10.2a Oct. 2012 Edition

[Jack1]

I believe that using month,week,daily pivot all together to do assessment is too complicted. Big guys may never follow these pivot point level. It is ok to use 1 pivot point level as price reference level.

Market is moved by market makers to get buy/sell/stoploss orders to be done, I found fx market is not often ruled by pivot point level. Sometime, price stop at a pivot point level.

Too complicated?? Egads, dont understand that comment at all. If you cant trade three lines on a screen you need to find yourself another career.

[firesword]

Bless you Bob. Top job mate. Soooo cool

[fondofallthings]

So if I look at the last crossover, this is a situation where we have the daily below both weekly and monthly. So when the daily crosses the weekly, it is not a signal to buy or sell. I am correct?

Will need to see some peoples charts to make sure I have the idea as I think it is being given by Bob

This does not look like a good set up but you could play the break of S1 as a sell later. See how price action goes.

[nanningbob]

Nanninbob Oct. 1 2012

Thank you nanningbob for your contributions and generousity, we are indebted to you.

Cheers!

PS: would you like this thread to also be the space where we post our 10.2a OCT 2012 trades/trade ideas?
Or should those still go to the "10.2 Trades! Post up your trades here" thread?
Thanks

I am going to post my trades here to keep from confusing the different strategies. There are many offshoots and successful versions but this should stay right here. That way we can stay on track with the trading system.

[SteveHopwood]

I believe that using month,week,daily pivot all together to do assessment is too complicted. Big guys may never follow these pivot point level. It is ok to use 1 pivot point level as price reference level.

Market is moved by market makers to get buy/sell/stoploss orders to be done, I found fx market is not often ruled by pivot point level. Sometime, price stop at a pivot point level.

This is a great case of, "Hey guys, I am looking this way" whilst the point is back over your shoulder.

Bob's point really is simple. Give it some thought.

[nanningbob]

So if I look at the last crossover, this is a situation where we have the daily below both weekly and monthly. So when the daily crosses the weekly, it is not a signal to buy or sell. I am correct?

Will need to see some peoples charts to make sure I have the idea as I think it is being given by Bob

Right now price is ranging and we are waiting for breakout direction. aud/usd broke out today with the lowering of the Bank of Australia rates. This shows the break out and two places to look for a trade. Tomorrow we will see where the daily pivot sits and go from there. Even though the weekly is slightly higher than the monthly I would treat them at this point as equal so price has moved to the sell areas.

I took my profit at 42 pips on this one and now will see if it breaks the next S level. I could have had close to 60 but I thought it would break S1 which it didnt so I captured my profit on a retracement.

[dentiok]

@nanninbob
I think that at this point, it´s important to know about how are you using your MM.
tks.

[nanningbob]

My money management is based on small lots, low margin usage, and large SL. I will do multi level trade and I do recovery trades. However, when I teach I teach the basic SL because multi level and recovery trades takes some time to master.

In the trade above you would place a pending below the green daily line and your stop loss just above the WP or MP. Take profit at S1 or take half and move your SL up to breakeven plus. I chose to take all my profit because the run happened before the Euro open and usually those kind of trades have short legs. I may take another trade for the USA session if it runs again and breaks S1 but if it doesnt I will look for it to retrace above DP tomorrow and then place a new pending order. The AUD could also make a strong run at the beginning of the AUD session late in the day.

[nanningbob]

Monday had a small eur/usd trade for 30+ pips. I wanted the same thing today if it had come back across the DP line. But it didnt so no trade today.

[SteveHopwood]

Here is one I took a few minutes ago. SL at WP; TP at next support. Rubbish r:r.

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