov 18, 2009 1:29am
Quoting ready
Morning all,

A bit of help needed here. Could someone explain the #1 strategy and how it's applied? The lack of a proper tool to manage runners is becoming a real issue for me as I find I'm regularly cutting runners short for limited pips only to see the price continue in my favour and I'm left waving more pips goodbye.

Thanks.
hey its accually pretty easy you just have to check out th beginning of this thread to get it.. basically just trail your profits or..... move your sl up or down from to the sup/res level below or above your trade, this will allow you to have room for small flucuations staying with the mini move....if this doesn't make sense then just check out the beginning few pages, its all in there. The hardest part about this way of trading is that is easy, you mite find yourself trying to add things to it, but it is the purest way to trade and the closest you will get to the market action.

I hope i got that right..
  • #11,040
  • Nov 18, 2009 1:32am Nov 18, 2009 1:32am
Quoting bigluke45
hey its accually pretty easy you just have to check out th beginning of this thread to get it.. basically just trail your profits or..... move your sl up or down from to the sup/res level below or above your trade, this will allow you to have room for small flucuations staying with the mini move....if this doesn't make sense then just check out the beginning few pages, its all in there. The hardest part about this way of trading is that is easy, you mite find yourself trying to add things to it, but it is the purest way to trade and the closest...
Thanks bigluke.
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