Yes, its 6.30 PM here.
It looks like I'm going to just miss my Century. The SL is just a few pips away now.
SL just hit. Out at the fcr for 66 pips.
The System II (Yes with irony)
- #14,841
- Jan 29, 2010 11:47am Jan 29, 2010 11:47am
- | Joined Jul 2007 | Status: Learner | 1,363 Posts
- #14,843
- Edited 3:26pm Jan 29, 2010 12:05pm | Edited 3:26pm
- | Joined Jul 2007 | Status: Learner | 1,363 Posts
- #14,845
- Jan 29, 2010 6:07pm Jan 29, 2010 6:07pm
- | Joined Jul 2007 | Status: Learner | 1,363 Posts
I need that slap to make me awake from my stubborn.
But please ,
don't just make it end of discussion.
Give me another slap if you want to ,
I will be glad if I can correct my daily shit trade.
Why do you need to block information by using messenger ?
Don't make it exclusive brother, that's not your or Feb's mission here.
It's only add to our difficulty to go in the right path using this low hit ratio system. Trade with us, even in a loss we still have a confidence inside,
kick, slap do your all harsh word, I need that.
Thank you
The use of "end of discussion" is a way of him saying he has given his views on the above two subjects and that there will be no more further discussion on it........................that's all. He is not saying he has stopped participation in the thread here, which I think you mistakenly thought so, hence your latest post.
All is well brother. Fxa is still here everyday keeping an eye and intervening when he needs to. We need to be able to carry on with our trading without him having to hold our hands every step of the way. He has done that in the initial stages when he was introducing the Stucture /plan to the followers here. As he said some posts back, "The training wheels are off!".
As for making daily mistakes, don't be so hard on yourself.......we all make them but if we keep on pesevering and learning from each one of them, we can only get better. Everyone learn at different paces. Sometimes mistakes are repeated over and over again, probably due to a lack of understanding of the solution. But that's ok, just keep studying and persevering, it will all come good in the end.
Have a nice weekend - a time to enjoy, to let loose, a time to relax and a time to reflect!
Take care,
B.
- #14,846
- Jan 29, 2010 6:10pm Jan 29, 2010 6:10pm
Hi Musanto,
On your chart you wrongly marked out one of the two entries I highlighted to you.
I have reposted the chart and have marked the 2 valid entries I pointed out to you as 1 & 2
For trade 1, fcr @ 3962, the maximum drawdown was -12, still within your hard stop of -15. The second entry, a 123 continuation set-up @3956, the maximum drawdown was -11.
I will study that this week end.
(like a boy with new toy,
at last some one pointing to my mistake)
Thank you for you patience brother
- #14,847
- Edited 12:58am Jan 30, 2010 12:33am | Edited 12:58am
- | Joined Jul 2007 | Status: Learner | 1,363 Posts
clear like crystal,
I will study that this week end.
(like a boy with new toy,
at last some one pointing to my mistake)
Thank you for you patience brother
What I am sharing here with you is my understanding of of this type/style of trading. There are lots of breakout strategies around and if we blindly trade every breakout, we are sure doomed to fail. But with System 2, we don't just trade every breakout anywhere. What is unique in here is that Fxa (based on our great mentor Feb's teachings) has developed a very workable structure/plan for us to follow. The set-ups, entry levels , defensive/offensive plays when correctly carried out will place us in an advantageous position because it has an edge. That edge will ensure we have a postive bottomline $$$. With the constant practice of live trading and screen time, eventually we will evolve to the next stage of being truly in tune with the market's dance steps. Personally I am not there yet but am on my way. I trade system 2 profitably despite my newbie mistakes. What I know that has helped me tremendously is that I am always looking out for those early entries. I want to be first on the bus. If I am late for it, I would rather hop on the next bus at the next early pick-up point.
So where are these early pick-up points ? For me personally, and in keeping with the Plan, I will only get on the bus at this two points :
1) the fcr's - the one that catches the first bus in a change of trend
2) BB - trading off the bracket after a period of consolidation,
I do sometimes use the 123 continuation set-ups but it has to be somewhere at the start of a trend change. I won't use it to get on board in the middle of a run that has already started. Remember we are trading the 5 mins, so we don't usually have very long to wait unless it's one of those big runners where it just keeps going on and on for most part of the day. Well on days like that, you just have to either sit it out (that's when patience plays a key role) or chance it with a 123 continuation set-up which carries a higher risk factor !
So to conclude, I want to summarise that jumping in blindly, just to be in the market, will be a recipe for disaster. Just remember even with our early set-ups we get lots of fakeouts. So think what are our chances of beating the beast, Mr. Market, if we just jump onboard the bus randomly along the route?
Hope that helps. Just my humble understanding of the plan (which is working for me).
Be good and be safe,
Bedit - I forgot to add a very important point that I stick by ...... When you do get on that early bus, don't be too quick to jump off before the destination.
- #14,849
- Jan 30, 2010 4:06am Jan 30, 2010 4:06am
- | Membership Revoked | Joined Feb 2009 | 2,903 Posts
- #14,850
- Jan 30, 2010 4:28am Jan 30, 2010 4:28am
- | Membership Revoked | Joined Feb 2009 | 2,903 Posts
- #14,851
- Jan 30, 2010 8:56am Jan 30, 2010 8:56am
- | Joined Jul 2007 | Status: Learner | 1,363 Posts
[quote=fxachilies;3415737]
Thank you bro, only passing on what I have learned from you so far. I hope one day I will get an invitation too .
So where are these early pick-up points ? For me personally, and in keeping with the Plan, I will only get on the bus at this two points :
1) the fcr's - the one that catches the first bus in a change of trend
2) BB - trading off the bracket after a period of consolidation,
[color=orange]I do sometimes use the 123 continuation set-ups but it has to be somewhere at the start of a trend change. I won't use it to get on board in the middle of a run that has...
- #14,852
- Edited 11:09am Jan 30, 2010 10:54am | Edited 11:09am
- Joined Apr 2008 | Status: Trader | 1,271 Posts
- #14,855
- Edited Jan 31, 2010 6:36am Jan 30, 2010 8:41pm | Edited Jan 31, 2010 6:36am
- | Joined Jul 2007 | Status: Learner | 1,363 Posts
Saturday night. I have my quiet time.
Normally if I am late to the bus, for whatever reason, I try to not get involved in 1-2-3 continuation because of top-bottom picking.
But what about this FCR "continuation" entries? (the circled one`s on my chart). They are not the first entries on the short side but they allow some room from the top or bottom to avoid "fading", and they can still get you on that bus.
Would this FCR`s be qualified as continuation entries?
Sunday 2 am here and I have my insomnia while you have your quiet time ! Lol!
Just had a look at your chart where you queried about them fcr "continuation" entries. I will give you my 2 cents here from my newbie viewpoint so I could be wrong and in which case a senior family member can correct me.
See attached chart. To me the 2 set ups are both reversal set-ups, i.e. fcr's in their own right.
With each of the set-ups you highlighted, what is happening here is that there were two fcr's formed side by side, initially one to long side, which ended ina fakeout, which then resulted in the formation of a fcr back to the short side.
I hope you will be able to understand my reasoning here. What do you say?
Cheers,
B
edit ..12.35 pm Sunday : lol, I have been dreamimng about what I wrote earlier on and I don't feel right about it. I know, in live trading, I would have taken the fcr set-up to the long side but after the fakeout, I am not sure whether I would have taken the "fcr" to the short side. The reason being that it would have been obvious then, it would be a continuation set-up back into a middle of a run and so carry a higher risk. What do the rest of you guys think? Would appreciate some feed-back here. Thanks.
