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The System III (Oh no!)

  • #41
  • Feb 27, 2010 10:59pm Feb 27, 2010 10:59pm
Wow I didn't know it was your birthday Feb!!!
In that case.


Happy Birthday!!!!!!! This one is on me.
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  • #42
  • Feb 28, 2010 12:20am Feb 28, 2010 12:20am
Buon Compleanno Feb!
  • #43
  • Feb 28, 2010 12:33am Feb 28, 2010 12:33am
I wish you great happiness, a joy that never ends.
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  • #44
  • Feb 28, 2010 12:41am Feb 28, 2010 12:41am
In this system III, is the market or session start timings are important? And should we give preference to London and overlap time of London and NY open?
  • #45
  • Feb 28, 2010 3:59am Feb 28, 2010 3:59am
Hi FEB,


System II really changed my trading style by 360 degrees . It made me to look the charts in a manner which I was never capable to do previously .

I was heavily dependent on indicators and my trading style was more towards scalping which made me blew my 1st real account.

Will be following this thread very closely .

Happy belated Birthday and may this year produce bountiful pips than last year

Best Regards,

Kantha
  • #46
  • Feb 28, 2010 8:22am Feb 28, 2010 8:22am
thanks!!!!
Peace
  • #47
  • Mar 1, 2010 8:14am Mar 1, 2010 8:14am
Hello Feb, thanks for sharing and started this new thread. I have a couple of questions about when to apply System III. For example, you said you took some nice trades last week and we were in a choppy market. Under normal conditions, especially during the london/newyork session, runners occur frequently and eventually against an existing position as you said. Under these conditions any clues ? What about the asian session, there are plenty of opportunities to play ping pong. How do you set a reasonable stoploss ? Umbro
  • #48
  • Mar 1, 2010 9:03am Mar 1, 2010 9:03am
Quoting umbro
Hello Feb, thanks for sharing and started this new thread. I have a couple of questions about when to apply System III. For example, you said you took some nice trades last week and we were in a choppy market. Under normal conditions, especially during the london/newyork session, runners occur frequently and eventually against an existing position as you said. Under these conditions any clues ? What about the asian session, there are plenty of opportunities to play ping pong. How do you set a reasonable stoploss ? Umbro
My 2 cents: This method is not just successful during ping pong periods. Every trend starts from an area of support or resistance so its up to you to manage your trades for the runners. If I have a trade go against me breaking out of a level in the opposite direction I then wait for a retrace back to the support/resistance level before going in the new direction. If I miss that as long as i get in on a pull back where there is room to move (i.e distance from entry to next support/resistance level), you can recover any losses from the previous move and come out with profit. The name of the game is being flexible with careful risk:reward for each trade.
  • #49
  • Mar 1, 2010 12:09pm Mar 1, 2010 12:09pm
Quoting Porkpie
My 2 cents: This method is not just successful during ping pong periods. Every trend starts from an area of support or resistance so its up to you to manage your trades for the runners. If I have a trade go against me breaking out of a level in the opposite direction I then wait for a retrace back to the support/resistance level before going in the new direction. If I miss that as long as i get in on a pull back where there is room to move (i.e distance from entry to next support/resistance level), you can recover any losses from the previous move...
This exactly why I don't believe in fixed systems. If you have a bias(long/short) and the market goes against you...what would you do??

if you're trading against a level and the market goes aginst you...like porkpie said - simply look the other way...

Thanks for this detailed explanation brother. I feel so happy when someone grasp a concept.
Peace
  • #50
  • Mar 1, 2010 2:23pm Mar 1, 2010 2:23pm
Hi FEB... and sorry for being late, but anyways, HAPPY BIRTHDAY!

I wish you'll receive thousands of times what you have given me. First post in System II truly changed my way to look at markets, and possibly enhanced my life.

I will keep an eye in your new creation. So far I read everything on this thread, but will have to change my mind to understand exactly what you are doing.

Take care!
  • #51
  • Mar 1, 2010 3:00pm Mar 1, 2010 3:00pm
Quoting elizo
Hi FEB... and sorry for being late, but anyways, HAPPY BIRTHDAY!

I wish you'll receive thousands of times what you have given me. First post in System II truly changed my way to look at markets, and possibly enhanced my life.

I will keep an eye in your new creation. So far I read everything on this thread, but will have to change my mind to understand exactly what you are doing.

Take care!

no problem Elizo....come back anytime.
Peace
  • #52
  • Mar 1, 2010 3:19pm Mar 1, 2010 3:19pm
Here's a myth I heard so many times.

!oh this system is good when the market is trending but in range will kill ya!!

it's about time you guys get out of the rat race!...who cares if is trending or ranging. Play the market as it is...If is a breakout from a level, play accordingly....if is a bounce off...play accordingly.....no bias just look for the benjamin's $$$$. If you can get any fat off the market, then shut the charts down and go have a beer , smoke a fat one or do whatever you like in you free time...... bug someone for a change(your wife, kids, dog??)!!!!

If you're trading anything lower than a daily chart, just forget about the trend - there's no use.. Oh yeah will be so easy "if the market is up - buy...if the market is down...sell" but for how long will be down or up??? who knows???...who cares??

A valid move AKA TREND must have enough sellers or buyers IN agreement about the market bias. That requires plenty of time.
Peace
  • #53
  • Mar 1, 2010 6:58pm Mar 1, 2010 6:58pm
Quoting feb2865

If you're trading anything lower than a daily chart, just forget about the trend - there's no use.. Oh yeah will be so easy "if the market is up - buy...if the market is down...sell" but for how long will be down or up??? who knows???...who cares??

A valid move AKA TREND must have enough sellers or buyers IN agreement about the market bias. That requires plenty of time.


Agree 100%...

I have a day job... that means, >4H TF, large stops, and positions open for weeks...

I the "mean time" someone who trades 15m, 30m could have made lots of pips of my "retracements"...

But, be aware, guys.... if you trade faster TFs, pay attention to intermarket correlations (Dow, S&P, commodities, bonds...)

Cheers!
Many share my views with me. But I don't share them with them...
  • #54
  • Mar 2, 2010 2:16am Mar 2, 2010 2:16am
feb, I just love it. These simple approaches will always work in every market.
  • #55
  • Mar 2, 2010 2:57am Mar 2, 2010 2:57am
i think it doesnt work too well for all currencies, only majors
  • #56
  • Mar 2, 2010 6:14am Mar 2, 2010 6:14am
Quoting notoSCUM
i think it doesnt work too well for all currencies, only majors
Supply and demand 'works' (with the correct MM) for all currencies and all markets.
  • #57
  • Mar 2, 2010 7:55am Mar 2, 2010 7:55am
Thanks Feb and Porkpie.
Take the market as it is and act accordingly. I like very much the suggestion about a possible re-entry in case the trade goes against me.
I will appreciate if you could post some more charts even if the method has been described clearly.
FEB, thank you very much for your great contribution.
It's a pleasure and a honor to read your posts.

Umbro
  • #58
  • Mar 2, 2010 2:55pm Mar 2, 2010 2:55pm
My style is slightly different so check Feb's journal http://www.forexfactory.com/showthread.php?t=158039 for more of his charts.
  • #59
  • Mar 3, 2010 11:27am Mar 3, 2010 11:27am
Hello guys.

I've been trading this week and the results are good. I've been also checking on 4hr charts but I swear is too slow for me. But for those who likes 4hr the "system" works nice .

Thanks for the 5 star rate even though this is just a newly made thread.

There's nothing more of what I just already stated...no complications or snakey lines to follow. Just simple price the way I like it.
Peace
  • #60
  • Mar 3, 2010 11:40am Mar 3, 2010 11:40am
I had done two trades on 30 min. They went in profit and it is very easy to understand and manage.
I am also following your System II basic teachings and also they are very simple and amazing effective....
You are full of starts Sir and there is no doubt that your thread is 5 start...this is 5 start becuase forexfactory has no 6th one...other wise I am sure.. your thread would have 6th too.
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