10.4 A Complete System

[Dewey McG]

Trade from this morning.

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audjpyh4-a.png

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Comments welcome

EDIT: I should have set my TP to the low of the current bar (around 94.44) as there is support going back to the middle of last week. Does that make sense to any experienced traders out there?

For what it is worth:

1. The 240 was flatter than I like to see for a high percentage trade.
2. The RSI was flat at the end of last week. It dropped like you know what off a high horse the moment this week opened, so I am not sure how we are supposed to count those.
3. I see why you took the first trade at the weekly pivot but why did you take the second.
4. 1-3 don't matter when you are have already locked in break even or better.

[mrelectron]

<snip>
For what it is worth
</snip>

Its worth a lot, so thanks for the comment Dewey McG.

<snip>
but why did you take the second.
</snip>

No particular reason (I feel like a goose for saying that!) apart from the fact that if it was going to move down then I wanted to have other pending trades in. So I just put the pending trades(2 & 3) in when I put the first trade on, thinking I have time to delete or modify those trades at a later time.

[Captain Jack]

Trade from this morning.

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audjpyh4-a.png

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Comments welcome

EDIT: I should have set my TP to the low of the current bar (around 94.44) as there is support going back to the middle of last week. Does that make sense to any experienced traders out there?

It's a nice trade but there was some AU news released Sunday that caused AU to weaken.... I think I would let em run until AO swings back to green per Bob's writings. However, any trade with green pips is better than one with red ones!

CJ

[mrelectron]

<snip>
... AU news released Sunday that caused AU to weaken
</snip>

Thanks CJ, which news are you referring to?

[Captain Jack]

Captain Jack I really hope you post here more often! That was one of the best posts I've read on this forum. Thank you.

Thanks Jemook and it's possible you will see me a bit more active here in the future. For the most part though, I can't keep up with the coders or the developers here, so I don't have much to add in those areas but every now and then, something peaks my interest and I try to add to the discussions.

BTW, congrats on Global Prime! Too bad the bankers have their hands so far up the politicians a$$es here in the US. We can't spend our hard earned money where we wish to anymore. They herd us to the US brokers who offer us no protections and we get fleeced by outfits like PFGBest.... I've got near a 6 figure sum tied up in that mess.

CJ

[Captain Jack]

<snip>
... AU news released Sunday that caused AU to weaken
</snip>

Thanks CJ, which news are you referring to?

[Ingot54]

Wiggy you're more polite than I. I'm looking for Steve to unleash holy hell and fury. Bob is too polite, I would be LIVID.

got something to contribute ?

USDCAD set up on the stoch template. It isn't there on the rsi template. The stoch version isn't really an update or upgrade. It reduces system loads. It gives more signals, but they aren't necessarily as strong. I haven't studied it to see if it does a better job at coming down early to set pendings. Maybe... but I doubt it.

Just relax and hang in there. This system integrates nicely into the experiences many already have. So they are doing well with it quickly. It will take more time for others. I know you had time to play in the sim... it takes a while to figure out the A+ trades.

Mike

Allisonmagic - I share your concerns, and fully understand your frustration.

It's ok mate - we'll get this sucker nailed and get those pips flowing.

I too didn't realise that 10.4 v 1.01 was probably the better of the two .tpl's. I used v 1,02 thinking it was an improvement. The truth is, both can and should be able to be employed profitably.

All I can suggest is this:

If you do not have CPU issues, use v 1.01. I am going to switch back to it, simply because I prefer RSI2 to the STO5. It is a personal choice, but for me, v 1.01 has an edge - others may not think that.

Further, If you do have CPU issues, try cutting down on the number of pairs you monitor. I used to follow about 20+ pairs, but at the end of the day, looking at all those charts just made my head spin, and I ended up staring at good trade setups, and not seeing them!

Overload and burnout.

If this is an issue - try cutting down to about 8 really "good" pairs .... though what those might be is up to you. Bob makes some good comments about "good pairs" to trade ... and "best-kept secrets" etc in the .pdf.

Take a deep breath mate, and regain your enthusiasm - you are not alone, and the people here can and will help you (and me) to begin to nail those trades we need so clearly to see and exploit.

Thanks for posting your frustration - bringing the issue out in the open has lifted me too - and I thank you for having the courage to spit that dummy. We are not all going to proceed with 10.4 at the same pace, so keep cool, and keep your friends here close to you - they are also here to learn and help.

I like your earlier posts - you are doing fine.
The breakthrough takes time, but you will get there.

[mrelectron]

Sorry CJ I saw that. I did not take the time difference into account when you said 'Sunday".

For me the news was at 11AM Monday AEST (Australian Eastern Standard Time)

[Ingot54]

I'm getting ready to stop using this system. everything i'm doing is wrong. just asking for some real information

I'm in exactly the same place.

On Friday evening (MGT +10 time) I had been sitting SHORT on the GBPUSD trade for about 18 hours ... but as you may have seen, it had flatlined, and as the news was due to come out, I closed it. It took the entire weekend for me to stop beating myself up. Particularly when you look back and see that I closed the trade 5 minutes before the plunge, with 4 pips profit! I didn't think that missed op affected me, but the next morning I woke up talking to myself, and berating myself for my stupidity.

180 pips ... and I was ALREADY at break even!!!!! DUHHH!

It still hurts ... and I have (almost) moved on That lesson is truly burned in now.

The indicator was clear - it was nothing if not an absolute moral to short.
What did I do? I ignored the STO5 and closed the trade.

My problem was I had too much riding on that trade, and after 18 hours, was no longer emotionally strong enough to persist with the frustration of holding on.

Further - I was trying too hard ... too many charts ... too many pairs to flick through ... tired ... poor concentration - all the things the text books tell you to avoid when trying to trade.

I am saying to you - DO NOT GIVE UP NOW - you are at the brink of something wonderful.

You have persisted and persevered this far - just push through now.

Read the posts and see the charts other traders are putting up here. See how they do it - learn why they do what they did.

Above all - be patient with yourself mate - if others are doing this - so can you.

I am looking forward to your continued posting, and I am certain other traders will give support too.

In time, I hope to see you writing a note like this to another struggling trader.

[Captain Jack]

I'm getting ready to stop using this system. everything i'm doing is wrong. just asking for some real information

I'm in exactly the same place.
Further - I was trying too hard ... too many charts ... too many pairs to flick through ... tired ... poor concentration - all the things the text books tell you to avoid when trying to trade.

I am saying to you - DO NOT GIVE UP NOW - you are at the brink of something wonderful.

You have persisted and persevered this far - just push through now.

Read the posts and see the charts other traders are putting up here. See how they do it - learn why they do what they did.

Above all - be patient with yourself mate - if others are doing this - so can you.

I am looking forward to your continued posting, and I am certain other traders will give support too.

In time, I hope to see you writing a note like this to another struggling trader.

yes, i'll keep trying.. hanging onto my account by a thread but it's ok. i'm trying to find some detail out of all this. i really appreciate your thoughts thank you

A friendly bit of advice....I've looked at your trades and I would suggest you keep your lot size to .01 per trade until your knowledge of this system and your results improve. You seem to add to losing positions, which is counter to what Bob is teaching with his system, and is never a good idea. You can add to winning positions, but with a small account, protection of capital is #1 on the list.

It would actually be better to trade a "demo" account for practice and keep those remaining funds safe until you are consistently hitting winners.

CJ