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The System III (Oh no!)

  • #321
  • Mar 19, 2010 2:48am Mar 19, 2010 2:48am
Quoting Sylar
Feb Sir

Glad to hear u moving to 4H timeframe as i'm also trying to utilise your methodology on the 4H timeframe too.

Btw currently am sitting on a short of EU @ 1.38 with SL @ 1.365

Thanks for making sense (or rather pips) of Fx trading

Pip well sir
thanks!!!!
Peace
  • #322
  • Mar 19, 2010 2:56am Mar 19, 2010 2:56am
it's 3:51 AM EST - ready for London Market.

I can't see a clean-cut level - the last one formed about 8 hours ago. Althought I am favoring long I am still on hold. There's not a clear winner. The only levels I can find are not clear. Look at the arrows.

It's Friday anyway so I am going to sit on my hands for a while.
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Peace
  • #323
  • Mar 19, 2010 3:20am Mar 19, 2010 3:20am
I would prefer to go long on the last arrow I have on the charts - that's a clear level in my opinion. You can still trade the breakout , no problem with that. Just make sure you have the foot on the brake...I would rather wait but that's my personal subjective point of view.....

My advice on breakouts is pretty much what I do on System I - look for a "discount price" in a shorter time frame - for instance, get down to 30 min chart and trade a pullback.....Remember the pullback is just a confirmation, you trade the continuation of the move, which is the actual "discount"....this time, think actual price, not charts please...

I don't advocate the use of multiple time frames at all....but this is a little trick I use and works good...

You can still trade the pullback on the charts you have , but I think you'll get a quicker entry on the discount.
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Peace
  • #324
  • Mar 19, 2010 6:02am Mar 19, 2010 6:02am
long 1.3590 sl 1.3574 hit
now watching the 1.3550 for next long

maybee the sl was to small for an h4 chart, but on the other side a 16 pips risk is worth a try or not ?
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  • #325
  • Mar 19, 2010 6:50am Mar 19, 2010 6:50am
Quoting feb2865
I would prefer to go long on the last arrow I have on the charts - that's a clear level in my opinion. You can still trade the breakout , no problem with that. Just make sure you have the foot on the brake...I would rather wait but that's my personal subjective point of view.....

My advice on breakouts is pretty much what I do on System I - look for a "discount price" in a shorter time frame - for instance, get down to 30 min chart and trade a pullback.....Remember the pullback is just a confirmation, you trade the continuation of the move,...
Hi everyone,

Great analysis Feb,

I'm back this morning. I missed some brakeout this week. it's always the same anyway. I'm short presently at +50 pips but i will check very closely to 3540 for a possible turnover as you said Feb. My gun is on the table. lol
I just believe in... Peace and good Karma!
  • #326
  • Mar 19, 2010 7:36am Mar 19, 2010 7:36am
Quoting jalp
Hi everyone,

Great analysis Feb,

I'm back this morning. I missed some brakeout this week. it's always the same anyway. I'm short presently at +50 pips but i will check very closely to 3540 for a possible turnover as you said Feb. My gun is on the table. lol

Out at 3540. Not much power to go through. Now looking for a possible entry long.
I just believe in... Peace and good Karma!
  • #327
  • Mar 19, 2010 8:08am Mar 19, 2010 8:08am
The market got to 3535 area.


now I feel more at ease going long of course once the market show it's hands....

The trade could go over next week...
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Peace
  • #328
  • Mar 19, 2010 9:55am Mar 19, 2010 9:55am
Quoting feb2865
The market got to 3535 area.


now I feel more at ease going long of course once the market show it's hands....

The trade could go over next week...
I took a short @3596 and covered it @3555.

My decision was based on somewhat system I and additionally, I sometimes remember your advice of keeping one ear on the ground..

I seen too much "Greece" issue and kind of giving all over bearish sentiment for Euro. Ultimately its not charts but demand and supply decides markets.

By the way, Welcome to 4 hours Feb.

Is your broker set to GMT = 0????

Thanks & Regards,
  • #329
  • Mar 19, 2010 10:07am Mar 19, 2010 10:07am
Quoting forex_fan
I took a short @3596 and covered it @3555.

My decision was based on somewhat system I and additionally, I sometimes remember your advice of keeping one ear on the ground..

I seen too much "Greece" issue and kind of giving all over bearish sentiment for Euro. Ultimately its not charts but demand and supply decides markets.

By the way, Welcome to 4 hours Feb.

Is your broker set to GMT = 0????

Thanks & Regards,

I am still clearing my orders via futures. I use Oanda or interbank for charting.
Peace
  • #330
  • Mar 19, 2010 11:00am Mar 19, 2010 11:00am
Quoting feb2865
I would prefer to go long on the last arrow I have on the charts - that's a clear level in my opinion. You can still trade the breakout , no problem with that. Just make sure you have the foot on the brake...I would rather wait but that's my personal subjective point of view.....

My advice on breakouts is pretty much what I do on System I - look for a "discount price" in a shorter time frame - for instance, get down to 30 min chart and trade a pullback.....Remember the pullback is just a confirmation, you trade the continuation of the move,...
[/color]
You can still trade the pullback on the charts you have , but I think you'll get a quicker entry on the discount.[/quote]


i am long, to find a better entry i switched to m5 chart, but maybee it is a bit to far, maybee m30 or h1 gives more room to the trade
what do you think?
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  • #331
  • Mar 19, 2010 11:37am Mar 19, 2010 11:37am
Quoting MJurban
[/color]
You can still trade the pullback on the charts you have , but I think you'll get a quicker entry on the discount.

i am long, to find a better entry i switched to m5 chart, but maybee it is a bit to far, maybee m30 or h1 gives more room to the trade
what do you think?[/quote]


Probably, but I will hold for a bit - It's Friday and I have a funny feeling the market is gonna dry out - I can't see a true level holding at least in 4hr charts....

Unless we're in a free for all short frenzy!!! ah!! who knows......

I suggest you hod it up a bit brother!!...let the market show a hand.....the breakout was good but still Euro has a tendency to return to a median whatever it is.....this is my kind of play...
Peace
  • #332
  • Mar 19, 2010 11:43am Mar 19, 2010 11:43am
thanks for answer, someone is blocking the 1.3530 hope it breaks soon
  • #333
  • Mar 19, 2010 12:01pm Mar 19, 2010 12:01pm
Quoting MJurban
thanks for answer, someone is blocking the 1.3530 hope it breaks soon

seems to be broken,
its time for me to go for the weeckend

c u all on monday
  • #334
  • Edited 1:03pm Mar 19, 2010 12:29pm | Edited 1:03pm
if the market keep that roll we could have a long play for Monday...still the bar is too short to tell.....the big guns are heading for the Hamptons!!! but maybe the punch clerks are ...well...punching orders for next week...I normally keep an eye on Fridays under this mindset.... ah it's so good to know how the think!!!! all these years on the floor worth something!!
Peace
  • #335
  • Mar 19, 2010 6:33pm Mar 19, 2010 6:33pm
Hi Feb2865,

I think, you have answered to my question in this post. But I will still ask you as this are some thing I have to get it straight. I am one of your silent admirers not only for your style of simple trading but also for your subtle humor and straight talking. Any way, here is my dilemma. I am in the west coast (PST zone) and work full time and not having too much screen time. So, generally I take a look at around 10 PM in my time when market (Euro/USD) is quiet and calm and put a stop buy and sell order on the support and resistance lines. In the morning when I go to work around 11 AM EST, I just close my orders using my cell phone. Ideally, if I was at computer at the active market time, I would have placed the order on favorable price action. Since I do not know at that point, what price is going to behave at the resistance or support line, I just try to assume that it will not break out. Since some times it breaks out to 20/25 pips and then retraces, I had to put a stop loss around 50 to avoid whipsaw. Last week and beginning of this week, I was having a good time because of ping pong season. But last few days, I took losses for the break out. Under my situation for not having too much screen time, do you or any one have any advice for me? I generally use 3 hrs time frames in Oanda and I am using demo so no stress for all the losses. Thanks in advance.

-FX_California

Quoting feb2865
I would prefer to go long on the last arrow I have on the charts - that's a clear level in my opinion. You can still trade the breakout , no problem with that. Just make sure you have the foot on the brake...I would rather wait but that's my personal subjective point of view.....

My advice on breakouts is pretty much what I do on System I - look for a "discount price" in a shorter time frame - for instance, get down to 30 min chart and trade a pullback.....Remember the pullback is just a confirmation, you trade the continuation of the move,...
  • #336
  • Mar 20, 2010 12:53am Mar 20, 2010 12:53am
Quoting FX_California
Hi Feb2865,

[font=Times New Roman][size=3]I think, you have answered to my question in this post. But I will still ask you as this are some thing I have to get it straight. I am one of your silent admirers not only for your style of simple trading but also for your subtle humor and straight talking. Any way, here is my dilemma. I am in the west coast (PST zone) and work full time and not having too much screen time. So, generally I take a look at around 10 PM in my time when market (Euro/USD) is quiet...
I read your post three times and the only advice I could give is to switch to daily/ check your trades when Oanda clears...I believe is 10PM EST and trade levels accordingly.

About trading on S/R levels, don't use an arbitrary number like 50 pips or so for the stop loss....simply check the last swing high or low and take some distance away from it...eye ball it...could be 10-25 pips off that swing just to give you a ballpark figure...

hope it helps buddy!!!
Peace
  • #337
  • Mar 21, 2010 7:42am Mar 21, 2010 7:42am
Thanks a lot guys for your support!!

It really makes me not only happy but more willing to help you out the best I can!!!!
Peace
  • #338
  • Mar 21, 2010 8:19am Mar 21, 2010 8:19am
Hello FEB.
I have been quietly following your threads from the beginning and I want to personally thank you.
It is not often that someone professional will selflessly devote his time to help others become more profitable.
-----------
Peace
  • #339
  • Edited 12:03pm Mar 21, 2010 11:39am | Edited 12:03pm
Quoting tghfbt8
Actually Feb answered this question three years ago in The System (Irony included) thread.

http://www.forexfactory.com/showpost...7&postcount=73
Yes tghfbt8
Reading all theses posts is by itself a clean answer that Feb did all he said.
No need for more to anyone with a bit of jugement.

thank's again for sharing your knowledge.
I just believe in... Peace and good Karma!
  • #340
  • Mar 21, 2010 1:00pm Mar 21, 2010 1:00pm
Quoting AceOfTrades
scientific research shows that if you do not reply to trolls they will disappear, so lets no pollute the thread here
My dear AceOfTrades, I must have to disagree with you. In all humility I accept that you just quoted a research, but I disagree that the result was focused on real human condition. If you keep silent nuisance like tahiti or whatever will ruin your joy rather than quit.
Tahiti has made a grievous mistake, just as Alexander Pope said the "fool" had threaded "where angels are afraid" to even look. He is too lazy to read a thread. Too stupid to have kind words to cover his laziness. Too ignorant to know he's in a forum and not Haiti open street market. Too educated to understand the import of his blabber.
Can anyone call his attention to his words?
It sounded much like the droooooning of coal train. Empty head with plenty of absent minded sentences. Jezzz! Did he read what he wrote? Imagine this "To this effect could you please post your trade statement evidencing you are a consistently profitable trader and not just another wannabee stoking the fire of the gullible masses living in hope." A clean proof he never read any of the 3 threads he alluded to.
Finally I think this guy truly needs a shrink. I don't want to be a distant psychiatrist but I can't help noticing this guy is suffereing from some strange mixture of paranoia. . . He can argue it and tell us of the real sickness.

Though Feb seems to ask that we sheath the sword, I just have to put in a word of advice to tahiti. . . Go see a shrink, it will do you good.

Kenn
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
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