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The System II (Yes with irony)

  • #13,361
  • Jan 15, 2010 7:59am Jan 15, 2010 7:59am
Dear FXA and senior members,

A question on expectancy, if I may. My short trade is still hovering around the LL zone for over 2 hrs now. Would it be right to close the trade as it doesn't seem to want to drop ? Or should I just let it be as my trade is now risk free (+11 worst case scenario). I just want to get the right mind set to help me with future trades.

Thanks,
B
  • #13,362
  • Jan 15, 2010 8:15am Jan 15, 2010 8:15am
Short trade closed at 4381. Have now gone long at same level.
  • #13,363
  • Jan 15, 2010 8:19am Jan 15, 2010 8:19am
Quoting Bakuli
Dear FXA and senior members,

A question on expectancy, if I may. My short trade is still hovering around the LL zone for over 2 hrs now. Would it be right to close the trade as it doesn't seem to want to drop ? Or should I just let it be as my trade is now risk free (+11 worst case scenario). I just want to get the right mind set to help me with future trades.

Thanks,
B

I maight be late bcz i just saw your post..

yes.. it failed for the third try and price has formed a sideway action for a while and news did not move it south either, so its better to max profit and wait for the next one..

and... that fcr of the wick is not the most ideal one eventhough it looks like one technically wait for some thing better to shape up freshly and wait for the ny opn aswell maybe... also the break of the bracket is a worth of a test too
  • #13,364
  • Jan 15, 2010 8:23am Jan 15, 2010 8:23am
Quoting fxachilies
I maight be late bcz i just saw your post..

yes.. it failed for the third try and price has formed a sideway action for a while and news did not move it south either, so its better to max profit and wait for the next one..

and... that fcr of the wick is not the most ideal one eventhough it looks like one technically wait for some thing better to shape up freshly and wait for the ny opn aswell maybe... also the break of the bracket is a worth of a test too
Thanks FXA. Watching my long closely now with finger on the emergency button if I detect anything funny.
  • #13,365
  • Jan 15, 2010 8:34am Jan 15, 2010 8:34am
Quoting Bakuli
Short trade closed at 4381. Have now gone long at same level.
I'm newbie so maybe I missed something, but isn't it recommended to wait for at least two candle retrace instead of one? could you help Bakuli?
  • #13,366
  • Jan 15, 2010 8:39am Jan 15, 2010 8:39am
Jusr closed my trade for +6 as I didn't like the rejection when it broke the bracket high at 4393. I took my short a bit early at 4381 because of what I thought was a fcr.
  • #13,367
  • Jan 15, 2010 8:44am Jan 15, 2010 8:44am
Quoting geduim
I'm newbie so maybe I missed something, but isn't it recommended to wait for at least two candle retrace instead of one? could you help Bakuli?
Hi Gedium,

Lol, I am newbie at this too. My recommendation, as advised by so many others, is to read the whole thread. Check out FXA'a recent posts where he has indicated where to start reading etc. Take your time and learn, it's really worth it. I am still making newbie mistakes trading this style but I am in positive pips since I started, so it says a lot for the trading plan as laid out by FXA (and I am only still a learner)

Best,
B
  • #13,368
  • Jan 15, 2010 8:47am Jan 15, 2010 8:47am
Going to play a 123 at 4401. At least it would be confirmation for me that price is trying to break upwards.
  • #13,369
  • Jan 15, 2010 9:02am Jan 15, 2010 9:02am
Quoting Bakuli
Going to play a 123 at 4401. At least it would be confirmation for me that price is trying to break upwards.
Took fcr at 4383
  • #13,370
  • Jan 15, 2010 9:06am Jan 15, 2010 9:06am
Ok gang, am going to let my fcr short (4383) play out because I am badly in need of a rest. Have a hard stop at 4402.

Thanks FXA for all the help. Back again soon for any feedbacks, etc.

Cheers,
B
  • #13,371
  • Jan 15, 2010 9:11am Jan 15, 2010 9:11am
Sorry couldn't help it but had to move my SL to BE before I take a rest, lol. Hope this is the runner I have been waiting for all day.
  • #13,372
  • Jan 15, 2010 9:14am Jan 15, 2010 9:14am
Quoting fxachilies
you kidding Jazz... we alread do.. now your dissing my fcr.. lol


its called FCR.. THE DEATH REVERSAL..
Fx!

Sorry for that! But it was misunderstanding. Of course it is a FCR, but I was thinking more of the psychological aspect of letting go of your current position at the market and being able to quickly accept the other side.
You wont survive without preserving!!!
  • #13,373
  • Jan 15, 2010 9:15am Jan 15, 2010 9:15am
Quoting Bakuli
Took fcr at 4383
nice going, bakuli, missed it because at the time fcr didn't look like enough of fcr to me, more like a hiccup. too late now, going to spend the rest of the afternoon studying the thread. have a good weekend

Quoting fxachilies
solid trading miss B.. congrats.


i see a star in the making folks..
ty for your kind words, fx...today's net result: 3 trades, -7, -8, +33..and a lot of satisfaction
  • #13,374
  • Jan 15, 2010 10:50am Jan 15, 2010 10:50am
ok.. guys i am closing out for the week.. it was not the best of the week but it was not the worst either..

PA did not move much and when it did it was rough ride for atleast the last two days.. i did quite good on tuesday and specially wendsday and pretty much brokeven for rest of the days..
for me.. if PA moves i make money and if don't move i dont make money but i don't give away much either.. and i use the same plan as urs..

if u did not do well this week, its ok.. stick with your gun and keep on plugging.. screen time and more practise under your belt will get you there.. it just requires a strong dedication to your belife and patience.. before you know it you will be profitable.

i am done for the day.. i be working on BR room this weekend.. if you need anything let me know i check the thread often.
  • #13,375
  • Jan 15, 2010 11:15am Jan 15, 2010 11:15am
Quoting Bakuli
Sorry couldn't help it but had to move my SL to BE before I take a rest, lol. Hope this is the runner I have been waiting for all day.
Just came on to check my short from 4383. Market went against me but SL protected my position for BE. In hindsight, even though I incurred no loss, I should not have left my trade unattended especially when we are trading such a short TF. If I had been in attendance, I would have moved SL to either the fractals at 4377 or 4374, so would have grabbed a few more pips. Another self reminder for my private trading journal ..." don't place a trade when you can't be in attendance. Stop this bad habit! "

Well I have finished trading for this week. It has certainly been most enlightening applying the plan and trying to stay disciplined & focussed.. Had a few hiccups but still ended up with positive pips for this week.
Many thanks to all the trading buddies in here for the help and company. Trading can be quite a lonely business and it's good to be able to "talk" as we often find ourselves bored to death (lol) managing our trades or just waiting for set-ups.

Have a nice week-end all. I am going to to spend the rest of the day/weekend reading this valuable thread. I copy every important post I can find because it helps for quick revison as well as to ensure that all the hard earned knowledge presented to us by FEB, FXA and significant others are not lost should anything happen to the thread (well one never knows what can happen )

Best,
B
  • #13,376
  • Jan 15, 2010 1:25pm Jan 15, 2010 1:25pm
Thanks to fxa for the running commentary today, and to all the others who also commented during the day. It is really beneficial and helps me to see the market structure much more clearly.

I missed the fcr trades into the second down movement as my head was still facing in a long direction. Are these reversal trades better to take by means of resting limit orders already in the market, which you move up as price rises, or is this rather a question of very quick reactions and fingers ? How do people play this? Funnily enough, I had a short order that I was following the fcr's up with, but then I cancelled it, when I went long. Some interesting psychology there.

And a money management question, also. Also given that you do not want to lose more than 15 pips, do you size your position to those 15 pips, or do you size the position to the last swing low (which is where you first place your stop loss)? I ask myself why not have a fixed stop loss at 15 pips, in that case, but I suspect psychologically it is better to have a bigger stop loss initially, and then make "an active decision" about price action. A fixed stop loss will lead to a lazy tendency to just let price come back and hit it.

Just got to get your mind right, as they say in Cool Hand Luke....
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  • #13,377
  • Jan 15, 2010 3:56pm Jan 15, 2010 3:56pm
Have a nice weekend everyone.

I just wanted to say how happy I am that the thread is heating up again, like never before.
I have said my thank you`s to FEB and FX and all the VIP members for their contribution in this thread many times before. In this occasion would like to also thank to the new recruits (like myself of course): bakuli, bubola,gedium, fmarcia, heronlake, royston,imohammed etc... for the new and inspiring ideas and posts they bring to the thread.
Also a note. My friends, stick to the plan and to this thread no matter the results you had today, this week or month. Let us end our ironical journey in search for the holy grail and perfect trading system here in this thread as the system is you. Follow simple rules, practice to death, improve day in day out, and hopefully one day, we`ll be in for the kill.
You wont survive without preserving!!!
  • #13,378
  • Edited Jan 16, 2010 1:21am Jan 15, 2010 8:47pm | Edited Jan 16, 2010 1:21am
Quoting coronajazz
Have a nice weekend everyone.

I just wanted to say how happy I am that the thread is heating up again, like never before.
I have said my thank you`s to FEB and FX and all the VIP members for their contribution in this thread many times before. In this occasion would like to also thank to the new recruits (like myself of course): bakuli, bubola,gedium, fmarcia, heronlake, royston,imohammed...
Hi Jazz,

Totally agree with you there. Let us stay strong and unified in our quest to be better traders. We have very good mentors in here who keep on giving so unselfishly, indeed a very attractive human quality that is becoming rare in this world of ours. We can never say enough "thank yous" to them (Feb, FXA). It's good to do so often, so that they feel valued and strong, especially when faced with the trolls that occasionally come here to disrupt the thread.
I am so grateful for having re-discovered this thread recently. When Feb first started this thread, I was attracted to it and could see the value of trading just on pure price action, without indicators. However, I didn't stay long enough to fully understand what he was teaching here and continued on my journey through the wilderness of this trading world. I was jumping from thread to thread, searching for that holy grail. I found myself subscribed to over 50 threads in this forum alone because I was really keen to learn. However, what it did was only causing me more confusion. I was just a "jack of all trades but master of none"!
Strangely enough, my re-discovery of this thread happened because of the trolls. I came across FXA's posts and how he fought to protect the purity of this thread. I became attracted to his style of teaching and the way he structured it for everyone to follow. The more I read his posts, the more I began to realise that my fruitless search may be coming to an end and that, at last, I have found a style of trading (which works) that suited my personality. A light kinda lit in my head and for once I could see where I had been going wrong and that indeed there is a way to beat the markets. FXA's live trade examples and teaching in the heat of the battle showed me that this man, with that attitude, indeed does walk the walk, not just talk the talk like so many others.
So, to echo what you have just posted, I want to say my 'thank yous' again to FEB and FXA and also the rest of the family here. I will certainly enjoy my learning here and will indeed carry on the tradition of helping others to the best of my ability.

Have a good week-end all. I certainly will, with the comforting thought that I have finally found what I was looking for, and ironically, thanks to the trolls for getting my attenton back to this thread.

Be safe,
B.
  • #13,379
  • Jan 16, 2010 2:17am Jan 16, 2010 2:17am
I want to thank you, Bakuli, for what you wrote here. I couldn't say it better than you did. I definitely second you.

Just like you, I guess, I will success with the family or die (forexly speaking of course ).

Quoting Bakuli
Hi Jazz,

Totally agree with you there....
  • #13,380
  • Jan 16, 2010 2:35am Jan 16, 2010 2:35am
Quoting fmarcia
I want to thank you, Bakuli, for what you wrote here. I couldn't say it better than you did. I definitely second you.

Just like you, I guess, I will success with the family or die (forexly speaking of course ).
Fmarcia,

Stay confident ! We are in good hands here with the guidance of FXA. We will succeed if we are willing to put in the hard work i.e study, screen time and live trading. All this will just get easier as time passes by and we become in tune with the rhythym of the market, relentlessly applying the plan laid down for us here.

Peace
B
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