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

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The System II (Yes with irony)

  • #13,801
  • Jan 21, 2010 2:56am Jan 21, 2010 2:56am
Quoting bubola
let's ride'em, cowboys...sl 3pips above 4074 fractal
lol, I just did the same than you!
  • #13,802
  • Jan 21, 2010 2:57am Jan 21, 2010 2:57am
Quoting bubola
i just saw that at 1pm rome time (GMT+1), trichet speaks ...must be alert...i got a feeling this is one of those "you have no business trading" times...but what if you're already in? personally, i'm following my plan as things develop
Personally, I would just follow the same trading plan once I am in a trade. I just trail it with the protective stops. at the fcr's or spots which I think is just away from the heat. I don't even check the news (call me foolish ) but trade purely from a technical view point. I hate all the fundamental stuff and I just get more confused when I start paying attention to them. I usually end up being more indecisive and start trading like a headless chicken. So far, that's how I have traded this strategy here ie I only look at my 5 mins chart and nothing else. I don't even look at the higher TF's to check the trend, something that I used to do in the past. Just me and my 5 mins chart (ahh, don't that sound so romantic), lol!

I can hear my sound alert going off , telling me that price has reached levels further below. Good way for me to keep check without staring at the screen all the time and also I can feel more relaxed writing posts here knowing that I would be alerted at important levels for me.
  • #13,803
  • Jan 21, 2010 3:07am Jan 21, 2010 3:07am
[quote=Bakuli;3386869]Personally, I would just follow the same trading plan once I am in a trade. I just trail it with the protective stops. at the fcr's or spots which I think is just away from the heat.

agree, i had moved my sl above range top, but since it's only a few pips away, now it's back above previous fractal, like fmarcia
  • #13,804
  • Jan 21, 2010 3:15am Jan 21, 2010 3:15am
I moved mine to 3 pips above the bracket, locking in +9 pips profit. I think the bracket should act as sufficient barrier for my trade. If it breaks then I am happy to be out of the trade. Let's see how it pans out.
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  • #13,805
  • Jan 21, 2010 3:16am Jan 21, 2010 3:16am
Out at 1.4052. Maybe too soon but didn't like the PA after the last break and the following strong bullish move.
  • #13,806
  • Jan 21, 2010 3:20am Jan 21, 2010 3:20am
Looks like an FCR being born! Going to set up my buy stop and move my SL there once the set-up is more in shape. wait & see. Just following my plan, how I have been trading the strategy the past 2 weeks.
Any opinions ?
  • #13,807
  • Jan 21, 2010 3:26am Jan 21, 2010 3:26am
Quoting Bakuli
Looks like an FCR being born! Going to set up my buy stop and move my SL there once the set-up is more in shape. wait & see. Just following my plan, how I have been trading the strategy the past 2 weeks.
Any opinions ?
You know what? I don't know

Yesterday, I exited the short trade when a counter-fcr was formed. And it was a mistake...

Still have a lot to learn, I guess!
  • #13,808
  • Jan 21, 2010 3:28am Jan 21, 2010 3:28am
Quoting Bakuli
Looks like an FCR being born! Going to set up my buy stop and move my SL there once the set-up is more in shape. wait & see. Just following my plan, how I have been trading the strategy the past 2 weeks.
Any opinions ?
I have that order pending too. 1.4058. But be very alert on this one.I will play G+ on a fakeout situation although it is a FCR 1, because the bearish ride is strong, and the pullback is deep.

Besides that my hands are itching me from sitting on them almost all day.
You wont survive without preserving!!!
  • #13,809
  • Jan 21, 2010 3:28am Jan 21, 2010 3:28am
Quoting Bakuli
Looks like an FCR being born! Going to set up my buy stop and move my SL there once the set-up is more in shape. wait & see. Just following my plan, how I have been trading the strategy the past 2 weeks.
Any opinions ?
please, don't take my word for it...it looks to me that atm price is stalling, i guess waiting for the suit to speak...this is how i would play it: sit out until news settles, it's a very important one. then after dust settles take a position....but pleaaase, don't do what i'm saying, i'm just a beginner
  • #13,810
  • Jan 21, 2010 3:33am Jan 21, 2010 3:33am
Well, boys and girls.. we are in the low liquidity time.. your better off to stay with the current short bearish ride off the orginal setup from london session..
during such time.. in order for the price to make a sharp reversal some "big gun" has to press a few bottons.. and that more likley does not happen till around next session.. so your current bear trade could gradualy in a slow pace move in the brea direction based on current bear position holdings.

thats why you guys saw yesterday that i keept my short trade and made +79 and most of you bailded for +30's..

so just a little something for you to keep in the back of your mind... of course nothing is for certain.. and do not take this as hard rule or something.. and for sure i ain't predicting anything here.. lol

if this last, it could be a nice cushion before N.Y open.. and if my yankee buddies think Bearish.. than BAMMMMMMMMM.. mega bucks rolling in.
  • #13,811
  • Jan 21, 2010 3:35am Jan 21, 2010 3:35am
Quoting bubola
please, don't take my word for it...it looks to me that atm price is stalling, i guess waiting for the suit to speak...this is how i would play it: sit out until news settles, it's a very important one. then after dust settles take a position....but pleaaase, don't do what i'm saying, i'm just a beginner
Ouch. Thanks BUbola. I forgot about the clown. Feb is always remainding us of clowns in suits. Holding on your current position, if in positive pips, during news time is one thing, but entering a position during news is totally unnesesary.

I will hold my pending order for long for the next 20 min. After that I'll take it out and wait for the NY session.
You wont survive without preserving!!!
  • #13,812
  • Jan 21, 2010 3:43am Jan 21, 2010 3:43am
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  • #13,813
  • Jan 21, 2010 3:44am Jan 21, 2010 3:44am
Quoting fxachilies
Well, boys and girls.....
thanks, fx...my sl is now above 74 fractal, i expect a lot of heat from mr trichet ...i'm ready to give back 50%, but i'm hoping (what a bad word, but that's what it is, hope...) a spike won't reach me... this is my plan: if price drops down sharply, and then shoots up, sorry, i'll bank....if price shoots up and hits my sl, well, i'll just be royally screwed...
  • #13,814
  • Jan 21, 2010 3:48am Jan 21, 2010 3:48am
Quoting coronajazz
Ouch. Thanks BUbola. I forgot about the clown. Feb is always remainding us of clowns in suits. Holding on your current position, if in positive pips, during news time is one thing, but entering a position during news is totally unnesesary.

I will hold my pending order for long for the next 20 min. After that I'll take it out and wait for the NY session.
I am canceling this order. only 10 min from the speech now.
You wont survive without preserving!!!
  • #13,815
  • Jan 21, 2010 3:50am Jan 21, 2010 3:50am
This is my current trade...

clown in a suit.. ummmmm,, valid argument.. butttttttttt...
what do i got to worry about.. i am riding free baby.. i will use the current cusion to see if mr.Trichet will turn this to more bear ride... if not.. oh well.. either i bank if i see major speed coming at me or i am taken out at BE..

that is a runner mentality and using your position to put a reall hurt on the market..


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  • #13,816
  • Jan 21, 2010 3:52am Jan 21, 2010 3:52am
Good morning to all,

Gosh! this thread is running like a fine tuned Ferrari...love the team work and of course we have the Maestro...Fxa conducting the orchestra! "All for one and one for all".

Good luck to all.
Unus pro omnibus, omnes pro uno
  • #13,817
  • Jan 21, 2010 3:52am Jan 21, 2010 3:52am
Quoting fxachilies
Well, boys and girls.....
Thank you, Fxachilies.

My plan is, like bubola, to stay in.

If my stop (@4076) is hitted, be it.

If it's a big down move, I'll look at the PA after the dust come down
  • #13,818
  • Jan 21, 2010 3:54am Jan 21, 2010 3:54am
Quoting moneda
Good morning to all,

Gosh! this thread is running like a fine tuned Ferrari...love the team work and of course we have the Maestro...Fxa conducting the orchestra! "All for one and one for all".

Good luck to all.
thank you, sir...we sure need it
  • #13,819
  • Jan 21, 2010 4:01am Jan 21, 2010 4:01am
Quoting moneda
Good morning to all,

Gosh! this thread is running like a fine tuned Ferrari...love the team work and of course we have the Maestro...Fxa conducting the orchestra! "All for one and one for all".

Good luck to all.
Isnt that great!

I can already hear lazy forexers coming in saying "oh my God, this is a nice thread but it is more than 1000 pages, please give me some clear cut shortcuts so I can start to make tons of money right away".

For the people that havent read the thread allready, or have only read it once. Reread it constantly. Throw out all that trading books, this is the only education you need from here on. I am currently at the 140th page of my third read, and I tell you, everytime I find something I have missed from the last time and it helps me answer a lot of open questions I have.
You wont survive without preserving!!!
  • #13,820
  • Jan 21, 2010 4:02am Jan 21, 2010 4:02am
Quoting coronajazz
Isnt that great!

I can already hear lazy forexers coming in saying "oh my God, this is a nice thread but it is more than 1000 pages, please give me some clear cut shortcuts so I can start to make tons of money...

Hear ! Hear!
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