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The System III (Oh no!)

  • #61
  • Mar 3, 2010 9:45am Mar 3, 2010 9:45am
Quoting feb2865
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.
I had done a short on E/U 30 min and my TP hit as I set before next support. In that case can I enter again short after breaking and pull back that support, or should I keep the existing trade in and add another one on breaking the support? Thanks for another simple system.
  • #62
  • Mar 3, 2010 9:46am Mar 3, 2010 9:46am
Quoting TheExit
I hate to be a negative nancy but I seriously wonder if anyone following this method makes any money consistently. This is NOT reading price action but rather taking very minor breakouts in a time frame that has a lot of noise. Make no mistake about it, the big players don't care about the 5 min chart and they are not trading breakouts, at least not in the way this method suggests.

The "smart money" is in reading the supply and demand in the big picture - the larger time frames. Smart money is basing their decisions on major support and resistance...
That is my quote from the System II thread a long way back......

wait for it.....

.............

..........

I TOLD YOU SO.
  • #63
  • Mar 3, 2010 10:38am Mar 3, 2010 10:38am
Hello, Mr Feb!!!

I am glad to see you again!

New thread, new wisdom! Great!

I wish your new thread as much success as it has The System II thread.

That thread is the truly fatherland of most succesful traders.

Your thread the System II was more than just useful for me.... It was my start in trading. Really valid start after many years of reading all kind of stupid books, going to seminars etc. etc. .....

So,... but I am still here. I trade.

Thank you!!!

I wish you very good health, and... Take care, brother! You are great man!


P.S. I do very like your words about what you are doing with all kind negative things in your life! Cool!
  • #64
  • Mar 3, 2010 11:11am Mar 3, 2010 11:11am
Quoting feb2865
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.

You deserve it! and Happy Birthday a little bit late. i know now what's 2865 means.
I just believe in... Peace and good Karma!
  • #65
  • Mar 3, 2010 11:19am Mar 3, 2010 11:19am
Quoting TheExit
That is my quote from the System II thread a long way back......

wait for it.....

.............

..........

I TOLD YOU SO.
Although I just started a week ago to actually using System II but so far it is consistent. I dont care what big players do. They have bigger accounts and different goals and different situation.

I believe time frame is just to make data simple to read otherwise market is not aware of any time frame. So time frame is just matter of prefrence and nothing but that is correct each time frame is different animal due to its average range.
No system would give consistency, every system works and every system fails depend who is driving and how is driving.
Trade managment... that is key to consistency.... I am following System II and it is amazing and will follow System III and System IV too.
They are not system.. they are blue prints and sketeches... you have to fill colors in them by yourself...
These are just my opinion can be wrong too.
  • #66
  • Mar 3, 2010 11:48am Mar 3, 2010 11:48am
Quoting jalp
You deserve it! and Happy Birthday a little bit late. i know now what's 2865 means.
Yeah, means that I am 45....but don't kid yourself, I still look like 30 something...really no gray her (knowck on wood) no boldie...no wrinkles...of course I am 45 but still alive and kicking LOL

OH I forgot...plenty of health for 2010 thanks to the prayers and good karma from all of you guys!!
Peace
  • #67
  • Mar 3, 2010 11:49am Mar 3, 2010 11:49am
Quoting TheExit
That is my quote from the System II thread a long way back......

wait for it.....

.............

..........

I TOLD YOU SO.
No problem! Take a seat my friend!
I just believe in... Peace and good Karma!
  • #68
  • Mar 3, 2010 11:51am Mar 3, 2010 11:51am
Quoting dim4ik42
Hello, Mr Feb!!!

I am glad to see you again!

New thread, new wisdom! Great!

I wish your new thread as much success as it has The System II thread.

That thread is the truly fatherland of most succesful traders.

Your thread the System II was more than just useful for me.... It was my start in trading. Really valid start after many years of reading all kind of stupid books, going to seminars etc. etc. .....

So,......

hello my brother!! come back anytime!!!

This is just a personaL touch as I am moving away to slooooower pastures LOL!!!

MAN!!! 30 minutes is slow! but I guess is a matter of time....

One thing I can tell you guys is about my stress level. Really is better now!!!
Peace
  • #69
  • Mar 3, 2010 11:52am Mar 3, 2010 11:52am
Quoting TheExit
That is my quote from the System II thread a long way back......

wait for it.....

.............

..........

I TOLD YOU SO.

errr right ok, so what you are saying is that the smart money do not day trade and that supply demand doesn't exist on lower time frames.
  • #70
  • Mar 3, 2010 11:54am Mar 3, 2010 11:54am
Quoting TheExit
That is my quote from the System II thread a long way back......

wait for it.....

.............

..........

I TOLD YOU SO.
I am lost???

what is your point brother??
Peace
  • #71
  • Edited 1:57pm Mar 3, 2010 12:12pm | Edited 1:57pm
Quoting feb2865
I am lost???

what is your point brother??
I think what he is saying is you have moved from 5 min to the less noisy 30 min chart and he suggests he told you so (not sure why he thinks 30 min levels are the 'major' levels!?).
  • #72
  • Mar 3, 2010 12:13pm Mar 3, 2010 12:13pm
Quoting Porkpie
errr right ok, so what you are saying is that the smart money do not day trade and that supply demand doesn't exist on lower time frames.
Not at all. A while back when the System II thread began I told the followers that they needed to be cautious because taking breaks in higher highs / lower lows on a 5 minute chart was very dangerous - in my opinion, just dumb. Everyone bashed me.

Anyway, long story short - the group eventually figured this out and decided to filter these HH/LL breaks by only trading reversals or "FCRs" as they called them. Still, noise is noise. Now we have the System 3 which is based on major Support and Resistance - again, my opinion, the only thing that matters.

Trading lower time frames is completely fine (I do it all the time) SO LONG AS you focus on the BIGGER PICTURE. It's something that too many day traders never get and end up blowing up their accounts. By all means trade the lower time frames but do so in the grander scheme of things.

Again, just my opinion. I have no problems with the System 3 at all.
  • #73
  • Mar 3, 2010 12:14pm Mar 3, 2010 12:14pm
Thanks feb for system 3, have benefited much from system 1 and 2. I look for past turning points on the hourly. I like your approach to trading, hopefully this will not mutate into some 3 alphabets trading set up.
  • #74
  • Mar 3, 2010 12:19pm Mar 3, 2010 12:19pm
Quoting TheExit
Not at all. A while back when the System II thread began I told the followers that they needed to be cautious because taking breaks in higher highs / lower lows on a 5 minute chart was very dangerous - in my opinion, just dumb. Everyone bashed me.

Anyway, long story short - the group eventually figured this out and decided to filter these HH/LL breaks by only trading reversals or "FCRs" as they called them. Still, noise is noise. Now we have the System 3 which is based on major Support and Resistance - again, my opinion, the only thing that...
ah ha, you make total sense now
  • #75
  • Mar 3, 2010 12:23pm Mar 3, 2010 12:23pm
Quoting Porkpie
ah ha, you make total sense now
I do to anyone familiar with the System 2 thread....
  • #76
  • Mar 3, 2010 12:37pm Mar 3, 2010 12:37pm
Quoting TheExit
Not at all. A while back when the System II thread began I told the followers that they needed to be cautious because taking breaks in higher highs / lower lows on a 5 minute chart was very dangerous - in my opinion, just dumb. Everyone bashed me.

Anyway, long story short - the group eventually figured this out and decided to filter these HH/LL breaks by only trading reversals or "FCRs" as they called them. Still, noise is noise. Now we have the System 3 which is based on major Support and Resistance - again, my opinion, the only thing that...
I got you point brother..

We need to go back to the "trade what you're comfortable" thing. I personally warned people many times about "noise trading" and that you need to figure out if this is something for you or not..

But in your post you said that you doubt anyone could be consistent using this method. I have to disagree. I've been trading off price close to 30 years. Yes real price, not the "price action" people are touting everywhere.

Actually, I began trading with no charts Just the price you see on the board at NYSE - if you want noise that would be the ultimate noise trading.

Charts are good. But they only handles the data in a certain way to fits you needs. If you want too trade noise looking at the bigger picture then why not to trade the bigger picture and screw the noise?? think about it..

When you choose a way of trading (scalping, long term etc) you must be aware of the pro's and con's of each. Hence my irony about systems.

Traders don't realize about how much control they have over their trading. They tend to synchronize themselves into this "buy x when z turns red etc" You need to have some room for thinking. Ultimately I can't put a trade for you nor anyone...it's your call.

Therefore should be your call deciding when and how to trade...or not...

Trading noise is more difficult than trading on higher notes....way more difficult. But some people like it that way, myself included.

I give people guidelines and in this particular case how I do it....
Peace
  • #77
  • Mar 3, 2010 12:59pm Mar 3, 2010 12:59pm
Quoting feb2865
I got you point brother..

We need to go back to the "trade what you're comfortable" thing. I personally warned people many times about "noise trading" and that you need to figure out if this is something for you or not..

But in your post you said that you doubt anyone could be consistent using this method. I have to disagree. I've been trading off price close to 30 years. Yes real price, not the "price action" people are touting everywhere.

Actually, I began trading with no charts Just the price you see on the board at NYSE - if you want...
I am 100% agree with that. There are many living proofs who are doing very well in System II with consistency. I am also improving much and feeling much control on my trades.
Thanks Feb for another wisdom treasure ...
  • #78
  • Mar 3, 2010 1:35pm Mar 3, 2010 1:35pm
Hey Feb,

Thanks for a great thread. I am still reading The system 1 but this new thread caught my eye. Thought I'd post this possible trade setup coming up on the EURUSD.

Apologies if this is off topic an feel free to delete if its in the wrong place.

Thanks again for all the info.

James.
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  • #79
  • Mar 3, 2010 2:18pm Mar 3, 2010 2:18pm
Quoting feb2865
I got you point brother..

We need to go back to the "trade what you're comfortable" thing. I personally warned people many times about "noise trading" and that you need to figure out if this is something for you or not..

But in your post you said that you doubt anyone could be consistent using this method. I have to disagree. I've been trading off price close to 30 years. Yes real price, not the "price action" people are touting everywhere.

Actually, I began trading with no charts Just the price you see on the board at NYSE - if you want...
At the end of the day, the only thing that matters is whether or not your making money. I agree with you.

By the way, I have nothing but respect for you and all your hard work. Much luck, health and happiness to you in the future.
  • #80
  • Mar 3, 2010 4:55pm Mar 3, 2010 4:55pm
I am long at 1.3698 and stop loss is at 1.3660
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