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

The System (Irony included) 1,175 replies

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The System II (Yes with irony)

  • #13,121
  • Jan 12, 2010 9:18am Jan 12, 2010 9:18am
Quoting coronajazz
This is a good call and I was thinking the same. I too think that inside this borders is very hard to choose an entry. No clear winner - as Feb once said.

What I am afraid of although, is the market playing his devil`s mind game with me again.Am I just trying to avoid losses, and not keep losing as part of my agenda, under disguise of "being carefull" in the chop monster.

I wonder what everyone else has to say about this. It is very important aspect of our trading style.
Hi corona

I feel i am guilty of trying to find excuses to not trade.

After my last trade south and a small loss should i have taken the fcr break at 1.4490 ?

My excuse was that it was in the middle of the bracket

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  • #13,122
  • Jan 12, 2010 9:32am Jan 12, 2010 9:32am
Quoting Stoffer
I feel i am guilty of trying to find excuses to not trade.
I feel the same.

Plus, in a choppy market like this, there are numbers of #2 to play. But I'm a noob so, it's more a question than an assertion...
  • #13,123
  • Jan 12, 2010 9:34am Jan 12, 2010 9:34am
I think i'm at the bit of the learning curve where the pain of missing a runner is greater than several small losses

Chris
  • #13,124
  • Jan 12, 2010 9:45am Jan 12, 2010 9:45am
Quoting elizo
Another great live example by FX. Thanks mate.

Now, to me it's obvious we are facing the first choppy monster in 2010. I will stay put unless either 4450 or 4520 are broken.

Just sharing my view. Any comments?
I am targetting 1.4550-1.4575

TipTop
  • #13,125
  • Jan 12, 2010 11:21am Jan 12, 2010 11:21am
my 15 trades for today, -90pips, learning
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  • #13,126
  • Jan 12, 2010 1:13pm Jan 12, 2010 1:13pm
i tried my best to implement trade expectancy. yesterday's trades resulted in a -63 pip-loss, just couldn't let go of losers. today it's -9, maybe my negative exits were a bit too premature, but in my book i'm improving. i think i pretty much have bb and fcr entries under control (this is as far as i got in the thread, up to page 309, so i'm just using those and brackets, which i used already), but obviously i need to work on incorporating speed and rhythm. any input will be highly appreciated.

thanks so much guys, you're doing a wonderful job. i'll try to pose as few questions as possible, and only those to which i cannot answer myself

ciao

p.s. this is euro future, not spot, so hopefully swings will be similar. time at the bottom is est +6
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  • #13,127
  • Jan 12, 2010 8:23pm Jan 12, 2010 8:23pm
Quoting bubola
i tried my best to implement trade expectancy. yesterday's trades resulted in a -63 pip-loss, just couldn't let go of losers.
Don't forget the major rule is that before trading you must choose equity amount which you allow yourself to loose Today.
After you loose that amount you must close terminal and go fishing ;(
  • #13,128
  • Jan 13, 2010 12:32am Jan 13, 2010 12:32am
Quoting tghfbt8
Don't forget the major rule is that before trading you must choose equity amount which you allow yourself to loose Today.
After you loose that amount you must close terminal and go fishing ;(
i do, tghfbt8; i allow myself 100 pip loss per day, which represents 1% of account. thank you for your reply
  • #13,129
  • Jan 13, 2010 1:08am Jan 13, 2010 1:08am
BB prior to eu open.. looks like we got a trendy market in our hands today.. if it keeps on running, I make sure i play #1 sc1 to stay with it.. IF not, THEN i make sure i spot a weakness for a reversal and enter with fcr and ride the wave the other way..
I dance the dance.. I move with the sand.. lets not forget these words.. powerful stuff.

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  • #13,130
  • Jan 13, 2010 1:18am Jan 13, 2010 1:18am
Quoting fxachilies
BB prior to eu open.. looks like we got a trendy market in our hands today.. if it keeps on running, I make sure i play #1 sc1 to stay with it.. IF not, THEN i make sure i spot a weakness for a reversal and enter with fcr and ride the wave the other way..
I dance the dance.. I move with the sand.. lets not forget these words.. powerful stuff.

http://cdn.forexfactory.com/images/attach/gif.gif
Morning all... that's the power of early wake up (not one of my virtues, though... I missed it!)

Anyway, the day will bring us full of opportunities. However, I detected overtrading in Bubola and Geduim. I will elaborate later in the morning.

Stick to the plan, guys.
  • #13,131
  • Jan 13, 2010 1:58am Jan 13, 2010 1:58am
Quoting fxachilies
BB prior to eu open.. looks like we got a trendy market in our hands today.. if it keeps on running, I make sure i play #1 sc1 to stay with it.. IF not, THEN i make sure i spot a weakness for a reversal and enter with fcr and ride the wave the other way..
I dance the dance.. I move with the sand.. lets not forget these words.. powerful stuff.

http://cdn.forexfactory.com/images/attach/gif.gif
out for -7..

the short lived up swing was only good enough to help me lose 7pips instead of full 15 pips.. the gains of 20-25 pips inside 1st hudel is just a cusion to see that up swing will develop into a runner or not..
  • #13,132
  • Jan 13, 2010 2:14am Jan 13, 2010 2:14am
Good morning to everyone....

What a strong move down..... but without any clear entry point at least for me...
waiting for the first opportunity...
  • #13,133
  • Edited 4:30am Jan 13, 2010 3:58am | Edited 4:30am
Holding my long from 4492 - painful but sticking with it
Since closed at BE.
Will re-enter on break of 4512
  • #13,134
  • Jan 13, 2010 4:17am Jan 13, 2010 4:17am
Quoting ready
Holding my long from 4492 - painful but sticking with it
Well done.

I was stopped out at BE. No worries, my work is catching runners, not just +20. I could have bailed out when double topped, but unfortunately was away from the desk.

Moving on.
  • #13,135
  • Jan 13, 2010 4:39am Jan 13, 2010 4:39am
Quoting elizo
Well done.

I was stopped out at BE. No worries, my work is catching runners, not just +20. I could have bailed out when double topped, but unfortunately was away from the desk.

Moving on.
Hi Elizo,
This is something I struggle with at double tops or bottoms. If the move is less than 20 pips, should I exit if price retracts from double bottom/top, take some profit then look to re-enter OR stick with the position and hold out for the runner? I've had several identical trades like this recently - I don't mind handing pips back for the eventual runner but want to check I'm not missing out on a finer point of trading.
  • #13,136
  • Jan 13, 2010 4:43am Jan 13, 2010 4:43am
Huh!

My first trading day this year, and chop monster is alive and well.

I am thinking long 1.4519 with a very small position.
You wont survive without preserving!!!
  • #13,137
  • Jan 13, 2010 4:52am Jan 13, 2010 4:52am
Long 1.4519 Stop at 1.4497. #2
You wont survive without preserving!!!
  • #13,138
  • Jan 13, 2010 5:06am Jan 13, 2010 5:06am
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  • #13,139
  • Jan 13, 2010 5:29am Jan 13, 2010 5:29am
Quoting ready
Hi Elizo,
This is something I struggle with at double tops or bottoms. If the move is less than 20 pips, should I exit if price retracts from double bottom/top, take some profit then look to re-enter OR stick with the position and hold out for the runner? I've had several identical trades like this recently - I don't mind handing pips back for the eventual runner but want to check I'm not missing out on a finer point of trading.
Good question. This is something probably FX will answer even more clear, but my point is: normally not. Less than 20 pips and banking will create a bad habit for you. Only if it stalls clearly I will try to bank at max, but we have to give enough room for price to explode and catch the runner. I am not saying that this is a clear cut rule. Just that regularly price will tease you a little bit before moving to the +30 area.

I am looking for a great post from FX where he explains all this perfectly. I'll post the link asap.
  • #13,140
  • Jan 13, 2010 5:33am Jan 13, 2010 5:33am
Moving to brakeeven
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You wont survive without preserving!!!
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