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The System III (Oh no!)

  • #81
  • Mar 3, 2010 6:59pm Mar 3, 2010 6:59pm
Feb one question I have...
As I am using your system II also and System III too on same pair...
Should my system II trade has some effect of System III setup....for example.. I am long on System III on 30 min charts..
Now should I give prefrence of long on 5 min. chart (system II ) instead of short trade?
  • #82
  • Mar 3, 2010 8:39pm Mar 3, 2010 8:39pm
Quoting mithu
Feb one question I have...
As I am using your system II also and System III too on same pair...
Should my system II trade has some effect of System III setup....for example.. I am long on System III on 30 min charts..
Now should I give prefrence of long on 5 min. chart (system II ) instead of short trade?
You need to pick one side - can't trade both "systems"...sorry
Peace
  • #83
  • Mar 3, 2010 8:46pm Mar 3, 2010 8:46pm
Long play for today - nice
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Peace
  • #84
  • Edited 9:11pm Mar 3, 2010 8:53pm | Edited 9:11pm
What do U know?

we had a breakout - let's see how high it will fly.

If it fly at all...I have my doubts..
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Peace
  • #85
  • Mar 3, 2010 9:40pm Mar 3, 2010 9:40pm
Your are quite right. Your way is very significant. I have only been trading for nearly 5 years but in this time I have found the only true way to trade is not m/a but on price. Using your turning point, S/R, also horizontal lines on for visual. All indicators are good and have there uses but are based on historic events and are not immediate and current. Price is now, current.
Ciao for now, great strategy truly honest pure trading

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...
  • #86
  • Mar 3, 2010 10:12pm Mar 3, 2010 10:12pm
I'll try to summarize what I've read here - let me know what I got wrong feb.

1. Using 30m charts (could be 60 or 240 but dropping lower will be noisier).
2. Entry and exit based on S&R.
3. S&R is just marking up the swing highs and lows as seen on 30m ohlc bars (or candles if one was so inclined)

4. Feb seems to prefer exits a little inside the S&R; what might be considered the buy zone for someone who had entered in the other direction and thus the non-trend liquidation or the point at which reversal seems most likely if there is no trend in your trade's direction.

5. Wait for the bar greeting S&R to close before entry. If it runs through the S&R like a hot knife through butter, consider the opposite position. Only question I'd have on that one Feb is that a lot of people put weight on the hourly close .. I wonder if the half hourly that isn't hourly might be less reliable (did you look at that?).

A nice start on System III Feb
  • #87
  • Mar 4, 2010 12:45am Mar 4, 2010 12:45am
Quoting mithu
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....
Consistency, trade management, who is driving and how is driving.

You hit the nail on the head. Amazing post. Totally agreed.
  • #88
  • Mar 4, 2010 5:15am Mar 4, 2010 5:15am
I personally didn't like the breakout...still the market can turn - anyway this was an odd trade I went in short on a lighter load....good for 60 pips

sometimes....ahhh you gotta take the risk. Just keep and eye on the load don't go overboard.....
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Peace
  • #89
  • Mar 4, 2010 5:27am Mar 4, 2010 5:27am
Quoting feb2865
I personally didn't like the breakout...still the market can turn - anyway this was an odd trade I went in short on a lighter load....good for 60 pips

sometimes....ahhh you gotta take the risk. Just keep and eye on the load don't go overboard.....
Hello Feb,

I took the same trade short @3672 with my stoploss 20 pips away looking for at least 20-30 pips. Let's see what happens.
Thanks for posting your trade.

Umbro
  • #90
  • Mar 4, 2010 5:38am Mar 4, 2010 5:38am
If I use both systems on different pairs... then is it ok?

My long trade hit the stop-loss. no prob. wash and reins.

Quoting feb2865
You need to pick one side - can't trade both "systems"...sorry
  • #91
  • Mar 4, 2010 5:49am Mar 4, 2010 5:49am
Quoting mithu
If I use both systems on different pairs... then is it ok?

My long trade hit the stop-loss. no prob. wash and reins.
Technically, you can trade both. Just that many times you'll be long/short at the same time and that will probably affect your bottom line.
Peace
  • #92
  • Mar 4, 2010 6:03am Mar 4, 2010 6:03am
Feb,

I'm still in the trade even if price came 1 pip near my SL.
Ok this is a risky trade before the news. I'm just wondering if you set your SL not only considering your risk etc. but also taking in to account you are playing System III.

Thanks
Umbro
  • #93
  • Mar 4, 2010 6:10am Mar 4, 2010 6:10am
Quoting umbro
Feb,

I'm still in the trade even if price came 1 pip near my SL.
Ok this is a risky trade before the news. I'm just wondering if you set your SL not only considering your risk etc. but also taking in to account you are playing System III.

Thanks
Umbro
Yes - stops should be wider. Aside from risk, stops should be placed in a reasonable distance away from noise.
Peace
  • #94
  • Mar 4, 2010 6:24am Mar 4, 2010 6:24am
Guys.

If you're going to play system III stick to it. Don't mix "systems" I am not teaching hedging here.

System III is what I am currently trading - I just wanted to share with you guys. You're more than welcome to trade on a shorter time frame or maybe the daily. No problem. But just stick to one set of eyes please..
Peace
  • #95
  • Mar 4, 2010 6:26am Mar 4, 2010 6:26am
I am going to stick with System III. No mix trade.
Here I am long again.
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  • #96
  • Mar 4, 2010 6:27am Mar 4, 2010 6:27am
The market is rejecting the 3690 area - check n' see the arrows on the back data on the charts. Just to keep your eyes open.
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Peace
  • #97
  • Mar 4, 2010 6:32am Mar 4, 2010 6:32am
News can fuel this move down well who knows???

I like short better than long - actually I am still short despite it was a risky trade....we're speculators so we're allowed to take calculated risk

Actually on this trade I scaled out 1/2 - so the worst thing would be break even + the landlord fees...
Peace
  • #98
  • Mar 4, 2010 6:46am Mar 4, 2010 6:46am
Quoting feb2865
Yes - stops should be wider. Aside from risk, stops should be placed in a reasonable distance away from noise.
Waiting for the clown to screw the market, I have another the question if you don't mind. A reasonable distance away from noise could be the nearest support/resistance (if any) to your entry being careful stay near your SL based purely on your risk ?
Price started moving ...

Umbro
  • #99
  • Mar 4, 2010 7:04am Mar 4, 2010 7:04am
Quoting umbro
Waiting for the clown to screw the market, I have another the question if you don't mind. A reasonable distance away from noise could be the nearest support/resistance (if any) to your entry being careful stay near your SL based purely on your risk ?
Price started moving ...

Umbro
a reasonable distance would be the stop loss away from any significant S/R.
Just remember the risk is set by you. It depends on how much load you are willing to give. The distance won't matter well, you can't put your stop like 100 pips away if you're trading off 5 minutes.

Entries near S/R it all depends on how far/close the entry will be from S/R - I can't tell you more than what I just said. This is the part where you need to excise discretion. Ideally a close entry from S/R and hitting a runner - that's nice...
Peace
  • #100
  • Mar 4, 2010 7:10am Mar 4, 2010 7:10am
the market won't pass 3690 area - mmmmm

unemployment claims coming - hope it takes this market down...
Peace
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