10.4 A Complete System

[mrelectron]

How to turn a 75 pip winner into a breakeven trade.

audjpyh4-b.png

Comments welcome. For example how would you have handled it?

[Ashflash]

How to turn a 75 pip winner into a breakeven trade.

audjpyh4-b.png

Comments welcome. For example how would you have handled it?

According to 10.4 rules this trade should still be in profit with 1 open order as the second level is yet to be reached and stops are yet to be moved.

Why was your "B" trade pending order there and not down around 94.152?

[spotdespot]

I think the issue really mrelectron was the placement of the second trade. You need a reason to put a second trade on and as per Bob's ideas about the start of the week, smaller moves etc I think this was the issue. You have added a second trade above a place where I might have been looking to get out or at least tighten stops (see the red box - you have to expect some support here). If you were going to add a second trade it should probably be at the break of that congestion zone or, strictly by the rules, at the next weekly support line where your sell stop is still sitting in this picture.

Cheers,
Dave.

[mrelectron]

<snip>
According to 10.4 ....
</snip>

Hi Ashflash:

First of all just a heads-up (I'm a newbie) so anything I say should be taken with a large grain of salt. It is possible maybe even probable that I have misunderstood or just not followed the rules.

<snip>
.... and stops are yet to be moved.
</snip>

My first pending trade was triggered at 95.112 and then the second pending trade was triggered at 94.575. At which point I moved my SL which I originally had at the 240MA to somewhere midway between 95.112 (ENTRY-A) & 94.575 (ENTRY-B)

<snip>
Why was your "B" trade pending order there and not down around 94.152?
</snip>

I thought WMS1 was so far away so I put the 'B' trade halfway between WP and WMS1

If this does not answer your questions adequately let me know.

Thanks
Mark

[mrelectron]

<snip>
@SPOTDESPOT .... see the red box - you have to expect some support here
</snip>

Absolutely right.
1. I did not have a reason to put the second entry in
2. That support was a place to expect a bounce which in fact it did twice (second time was the final time), I should have made that support area the TP.

[Ashflash]

<snip>
According to 10.4 ....
</snip>

Hi Ashflash:

First of all just a heads-up (I'm a newbie) so anything I say should be taken with a large grain of salt. It is possible maybe even probable that I have misunderstood or just not followed the rules.

<snip>
.... and stops are yet to be moved.
</snip>

My first pending trade was triggered at 95.112 and then the second pending trade was triggered at 94.575. At which point I moved my SL which I originally had at the 240MA to somewhere midway between 95.112 (ENTRY-A) & 94.575 (ENTRY-B)

<snip>
Why was your "B" trade pending order there and not down around 94.152?
</snip>

I thought WMS1 was so far away so I put the 'B' trade halfway between WP and WMS1

If this does not answer your questions adequately let me know.

Thanks
Mark

Hi Mark

No stress on being a newbie, the best advice I can give is read the manual daily until you completely understand it, I have it on my PC, my Ipad and today I printed it in colour and put it in a folder to have on my desk, I try and read it once a day.

Each time I read it I find I pick up something new that I overlooked or didn't completely absorb last time... All i can say is it is well worth it, last week I picked up just shy of 1000 pips! That is the best week I have EVER had whilst trading FX!! This also serves as great motivation for me to continue learning all that I can about 10.4

Your first triggered trade at 95.112 was correct however the second entry should have been at 94.152 and this would need to be filled before moving stops to BE.

I hope this helps.

Ash

[Ashflash]

<snip>
According to 10.4 ....
</snip>

Hi Ashflash:

First of all just a heads-up (I'm a newbie) so anything I say should be taken with a large grain of salt. It is possible maybe even probable that I have misunderstood or just not followed the rules.

<snip>
.... and stops are yet to be moved.
</snip>

My first pending trade was triggered at 95.112 and then the second pending trade was triggered at 94.575. At which point I moved my SL which I originally had at the 240MA to somewhere midway between 95.112 (ENTRY-A) & 94.575 (ENTRY-B)

<snip>
Why was your "B" trade pending order there and not down around 94.152?
</snip>

I thought WMS1 was so far away so I put the 'B' trade halfway between WP and WMS1

If this does not answer your questions adequately let me know.

Thanks
Mark

You can also check out The Incredible 10.4 - For Dummies at: http://www.stevehopwoodforex.com/phpBB3 ... =37&t=1504

Another thread that contains some great content where as a newbie you may feel more comfortable posting...

[mrelectron]

<snip>
Another thread that contains some great content where as a newbie you may feel more comfortable posting.
</snip>

Thanks, I was quite comfortable posting here until you said that.

If one of the moderators believe my content is more appropriate for the dummies forum then please let me know.

Thanks
Mark

[Ashflash]

<snip>
Another thread that contains some great content where as a newbie you may feel more comfortable posting.
</snip>

Thanks, I was quite comfortable posting here until you said that.

If one of the moderators believe my content is more appropriate for the dummies forum then please let me know.

Thanks
Mark

No Mark, I didn't mean it like that, its just another great thread worth checking out!

Go take a look when you get the chance.

I have been posting questions about things i'm unsure about there also.

[mrelectron]

Hi Ashflash:

I apologise for taking offense, its not always easy posting to a thread where you are conscious that you maybe contributing noise rather than contributing value. I know about the dummies thread, I have posted there previously. All I'm trying to do on this thread is post trades, get some feedback so I can learn and other people can learn from my trades. Just PM if you want to continue the conversation.

Thanks
Mark