The System II (Yes with irony)

Bailed out -10.

Nice fcr trade there. In with you. Will write more later, watching the market like a hawk. Trade well my friend. Good to have you for company.

Market tried to shake out the weak ones earlier. I have moved my SL to BE now to protect my position. Would like it to drop further before I start to trail it with the fcr's. I presume all those movements must have been as a result of news but to be honest I don't look at the economic calendar and just trade the set-ups as technically as I can, with very little, if any, funnymentals, lol! But that's me, rightly or wrongly.

Musanto, I will upload a chart soon after all the action dies down. Good to analyse our set-ups so we learn from what we did well/or not so well.
Hope you are still in the short trade and didn't get shaken out. We may have a nice runner here. If not, never mind, wait for the next bus. The important aspects that I learned from this strategy is to have a runner mentality, do not be afraid to take lots of shots at the market (of course protecting/preserving ourselves with the defensive/offensive plays) and that small percentage of runners will more than compensate you. I have traded this strategy live since the 7th January and I have accumulated close to 300 pips. , risking no more than 20 pips per trade (but my hard stops are rarely touched as I cut my losers quick with FXA's defensive plays). FXA's structured plan, which he developed from our mentor FEB's teaching, is just too brilliant to describe. It is so simple that it becomes difficult for some people to follow, that's the irony of it.

I have one eye on the market as I am typing this out (good to have two laptops side by side, lol)

Knowing gonna be news, I moved my sl to break even.
after it's down, 40+ pips, sl picked .
too bad
This why, runner mentality is difficult

Many new acronyms has come up haha I assue LV stands for level? was reading the last few threads and did not find any definition of it.

Hi John888,

Did you take the reverse trade when you got out of the long ? Hope you are with us on the southbound (hopefully) bus.

Don't worry Musanto. You didn't do anything wrong. All you did was protect your account and unfortunately it didn't pan out right for you this time. Sometimes we need abit of luck too.
As for runner mentality, it will come. Just keep at it with plenty of live trades, screen time and reading all FXA's posts as well as FEB's. It will just click one day as it did for me.
The strategy is simple. Basically we are breakout traders in the 5 mins TF. The stats for breakouts show that the fakeouts far outnumber the winners. And of the winners only a portion of it are the runners ! (FXA posted some stats of his own trades a while back). So, knowing that, we have to learn to manage those frequent losers and capitalise on the elusive runners when we catch them. We just don't know when that will happen, so we just need to keep testing the market (Jplo's words). I know it's easier said than done but once you get that runner mindset, it will just become natural, as if it's always been part of you.

Now my 2 cents about the short trade that we were both took, which I am still in. What I have done below is exactly what I have learned from FXA, following his live examples. I try to emulate what he does so well.

Whenever I have a trade triggered, I place a mental stop of 10 pips above/below the LV (level line). My initial risk (hard stop) is always 20 pips whenever I enter the market.
For this short trade, the level line is at 4115, so my mental stop was at 4125. The spike back up, after the market dropped, reached 4120 before dropping back down again. As my mental stop was not breached, I was still ok with the risk. In my mind, I was thinking, "give it a good fight", "don't let the market deceive you with all those movements", "I am willing to give the market up to 20 pips (max) to catch that runner" .
Also I made a very quick assessment of the triggered trade and had a plan in my head what I wanted to do. When I saw that sharp drop, I knew it must have been news related, etc. I knew that usually after a sharp quick drop, if news related, it would retraced back just as quickly. These movements, I believe, are to shake out the weak participants. My plan, based on my quick assessment, was to watch the play at the LV line, should the market retrace back up and see how it developed from there. I knew my a--- was covered by my hard stop (-20 pips max), so was willing to test the market and not pull out prematurely without a good fight. As Lady Luck was smiling at me, it eventually dropped back down to my direction. By the way, that trade is still not clear of the hurdles yet, so am keeping a close eye on it. Just waiting for that damn thing to droooooooppppppp! LOL!

Enough of my rant! Lol. Hope it helps.

Cheers,
B

Thank you Bakuli,
I will read that part.

Hi Makemillions (yes please, lol!)

Sorry I missed your post. LV stands for level line, the breakout level.

Trade update. SL moved to 4101 to protect gains. Doen't look like it wants to drop yet. Need Bubola here to sing her market moving song !

Lol, Just got stopped out of my trade as I typed this post. So it's back to wash, rinse and repeat.

OK guys, I am done for this session. Time to catch up with some sleep before returning for the session with the master at 1 hour before London opening.

By the way I ended up with -10, +11 for Asia session, so = +1 pip net. It doesn't really matter because we are only looking at the weekly, monthly bottomline which should be healthy if you keep to the plan here.

Trade well and be safe,
B

Any thoughts - appreciated Bakuli

Now what will be the game plan - sit on the side lines ?

Hi there,
welcome to the thread Sjalas,
Bakuli game plan right now is sleeping

In this thread we aren't using any trend, round number, fibo,..
If you don't mind, please read the thread.
go to post 11847

Go there read and understand, take ur time.

After that ,
let's do the walk together with the rest of the family here

Bracket breakout 4105

#2+

i am also on that trade

Good morning all! Hope you got on the early bus . Not cleared hurdle yet. Keep watching like a hawk, with finger on the ready! Watch the LV if price returns there and give it a good fight.

Where's Bubola ? We need her to sing her swear song to spur on the market. In the meantime I am doing my best to sing like her, lol!

I'm in at 1.4103,
I will fight this time

Come on, get up there, you %^%%^^%!!!!