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The System III (Oh no!)

  • #421
  • Mar 25, 2010 3:42pm Mar 25, 2010 3:42pm
Quoting Diogo Serra
I trade in a 5min chart
Diogo,

You are in the wrong thread.
Check out The System II (Yes with irony)
http://www.forexfactory.com/showthread.php?t=80290
  • #422
  • Mar 25, 2010 3:44pm Mar 25, 2010 3:44pm
Quoting forex_fan
GBP/USD shorted at 1.4877 with SL of 1.5007 and target of 1.4760

GBP/USD has some minor support at 1.4780 if anyone considers early exit.

Suggestions are welcome.

Thanks & Regards,
Once again Thanking Feb to make me take right decisions.

I'm already positive +70 pips and already locked my profits with +20 pips as new SL and the best part is that I don't have to scalp like past when I used to glue myself to monitor with out of control emotions.

Amen
  • #423
  • Mar 25, 2010 3:53pm Mar 25, 2010 3:53pm
Quoting Diogo Serra
I guys..

I´m new in forex and dont have a lot of experience
my biggest problem is greed , I want everything today I do not want to wait until tomorrow if i can win now do you understand??
I trade in a 5min chart and since I have been trading in a naked chart only whit S/R line and watching the price movement i have been profitable
my advice for all traders is do not what everything today, if you had just had a big earning stop and think again for about 30min until open another trade.
i do not trade intraday so this tips are only for traders...
our friend here has learned the most useful lesson, if anyone said greed didn't bite him in the beginning, don't waste your precious time reading whatever he writes. it's a major destroyer and yet it's about the most difficult sin to get rid off your life.
now you have the solution, great for you. but for those who haven't got the solution i advice you take 2 to 3 hours break once you make 30 pips in any trade. it was the best advice i ever got from my trainer.
my 2 cents

kenn
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #424
  • Mar 25, 2010 5:04pm Mar 25, 2010 5:04pm
Quoting Precap2
our friend here has learned the most useful lesson, if anyone said greed didn't bite him in the beginning, don't waste your precious time reading whatever he writes. it's a major destroyer and yet it's about the most difficult sin to get rid off your life.
now you have the solution, great for you. but for those who haven't got the solution i advice you take 2 to 3 hours break once you make 30 pips in any trade. it was the best advice i ever got from my trainer.
my 2 cents

kenn
Most of the people know that greed and fear are not good.

But I'd have to disagree with you on the second paragraph. Maybe its working for you and that's great.

I want to express my views on greed and fear and hope to add my 2 cents.

When you take your profits too early thinking you will lose your already accumulated profits, that's fear and it should not be thought of as not being greedy. For example, I analysis trade which could give easy 40-50 pips according to analysis however, as soon as it's +20 pips I feel ooh let me get out and not be greedy and take this 20 pips. Then that's almost a certain way of failure. because you don't only become to have got 20 pips but also you have to think of covering those trades which would hit stop loss.

On the other hand, when you let your loses run too huge in HOPE of market would turn in positive is an example of fear.

Greed moreover is over leveraging of capital and putting all eggs in one basket.

All suggestions are welcome.

Thanks & Regards,
  • #425
  • Mar 25, 2010 8:33pm Mar 25, 2010 8:33pm
Quoting feb2865
I would like to see the market busting 3500 before thinking long...shark infested waters...

maybe our dear friends on the floor could help us out - ES look pretty bullish now....

It's all maybe's.....anyway I rather sit on my hands.....although 3460 look pretty tempting
Feb and others,

Yep...you guys were right on...long around 3460 was chum money for the sharks.....at least my load was lighter than usual..

Let me get the blood stains off and repeat...
Unus pro omnibus, omnes pro uno
  • #426
  • Mar 25, 2010 10:04pm Mar 25, 2010 10:04pm
Quoting forex_fan
For example, I analysis trade which could give easy 40-50 pips according to analysis however, as soon as it's +20 pips I feel ooh let me get out and not be greedy and take this 20 pips. Then that's almost a certain way of failure. because you don't only become to have got 20 pips but also you have to think of covering those trades which would hit stop loss.
Then sell 60% of the load at 20 or better 40 pips and lets the rest of the matta ride.
I like to take some partial gain and move stop loss to B/E.

Yes, sometimes I miss the runner due to stop hunting but in that case most of the trades have some small profit.
  • #427
  • Mar 26, 2010 2:56am Mar 26, 2010 2:56am
On assumption that 3300 holding went long @3338.
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  • #428
  • Mar 26, 2010 5:41am Mar 26, 2010 5:41am
feb.
some time ago I realized something ... if I´m winning why stop?
for me greed is my biggest weakness ..
every day my conscience says to me do not trade large amount of your account and be profitable instead of being one more failure trader ..
almost 90% of my trades are correct but some times i get greedy and win less than i expected and close a trade when she is going back on me and some time after she goes in the right direction ... i would like to someone teach me how to close a trade when she is going in the wrong direction because i do like to close trades when I am wrong ...

hope- do not believe in anything beside the chart ( some times the chart lies to XD)
greed- do not be greedy , it´s more important to trade profitable than win one big and than lose other big.

fear- if you have fear close your trade . trust in your capability of reading the chart. ( after learning forex =) )

my English isnt that good i now sorry for something you don't understant
  • #429
  • Mar 26, 2010 6:39am Mar 26, 2010 6:39am
Hello,

Woke up to this upswing on the eur/usd..... will wait for a possible pullback and a continuation beyond the 1.3400 area before going long.....or do we have a ping pong effect... the big IF and THEN is in place.
Unus pro omnibus, omnes pro uno
  • #430
  • Mar 26, 2010 8:43am Mar 26, 2010 8:43am
Oh boy what a bearish week we had!! anyway I stop trading due doc's appointment and stuff. I lost 80 something pips playing contrary and that's ok by me. Anyway since I started trading on higher notes I created enough cushion for any loss....as a matter of fact my loss wasn't that great moneywise. I could go short of course but I simply choose not to.

Guys I'll be in and out of the thread due health reasons. Ok, I feel better than ever but I am looking for a 100% total clearance on my condition and I am convinced is possible. In the coming days I will be checking all my options and most likely I'll have to move out. I'll keep you guys posted. I won't vanish ..promise. I'll be checking the thread regularly but I won't be trading..well all depends....let's see what happens...

Somebody ask me privately about pivot points. I'll respond publicly for the benefit of all (with his permission of course).

Pivot Points are my bread and butter in futures. Honestly, I have never use them in forex. I believe that they're hard to trade if you go to a lower time frame like 5 minutes or so. Forex is crazier and wilder on short time frames than futures...that's for sure...in order for you to use pivot levels you should trade them on 1 hr and up.

This is a theory I have and please don't quote me...just talking by experience. Please read.

A Lot of big guns and pouring cash in forex futures...I should say since a couple of years now. They're also pouring cash on the spot. Big money. As I know for a fact that pivot points are their bread and butter, don't be surprised if the forex market begin to react and these levels. I don't have a way to confirm this but like I said is just a theory. You just make your own conclusions and will be nice if someone check that out. I hate backtesting.

If any of you have an input on this matter, please let us know. I am personally interested.

See you guys soon....

Peace and good karma to everyone including dreamily and tanairy..
Peace
  • #431
  • Mar 26, 2010 9:02am Mar 26, 2010 9:02am
Hope the appointments go well for ya Feb.
  • #432
  • Mar 26, 2010 9:41am Mar 26, 2010 9:41am
Quoting tubguy
Hope the appointments go well for ya Feb.
Thanks brother!!
Peace
  • #433
  • Mar 26, 2010 11:13am Mar 26, 2010 11:13am
Quoting feb2865
Thanks brother!!

Well I finished the week pretty much even..took some shots long that did not work out....

Feb my friend take care and be well. Don't forget where I live so pm or email with your progress.

Thanks
Unus pro omnibus, omnes pro uno
  • #434
  • Mar 26, 2010 12:39pm Mar 26, 2010 12:39pm
Quoting feb2865
Pivot Points are my bread and butter in futures.
Feb,

Do you trade Pivot points in the same way as Support and Resistance lines?
Do you wait for price to break through pivot point and come back and then initiate the trade?

Thanks,

/t
  • #435
  • Mar 26, 2010 12:47pm Mar 26, 2010 12:47pm
Quoting tghfbt8
Feb,

Do you trade Pivot points in the same way as Support and Resistance lines?
Do you wait for price to break through pivot point and come back and then initiate the trade?

Thanks,

/t
Depending on the close of the bar. Either support and resistance or a breakout...Depending on the song they play I dance accordingly...
Peace
  • #436
  • Mar 26, 2010 12:50pm Mar 26, 2010 12:50pm
Actually trading pivots on ES lately is very predictable...Just a side note...
Peace
  • #437
  • Mar 26, 2010 12:58pm Mar 26, 2010 12:58pm
Good luck and take care. Your health is number one on the list.

Good weekend to all of you guys.
I just believe in... Peace and good Karma!
  • #438
  • Mar 27, 2010 3:50am Mar 27, 2010 3:50am
Quoting feb2865
Oh boy what a bearish week we had!! anyway I stop trading due doc's appointment and stuff. I lost 80 something pips playing contrary and that's ok by me. Anyway since I started trading on higher notes I created enough cushion for any loss....as a matter of fact my loss wasn't that great moneywise. I could go short of course but I simply choose not to.

Guys I'll be in and out of the thread due health reasons. Ok, I feel better than ever but I am looking for a 100% total clearance on my condition and I am convinced is possible. In the coming days...
Best of lucks, Feb. You deserve it.
  • #439
  • Mar 27, 2010 11:04am Mar 27, 2010 11:04am
Quoting feb2865
They're also pouring cash on the spot. Big money. As I know for a fact that pivot points are their bread and butter, don't be surprised if the forex market begin to react and these levels.
If any of you have an input on this matter, please let us know. I am personally interested.

See you guys soon....

Peace and good karma to everyone including dreamily and tanairy..
i put pivot indicator on my charts just to be sure. some times the market respects pivots, some other times they mean nothing but mere lines on my chart. but generally i use them to be sure i'm missing nothing of value.
if you need indicator that i use, search the forum for 'cobrafx THV', i use the v2 pivot instead of the v3. but make your choice.

Kenn
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #440
  • Mar 29, 2010 7:37am Mar 29, 2010 7:37am
Good morning to all,

This is what I am looking at....keep in mind that this is a 3hr. timeframe(Oanda). As far as support/resistance the one that I am paying any attention to is the 1.3800 area. Today we are looking at some consolidation...price is ranging within 100pips or so..so I will sit on my hands and wait for a breakout of this range...folowed by a pullback and a confirmation before I stick my neck out.....for me is about the time that I am willing to dedicate to trading coupled with realistic goals. Man...I tell you going from a 5min timeframe to 3hrs...well it feels kind of geriatric... but for me it makes a lot of sense given my personal situation.

Good luck to all
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Unus pro omnibus, omnes pro uno
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