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The System III (Oh no!)

  • #21
  • Feb 26, 2010 3:17pm Feb 26, 2010 3:17pm
Quoting auxesis
I haven't read through your other threads so this may be answered already

Playing the devils advocate for a minute, S/R in a range will yield a good supply of Ping-Pong trades back and forth between levels, but on the run no level is safe. Are you looking for a bounce and retest of these areas before entering, or smaller timeframe PA around them as confirmation there's buyers/sellers in the vicinity?

regards
One of the advantages of higher time frames is the accumulation of data given. In other words, the more people looking at short and calling short the better it is. Higher time frames are nothing more than a compilation of short moves piling up. I am betting on that. There's nothing you can do if you get on a runner. You're definitely getting crushed. But I don't avoid losing, it's part of it. You can wait for a bounce or a confirmation, yes of course. But I like to be first in line always. I take the chance.

Having other variables will make me missing the bus more often than not. I don't want it. I play pullbacks on short moves. Here I have 30 minutes of people banging the market on one side, rejecting a level.

oh!! I think I know what you mean. Correct me if I'm wrong please. I prefer to wait for the bar to close, but it all depends on momentum. If I see that particular bar going long/short with brute force, I would not miss the chance.
Peace
  • #22
  • Feb 26, 2010 3:33pm Feb 26, 2010 3:33pm
Quoting feb2865
I prefer to wait for the bar to close, but it all depends on momentum
Good explanation, thanks.

I would be weary of stepping out at any level in front of price without it showing some kind of respect first. Do you scale into your trades, throwing a partial out at the early stages, or full in and how much leeway are you giving ?

Sorry if you've already answered this.
  • #23
  • Edited Feb 27, 2010 12:08am Feb 26, 2010 11:45pm | Edited Feb 27, 2010 12:08am
Dear Great Feb,

I wish you to be best in your health always live longer happy and wealthy life. You are great man. You had given us life changing stuff.

I am very very thankful to you and very happy to see your new thread.

BTW is there any new indicator, you are going to use...? lol.

You are great Feb....
  • #24
  • Feb 27, 2010 6:33am Feb 27, 2010 6:33am
Dear Feb,

thanks for starting this new thread. I followed your teaching in System II and now I'm able to look at the market from a different and better perspective. I'm eager to know more about System III.
Please go ahead.

Umbro
  • #25
  • Edited 12:14pm Feb 27, 2010 9:25am | Edited 12:14pm
Quoting feb2865
Just to add, I am not here to baby sit or to win a popularity contest. Not here to create a cult of followers…you come here, lay your question on the table and please leave the bullshit behind I don’t have the patience nor the time to deal with it.
Thank you sir. I like it that way.

What is your ticks goal and stoplost on m30.

regard's
I just believe in... Peace and good Karma!
  • #26
  • Feb 27, 2010 9:48am Feb 27, 2010 9:48am
On what time frames do you identify these turning points...I mean what time frame do you get the s/r from?

Quoting feb2865
You need to become an expert on how to look for turning points in the past....I will call it "Past Reference"...
Its all in the mind.
  • #27
  • Feb 27, 2010 10:54am Feb 27, 2010 10:54am
Quoting 5abi
On what time frames do you identify these turning points...I mean what time frame do you get the s/r from?
Check the charts I posted - look at the left upper corner

You can use any timeframe you want. Just bear in mind that the shortest will carry more noise.
Peace
  • #28
  • Feb 27, 2010 10:57am Feb 27, 2010 10:57am
Quoting jalp
Thank you sir. I like it that way.

What is your ticks goal and stoplost on m30.

regard's

Stop loss - a reasonable distance from the turning point based on risk management.

Tick goals - profit target - I tend to look at the latest turning point (contrary ) like for instance, if I am short, I look for the last long turning point as a possible target - or I might trail my stop to B/E - all depends on how I feel like it....Look at the charts I posted and the trade I was running...
Peace
  • #29
  • Feb 27, 2010 11:22am Feb 27, 2010 11:22am
Okay.

I also use a similar approach to yours- I hope you do not mind me sputtering out what I use here

My basic premise is that there is a "underlying" trend and it shows itself over a period of last 30 days or so. Trends can and do last much longer than 30 days, but since I trade intraday, I consider last 30 days or so sufficient data.

Now I zoom out on a 4 hour chart (I just like this time frame since it aligns better with my day job) and add lines at where I see the price has turned within 30 days or so.

Once I am ready to trade I go back to the H1 TF where I trigger, wait for the close of the candle and go long or short based on that close. It is not up to the pip s/r but that is ok since I trade with decent size stop orders.

Attached is a chart on both H4 and H1 Time frame.



Quoting feb2865
Check the charts I posted - look at the left upper corner

You can use any timeframe you want. Just bear in mind that the shortest will carry more noise.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: snapshot-3.png Size: 91 KB
Click to Enlarge Name: snapshot-4.png Size: 100 KB
Its all in the mind.
  • #30
  • Feb 27, 2010 11:36am Feb 27, 2010 11:36am
I believe time frame are just for our comfort level. The best time frame is that which is makes more sense to us (indvidually for each trader).
Feb has explained it very accurately in his system II post:
http://www.forexfactory.com/showpost...7&postcount=38

I would stick with 30 min Eur/USD, as each time frame has its own range, rytham and ecah pair is different animal. Once we learn the art to skin the cat then time frame, pair no problem, we can choose anyone.
  • #31
  • Feb 27, 2010 11:51am Feb 27, 2010 11:51am
I have a question about entry point. When price reaches near the turning point do our entry point is based on the momentam that it is slowing down and now market is looking to turn or we just place our orders set once we draw the turning points?
One more question, our orders are set when price touches the turning point or we already had set our order before market reach there.
  • #32
  • Feb 27, 2010 12:16pm Feb 27, 2010 12:16pm
Very important!!!

Levels don't necessary hold. Sometimes you'll find yourself in a breakout. There's no way to tell. I can't tell you when that's going to happen. There's nothing in this world that will show you in advance what will come next.

If you want to follow thru on the breakout, be my guest. Nothing wrong with that. Just try at least to get a pullback to minimize the risk.
Peace
  • #33
  • Feb 27, 2010 12:26pm Feb 27, 2010 12:26pm
Quoting 786 trading
I have a question about entry point. When price reaches near the turning point do our entry point is based on the momentam that it is slowing down and now market is looking to turn or we just place our orders set once we draw the turning points?
One more question, our orders are set when price touches the turning point or we already had set our order before market reach there.
I wait for the turning bar/candle to close. You can setup a leeway of about 10 pips on the stop order to avoid a double top/bottom. Stop loss should be at the other side at a reasonable distance from the turning bar.

If you choose to play the breakout, then put your stop loss at the end of the breakout bar with at least some space (to avoid double top/bottom) and wait for a pullback before placing the stop order(entry).

Here's an "indicator" that draws horizontal lines on fractals. I was playing around with it and I decided that I will follow mayor turning points. I customized so the red lines will only appear. Still on the test mode.
Attached File(s)
File Type: mq4 #KG Support and Resistance.mq4   5 KB | 1,417 downloads
Peace
  • #34
  • Feb 27, 2010 2:23pm Feb 27, 2010 2:23pm
Quoting feb2865
Here's an "indicator" that draws horizontal lines on fractals. I was playing around with it and I decided that I will follow mayor turning points. I customized so the red lines will only appear. Still on the test mode.
If I can help. No needs to %$67?%%& with colors.
I modified it to reflect Feb preferences.

Only two lines.
Attached File(s)
File Type: mq4 Support and Resistance (FEB).mq4   3 KB | 1,529 downloads
I just believe in... Peace and good Karma!
  • #35
  • Feb 27, 2010 5:21pm Feb 27, 2010 5:21pm
Happy birthday dear feb!
I wish you excellent health and a solid runner from this round number
  • #36
  • Feb 27, 2010 5:40pm Feb 27, 2010 5:40pm
Quoting jalp
If I can help. No needs to %$67?%%& with colors.
I modified it to reflect Feb preferences.

Only two lines.
Thanks Jalp, it is nice have only two lines as Feb mentioned. I will use this. Thanks again.
  • #37
  • Feb 27, 2010 9:31pm Feb 27, 2010 9:31pm
Quoting mihaig78
Happy birthday dear feb!
I wish you excellent health and a solid runner from this round number
thank you!!!!
Peace
  • #38
  • Feb 27, 2010 9:49pm Feb 27, 2010 9:49pm
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
Oh boy,
Feb, you lure me into system III which I've benefited from system I
Attached Image (click to enlarge)
Click to Enlarge Name: pips.jpg Size: 24 KB
Shake it off!Lick the Wound,Prey Again!
  • #39
  • Feb 27, 2010 9:53pm Feb 27, 2010 9:53pm
Quoting Megara
Oh boy,
Feb, you lure me into system III which I've benefited from system I
Is that for the system I???

wow!!!
Peace
  • #40
  • Feb 27, 2010 9:59pm Feb 27, 2010 9:59pm
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
yes, master. I will folloow u
Shake it off!Lick the Wound,Prey Again!
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