10.4 A Complete System

[Wiggy1965]

Anyone looking at metals?

I do gold and i have traded 10.4 with it, however I'm not convinced about the short setup at the moment and will get re-interested if it gets below Weekly Pivot....

Wiggy

[cjthomson]

Is anyone watching these pairs for a set up:

EURAUD - in the interests of being patient I'll wait until price either breaks 240MA and touches WMR1 (somewhere in that region) or a 4h bar closes above the WP before setting a pending order.

EURNZD - I've just been stopped out of this one. Can anyone offer advice on when that next pending order should go in based on current PA and at what level should position 1 look to enter at?

EURUSD - this was a winner for me yesterday but I only took 2 positions on it. Would it be wise to wait for the retrace to Mid Res 1 and then look to set pending short orders? This one still has some work to do before RSI sets up.

GBPAUD - this one looks to be setting up nicely with AO even likely to make an appearance above the zero, but here again, when should one put the pending order in to avoid being too early?

I'm still sitting on AUDCAD (long); GBPNZD (short) and NZDCAD (long) - all still resounding losers at this stage - holding thumbs!!

[spotdespot]

I'm gonna be naughty and enter GBPNZD short here. We may waffle around 1.8400 a bit but I need a nap. Bulls don't seem to have any momentum currently and we have major resistance here. I'll add at the pivot either above or below. H1 RSI hasn't gone overbought, and may not make it on this leg. I'm comfortable. AO has turned, but that isn't the trigger. WMR2 Baby. Reject and burn south .

R1 just triggered on my chart .....

EDIT: and even the AO changed colour, so this can't go bad... right?
[although I see higher high's and low's on the H4]

This is where I am being a bit more circumspect/conservative. Hopefully you can see where I put my pending order.

I might miss some pips if it does come back down but I'm not that bothered.

[cjthomson]

I'm gonna be naughty and enter GBPNZD short here. We may waffle around 1.8400 a bit but I need a nap. Bulls don't seem to have any momentum currently and we have major resistance here. I'll add at the pivot either above or below. H1 RSI hasn't gone overbought, and may not make it on this leg. I'm comfortable. AO has turned, but that isn't the trigger. WMR2 Baby. Reject and burn south .

R1 just triggered on my chart .....

EDIT: and even the AO changed colour, so this can't go bad... right?
[although I see higher high's and low's on the H4]

Gertje - did you just get triggered into GBPNZD on a touch of the Mid Res 2 ? Just asking in an effort to try understand your thinking but is that not too early ?

[cmeade2]

Hey Spot

I don't want to fan the flames from last night, but I think you would be absolutely crazy to go short on GbpNzd until there is some sort of downward motion on the RSI(2).

I think it could run for a long ways upwards, but I am not going to go long.

The problem is that the Gbp continues to be strong and the Nzd is totally in the basement.

Until those trends reverse, it will keep going up.

That's my 2 cents

cmeade2

I'm gonna be naughty and enter GBPNZD short here. We may waffle around 1.8400 a bit but I need a nap. Bulls don't seem to have any momentum currently and we have major resistance here. I'll add at the pivot either above or below. H1 RSI hasn't gone overbought, and may not make it on this leg. I'm comfortable. AO has turned, but that isn't the trigger. WMR2 Baby. Reject and burn south .

R1 just triggered on my chart .....

EDIT: and even the AO changed colour, so this can't go bad... right?
[although I see higher high's and low's on the H4]

This is where I am being a bit more circumspect/conservative. Hopefully you can see where I put my pending order.

I might miss some pips if it does come back down but I'm not that bothered.

[Gertje]

I'm gonna be naughty and enter GBPNZD short here. We may waffle around 1.8400 a bit but I need a nap. Bulls don't seem to have any momentum currently and we have major resistance here. I'll add at the pivot either above or below. H1 RSI hasn't gone overbought, and may not make it on this leg. I'm comfortable. AO has turned, but that isn't the trigger. WMR2 Baby. Reject and burn south .

R1 just triggered on my chart .....

EDIT: and even the AO changed colour, so this can't go bad... right?
[although I see higher high's and low's on the H4]

Gertje - did you just get triggered into GBPNZD on a touch of the Mid Res 2 ? Just asking in an effort to try understand your thinking but is that not too early ?

No, I set a pending and when price went down to 1.8347 it triggered the pending.
Of course after that the price flew up again....

RSI[2] is flat since last night 20h00 [EU time] and PA is below 240MA -> sell
Since the pending triggered, the AO colour changed back to green again I noticed.

As far as I recall, Bob wrote that there are only TWO indications out of the possible FIVE needed to decide to enter a pending;
1. Above/ below 240MA
2a. RSI flat
2b. AO coming from below/ above '0'
2c. WP cross back into trend
2d. AO colour changes.

See a snippet from Bob's book below;

BUY TRADES BEST CASE SCENARIO.
1. When price is above the white 240 MA line on a 4H chart, you set your pending trades with the following signal(s). The signals can be used together or separately. You do not need each one to agree to set pending trades you can go with only one signal and the 240 MA line.
2. RSI 2 is flat-lined on the bottom
3. AO is below its 0 line
4. You will be crossing the WP back into the trend.
5. AO has turned to a green bar showing an UT has started.
SELL TRADES BEST CASE SCENARIO.
1. When price is below the white 240 MA line on a 4H chart, you set your pending trades with the following signal(s). The signals can be used together or separately. You do not need each one to agree to set pending trades you can go with only one signal and the 240 MA line.
2. RSI 2 is flat-lined on the top.
3. AO is above its 0 line
4. You will be crossing the WP back into the trend.
5. AO has turned to an orange bar showing a DT has started.

[blazko]

Anyone looking at metals?

On this screen shot, what indi is showing you all those R:R values in upper left corner?
Mind sharing it?
Thanks

[mrelectron]

<snip>
The problem is that the Gbp continues to be strong and the Nzd is totally in the basement.
</snip>

Hi Cmeade2:

Wondering what measure is telling you that GBP is strong & NZD is weak. On the 10.4 INFO Page I have GBP at -0.84 and NZD at 0.03
Thanks
Mark

[spotdespot]

Hey Spot

I don't want to fan the flames from last night, but I think you would be absolutely crazy to go short on GbpNzd until there is some sort of downward motion on the RSI(2).

I think it could run for a long ways upwards, but I am not going to go long.

The problem is that the Gbp continues to be strong and the Nzd is totally in the basement.

Until those trends reverse, it will keep going up.

That's my 2 cents

cmeade2

Actually I agree - the pending order is where it is as it will trigger if I am wrong

[spotdespot]

Anyone looking at metals?

On this screen shot, what indi is showing you all those R:R values in upper left corner?
Mind sharing it?
Thanks

Hey Blazko - I can't share that one I'm afraid - it's a paid one that's tied to my machine.

Sorry.

Cheers,
Dave.