The System II (Yes with irony)

I will try one more shot for today for long at 1.4898.

yah,my long order is waiting @4897 already,if not short from 4838

Same

yah,lets go! up up!

long at 4898. Practicing expectancy now

moving to brakeeven here. Sam are you still in?

Got to go so stop at 1.49 tp @1.4945 lets see

i was out for 8 pips by the first pinbar on my chart,PA is crazy,i don't know what is next,how about you?

still in with stop at BE and mouse on "panic"

are you still in guys,i see lots of huge pinbars on my chart,not sure it will rise further

Hi Dim,

Normally 2 pip spread for E/U except around major news events, but thats OK, we try & avoid those times anyway. They have a bad habit of requoting price, but you can place pending stop orders to get round that.
Hope that helps

Cheers

HR

Stopped out at brakeeven!

Feb, FX, everyone guys?
Was I playing the #1 correctly here? The peak was at +18 pips. Would you reverse on a FCR break (I didnt)?

Same query for me

Hi Corona,

You did well to get in and out at BE. It was pretty choppy this afternoon and the news session was a warzone - not for the feinthearted. You nearly played #1 in my opinion. You could have taken +7 on the trade and claimed a perfect #1 play. The price posted a HH, faked back and then attempted a move towrds the HH again falling short of it. At that point you could have bailed with your pride intact in my opinion. But give yourself a pat on the back for a job pretty well done there my friend.

Thanks mac!

I highly appreciate! This was a great explanation!

hey people,

long @4923 or short at 4888?

I am done for today. Bact to reading the thread. Three trades -12, -5 and brakeeven. Missed that runner early in the morning. See you guys tommorow.

ok its going nowhere,goog night all!

Pleasure. The point about #1, and Fx will correct me if I am off the mark here, is that once a trade has delivered between 10 and 20 pips of profit, the pullback is more often than not going to be a semi-fakeout - i.e. it will most times retrace against you for a while and then move back again towards the HH or LOW LOW one more time - now that is the key. (bear in mind too that sometimes it comes straight back at you and kicks you in the breakevens - very painful). If it attacks the LL or HH with some momentum BAM, we have the next profits - who knows how much. But on the other hand if it limps up to the HH or LL one more time with a crutch and a broken leg, even squeezes past it hovers and wobbles and 'acts funny' as Fx puts it and then comes back again, it's time to bank for maximum profit ready to re-enter the other way or consider a continuation if the conditions make it favorable. That is where judgement comes in, no prediciton, no falling in love with the image of the runner going on forever and the yacht in the Bahamas it would deliver, no freaking out early as +20 turns into +10....No shame in taking the maximum profit once this has happened.

Just before the London opening today there was a wonderful runner and a semi-fakeout - and I banked for +34. My friend Jplo stayed with it through the second fakeout and banked for +57. So this is experience, feel, expertise, (and stubborn Spanish resolve - they kill bears as well as bulls you know) and guts at work. He sensed more, from the sheer weight of screen time he has completed compared to the likes of me - and hey presto he landed 23 pips more FROM THE SAME TRADE even though it never went past the original LL....simply because he executed a better #1 exit strategy. We both had legitimate #1 exits....his was more daring and more profitable. Hope this makes sense. It took me a long time to get hold of the #1 exit strategy and it'll take me many more hours to say I have it perfected, so I hope this helps you get there as quickly as possible. You can see it makes a huge difference to profits.

Hello
i was reading as much as i can and now i am at demo work.today took few trades and if someone have weary litle time to comment this it would veary helpful to me.

Lots of green pips to you all!!