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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)

  • #13,401
  • Jan 17, 2010 6:00pm Jan 17, 2010 6:00pm
Quoting Bakuli
Hi Jazz,

I have been thinking hard about your questions above....
I agree totally with you that our fight should be on the level line. But regardles of our tolerance level, (-5,-10, or even a full stop loss bellow the fractal) at one point or another, we can asume that price will inevitably take us out and then continue back our way. So now we are facing 1-2-3 setup so to speak in the original direction, only this is not the first entry now isnt it? At some point, reentry will become a risky continuation???
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You wont survive without preserving!!!
  • #13,402
  • Jan 17, 2010 6:03pm Jan 17, 2010 6:03pm
Quoting Bakuli
Entered a long at 4368. Playing #2G with a little room (have given it 10 pips breathing space below LV). Going to see how it pans out.
Moved my stop 5 pips below LV.
  • #13,403
  • Jan 17, 2010 6:12pm Jan 17, 2010 6:12pm
My chart
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  • #13,404
  • Jan 17, 2010 6:26pm Jan 17, 2010 6:26pm
Quoting coronajazz
I agree totally with you that our fight should be on the level line. But regardles of our tolerance level, (-5,-10, or even a full stop loss bellow the fractal) at one point or another, we can asume that price will inevitably take us out and then continue back our way. So now we are facing 1-2-3 setup so to speak in the original direction, only this is not the first entry now isnt it? At some point, reentry will become a risky continuation???
Yes, re-entry will carry a higher degree of risk. If it is not too far away from the first entry, I would tolerate the extra risk of placing a continuation trade. How far is not too far away? Of course all this is subjective to one's tolerance as there are no set rules in stone. I definitely would not involve myself in a trade once the market has shot off quickly. I'd rather wait for another opportunity at a FCR. JMHO.
  • #13,405
  • Jan 17, 2010 6:30pm Jan 17, 2010 6:30pm
Quoting Bakuli
My chart
Well, my long trade was short lived. My loss was limited to -5. I was willing to take that risk just to be early for that bus. Unfortunately I got the wrong bus, lol.
Well, wash, rinse and repeat.
  • #13,406
  • Jan 17, 2010 6:36pm Jan 17, 2010 6:36pm
Have a sell stop at 4358. Waiting to see if that fractal will get broken. I'm twisting and turning with the market , using FXA's defensive plays to preserve and protect while looking for that runner.
  • #13,407
  • Jan 17, 2010 6:48pm Jan 17, 2010 6:48pm
My short trade triggered. Moved SL to 5 pips above LV.
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  • #13,408
  • Edited 7:18pm Jan 17, 2010 7:05pm | Edited 7:18pm
Stop moved to 5 pips above LV . So risk is now only -5. Waiting to see if the first hurdle can be passed, then will move stop to BE. Could this be the runner ? Who knows ? According to FXA's stats(from his live trades) the runners only accounted for 16.65% of all his trades and he is hugely profitable. Go figure!
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  • #13,409
  • Jan 17, 2010 7:42pm Jan 17, 2010 7:42pm
Price appears to be going nicely in my direction. I now have the option of moving my SL to BE or to 4355 (3 pips above the fcr). Have decided to move it to BE for now but if it breaks the LL, I will move it to just above the fcr. I now have a risk free trade looking for a runner. That's the beauty of FXA's fcr, getting one in early into the driver's seat.
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  • #13,410
  • Jan 17, 2010 8:11pm Jan 17, 2010 8:11pm
Short closed at 4355 and reverse trade taken at same level.
  • #13,411
  • Jan 17, 2010 11:05pm Jan 17, 2010 11:05pm
Trade Update. SL moved to 4365, 3 pips below the HL.
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  • #13,412
  • Jan 17, 2010 11:49pm Jan 17, 2010 11:49pm
Stop moved to 4370. Have a sell stop at the same level too.
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  • #13,413
  • Jan 17, 2010 11:57pm Jan 17, 2010 11:57pm
A reversal may be in the making as price breached the previous HL by a pip before bouncing back up a bit. Watching PA closely now. Sell stop at 4370 already in place to catch the reversal early if it comes. Nice place to be in when in the driver's seat, lol!
  • #13,414
  • Jan 18, 2010 12:03am Jan 18, 2010 12:03am
Bakuli,
Ready to go where you go, short at 1.4369
Also not afraid to go long even after the early morning run-up if it breaks 1.4387
  • #13,415
  • Jan 18, 2010 12:05am Jan 18, 2010 12:05am
Quoting heronlake7
Bakuli,
Ready to go where you go, short at 1.4369
I moved mine to the same spot too !
  • #13,416
  • Jan 18, 2010 12:19am Jan 18, 2010 12:19am
In at 4369. SL at 4385.
  • #13,417
  • Jan 18, 2010 12:21am Jan 18, 2010 12:21am
Quoting Bakuli
In at 4369. SL at 4385.
Just bailed out for -3. Going to sit this out now.
  • #13,418
  • Jan 18, 2010 12:22am Jan 18, 2010 12:22am
In at the same level. SL still at 93 but watching the lL closely, looking for no mnore than 10 pips risk
  • #13,419
  • Jan 18, 2010 12:23am Jan 18, 2010 12:23am
Quoting Bakuli
Just bailed out for -3. Going to sit this out now.
May have jumped the gun but I didn't feel confident. So when in doubt , stay out. I am still learning, lol!
  • #13,420
  • Jan 18, 2010 12:30am Jan 18, 2010 12:30am
Will short at 4633 if I see a V shape (123 set-up) otherwise I am quite happy with my earlier decision to bail out when I saw price not having enough momentum to break through.
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