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The System III (Oh no!)

  • #361
  • Edited 7:47pm Mar 22, 2010 6:42pm | Edited 7:47pm
I`m getting a bit confused here....

Are you guys now trading the 4H time frame?

I thought it was a M30 S&R, but I didn`t hear anybody buying at the support area around 1.3460

I suppose the long @ 1.3550 was not strictly this system, but a longer term trade once it broke resistance @ 1.3545

am watching the 1.3545 area now if it acts as support and go long.
my TP would be around 1.3615
  • #362
  • Mar 22, 2010 7:11pm Mar 22, 2010 7:11pm
Quoting yonnie
I`m getting a bit confused here....

Are you guys now trading the 4H time frame?

I thought it was a M30 S&R, but I didn`t hear anybody buying at the support area around 1.3460

I suppose the long @ 1.3550 was not strictly this system, but a longer term trade once it broke resistance @ 1.3545

am watching the 1.3545 area now if it acts as support and go long.
my TP would be around 1.3615
It was me yonnie - I decided to move the time frame up. Sometimes I get docs appointment and it's easier that way at least for me.

But if you have something for 30 min by all means go for it.
Peace
  • #363
  • Mar 22, 2010 7:50pm Mar 22, 2010 7:50pm
Quoting feb2865
Hey

something that's working for me..

Once I'm on a trade, I check the charts on 4hr intervals. I set and alert on my stop loss (www.alertfx.com) and I just let the market be. Today, my order got filled around 12:20 PM EST - I'll check back around 4:00 PM EST to see how things are.....and of course an alert just in case my stop got hit...that's it...

hope it helps brother...


PD: the alert goes right into my celphone...
Hi Feb,

Feeling a little in the dark here. Why an alert if you are stopped out? At that point who cares?

Am I missing something?

Thanks, Scott
  • #364
  • Edited Mar 23, 2010 1:45am Mar 22, 2010 7:54pm | Edited Mar 23, 2010 1:45am
thanks feb for the support.

did you take a long around 1.3460?

got in @ 1.3545, but didn`t wait for the candle to close.
should close above 1.3545 I suppose and then enter at the opening of the new candle above 1.3545?

might regret it but only a small position

well it did close above 1.3545 so I would have entered anyway?????

got just stopped out @ 1.3524.

wonder if the stop was too large @ 21 pips; after all a level holds or it doesn`t.
any comments???
  • #365
  • Mar 23, 2010 3:19am Mar 23, 2010 3:19am
Quoting yonnie

wonder if the stop was too large @ 21 pips
21 pips is the TS II stop which is played on 5 minutes.
4H stop should be behind entry S/R line.
  • #366
  • Mar 23, 2010 6:12am Mar 23, 2010 6:12am
Quoting nsscott
Hi Feb,

Feeling a little in the dark here. Why an alert if you are stopped out? At that point who cares?

Am I missing something?

Thanks, Scott
If you're stopped out, then you need to see what the next action will be....either sit on your hands or a re-entry???

Stop loss is...protection against future losses. That's all good but ..what's next??? here's where some people get themselves hanged. I won't stop trading because my position got stopped. Risk limit is only boss here.
Peace
  • #367
  • Mar 23, 2010 6:13am Mar 23, 2010 6:13am
Quoting tghfbt8
21 pips is the TS II stop which is played on 5 minutes.
4H stop should be behind entry S/R line.
amen to that,,,,,,
Peace
  • #368
  • Mar 23, 2010 7:37am Mar 23, 2010 7:37am
My position is down for around 60 pips - not good..

But

I am taking a chance here - I am risking even a lower percent of what I am comfortable. So I will let it be no matter what....

If I were scalping I would bail out long time ago.

IF I lose...rest assured I will post it here....
Peace
  • #369
  • Mar 23, 2010 7:55am Mar 23, 2010 7:55am
Quote
My position is down for around 60 pips - not good..
Same here
My SL is 1.3430 - just beneath that spike from 2 march.
  • #370
  • Mar 23, 2010 8:17am Mar 23, 2010 8:17am
support is holding ...let's see what happens...
Peace
  • #371
  • Mar 23, 2010 9:08am Mar 23, 2010 9:08am
Quoting feb2865
support is holding ...let's see what happens...
Feb,

If this higher low holds would you consider adding above the 1.3530 area resitance?

Thanks!

PS, Thanks also for the alert reply. That does make sense, but wouldnt it also make sense to have a targt alert?
  • #372
  • Mar 23, 2010 9:19am Mar 23, 2010 9:19am
Quoting nsscott
Feb,

If this higher low holds would you consider adding above the 1.3530 area resitance?

Thanks!

PS, Thanks also for the alert reply. That does make sense, but wouldnt it also make sense to have a targt alert?
Target alert, of course!! Sorry, sometimes I talk a lil' subjectively. Lately I am pretty much leaving the trade more breathing room. Actually I am evaluating my targets every 4 hr (while I am awake) to see how the market holds on levels.

I don't add to my positions. I make sure my load is sufficient to scale out if is necessary. It all depends..
Peace
  • #373
  • Mar 23, 2010 10:04am Mar 23, 2010 10:04am
Another bullshit thread revealing nothing accept support and resistance. ''Here look at the chart, i dont spoon feed, i dont babysit, i dont make live trade calls, what would you do?''. What a load of bullshit lol. Thanks for nothing.
  • #374
  • Mar 23, 2010 10:48am Mar 23, 2010 10:48am
Quoting feb2865
Clov

sitting on my hands......waiting..
I need to sit tight on my hands.
Though I don't trade my guts but only the charts, yet something inside is saying EU is getting set to take out the bottom. It's long overdue.
We'll see

Kenn
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #375
  • Mar 23, 2010 10:51am Mar 23, 2010 10:51am
Quoting Precap2
I need to sit tight on my hands.
Though I don't trade my guts but only the charts, yet something inside is saying EU is getting set to take out the bottom. It's long overdue.
We'll see

Kenn
I hear you brother!!!
Peace
  • #376
  • Mar 23, 2010 1:54pm Mar 23, 2010 1:54pm
Quoting tghfbt8
21 pips is the TS II stop which is played on 5 minutes.
4H stop should be behind entry S/R line.
My stop @ 1.3524 had nothing to do with TS II
but everything with price often turning around @ .25

my trade was on M30 and my thinking was that 1.3545 was a resistance area twice and could well be a support area now.

I`m just trying to learn, so where would you have placed the stop?

thank you for your reply
  • #377
  • Mar 23, 2010 2:10pm Mar 23, 2010 2:10pm
Quote
I`m just trying to learn, so where would you have placed the stop?
In my opinion at least 1.3460. Or more safe 1.3430.
  • #378
  • Mar 23, 2010 2:34pm Mar 23, 2010 2:34pm
support is holding again!!!!

Patience......It's better to check the charts every 4 hr....
Peace
  • #379
  • Mar 23, 2010 2:59pm Mar 23, 2010 2:59pm
Quoting feb2865
support is holding again!!!!

Patience......It's better to check the charts every 4 hr....
If today's EU daily bar close below 3500, it might be goodbye bull correction. I like observation, it might be a good asset in this business.
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #380
  • Mar 23, 2010 3:40pm Mar 23, 2010 3:40pm
Quoting yonnie
my trade was on M30 and my thinking was that 1.3545 was a resistance area twice and could well be a support area now.
On M30 you should be playing ping-pong from 1.3480 to 1.3560 and back.
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