10.3 SCALPER/RANGE TRADE SYSTEM

[nanningbob]

Here is a classic 10.2a trade but we would normally wait for a retrace to enter, if you get one. If you dont you lose the trade. Combined with 10.3 we see daily pivot below weekly and both below monthly. So if I dont get the retrace I am still in off of 10.3, if it retraces then I take the 10.2a trade. Win Win on this one. If it goes back to ranging. I wont be in on either one. This makes it a quick simple read. Since it is Monday normally currencies dont move as much as they do later in the week but I　will take a shot at it.

[atharmian]

Bob,

I see a new template here 10.2A and 10.3 I have not seen posted before

Question:

1. The black line here is the WP it looks? Where is the DO?
2. Retrace to what? DP? DP is 83 pips away, right?
3. How do we decide when not to take the 10.3 ranging trade?
Earlier you had said to simply look at D0>DP for buy, DO<DP for sell.
Is there a 10.3 retrace rule here, as in 10.2A? I remember Steve's Gimme Your Hair initially included a touch/cross from below/above for buy/sell entry rule.

Athar.

Here is a classic 10.2a trade but we would normally wait for a retrace to enter, if you get one. If you dont you lose the trade. Combined with 10.3 we see daily pivot below weekly and both below monthly. So if I dont get the retrace I am still in off of 10.3, if it retraces then I take the 10.2a trade. Win Win on this one. If it goes back to ranging. I wont be in on either one. This makes it a quick simple read. Since it is Monday normally currencies dont move as much as they do later in the week but I　will take a shot at it.

[atharmian]

Bob,

What is the rule-making significance of taking last low as opposed to (D?)Pivot?

Athar.

OR check the 4H chart and 10.2a. The eur/cad has all three lines lined up for downtrend, so I will play my TP as DS2. You can see the pic below. Notice I am taking the trade at the last low instead of the pivot.

[nanningbob]

Bob,

What is the rule-making significance of taking last low as opposed to (D?)Pivot?

Athar.

OR check the 4H chart and 10.2a. The eur/cad has all three lines lined up for downtrend, so I will play my TP as DS2. You can see the pic below. Notice I am taking the trade at the last low instead of the pivot.

Taking the breakout or it has already passed the pivot and you still want the trade because there is room for profit. These are good with confirmation with 10.2a DP<WP<MP. trading the last low is called breakout trading, very common trading tool. Do it if there is enough room for profit. Dont do it if there is not.

[nanningbob]

Bob,

I see a new template here 10.2A and 10.3 I have not seen posted before

Question:

1. The black line here is the WP it looks? Where is the DO?
2. Retrace to what? DP? DP is 83 pips away, right?
3. How do we decide when not to take the 10.3 ranging trade?
Earlier you had said to simply look at D0>DP for buy, DO<DP for sell.
Is there a 10.3 retrace rule here, as in 10.2A? I remember Steve's Gimme Your Hair initially included a touch/cross from below/above for buy/sell entry rule.

Athar.

Here is a classic 10.2a trade but we would normally wait for a retrace to enter, if you get one. If you dont you lose the trade. Combined with 10.3 we see daily pivot below weekly and both below monthly. So if I dont get the retrace I am still in off of 10.3, if it retraces then I take the 10.2a trade. Win Win on this one. If it goes back to ranging. I wont be in on either one. This makes it a quick simple read. Since it is Monday normally currencies dont move as much as they do later in the week but I　will take a shot at it.

The 10.2a is from the 10.2a thread. I said I would be using it this week on the 4H and Daily and the 10.3 on 1H and below.

[nanningbob]

Looks like a good day for Euro Shorts.

[POH]

I'm still trying to work out when a good time to enter is, last week I entered just pre euro open and had about 4 negative trades and 4 positive with a total gain of around 60 pips. I entered gbpnzd earlier today and it didn't take too long to hit SL, but since then it went down 25 pips in a single bar. Currently have 6 trades open, 2 in profit, 4 in negative and 2 of those 4 are close to SL. I know this is a new system but does anyone have any advice on a time to enter or is it more based on the position of the lines and price?

[nanningbob]

Took the gbp/jpy short

[gustav213]

Took the gbp/jpy short

Are you looking at anything else right now besides the pivot and open candle? I am just trying to get this system down, and I am scanning the TMA for all pairs set to 1H and then if any if +/- 0.4 I check the chart out and look at the open and daily pivot if they are in order with the TMA I think this warrants an entrance.

[nanningbob]

I'm still trying to work out when a good time to enter is, last week I entered just pre euro open and had about 4 negative trades and 4 positive with a total gain of around 60 pips. I entered gbpnzd earlier today and it didn't take too long to hit SL, but since then it went down 25 pips in a single bar. Currently have 6 trades open, 2 in profit, 4 in negative and 2 of those 4 are close to SL. I know this is a new system but does anyone have any advice on a time to enter or is it more based on the position of the lines and price?

The GBP/NZD is the most volatile pair out there. It has only moved 35 pips so far today, so what ever you did you had way too tight of a SL. The distance to DS1 is not that far from its low so the break of the previous low is not a good trade unless you want to play until DS2. Price has been below the pivot all day so it would be hard to pick up a trade on that one without a retrace above the DP pivot. If it breaks back above the pivot I would then place a pending below and see what happens. You would be looking at a 35 TP and about a 20-30 SL but if you look to DS2 and 10.2a gives the ok which it does for a longer trade then you can set up a trade. I am kicking that one around now.