System 2 (AUD trading) | Page 12 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

HYBRID: trading system within a trading system 31 replies

Day Trading system - Simple system to make money 51 replies

Trapping System: Way to Fully-Automated Trading System 47 replies

The AUD/USD 1.00 EUR/AUD 1.60 GBP/AUD 2.00 Thread! 0 replies

Attachments: System 2 (AUD trading)
Exit Attachments

System 2 (AUD trading)

  • #221
  • Nov 23, 2009 5:27pm Nov 23, 2009 5:27pm
Nice entry I waited till 92528 after retrace from 92507 broken by spread plus 1.
Just trade the pullback you idiot!
  • #222
  • Nov 23, 2009 5:31pm Nov 23, 2009 5:31pm
BTW en0x - backslapping fuels your ego. Ego is a naughtly little thing most of the time.....it wants to personally own all of your winners (your winners become a reflection of yourself ie "how good am I") and none of your losers (it is the market that is wrong, not me).

Practicing detachment from ego is very important if you want to do this job day in day out.
Leonardo Follower
  • #223
  • Nov 23, 2009 5:32pm Nov 23, 2009 5:32pm
Shodd,

Comments are always welcomed as long as they are not "if you add this EMA or this indicator" then why not discuss.

I guess you are taking more the pure Feb method then the altered more aggressive FX method.

FX will take the bracket breakouts and the key is limiting if it comes back into the bracket. He will never take more then a 10 pip loss on these but he has gained many more pips then lost on bracket breakouts on the reversal.

arguments both ways are valid and its up to you on how to play them, end of the day I do not argue with what FX does and trust him fully, why? because I have traded live with him many times on chat those perticular braket breakouts you mentioned in your post(opposite to the swing) and watched him manage his loss effecticly and also watched him and been on runners on the reversal myself.
However, by you saying waiting for the swing, is also valid but a slightly subdued method of what was taught.




Quoting shodd
Just wanted to talk about this for a min. I'm not saying people should scrutinise every setup, as that would be counter productive. What I am saying is use a little common sense when applying the rules. Last night was a good example. I saw lots of people trying to short a breakout of that bracket, when there had been no qualified swing low. Price had swung high into that bracket, so in my opinion the only valid entry was a long outside it.

Seems to me that the practice of qualifying a swing has been forgotten a little in the rush...
Survive and Preserve
  • #224
  • Nov 23, 2009 5:34pm Nov 23, 2009 5:34pm
The post I made after the one I said this said it is equally important to get appluaded for exiting on a loss correctly.
This therefore enforces that losses are not bad but part of the game.


But like I said , you do have valid points.
Quoting shodd
BTW en0x - backslapping fuels your ego. Ego is a naughtly little thing most of the time.....it wants to personally own all of your winners (your winners become a reflection of yourself ie "how good am I") and none of your losers (it is the market that is wrong, not me).

Practicing detachment from ego is very important if you want to do this job day in day out.
Survive and Preserve
  • #225
  • Nov 23, 2009 5:36pm Nov 23, 2009 5:36pm
NMot sure if htese are nasty candles in AUD, still cant get my eyesight right with candle lengths, in AUD they appear huge for very little, however this retracement scared me to close at break even.

Quoting Batavier
Nice entry I waited till 92528 after retrace from 92507 broken by spread plus 1.
Survive and Preserve
  • #226
  • Nov 23, 2009 5:38pm Nov 23, 2009 5:38pm
I am mad at myself already - I didn't trust my observation about waiting for the pull back from a bracket breakout at the start of the day. Still testing the observation though it seems right to me at the moment.
I make money anywhere in the world by taking orders
  • #227
  • Nov 23, 2009 5:40pm Nov 23, 2009 5:40pm
Quoting Batavier
Nice entry I waited till 92528 after retrace from 92507 broken by spread plus 1.
Put SL at swing low of AUD/USD and got taken out rats!
Just trade the pullback you idiot!
  • #228
  • Nov 23, 2009 5:44pm Nov 23, 2009 5:44pm
en0x - re candle length......it's all relative.
Leonardo Follower
  • #229
  • Nov 23, 2009 5:47pm Nov 23, 2009 5:47pm
Attached Image (click to enlarge)
Click to Enlarge Name: chart.png Size: 15 KB


I thought I'd enter beyond 9257 and 9230 levels.

Any views welcome.

cheers.
testing the market
  • #230
  • Nov 23, 2009 5:52pm Nov 23, 2009 5:52pm
I have taken 0 trades as yet. I wait for the first pullback from the first qualified swing (I use min of 16 pips on the AUD). The entry some took around the 50 mark was not ideal as price had only swung up 10-15 at the time.

Give the market a little time to show you want it wants to do.
Leonardo Follower
  • #231
  • Nov 23, 2009 5:53pm Nov 23, 2009 5:53pm
Quoting John888
Attachment

I thought I'd enter beyond 9257 and 9230 levels.

Any views welcome.

cheers.
Sound rationale John.
Leonardo Follower
  • #232
  • Nov 23, 2009 5:55pm Nov 23, 2009 5:55pm
I take you you dont follow FX teachings?

The bracket breakout is a very valid trade that I took. I played it accordingly to my plan with a very aggressive stop. Unless you completely ignoring what FX is teaching/taught then rather not say its not valid.




Quoting shodd
I have taken 0 trades as yet. I wait for the first pullback from the first qualified swing (I use min of 16 pips on the AUD). The entry some took around the 50 mark was not ideal as price had only swung up 10-15 at the time.

Give the market a little time to show you want it wants to do.
Survive and Preserve
  • #233
  • Nov 23, 2009 5:56pm Nov 23, 2009 5:56pm
Which is fine btw , you dont have to trade the FCR1 BB FCR2 stuff if you dont want to and just trade the swings.

Quoting en0x
I take you you dont follow FX teachings?

The bracket breakout is a very valid trade that I took. I played it accordingly to my plan with a very aggressive stop. Unless you completely ignoring what FX is teaching/taught then rather not say its not valid.
Survive and Preserve
  • #234
  • Nov 23, 2009 5:57pm Nov 23, 2009 5:57pm
Quoting shodd
I have taken 0 trades as yet. I wait for the first pullback from the first qualified swing (I use min of 16 pips on the AUD). The entry some took around the 50 mark was not ideal as price had only swung up 10-15 at the time.

Give the market a little time to show you want it wants to do.
Shodd, we would have a qualified swing down now from 9255 to 9234?

cheers
testing the market
  • #235
  • Nov 23, 2009 6:00pm Nov 23, 2009 6:00pm
Swing 1 so wait for pullback and break if it happens..


Quoting John888
Shodd, we would have a qualified swing down now from 9255 to 9234?

cheers
Survive and Preserve
  • #236
  • Nov 23, 2009 6:06pm Nov 23, 2009 6:06pm
Entered short at 9227.
testing the market
  • #237
  • Nov 23, 2009 6:20pm Nov 23, 2009 6:20pm
What is the next target, where should i put the stop??
  • #238
  • Nov 23, 2009 6:24pm Nov 23, 2009 6:24pm
This is not a signal service. Go read system 2 thread please. As I stated in the first post , we are not a thread for newbies, if you dont understand what FCR1, FCR2 Bracketbreakouts are then I urge you to go read system2 otherwise you will just lose money.

Please dont take offence, but this is not a signal service


Quoting taa942
What is the next target, where should i put the stop??
Survive and Preserve
  • #239
  • Nov 23, 2009 6:28pm Nov 23, 2009 6:28pm
Quoting taa942
What is the next target, where should i put the stop??
Taa942, I'm using a 16 pip stop from my entry, based on the play of watching the price, and exiting if it moves too far past my initial entry, as per System II.

Target is whatever the market will give me, a double bottom will see me out, and looking left on my chart I will be wary around previous support level of 9214-9217. Right now price is stalling above 9218.

cheers
testing the market
  • #240
  • Nov 23, 2009 6:29pm Nov 23, 2009 6:29pm
Sleepy AUD ... snooozzzee.
Survive and Preserve
0 traders viewing now