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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)

  • #13,221
  • Jan 14, 2010 5:37am Jan 14, 2010 5:37am
Edit: what a nonsense to play #1 for 12 pips, isn't it?[/quote]

Only in hindsight.
I make money anywhere in the world by taking orders
  • #13,222
  • Jan 14, 2010 5:41am Jan 14, 2010 5:41am
Quoting SedonaPipper
Only in hindsight.
You're so right!
  • #13,223
  • Jan 14, 2010 5:43am Jan 14, 2010 5:43am
crude can fire if not breaks 79.40$
  • #13,224
  • Jan 14, 2010 5:51am Jan 14, 2010 5:51am
Quoting forexgoldexp
crude can fire if not breaks 79.40$
What???

Please do not do that!

This is EURUSD only thread. 5 min chart.
You wont survive without preserving!!!
  • #13,225
  • Jan 14, 2010 5:55am Jan 14, 2010 5:55am
Quoting SedonaPipper
Edit: what a nonsense to play #1 for 12 pips, isn't it?
Only in hindsight.[/quote]

then lets close the shop and never trade again..
read the post about scenario 1..

i know hindsight is evil but what are u gonna do about..

I have managed to bring the hindsight to reality for myself.. by not settling so quick for nothing less than 25pips and not giving a hoot about leaving money on the table on within 1st hurdel or 1st 20-25pips..
risk and trade managment is a better saviour then PA reading any day of the week..


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  • #13,226
  • Jan 14, 2010 5:57am Jan 14, 2010 5:57am
Quoting forexgoldexp
crude can fire if not breaks 79.40$
is that so
  • #13,227
  • Jan 14, 2010 5:58am Jan 14, 2010 5:58am
Quoting fmarcia
Hi,

This is my training summary for this trade

Attachment

In A, I resisted boredom
In B, I resisted fear
In C, I resisted to play with round number (rejection)

Finally I closed with 12 pips in profit, playing #1, and, of course, the market kicked my ass right after that

Edit: what a nonsense to play #1 for 12 pips, isn't it?

Hi Fmarcia,

My humble opinion on your trade. Personally I would have set the stoploss 3 pips above the fcr at 4519, just above where you closed your trade. With the stoploss there, you were already assured of a small profit should you have been taken out by the market. At the same time you would have allowed yourself the opportunity to stay in the market longer to catch that runner should it present itself.

Cheers,
B
  • #13,228
  • Jan 14, 2010 6:10am Jan 14, 2010 6:10am
Quoting fmarcia
Hi,

This is my training summary for this trade

Attachment

In A, I resisted boredom
In B, I resisted fear
In C, I resisted to play with round number (rejection)

Finally I closed with 12 pips in profit, playing #1, and, of course, the market kicked my ass right after that

Edit: what a nonsense to play #1 for 12 pips, isn't it?
fmarcia,
i wonder why would you be feeling the fear less at point B by keeping the trade when you are in the loss and not exiting, and be so fearfull at point C while you are still in profit and riding free!!!

think about it.. let me know, we will diccuss it

it sound to me that you do not have a solid grasp of our defensive methodoly or not a solid plan of your own.
  • #13,229
  • Jan 14, 2010 6:27am Jan 14, 2010 6:27am
Jazz..
i have not forgoten about you..
thats a longer diccussion and i got a Dr. appointment coming up in about an hour that i got to get ready for..
i be back around NY open..

meantime the short trade is looking ok.. however we got the rate decison ahead.. there is two ways to play this..
one.. take your profit at some point and sit on your hands..
two.. if there is enough cusion.. leave your sl at BE and take shot at the news at zero risk..
I go with #2.. but that just me based on my personal agenda.. i did the same on last NFP i lost nothing just the 40pips pending profit.. but dec NFP worth +665 pips..

i see you guys in a bit.

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  • #13,230
  • Edited 8:24am Jan 14, 2010 6:33am | Edited 8:24am
Quoting fxachilies
fmarcia,
i wonder why would you be feeling the fear less at point B by keeping the trade when you are in the loss and not exiting, and be so fearfull at point C while you are still in profit and riding free!!!

think about it.. let me know, we will diccuss it

it sound to me that you do not have a solid grasp of our defensive methodoly or not a solid plan of your own.
At B, there was no real fear involved: my plan here was to play #2 (I saw more an fcr1 than a bb) and my mental stop was @43185. At this point, the market shaped a fcr1 against my position. It was a fake out finally (that's what I called "fear").

At C, don't get me wrong: no fear at all, just another way to trade I used before (and I'll not elaborate here). That was my way to say I try to stick to the plan...

... until I failed: for my exit, my mistake was to "predict" another fcr1 in the other direction before it really occurs.

You're absolutely right: I still need to do my homeworks (once again). I talk too often about #1, #2, etc. without checking their validity. It's confusing for everyone. I apologize for that.

Thanks for your support.
  • #13,231
  • Jan 14, 2010 7:17am Jan 14, 2010 7:17am
Quoting fxachilies
nice job stoffer..

regards to your question earlier..

i risk no more than 2% on any trade.. sometimes even lower..
but my risk is pre calculated with my predetermined defensive play..
in that particular trade my risk was at 1.8% to be exact.. i was not willing to give away no more than 15pips on that trade and pretty much for most of other trades that i ever take.....
FX,

I follow a similar plan. I don't have a greater expectancy for one trade over another, 123, FCR or BB. I try to keep it simple. Therefore, the load is generally the same for each trade because I am willing to risk the same 10-20 pips or pct loss of my account each time. In the end, I sometimes load BB trades more heavily, depending on the prior PA in the bracket, because the SL is just on the other side of the LL. With 123 and FCR trades the stops can be further away.

Do you share this view?
  • #13,232
  • Jan 14, 2010 7:41am Jan 14, 2010 7:41am
I am really new in strategy. I just wanted to thank you all of you guys for this !
  • #13,233
  • Jan 14, 2010 11:45am Jan 14, 2010 11:45am
hullo everybody.
I have come to join the class to learn this way of trading .....

I have a question for Oanda users....I have an account with Oanda, and enter shorts 3 pips below the bid, and longs 3 pips above the ask. Is that how other Oanda users set their orders?
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  • #13,234
  • Jan 14, 2010 12:53pm Jan 14, 2010 12:53pm
Quoting Royston
hullo everybody.
I have come to join the class to learn this way of trading .....

I have a question for Oanda users....I have an account with Oanda, and enter shorts 3 pips below the bid, and longs 3 pips above the ask. Is that how other Oanda users set their orders?
I trade with GFT but I tried Oanda demo. Their platform by default doesnt show neither of bid or ask price. IT shows average price so YES, it would be 3 pips + spread for long and 3 pips + spread for short.
You wont survive without preserving!!!
  • #13,235
  • Jan 14, 2010 5:55pm Jan 14, 2010 5:55pm
Today has been quite a learning experience for me. Had a short from 4510 going into the red flag news. Was debating with myself whether to close for profit and sit on my hands before the news came out. In the end I decided to stay in the trade with the stop moved to BE.
When the news came out and the market stated to move against my position, I committed one of the greatest sin a trader could do ie I moved my stop to today's high at 4555 to avoid being taken out. After that initial spike to 4519 and price went back down, I moved my stop back down to 4522 (3 pips above the initial spike). A few minutes later another price spike up took out my trade right on the pip at 4522 ! Although the pip cost to me was only -12, the lack of discipline (ie not sticking to plan and moving my stop to avoid being taken out) has a detrimental effect on my mindset. I am very disappointed with the way I handled myself today. I have given myself a hard slap and reminded myself " Stick to your plan and move stops only in the direction of the trade and not away !"
  • #13,236
  • Edited 7:11pm Jan 14, 2010 7:00pm | Edited 7:11pm
My first trade for asia session (I am UK based but am an insomniac). Took a bracket trade, shorted 3 pips below at 4492. I am just taking every shot whenever it presents itself (and when I am at the computer no matter what session we are at). IMHO, as long as we maintain sensible MM, we can just take them shots at anytime it falls within our plan.
I am going to try to upload my charts here after I can remember how to do it.
  • #13,237
  • Jan 14, 2010 8:24pm Jan 14, 2010 8:24pm
Quoting Bakuli
Bammm! As what FXA would say, lol.
Looks like I might catch a runner with this one. Guys/Gals, just follow the plan as laid out by FXA, it really works once you can overcome your fear of having lots of losers ! Each loser brings you a step closer to that runner.
  • #13,238
  • Jan 15, 2010 12:18am Jan 15, 2010 12:18am
Quoting Bakuli
Short from 4492 taken out at 4429. Have also gone long at the fcr 4429.

nb. I am a newbie at this method and I am trading it according to my understanding of the plan. My posts here are for the purpose of getting constructive feedback from FXA and others.

Thanks
B

Forgot to add. I am playing #1 defence for the long trade.
  • #13,239
  • Jan 15, 2010 12:35am Jan 15, 2010 12:35am
Good morning/evening everyone !

I am now sitting on my hands waiting for a valid set-up. This is the boring part, lol!
  • #13,240
  • Jan 15, 2010 1:00am Jan 15, 2010 1:00am
Quoting Bakuli
Good morning/evening everyone !

I am now sitting on my hands waiting for a valid set-up. This is the boring part, lol!
Good morning,

"Sitting on my hands", "baaaaaaaaammmmmmmm"...

you seem to know the thread at least a bit...

If so, you will know that posting charts with indicators, like Zig Zag, is not very welcome here.

Would you mind to stop doing so and/or delete your already posted pictures?

Thanks.
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