10.2a Oct. 2012 Edition

[thelearner]

NB this has been great week for NBoct edition. Can you tell us how to filter the pairs you want to take trade? Is it depends on what currency that has big news coming up or it depends on pivot positions,etc? or there are other things that helps decide which pending order you will put for example there are 12 pairs with possible setups, in this case do you put all PO on 12 pairs or you pick fewer pairs that you see best? I know this is pretty subjective question, but maybe some rough pointers will help my confusion.

ps. GC on profit right now....let's see how far it rides down...I just put my TP on yesterday lowest support.

regards~

[nanningbob]

NB this has been great week for NBoct edition. Can you tell us how to filter the pairs you want to take trade? Is it depends on what currency that has big news coming up or it depends on pivot positions,etc? or there are other things that helps decide which pending order you will put for example there are 12 pairs with possible setups, in this case do you put all PO on 12 pairs or you pick fewer pairs that you see best? I know this is pretty subjective question, but maybe some rough pointers will help my confusion.

ps. GC on profit right now....let's see how far it rides down...I just put my TP on yesterday lowest support.

regards~

Good questions. Like the cad/jpy that looked like a valid trade but I hesitated because of candle patterns. When you have a clear trading system that is plain and easy to grasp and understand, then all the other stuff you learned will suddenly pop out at you and act as a filter. Hmmmmmmm that candle patter on cad/jpy doesnt make this trade look right. On another pair I am seeing lower lows and lower highs maybe I dont want to do a buy now. MACD is showing divergance maybe better not take this one.

OR ........ it has supporting evidence from other indicators, this 3 line pivot system helped me spot the supporting evidence. That is why I kept it so simple. The other things will pop out at you from time to time.

[gustav213]

10-8-2012 3-55-44 AM.png

So looking at the EURUSD and the pivot lines are in place for a long order but the price is between the daily and weekly pivots right now. I am thinking we would wait for price to break the daily before entering? Am I right?

[gustav213]

10-8-2012 4-05-54 AM.png

USDCAD if price breaks the daily pivot I will enter short for around 50 pips BE and then see if it breaks the next weekly

[wBear]

My Buy picks of the day -- CADJPY, EURNZD.

DP is above WP, WP is above MP. PA may sneak up above DP soon?

At the same time, I'm also wary about where H4 resistance is for any Buy I get into. If PA goes above H4 resistance, then great! Ride it

I like the eur/nzd pick and have taken it. The cad/jpy fits the 10.2a rules but that giant wick on the 4H chart of the cad/jpy scares me away from that one a bit. Other than that good show.

Hmm....PA seems to be drifting lower after a short peek above DP.

Bob, what would you do in this scenario? If PA drifts even lower, would you:
a. Execute another buy at Weekly Pivot (assuming it bounces there with Bull candles)?
b. Cut Loss if PA crosses WP?
c. Are there any other options you would use to save failing trades?

[cmeade2]

anyone want to try gbp/chf for a third time??

Looking good so far. As is the Eu/Gbp.

[nanningbob]

My Buy picks of the day -- CADJPY, EURNZD.

DP is above WP, WP is above MP. PA may sneak up above DP soon?

At the same time, I'm also wary about where H4 resistance is for any Buy I get into. If PA goes above H4 resistance, then great! Ride it

I like the eur/nzd pick and have taken it. The cad/jpy fits the 10.2a rules but that giant wick on the 4H chart of the cad/jpy scares me away from that one a bit. Other than that good show.

Hmm....PA seems to be drifting lower after a short peek above DP.

Bob, what would you do in this scenario? If PA drifts even lower, would you:
a. Execute another buy at Weekly Pivot (assuming it bounces there with Bull candles)?
b. Cut Loss if PA crosses WP?
c. Are there any other options you would use to save failing trades?

Euro is going up now and I am expecting NZD to follow their cousin AUD down so I will hang in there on this one.

[nanningbob]

10-8-2012 3-55-44 AM.png

So looking at the EURUSD and the pivot lines are in place for a long order but the price is between the daily and weekly pivots right now. I am thinking we would wait for price to break the daily before entering? Am I right?

I am taking the bounce off of the weekly pivot but if it breaks south of the weekly pivot again I will close it quickly. Wont risk more than 20 or 25 pips on playing a bounce like that. Great trade if it works but you dont need to risk a lot on playing bounces like that.

[cmeade2]

Bob

Would you be long on the Eu/Usd as it recently crossed the WP up?

[nanningbob]

Bob

Would you be long on the Eu/Usd as it recently crossed the WP up?

I bought 10 pips above the weekly, SL 10 pips below the weekly pivot. Great trade if Euro continues its trend low risk if it doesnt.