10.4 A Complete System

[etheldreda]

Mike, Bob, Sat79
thank you for your opinions, I really appreciate it. Learn more from your explanation.

Also: I think that I might have a time frame culture shock here, been trading using M15 or H1 before but never H4...

-ethe-

Ouch, that's a tricky one. Looks like all the 104 conditions were met, but it's a long way down to the 240. ...
Mike

Oh this is bad...
.... But still when you think that this 100 pips is 1% of your account it's not too much ...

There are some warning signs to be careful. Yes the conditions were met but we also see triple top. ....

[pips400]

Bit of a mixed week for me. I was unable to trade until Wednesday, and missed some of the early movers, I was also finishing some programming for next week. The good news is I did trade and made a profit Thanks to Bob once again.

One thing I'm noticing for my own trading is to remember to still apply the principles of price action and technicals. I think confluence is a really good point to include in my trading. i.e. the more reasons to enter the better, although not wanting to unnecessarily overcomplicate things here, just saying that I need to take a look at the picture as a whole, then zero in to a 104 trade.

A couple of examples. The first is the GBPNZD, last week it fell around 800 pips, I missed that one : But this week there was no good 104 setup because it is ranging. I know Bob is hoping to include trading in a range as part of the whole 104 package, and so that's why I'm adding this example. In the chart below

gbpnzdtrades.jpg

1. Price hits support first time
2. Price retests this level and bounces off
3. Price finds resistance level
4. Price retests this level and bounces off
So at this point we have established S/R
5. Price hits support - go long, TP at Resistance - 240 pips
6. Prices hits resistance - go short TP at Support - 240 pips
7. Price hits support - go long, TP at resitance - price doesn't make it, so depends on when you close the trade.
So if trading in a range is part of 104 to be added, I think this would make a great example as it would have been at least 480 pips

The second example is the GBPAUD, and what I'm looking for next week as a classic 104 trade

gbpaudtrades.jpg

In addition to the 104 conditions,
1. Previous support becomes resistance
2. AO divergence, so I'm expect price to go up
3. Stochastic is oversold, so this supports my expectancy for price to go up
4. The blue area is where I'm looking to re-enter into the downtrend. Previous support becomes resitance, and for those that like fibs, its a 50% retrace from previous SH/SL

Please, please forgive me I'm not trying to complicate or confuse anyone, all I'm saying is that I believe 104 is a great system, and if we remember apply basic price action techniques etc, then I think we can increase our winning rates even higher, and avoid getting into some losers. So my approach will be 1. Take a step back at look at the whole picture, 2. If I like what I see and there is 104 setups, then make the trade

I've closed all my trades now, and will get ready for Monday

Have a great weekend everyone.

Mike

[nanningbob]

Bit of a mixed week for me. I was unable to trade until Wednesday, and missed some of the early movers, I was also finishing some programming for next week. The good news is I did trade and made a profit Thanks to Bob once again.

One thing I'm noticing for my own trading is to remember to still apply the principles of price action and technicals. I think confluence is a really good point to include in my trading. i.e. the more reasons to enter the better, although not wanting to unnecessarily overcomplicate things here, just saying that I need to take a look at the picture as a whole, then zero in to a 104 trade.

A couple of examples. The first is the GBPNZD, last week it fell around 800 pips, I missed that one : But this week there was no good 104 setup because it is ranging. I know Bob is hoping to include trading in a range as part of the whole 104 package, and so that's why I'm adding this example. In the chart below

gbpnzdtrades.jpg

1. Price hits support first time
2. Price retests this level and bounces off
3. Price finds resistance level
4. Price retests this level and bounces off
So at this point we have established S/R
5. Price hits support - go long, TP at Resistance - 240 pips
6. Prices hits resistance - go short TP at Support - 240 pips
7. Price hits support - go long, TP at resitance - price doesn't make it, so depends on when you close the trade.
So if trading in a range is part of 104 to be added, I think this would make a great example as it would have been at least 480 pips

The second example is the GBPAUD, and what I'm looking for next week as a classic 104 trade

gbpaudtrades.jpg

In addition to the 104 conditions,
1. Previous support becomes resistance
2. AO divergence, so I'm expect price to go up
3. Stochastic is oversold, so this supports my expectancy for price to go up
4. The blue area is where I'm looking to re-enter into the downtrend. Previous support becomes resitance, and for those that like fibs, its a 50% retrace from previous SH/SL

Please, please forgive me I'm not trying to complicate or confuse anyone, all I'm saying is that I believe 104 is a great system, and if we remember apply basic price action techniques etc, then I think we can increase our winning rates even higher, and avoid getting into some losers. So my approach will be 1. Take a step back at look at the whole picture, 2. If I like what I see and there is 104 setups, then make the trade

I've closed all my trades now, and will get ready for Monday

Have a great weekend everyone.

Mike

10.4 helps light up the other things you have learned in Forex. You will see these other markers and they pop out at you. Divergance and Tops/Bottoms gives you warnings that trends are ending, so you can become less aggressive. JPY is showing some strength for now, probably range which means you look for another currency to strengthen/weaken. For this week ended up being the dollar and pound. OK so next week we will see if these two will continue into their trend and if they do we will follow them up/down. The Euro has crossed or is hitting the 240 line which could mean next week we will be shorting it. This is the type of valuable info that is missing in trading. We now can see the setups coming. Draw that Trendline and we know the best next area we probably will be trading from. For example here is the EUR/AUD for next week and the area we probably will be selling from. Yellow line triple top, red line trendline. I can almost bet you the weekly pivot will be in that blue area and we can play the bounce off of it.

[Nipponho]

Bob is supposed to be away, but he didn’t part with us for a single day.

Bob, hope u can devote undivided attention to your family for the weekend. You’ll be back to Guangxi next week, we can wait for u, no problem. We want u to be fully recharged when back and tweak 10.4 to be capable of giving us 10% return monthly!

We love u as much as u love us. Have a good weekend!

[spotdespot]

We want u to be fully recharged when back and tweak 10.4 to be capable of giving us 10% return monthly!

It is already capable of that - not sure if it was just a particularly good week for 10.4 but I made over 10% in the last week never risking more than 1.2% per trade and I made quite a few mistakes & missed a load of potential trades.

Have a good w/e all.

Cheers,
Dave.

[mjws00]

nanningbob:

when we are looking at the info template.. what exactly are we looking for as far as the slope is concerned ? any specific level ?

Slope is not used in this system beyond a number to apply RSI too. It isn't even on the second template Bob posted.

Sam started a beautiful thread on this here: http://www.stevehopwoodforex.com/phpBB3 ... =37&t=1504

[nanningbob]

Bob is supposed to be away, but he didn’t part with us for a single day.

Bob, hope u can devote undivided attention to your family for the weekend. You’ll be back to Guangxi next week, we can wait for u, no problem. We want u to be fully recharged when back and tweak 10.4 to be capable of giving us 10% return monthly!

We love u as much as u love us. Have a good weekend!

My body clock hasnt changed. While everyone else is sleeping or at work. I relax by throwing some trades on the wall.

[nanningbob]

nanningbob:

when we are looking at the info template.. what exactly are we looking for as far as the slope is concerned ? any specific level ?

Slope is not used in this system beyond a number to apply RSI too. It isn't even on the second template Bob posted.

Sam started a beautiful thread on this here: http://www.stevehopwoodforex.com/phpBB3 ... =37&t=1504

The TMA true and the AO are almost identical indis however the AO reads smoother and the color changes help with the trend better. It uses less RAM on your computer so I went with it. The info page helps you with seeing which pairs are trending the most so you can focus on them more for your trading. Obviously the closer price is to 0 of the middle of the pack the more it is ranging than the others. I will probably add the TMA indi with the lines also so you can see if it is continuing up/down with its strength.

[nanningbob]

Does anyone have the LaGuirre indi. I would like to compare it with the RSI 2

[morgb]

Does anyone have the LaGuirre indi. I would like to compare it with the RSI 2

Try these bob found them in my stash