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Sonic R. System

  • #43,501
  • Jan 29, 2013 6:17am Jan 29, 2013 6:17am
EJ is rebounding strongly from 121.2x lvl with vol to boost..
As it is under dragons and wave is not yet bullish. I will not look into LONG..


Sonic
P.S 2nd day of the week so far, I only had 2 trades.. Control measures are working..I love that..
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  • #43,502
  • Jan 29, 2013 6:26am Jan 29, 2013 6:26am
Hi, EY ...so
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ld
  • #43,503
  • Jan 29, 2013 6:27am Jan 29, 2013 6:27am
Quoting sonicdeejay
EJ is rebounding strongly from 121.2x lvl with vol to boost..
As it is under dragons and wave is not yet bullish. I will not look into LONG..


Sonic
P.S 2nd day of the week so far, I only had 2 trades.. Control measures are working..I love that..
EJ:

Agree. Stop the drop volume. H1 sure getting bearish. Could easily achieve RWL----- this week! Stop the drop volume before the US open is a measure of keeping price up, not letting it fall too rapidly. Heck, if all shorted it without controlling the drop, it would reach RWL today. The market can't have that happen, not if it wants to have more time to make more money off of the drop in price.
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  • #43,504
  • Edited 9:14am Jan 29, 2013 6:51am | Edited 9:14am
re-entry short for eu

sl hit, didnt see price crossed the line...
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  • #43,505
  • Jan 29, 2013 6:55am Jan 29, 2013 6:55am
Quoting traderathome
I didn't abide by my SL on that, which is why the trade is in the shape it is in. The week open gap down didn't help, but if it has been to help get the price lower to build long, the trade will be ok. If not, and if the market is a bear, even a decent pull back (up) should do the trick.
That is very rirsky. Arent you afraid of wiping out your account? I couldnt sleep if I were you.. I would be doing this with micro or minilots but not with 10-20 lots per trade...
  • #43,506
  • Jan 29, 2013 6:57am Jan 29, 2013 6:57am
potential candidate as well....
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  • #43,507
  • Jan 29, 2013 7:25am Jan 29, 2013 7:25am
EUR/JPY Long 121.570

CAUTION. This long is going against some strong resistance formed by the stubborn range of the last 24-36 hours.

But this is what i have seen......
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  • #43,508
  • Jan 29, 2013 7:29am Jan 29, 2013 7:29am
Quoting Zelda
EUR/JPY Long 121.570

CAUTION. This long is going against some strong resistance formed by the stubborn range of the last 24-36 hours.

But this is what i have seen......

+25 .....SL moved to break even.
  • #43,509
  • Jan 29, 2013 7:52am Jan 29, 2013 7:52am
Quoting traderathome
AU: Manually closed for 52 pips gain, EP5 to TP1. Was going to hold this longer. Thinking a retrace is likely. Might add again if that happens.
AU: Added back the trade. Did not retrace so much as I had hoped.
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  • #43,510
  • Jan 29, 2013 7:59am Jan 29, 2013 7:59am
we got strong resisten at area 12.180.
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FROM ZERO TO HERO
  • #43,511
  • Jan 29, 2013 9:15am Jan 29, 2013 9:15am
Quoting Zelda
EUR/JPY Long 121.570

CAUTION. This long is going against some strong resistance formed by the stubborn range of the last 24-36 hours.

But this is what i have seen......

SL moved to 121.920. 30 pips locked in.



Hindsight takes all credit for the following example, but it was text book.

These are not classic SonicR setups, so beware. Although i got to say VSA combined with solid PA makes for a powerful combination.
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  • #43,512
  • Jan 29, 2013 9:27am Jan 29, 2013 9:27am
Quoting kotlt
short GU, SL 1.5747, EP 1.5690
SL hit .
Keep Simple...!
  • #43,513
  • Jan 29, 2013 9:52am Jan 29, 2013 9:52am
I challenge all of you, to start a trading journal.
Not a log, where you mark your open/close/tp/sl.

But a true journal, when you open a trade write down why you went in on this trade, include illustrations or screenshots with your chart drawings etc if it helps you, but basically record your thoughts. What convinced you to enter this trade, what are your thoughts while the trade is sitting there open, what is your worry level/stress level.

Why did the trade go wrong, what are your revelations in hindsight, and how can you apply it to future trading.
Why did the trade go right? How did you manage your trade, what could you have done better, why did it work out for you this time, what could have gone wrong and things you did to ensure they did not.

Why do I challenge you to do this? Because I keep a journal and I know it REALLY helps me become more methodical in my trading, if you are 100% honest with your journal you will be able to clearly identify your weaknesses and correct them. For me, impulsive trading and emotions get in the way. I've identified when I have a trading plan my worry scale is cut in half. Which lets me be a better trader and my profits are doing very well. My losses are smaller, and overall I'm being a better trader because of my journal.

Veterans feel free to comment on this, but I strongly believe it will help everyone, veterans included.

I just want to add, I've noticed a fair amount of people making the same mistakes over and over and not learning from it. There are times when a trade gives you ALL the right signals, but doesn't go your way, then on the other hand you are just making the same mistake over and over. Which is happening to you? Be honest with yourself, nobody else is going to judge you here, it's your own money, your own time. A journal will be like your gym buddy to help keep you on track and honest...
  • #43,514
  • Jan 29, 2013 9:53am Jan 29, 2013 9:53am
very good analysis.
Quoting Zelda
EUR/JPY Long 121.570

CAUTION. This long is going against some strong resistance formed by the stubborn range of the last 24-36 hours.

But this is what i have seen......
seeing through
  • #43,515
  • Edited 10:49am Jan 29, 2013 10:38am | Edited 10:49am
Quoting traderathome
Isn't it funny! This is possibly the most simple, successful trading system at Forex Factory. And no one can make an EA for it! Guess God just wants folks to pay attention to their business, and to do "hands on" work for their money! And those that do, are rewarded in kind.
Lol, could be, this system does seem very promising with great results, I'm still reading through all the posts trying to get a good grasp of things. I only mention the EA because if someone else had already made an EA, then it would be great if I could improve upon it, but looks like the old EA that was made was never complete, so it didn't really work, and the author never gave out the mq4 file Well, I'll be manual trading this system for awhile and once I make consistent profit and fully understand the system, then I'll start an EA from scratch.
  • #43,516
  • Jan 29, 2013 10:42am Jan 29, 2013 10:42am
Time to long GU. Likely time to short EU. IMHO
  • #43,517
  • Jan 29, 2013 11:21am Jan 29, 2013 11:21am
If this chart confuses you then you have got the point.



Quoting sonicdeejay

Sonic
P.S 2nd day of the week so far, I only had 2 trades.. Control measures are working..I love that..
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  • #43,518
  • Jan 29, 2013 11:48am Jan 29, 2013 11:48am
Quoting Zelda
EUR/JPY Long 121.570

CAUTION. This long is going against some strong resistance formed by the stubborn range of the last 24-36 hours.

But this is what i have seen......
Closed @ 121.915 +34 pips
  • #43,519
  • Jan 29, 2013 1:54pm Jan 29, 2013 1:54pm
Quoting Mezzy
I challenge all of you, to start a trading journal.
Not a log, where you mark your open/close/tp/sl.

But a true journal, when you open a trade write down why you went in on this trade, include illustrations or screenshots with your chart drawings etc if it helps you, but basically record your thoughts. What convinced you to enter this trade, what are your thoughts while the trade is sitting there open, what is your worry level/stress level.

Why did the trade go wrong, what are your revelations in hindsight, and how can you apply it to future...

I just wanted to give you guys an example of what I mean, here is a entry from my journal.

"One thing that always seems to get me into bad trades is that I get in the mindset of "this market cant possibly go any higher" or "it's already moved up, so naturally it must go down now"

This kind of thinking is very hazardous to my trading because it forms a bias based on opinion not fact, and is along the same lines of emotional trading such as "hoping" a trade will reverse and your losses will be recovered.

My market analysis was long(bullish) so why was I countering myself by looking for a big short move? a scout short for a few pips would have been fine and would have saved me the current headache. Stress level 6/10"

I write down my trade feelings on paper with pen, and freehand draw any supporting ideas... doesn't have to be anything fancy, but I find it extremely helpful.
  • #43,520
  • Jan 29, 2013 3:50pm Jan 29, 2013 3:50pm
Quoting Mezzy
I just wanted to give you guys an example of what I mean, here is a entry from my journal.

"One thing that always seems to get me into bad trades is that I get in the mindset of "this market cant possibly go any higher" or "it's already moved up, so naturally it must go down now"

This kind of thinking is very hazardous to my trading because it forms a bias based on opinion not fact, and is along the same lines of emotional trading such as "hoping" a trade will reverse and your losses will be recovered.

My market analysis was long(bullish)...
Mezzy, i have only good things to say about a dedicated effort like this. Good on you, go for it! Learning to trade and learning to be a better trader has often got a lot to do with experimentation. Some folk experiment well and keep records as they go, others don't. Keeping a trading blog to look back on is one of the best ways to develop yourself and mature. Failure to PROPERLY analyse our trading mistakes and flaws means we become entangled by them and that can only lead to chaos.
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