Sonic R. System

i made short on G/Y... hope i will make some pips.

Please give me an advice on how to set target T1 T2...should i look at higher time frame for previously H/L? thank you!

Almost every pair of currencies I am watching have moved less than 60 pips today. I give up for the day. No point trying to force trades in these conditions. Better off saving the energy for when things are moving.

I am a newbie for the SonicR Thread
As the SonicR, I open a position as below. If there is some problem. Thank you everyone.

Short EJ
EP 122.31 ( Set Sell Stop)
SL 122.71
TP 121.47

Hi,

Let's See What Will Happen Next

Regards,
Basber

Hi MissH,

Welcome To This Thread I Believe It's a Good Trade, Whether It'll Be a Looser Or a Winner ... Let The Market Decide ...
Just If It Drops To 122.00, Be Careful In That Level. If I Were You, I'll Tightened My SL Or Will Bring SL To BE At That Level. You Can Take Partial Profit In That Level Too.

Regards,
Basber

I closed GU short at BE, finished today flat

Hi DanPa,

1) "i made short on G/Y"
I Want To Ask You To Draw The Wave That You Saw Before Entering The Trade. I Don't See Any Good Waves For This Pair To Make a Short Entry.

2) "hope i will make some pips."
Hoping May Be Useful In Life, But It Will Not Help You In Trading. If You Believe In a System, Even If You Loose, You Know You Will Earn Those Pips In Early Future. Try To Learn The Method And You'll Be Fine.

3) "Please give me an advice on how to set target T1 T2"
There Are Several Ways To Adjust Your Targets :
A - You Can Use Daily Pivots To Adjust Them
B - You Can Use Supports And Resistance On M15 TF.
C - You Can Trail Your Stops
D - You Can Use Higher TF Supports And Resistance
E - You Can Use Divergence For Getting Out Of The Trade
F - You Can Set a Routine Distance For Taking Out You Partial Profit And Bring Your SL To BE
G - You Can Use Trendlines In Higher Or Lower TFs
H - You Can Use Round Numbers (Kind Of Resistance Though) For Your TP

Got Confused ?! LOL ! This Is What Traders Calls "Trade Management". I Use All Of Them Depending On The Situation. Finding Out Which One Is Better, Depends On You And Your Experience. That's Why You Need Experience, Not Just a Manual Of a System Or an Entry Point.
Two Traders Could Enter On a Same Bias And Same Price And One May Loose His/Her Money And One May Take a Profit. It Depends On How You Treat Your Trade. I'm Sure You'll Master It In Few Months, Just Work On It And Right Notes About Your Experiences And See Which One Fits You Better.

I Have To Accounts. One Large Account And One Small Account. I Usually Bring SL To BE ASAP In My Large Account Because I Don't Like To Take Big Losses, But In My Smaller Account, I'll Let The Trade Run a Little More.

I Emphasize It Again, It Depends On You Personallity. There Is No Solid Rule For Taking Your Profit. You Must Learn To Play With Your Position.


Hope It Helps

Regards,
Basber

Hi Pablo,

I'm Not Going To Say It's a Bad Trade, But Do You Believe There Was a Good Wave Formed When You Entered Long ? I Don't Think So.

After Months Of Breaking Even Or Loosing, I Just Found Out That There Is Only ONE WAY To Be Profitable In ANY SYSTEM. To Be More Selective About The Positions.

Try To Take Less Positions, And Try To Take Only The Best Ones.

Just My Two Cents Though ...

Regards,
Basber

No One Will Be Mad On You. That's The Way We All Learnt It. Aks Anything That You Have Doubt In It Or You Don't Understand. Don't Hesitate ...

Regards,
Basber

This Is What I Have In Mind About This Pair. Let's See What Will Happen Next ...

Regards,
Basber

Hi Basber,

True, the wave wasn't the best but the placement right on the trendline, was the reason taking the entry. As it was my SL was hit at BE but it was +27 pips up at one point.

As for good waves, do you think the UJ is a good selective trade?

I too have looked for some solid rules on waves to take and found the best waves tend to have a FIB 50-61.8% retracement & continuation shape to them.

It's good to have constructive comments and I agree with your earlier post, its the best way to learn and improve. Welcome back :-)

Pablo

Using Fibo Is a Very Good Way To Recognize Good Entries. As I Drew In The Picture, Priced Hit 38.2% Of Fibo Many Times And Failed To Broke It. And I Came Down To Zero Point, Then Retraced a Little Bit. If It Hit My Entry Point, It Had High Probablity (It May Lost Too !!) For It To Reach My TP1.

I've Seen That These Kind Of Waves Have a Good Chance Of Success. But Now Price Didn't Moved As I Wanted, So I Will Cancel To Orders And Watch It Manually.

It's a Very Small Move (Distance Between Fibo Levels Are Very Small) Though.

In Conclusion I Must Say Yes, It Was a Good Setup For Me.

I've Mentioned Many Times That One Should Personalize This Method In His/Her Own Personality. I Had More Reasons To Take This Trade Rather Not To Take It. But I'm Just Monitoring What It Does Closely Due To Price Movement 3 Hours Ago, The One That Didn't Broke The Low.

P.S. : Thanks For Welcoming Me Back Hope To See More Of You Sharing In Future

Regards,
Basber

GU:

Since the later part of last week, I have been involved with a short on this pair. And I am still waiting for "the move". Meanwhile, price has gone higher, and I have added to the short trade at higher prices with non-SonicR entries. What I am posting here is broader perspective on this pair; not anything demanding an immediate SonicR setup but rather something revealing what looks like a building bearish bias that could result in SonicR setups and many hundreds of pips of downward movement over time.

The attached chart shows two fibonacci studies: on the left a retracement study, and on the right an extension study. Firstly, look at the retracement study. It shows that the price (off to the right of the study) came back up to the 50% area where it has spent many months trying to break thru, failing many times. During this time PA has created the "M" pattern, suggesting the price will eventually make a substantial move down.

Now look at the extension study. Over the last three months the price has declined from the second most siginficant high to the lowest low since first achieving the 50% level. And currently the price has managed to recover only to the previous significant low. The FE 100% level was almost achieved, but not quite....not yet.

Now try to look at this Weekly chart as though it was an M15 chart. We would already be recently entered into a short on the third candle back; a very bearish tall candle. And we would be waiting now for a continuation move down to at least the FE 127% level, and possibly the FE 162% level, or even lower.

This is my oultlook for GU. And in this perspective I would not be surprised to see a drop of 1000+ pips before bias becomes muddled again. Now you know why I kept my short trade when price started moving against me, and why I made non-SonicR additions at some higher prices during that move. I didn't expect the move to go so far against me, but I took what advantage I could of it when it did.

The original short entry was SonicR. It was an asian session entry, and it went for about 50 pips. Asian session trading is not recommended, and that is a good recommendation. But having made the mistake of entering into the trade, I made the second mistake by not closing it for profit. It is not SonicR trading to let a trade move into a loss, and then keep the trade on while the loss increases. That is an example of trading what we believe, not what we see. And more often than not, it will not turn out well.

My trade may turn out ok, maybe even better than just ok. But had I traded only SonicR, only during SonicR recommended market hours, I would be far better off than I now am. And if a SonicR short setup does indeed occur and results in a big move south, well, I could still be ready to trade it.....but already with more money tucked away from two pure SonicR trades, one in each direction and both for significantly more than 50 pips (second chart).

*Now you know why I kept my short trade when price started moving against me*

...fully understood! thank you!

Basber, I just want you to know (and I am sure I speak for the others here) that your posts are much appreciated. From them it is obvious you are an experienced, sensible and cautious trader. Much can be learned from you, helping us all better manage our SonicR trades.

It is good to have you back.....very good.

Hi TAH,

Thanks For You Nice Words. You Do The Same, Far More Better Thanks For Sharing Your Trades ...

P.S. : Did You Recieved My PM ? I Sent It 2 Days Ago I Think

Regards,
Basber

If I am the first guy that who dance,,Basber, DD, Rasta and TAH will the second dancers...

Sonic

Thanks for the heads up on your PM. I just posted reply.

Thank you Basber.
The price just get to the SL 122.71.
Would give me some details for the SL positon BE that you metioned?

This post uses "volume", or trade counts to illustrate why to not trade the asian session. The first chart shows a SonicR breakout upwards, and if this were during the market hours recommended for SonicR trading, it might result in a good long trade. But lets see what is actually happening with this breakout move during the asian session.

I will coin two words to help out: steering trades and position trades. Steering trades are trades of miniscule actual monies, used in succession (without much investment) to move price (manipulate price to a new level). Position trades are trades of high actual monies involved, and take place only after price is "steered" to the desired level.

The breakout move looks good on M15 (first chart). But look at the M1 chart. Here it is clear that an increased quantity of trades was used to "steer" the price up. At the higher attained level, the QUANTITY of trades might, or might not, drop off. But the SIZE of the trades likely is dramatically increased (which we never see)! So, is this "move" a good move to enter long on? Nope. Once the position orders are filled at the highs, unless there is another firm waiting in the wings to try the same manipulation to an even higher level, the price will likely just wander sideways until it is driven down with more "steering" trades, to build in the profits for the "position" trades.

This is all speculation. But it "fits the bill" when analyzing asian session PA. Sometimes the asian session will yield a valid SonicR trade. But these times are seldom compared to the many "false" SonicR breakouts during the Asian session. I do not know how this example will turn out. I could end up being wrong, which is the risk in speculating.

But what is not speculation is the good advice to NOT trade the asian session.