Ask Bob Forex Questions-no banning allowed

ahad · Post by **ahad** » Thu Jul 28, 2016 6:28 pm

nanningbob » Mon Jul 18, 2016 10:29 pm wrote:This is the three step process I am trading now. Used 4h charts with 30M CSS last week trying 1H chart with 30M CSS this week.

I am trying one hour HGI with CSS 30 minute. I take trades based on three decisions.
1. Is it market time for this pair? In other words JPY AUD NZD crosses during JPY session. In other words GBP/JPY not gbp/usd even if I get a gbp/usd signal during JPY session.
2. Getting multiple signals for a currency. In other words sell arrows came down on gbp/AUD, Eur/Aud, and buy AUD/JPY. This confirms its on the move.
3. And/or CSS signals cross in the same direction as HGI 1H arrows or blue wavy lines along with the 30M CSS. I change the CSS to 30 M during this time. A CSS cross on a lower TF from HGI in the same direction as the arrow either before or after is dynamite.

You see these signals an hour before or after a session start are very profitable. 2-4 hours into the session close out or you get yellow/blue wavy or a recross CSS close out. Only three days doing this but looks really good and consistent. Sometimes a session is kind of dead and no price action but when it moves, hundreds of pops pile up fast.

Hi Bob,

Just checking in how the HGI on H1 plus 30M CSS method has been working out the last few days? You still happy with the approach? If so I'll be setting this up on the two pairs I watch (GBPAUD and GBPNZD) next week and giving it a roll

I've lost track of CSS. I think I have an old version. Could you post the link to the latest version you're using please?

Thanks for everything you're doing for trader education. Much obliged sir.
David.

Post by **milanese** » Thu Jul 28, 2016 8:05 pm

ahad » Thu Jul 28, 2016 6:28 pm wrote:
Hi Bob,

Just checking in how the HGI on H1 plus 30M CSS method has been working out the last few days? You still happy with the approach? If so I'll be setting this up on the two pairs I watch (GBPAUD and GBPNZD) next week and giving it a roll

I've lost track of CSS. I think I have an old version. Could you post the link to the latest version you're using please?

Thanks for everything you're doing for trader education. Much obliged sir.
David.

as always you find the latest CSS attached to the first post of the appropriate thread --click--> http://www.stevehopwoodforex.com/phpBB3 ... =88&t=4735

Cheers

Tommaso

Post by **nanningbob** » Fri Jul 29, 2016 7:43 pm

ahad » Thu Jul 28, 2016 1:28 pm wrote:
Hi Bob,

Just checking in how the HGI on H1 plus 30M CSS method has been working out the last few days? You still happy with the approach? If so I'll be setting this up on the two pairs I watch (GBPAUD and GBPNZD) next week and giving it a roll

I've lost track of CSS. I think I have an old version. Could you post the link to the latest version you're using please?

Thanks for everything you're doing for trader education. Much obliged sir.
David.

Yes it is working well if I stick to the plan. Sometimes HGI signal is late and most of the move is done. So you don't jump in. Sometimes market doesn't move and you move on. Most of the time I enter 3-5 of the same pair and I get 70-150 pips. But I will stay with it. I am also using CSS less and less because the HGI signals seem good without it but a cross back helps in dumping a bad trade.

Post by **nanningbob** » Fri Jul 29, 2016 8:01 pm

Im not going to try trading the opening AUD session that opens the week. Too many false signals from weekend gaps. Also JPY first session has been slow.

Dragonian · Post by **Dragonian** » Sat Jul 30, 2016 10:30 am

UK Bank Holiday Monday 1st of August.

james666 · Post by **james666** » Sat Jul 30, 2016 10:33 am

no - the UK bank holiday is towards the last week of august.

Dragonian · Post by **Dragonian** » Sat Jul 30, 2016 11:38 am

Quite right, Monday is Scotland only.

ahad · Post by **ahad** » Wed Aug 03, 2016 3:17 pm

Hi Bob,

I got another, non-technical, question.
If you got to do redo your Forex education all over again, what would be the main points you would do differently.

(I guess you could re-phrase this as: for newbies, that are your top things to avoid, and your top things to focus on, when getting started in FX trading)

Thanks,
David.

Post by **nanningbob** » Wed Aug 03, 2016 5:30 pm

I wouldnt have traded with bigger lots and saved my money. There is no way you can do this business without losing at the beginning. There are so many things to learn. After losing my first 1000 dollars I put up 500 dollars. I would trade from 12-3 which at the time was the between the JPY morning session and the EURO open while I lived in China. I saw the EUR/USD would go up 15-20 pips and then down 15-20 pips every 15-30 minutes. So I said WOW this is easy. So one day I was trading away and BAM it jumped 100 pips in a matter of seconds and bye bye 100 bucks. That is how I found out about market opens. I didnt know there was such a thing. Theres the EURO open, USA open, AUD/NZD open and JPY open. It cost me 100 bucks to learn that one. If I had traded dimes instead that lesson would have cost me 10 bucks and if I had traded pennies it would have cost me a dollar. So you determine how much you will pay in tuition. So it took me 3 blown accounts before I learned to trade pennies and dimes to learn this business.

Post by **nanningbob** » Wed Aug 03, 2016 7:36 pm

Spend the money for a good training course or take the Baby Pips course online which is free. You then get the basics taught in format which builds step by step instead of getting it piecemeal. The course I used was "Trading like the Big Dogs" by Peter Bain. There are many other good ones this is just the one I purchased. What it did is it stopped the massive bleeding as I learned about S/R, trendlines, various indicators, candlestick formations, market opens and close, different trading styles, etc. Its a very comprehensive course and took over a month to get through it all and years to learn. At least I understood the basics.

Go to Forex Factory and read DarkStars thread on what FOREX is. This was one of the most helpful threads I have ever read. Once you understand that FOREX is not a traders world, unlike Stocks, but is the world wide economic activity of nations, businesses, and Corp. exchanging money daily, you get to grasp and understand that most FOREX gurus are full of SH.......... Traders dont control the markets and its so big that even the super banks can only control it for short period of time. I also learned that govt. economics controls the long term trends but can do little about short term trends. In other words long term trends are controlled by govt. policies but day by day, week by week, is a cat fight. I mention this in my 10.4 and HGI booklets.

Another thread at FF is a group of professional bank traders talk about how they trade and what life as a professional trader is like. I talk about them in my thread:

http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627

There is a lot of wisdom and busting of many Forex theories there.

Study your upper TF charts. Look at those weekly/monthly charts. See how price will for years bounce between two levels. Find out what makes them leave those levels and go to new levels. (like GBP just did with the Brexit). Understand the difference between fundamental changes in the market (like the Brexit) and just market moves between long term highs and lows.

Find a penny dealer or use a demo and just make random trades on a blank screen with only candles on it. Watch as the deficits/profits grow and move. Forex is like a set of lungs, it expands and contracts. Get a feel for the market outside of indicators. See how price expand and contract grow and reverse. Get a feel for market action. CJs thread here is worth its weight in gold. BoldTrader is also a great teacher. Als thread at FF is good too. James gang at FF and 4H charts, wonder why I'm a 4H chart trader most of my life.

Once you get a grasp/feel of the market you begin to lose your fear of trading. You know it will do certain things and will not go beyond certain ranges unless something really really major happens. (like Brexit 2016, USA economic recession 2007-2008, EURO Crisis 2011, Japan earthquake, Collapse of oil prices) Once this comes part of your heart and soul. Trading becomes fun and challenging.

Finally, no matter how much you learn or know, you are going to have losing days weeks or even months. No matter how much I knew about Fundamentals, chart patterns, and background knowledge of govt. policy, I was dead wrong last week on the JPY news story. It happens to all of us, so cut your losses and move on and dont worry about it. I think it was good for all of you to see my mistakes. Most traders are afraid to tell others they lose money at times. Well they do and dont let them lie about it.

Good luck.