Ah, the templates! I haven't come across any mention of them in the pdf so I didn't load them.then use the supplied templates
@ WideEyed,WideEyed wrote:Ah, the templates! I haven't come across any mention of them in the pdf so I didn't load them.then use the supplied templates
It's looking much better now!
Many thanks.
<added>Bob, if I may be bold enough to make a suggestion: If you include a statement of the obvious about loading the template it might help other idiots like me save several hours
I will be posting an update before I leave that fixes some bugs, the replacement screen will be there.WideEyed wrote:Thanks, Frank, that's most useful. I'll replace the template now (and go through the thread again to see if there's anything else I missed
The basic concept is this. Once a trade is in profit you no longer have to take a loss when you enter the 2nd position. Yes sometimes you will get it hit but many times you wont. The worst things that happens to traders is when a profitable trade becomes unprofitable. We prevent that here. Most traders never give themselves a chance to go for the nice run because of fear of loss. This is designed to take away that fear. Now the only fear you have will be loss of profit not a loss. You can close and reopen trades as price goes up/down and just play from one level to the next but then you have to go to a more standard SL type settings. So far this has to be done manually but eventually we will have a MTPM that will do this automatically. You will just set your trades and let a MPTM run the trade after that. Eventually this will become a set and forget system once you set your original trades.shellsnail wrote:So basically we are scaling in aggressively when the market is moving in our favour - I like that.nanningbob wrote:You bring your SL up to break even. If trade 1 is up 80 pips and the new one enters you should move SL up to +40.From here on out you have a free ride. You cannot lose but you can win more. If a third trade enters you move up the SL again to break even. The I breakeven on the info page will give you that number. In the future a MPTM will do this automatically but it is being developed.
it's very counter intuitive to most traders but it's absolutely the right thing to do, however, I do have some doubts about shifting SL to break even.
As you know most trades do a 36-50% retrace typically before they take off after the initial burst (especially if they run into a support/resistance area, which is likely where we are placing our orders at).
If you look at the AUD/USD chart attached, there seems to be a lot of levels where you can place trades at but putting them to break even will kill the initial trade because there was a retrace back to the original level.
Maybe the picture doesn't show the best example, but I'm sure you will agree with me that price often retraces 50% or even back to the previous pivot level when they are close together before continuing down, so how do we deal with these cases if we set SL to breakeven, it'll simply kill the original trade profit.
To resolve this issue:
why not simply shift SL to previous trade swing high/low once second trade is entered, and enter the half number of lots that you will usually enter - so now you take on approximately the same amount of risk as before (unless you are very close to the 240MA). and then upon a retrace (candle close red below the entry level for longs) you can place another half of the position (as a stop buy order) on at the level, rinse and repeat for each level and shifting stops up each time you enter a new position - and closing the trade once AO changes colour.
What do you think, this way you can safely pyramid down as well as long as AO stays the colour that you want - operating only on candle closes on 4H chart - and truly achieves the effect of cutting your losers short and letting winners run as much as possible (by giving it space to breathe)
Thanks once again for this brilliant set of tools.
Somewhere I needed to explain that so newer people understand the time and work it takes to make it work. Your post gave me an opportunity to do that. I like being short and concise but that also comes across the wrong way at times but it never is intended to. I did look at your CCI but the RSI 2 or STO 5 give more signals to trade from. However as I have said many times my systems are adaptable to things you are already using and know. I put the AO up there but you can just as easily used a MACD if you know how to read it. It is just easier to teach the AO over the MACD which has more subtleties to it. Same thing with TMA but that one indi is more divisive so I stayed with a simple basic. Feel very free to adjust to your trading style.followNev wrote:I get all of the above, i've downloaded all and read everything that you have written on the 10.* system. In following the progression I have discovered things for myself that have helped in my trading, so many thanks for that.nanningbob wrote:followNev wrote:Hello, thanks Bob and all for the 10.4 ,
I wont be trading your system but I have enjoyed reading how you came to this point in trading.
I've stolen your MA
I hate it when people change systems without giving it a chance to work but as you are toying with ideas still I have a suggestion that you could implement. The indicator comes free with every Empty4 so new coding. It's the CCI indicator.
In uptrends I treat the falling below -100 as a reload and in down trends I treat the rise above 100 as a reload.
Hopefully the chart attaches ok to explain what i mean.
http://content.screencast.com/users/fol ... -chart.gif
The whole 10.0 series is one progression. It is taking each step and improving it. It started with 2MA on daily and 8MA smoothed which would have been a 10 MA open or 2 MA on the weekly. 10.1 we added S/R lines and 10.2 and 10.2a we added Weekly and Monthly pivots. 10.3 gave us a scalping system based on daily open with daily pivots. Then 10.4 I removed the monthly pivot and added the 2MA open. On the 4H screen it becomes the 240 MA and instead of being static it became dynamic. Add to that was a sound MM system. Each step of the 10.0 series was adding to our definitions which are so lacking in Forex trading. 10.0 started with following a definition of the weekly trend and progressed to the monthly trend which appears to be much easier to follow and more accurately predicts price movement. The AO is just a better indicator than the TMA true. If you place them side by side they match. The 240 is an easier read of strength and direction than the TMA normal. It is a progression not switching of systems. 10.4 is long term and 10.3 is for short term trading, they are not an abandonment they are a compliment depending on your trading style. I am not a scalper trader. I made money using it but it took a lot of my day to watch those kind of trades. That is why I know 10.4 is now a complete system from all angles. Doesnt mean you wont have losing days or weeks but it should be consistent enough over the long term to be successful. As soon as some of these traders experience multiple level profits and just single level losses they will be hooked. That took about 2 years to put together. Good luck.
I'm hoping you didn't read my comments in a way which were unintended. I just noticed that with the RSI/Slope people were having a few technical difficulties. I thought the CCI would just prove as reliable a signal to get ready to trade as any other indicator.
I don't really like multiple signals unless they are PA only, everything else seems to lag.
GLA .
I like the this Money Management idea. When I was trading stocks a tight stop would be 1.5 ATR thats DAILY ATR in forex. For trending pairs that could be several hundred pips. The large inital stoploss allows the initial trades to hit and set to BE. Only the strongest moves will shoot through the stacked pending orders like the 800 pip GPBNZD Bob shows above. A trade like that would make make my week or month. Some of the best system traders I have read about (like Nassim Taleb) expect 99 small losers for every Super Winner and those winners only occur once every year or two.nanningbob wrote:
The basic concept is this. Once a trade is in profit you no longer have to take a loss when you enter the 2nd position. Yes sometimes you will get it hit but many times you wont. The worst things that happens to traders is when a profitable trade becomes unprofitable. We prevent that here. Most traders never give themselves a chance to go for the nice run because of fear of loss. This is designed to take away that fear. Now the only fear you have will be loss of profit not a loss. You can close and reopen trades as price goes up/down and just play from one level to the next but then you have to go to a more standard SL type settings. So far this has to be done manually but eventually we will have a MTPM that will do this automatically. You will just set your trades and let a MPTM run the trade after that. Eventually this will become a set and forget system once you set your original trades.
