The Incredible 10.4 - For Dummies

[WideEyed]

1. Info Screen - the Slope Strength Indi (middle of screen) provides a view of what currencies are experiencing strength by rank in the last column (strongest at the top, weakest at the bottom). This provides a clue as to which currencies you should aim to take a long, however, how do you use this to decide weaker pairs? The documentation doesn't go into the detail of this for me to understand it well enough. Has anyone used this information in anger yet because it looks pretty good?

Bob's indi gives a great overview of relative currency strengths for D1. If you want a more granular and lower TF views you should check out http://articles.mql4.com/422 and http://codebase.mql4.com/5862

[mjws00]

Is anyone watching this pair for a short entry? As far as I can see things are aligned here? This will be my first trade so please correct me if I'm wrong:

Position 1 - entry at 1.5656 (5 pip below WP); SL at 1.5747 (5 pip above 240MA)

Position 2 - entry at 1.5551 (WMS1); SL at 1.5656 (position 1's entry); once triggered then bring position 1 SL to 1.5656 also.

Wouldn't that give you a worst case scenario of BE on the first trade ...but a possible loss on the second? Some discussion earlier suggested that the SL should be set so that the net effect of the two trades combined is BE.

You have a better eye than me. You are right he maintains some risk in this scenario... but may avoid a stop out. Vanilla stop on the add is @ ~1.5602. Sets us to BE at that point.

[ross]

Did the pivots use to have an option to show the price? - I have looked at the settings and I can't find this as an option anymore - if they ever had this ????

Yes

I meant that it would show the price at R/S instead of how many pips away from pivot...it would also be nice to see the price of the mid pivots as well...

[cjthomson]

Wouldn't that give you a worst case scenario of BE on the first trade ...but a possible loss on the second? Some discussion earlier suggested that the SL should be set so that the net effect of the two trades combined is BE.

You have a better eye than me. You are right he maintains some risk in this scenario... but may avoid a stop out. Vanilla stop on the add is @ ~1.5602. Sets us to BE at that point.

Thanks for the input. It seems really tight but if those are the rules then thats what I'll do.

[mjws00]

Feels early to get to BE for a swing trade to me as well. 50-62% retrace is just so common. The other thing is it is pretty conservative to use 2% for the series. I'd experiment if I was you. Enter the second position and just go to BE when you are comfortable. If that is a 4 or more hour delay while it retraces then turns back before we can set a much safer BE, I wouldn't hesitate.

Perfect scenario for me is it rejects at that 50% but we both know it can overshoot and take that stop. You could size to allow for a larger retrace, 61% etc, but that will produce less profit if it runs. I'll likely just risk the additional 1% until I see a test and turn back in my direction. Going to BE as soon as I see fit, but that requires discretion. I hate getting stopped prematurely and having to wait days for a nice re-entry when the initial trade idea is still valid.

It is about trading smart within a good framework. Not rigid rules, imho.

[websie]

Re the NB Dashboard from LioH see post http://www.stevehopwoodforex.com/phpBB3 ... 2&start=30

Thanks Lio for coding this dashboard but for some reason my dasboard doesn't look like the one in the post on that tghread, I expect I've done it wrong, I dragged it onto a default chart but it looks like this, I am not sure what to do to get it to show correctly.

[MurphyMan]

Re the NB Dashboard from LioH see post http://www.stevehopwoodforex.com/phpBB3 ... 2&start=30

Thanks Lio for coding this dashboard but for some reason my dasboard doesn't look like the one in the post on that tghread, I expect I've done it wrong, I dragged it onto a default chart but it looks like this, I am not sure what to do to get it to show correctly.

What discrepancy are you talking about?

Looks like mine, except I get rid of the prices. F8, then change every candle, line graph, and the foreground to None.

Is that what you're looking for?

[websie]

hi MurhpyMan

Ah, thanks I didn't know how to do that.

Oh and thanks for putting me right on where to post it

[The_Snowman]

Don't know a clever way to show historic trades on the chart. If someone wants to show me I'll look in the dummies thread.

Just for you, I re-read the whole (almost) Empty4 HELP Manual

Basically, go to the Account History tab, Drag & Drop the trade of interest on to the chart of that pair; if you are on wrong pair, nothing happens, hope that helps.

[mjws00]

Thanks Snowman. I was hoping someone could just rattle it off.