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The System III (Oh no!)

  • #281
  • Mar 15, 2010 12:52am Mar 15, 2010 12:52am
Hi,

USD/CAD just broken very important support on daily chart. ( I know that we trade 30 minutes, however, longer TF can always guide to enter trade on shorter TFs).

Please suggest if I'm correct on chart observation.

Thanks & Regards

-
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  • #282
  • Mar 15, 2010 2:54am Mar 15, 2010 2:54am
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
Hello Forex Fan,

Trading below 4H is noise. Plot the two horizontal S&R. Go for the kill. Flipping time frame lead to 2nd guessing.

Oh man, sounds like Feb but not yet. Getting there.
Shake it off!Lick the Wound,Prey Again!
  • #283
  • Mar 15, 2010 9:45pm Mar 15, 2010 9:45pm
It seems EURo at S/R line.
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  • #284
  • Mar 16, 2010 2:07am Mar 16, 2010 2:07am
  •  Megara
  • | Joined Sep 2009 | Status: MOMENTUM'S THE GODFATHER OF TRADING | 759 Posts
Quoting tghfbt8
It seems EURo at S/R line.
Agree. I have shorted with Plan B ready
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Shake it off!Lick the Wound,Prey Again!
  • #285
  • Mar 16, 2010 3:24pm Mar 16, 2010 3:24pm
Quoting forex_fan
Hi,

USD/CAD just broken very important support on daily chart. ( I know that we trade 30 minutes, however, longer TF can always guide to enter trade on shorter TFs).

Please suggest if I'm correct on chart observation.

Thanks & Regards

-
Hurray...

Grabbed 60 pips on USD/CAD from the above mentioned analysis..

Thanks Feb for helping me to look at charts from completely different view.

Now, when I take trade, I know why am I entering & exiting which makes me very confident.

Thanks & Regards,
  • #286
  • Mar 16, 2010 9:17pm Mar 16, 2010 9:17pm
I am short now on E/U .... will watch the level.
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  • #287
  • Mar 17, 2010 6:43am Mar 17, 2010 6:43am
Hello to all,

Just getting back to trading after a month or so layoff. Don't have a lot of time so....OH NO! ...I will trade System III and relax a bit...

I have a sell limit order with Oanda @ .3755 with a stop loss @ .3820. Trade amount comfortable enough so that fear and greed stay on the sidelines.

Good luck to all
Unus pro omnibus, omnes pro uno
  • #288
  • Mar 17, 2010 8:09am Mar 17, 2010 8:09am
Thanks you.

Quoting DareXau
Hi redart007,
... it's simply a constant range bars (candles) ... each candle has a set range ( 5-pips or 10-pips or 15-pips) depends only on your preferences.
The range is eliminating a time-frame issue from a chart, so ... you have only pure price to consider and determine any support/resistance levels.
There is a big advantage over a standard (time-frame) charting ... as it doesn't paints any spikes (tails/wigs)
... easy to see any turning points which translates into important supports and resistances.

The "indy" I'm using is a commercial...
  • #289
  • Mar 17, 2010 8:22am Mar 17, 2010 8:22am
Hi Feb, I have been following your thread and thanks for all insight. I will post two trades that I took yesterday. They were hit the stop lost thought. My time is GMT8. By the time I settle down after my work. It is already 11 am NewYork time. And usually, I have only 1 to 2 hours to look at the market. Feb, which tf you suggest I look at? I took the trade at yesterday 15.37 b4 the 1 hr candle close and place the sl a bit higher than previous high 1.3774. The TP is 1.3864. Was my setup ok? Sl hit at 17 08. Apppreciate if you could tell me what is wrong with my trade. I will post another trade I place yesterday and seek your advise. Thanks
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  • #290
  • Mar 17, 2010 8:33am Mar 17, 2010 8:33am
Hi Feb, I place a buy limit order before a went to sleep yesterday. The SR line is at 1.3794. I do not want to place it at 1.3800 as it is a whole number, I place it at 1.3804. The trade trigger today at 17:07 and hit my stop lost at 17:08. TP was 1.3864. Am I trading the system correctly or am i not? Thanks Feb
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  • #291
  • Mar 17, 2010 9:15am Mar 17, 2010 9:15am
Quoting freedomsg
Hi Feb, I have been following your thread and thanks for all insight. I will post two trades that I took yesterday. They were hit the stop lost thought. My time is GMT8. By the time I settle down after my work. It is already 11 am NewYork time. And usually, I have only 1 to 2 hours to look at the market. Feb, which tf you suggest I look at? I took the trade at yesterday 15.37 b4 the 1 hr candle close and place the sl a bit higher than previous high 1.3774. The TP is 1.3864. Was my setup ok? Sl hit at 17 08. Apppreciate if you could tell me what...
I think due the nature of your work you should move to a higher timeframe...maybe 4hr or could be daily...I am personally looking at 4hr as an alternative....

My problem is more emotional than anything else. I need to be use to higher time frames as I am a scalper by nature. I began to trade off 4hr this week. I am having a lot of medical checkup and I don't have the time to check the screen that much. Surprisingly is working real good.

You should put the stop loss at a reasonable distance form the last swing high or low. As how many pips I can't tell you that. I usually go by heart still I adjust the load. Anyway you will get stopped from time to time, there's no way to avoid this.

Make sure you don't put the stop too close to the fire...
Peace
  • #292
  • Mar 17, 2010 10:03am Mar 17, 2010 10:03am
Quoting moneda
Hello to all,

Just getting back to trading after a month or so layoff. Don't have a lot of time so....OH NO! ...I will trade System III and relax a bit...

I have a sell limit order with Oanda @ .3755 with a stop loss @ .3820. Trade amount comfortable enough so that fear and greed stay on the sidelines.

Good luck to all
welcome to the thread brother!!!

Trying to escape from the scalping monster !!!!
so far going good....

come back anytime and lay down your wisdom dear friend!!!!
Peace
  • #293
  • Mar 17, 2010 10:37am Mar 17, 2010 10:37am
Quoting feb2865
I think due the nature of your work you should move to a higher timeframe...maybe 4hr or could be daily...I am personally looking at 4hr as an alternative....

My problem is more emotional than anything else. I need to be use to higher time frames as I am a scalper by nature. I began to trade off 4hr this week. I am having a lot of medical checkup and I don't have the time to check the screen that much. Surprisingly is working real good.

You should put the stop loss at a reasonable distance form the last swing high or low. As how many pips I...
Hi Feb, thank you for yr reply. Is my sl too close for comfort? Is my logic to take the trade correct? I do understand that sl hit is part of the game. As you said, lick the wound and move forward. I just want to know, is my logic correct or not. Thank you Feb!
  • #294
  • Mar 17, 2010 10:54am Mar 17, 2010 10:54am
Quoting freedomsg
Hi Feb, thank you for yr reply. Is my sl too close for comfort? Is my logic to take the trade correct? I do understand that sl hit is part of the game. As you said, lick the wound and move forward. I just want to know, is my logic correct or not. Thank you Feb!
need to read my post even some of my older ones from system I and II.

About logic, that's something you need to figure out. I put a blueprint for trading. Read the first posts on this thread and you will get the hang of the logic I use for trading. Pretty much the same for every time frame...

Read them carefully..
Peace
  • #295
  • Mar 17, 2010 8:06pm Mar 17, 2010 8:06pm
Quoting feb2865
welcome to the thread brother!!!

Trying to escape from the scalping monster !!!!
so far going good....

come back anytime and lay down your wisdom dear friend!!!!
Feb,

It is I who welcome your generosity....glad to know that you are feeling better... Anyway, my initial short @ .3754 is now a free ride. My second trade @ .3720 may bite my arse but I am keeping a short leash on that one...it could drop like a bomb or recoil again...who knows...

Good luck to all
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Unus pro omnibus, omnes pro uno
  • #296
  • Mar 17, 2010 9:29pm Mar 17, 2010 9:29pm
Quoting moneda
Feb,

It is I who welcome your generosity....glad to know that you are feeling better... Anyway, my initial short @ .3754 is now a free ride. My second trade @ .3720 may bite my arse but I am keeping a short leash on that one...it could drop like a bomb or recoil again...who knows...

Good luck to all
Moneda,

Do you play TS III as breakout?

Thanks,

/t
  • #297
  • Mar 17, 2010 11:08pm Mar 17, 2010 11:08pm
AUD/USD:


- Daily Trend is upwards
- Major resistance – 9300 & 9400
- Major Support – 9000
- 4 hours suggests upwards with major resistance – 9315 & minor support – 9175
- If current candle (11pm –EST) closes above 9238 I go for buy with 9198 SL
- Target is 9280 then will trail with 20 pips till it hits


Comments are welcome.

Thanks & Regards,
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  • #298
  • Mar 18, 2010 5:24am Mar 18, 2010 5:24am
Quoting tghfbt8
Moneda,

Do you play TS III as breakout?

Thanks,

/t
tghf,

My main focus is using support and resistance. I take chances based on what I see. Whether is a continuation of a swing, a bounce, a breakout out of consolidation or a new swing.... it makes no difference to me. I control and accept my losses by trading a comfortable load and I look to reach a free ride and at some point take a profit. Sounds simple eh? but doing it consistently is a work in progress for me. Feb has lay down the groundwork... what remains is lots of practice and thinking for yourself. By the way, I am still in....locked 50 pips looking for more.

Good luck to all
Unus pro omnibus, omnes pro uno
  • #299
  • Mar 18, 2010 8:25am Mar 18, 2010 8:25am
Here's a 4hr chart - pretty much straightforward. Nothing fancy, using the same market observation on support and resistance.

I pick 4hr chart 'cause I been kinda busy this week, but so far it's working good.

Trade was placed yesterday morning.
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Peace
  • #300
  • Mar 18, 2010 9:50am Mar 18, 2010 9:50am
OK

I see a lot of selling pressure against 3647 area - Still I'll be cautious into take that breakout. As you can see on the charts, the next level is pretty close. I would take the trade but with my foot on the brake just in case. Anyway the market can still rebound from that level, who knows...I favor long on this trade if the market show it's hands...
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Peace
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