Hi Bob,
May I ask you if you could create a subthread devoted to 10.4 system and group inside it all threads related to 10.4 or which have connexion with it. Don't know if you agree ?
10.4 A Complete System
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nanningbob
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Re: 10.4 A Complete System
effluvium wrote:Hi Bob,
May I ask you if you could create a subthread devoted to 10.4 system and group inside it all threads related to 10.4 or which have connexion with it. Don't know if you agree ?
That maybe a very good idea. Steve would have to do that though.
I trade http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3964,
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
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nanningbob
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Re: 10.4 A Complete System
Guys I may not be able to say much the next couple of days. Got a big issue with my school that is going to take my full attention. If I cant get to all your questions or thoughts you will have to just forgive me for the moment. Thank you for your understanding.
I trade http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3964,
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
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cmeade2
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Re: 10.4 A Complete System
In 10.4, it's a matter of taste. I know Bob is a huge fan of stochastics, as well as many other people. But for others RSI(2) makes more sense.
allisonmagic wrote:so what's wrong with using STO for trading ?
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cmeade2
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Re: 10.4 A Complete System
Allison
On the one hand, we have forums like this where people put forth "systems" for trading forex. And a lot of people jump on board and do their best to implement the rules and trade.
But as you have probably seen here and other places on Steve's website, people quickly start bending the original rules.
This is not a crime. It simply reflects people migrating to the indicators and templates that make the most sense to them. It's sort like walking into a party where people are all talking different languages. In that case, you will probably wander over to a group talking a language you understand.
The issue with indicators and templates in forex is no different. There are people who can totally milk a cow with various packages, but others will be left high and dry.
We are all different people and we process the screens in different ways. That's why there will always be a range of approaches.
But the key point is that it's not like one is wrong and the other right. The only question is what's right for you.
Hope that makes sense
cmeade2
On the one hand, we have forums like this where people put forth "systems" for trading forex. And a lot of people jump on board and do their best to implement the rules and trade.
But as you have probably seen here and other places on Steve's website, people quickly start bending the original rules.
This is not a crime. It simply reflects people migrating to the indicators and templates that make the most sense to them. It's sort like walking into a party where people are all talking different languages. In that case, you will probably wander over to a group talking a language you understand.
The issue with indicators and templates in forex is no different. There are people who can totally milk a cow with various packages, but others will be left high and dry.
We are all different people and we process the screens in different ways. That's why there will always be a range of approaches.
But the key point is that it's not like one is wrong and the other right. The only question is what's right for you.
Hope that makes sense
cmeade2
allisonmagic wrote:cmeade2 wrote:In 10.4, it's a matter of taste. I know Bob is a huge fan of stochastics, as well as many other people. But for others RSI(2) makes more sense.
allisonmagic wrote:so what's wrong with using STO for trading ?
can you elaborate on that
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padnoter
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Re: 10.4 A Complete System
I don't think there's anything wrong with either - after all Bob uses both!
But the key thing for me (fwiw) is that Bob created 10.4 with rsi2 first... and only used Stoch later because some people had performance issues. I didn't have performance issues so stuck with the original.
But the key thing for me (fwiw) is that Bob created 10.4 with rsi2 first... and only used Stoch later because some people had performance issues. I didn't have performance issues so stuck with the original.
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analda3
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Re: 10.4 A Complete System
Another idea is to check potential trades with both templates RSI2 and Stochastics (it takes only a couple of seconds to switch them anyways); if they both have bottom or top readings for a setup, is double confirmation of a potential good trade (as long as the other conditions are met). But, as we all know, that doesn't guarantee anything either.padnoter wrote:I don't think there's anything wrong with either - after all Bob uses both!
But the key thing for me (fwiw) is that Bob created 10.4 with rsi2 first... and only used Stoch later because some people had performance issues. I didn't have performance issues so stuck with the original.
Good trading
JLC
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rosst
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Re: 10.4 A Complete System
This one is on my watch list too...waiting for the RSI to flatten...allisonmagic wrote:ok so.. EUR/GBP.. stock down, RSI2 flat.. what's wrong with this trade and why shouldn't we trade it.
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Dewey McG
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Re: 10.4 A Complete System
I have a pending order on this one too. There is some resistance right at the weekly pivot so I placed my buy stop order just above it at .8687allisonmagic wrote:rosst wrote:This one is on my watch list too...waiting for the RSI to flatten...allisonmagic wrote:ok so.. EUR/GBP.. stock down, RSI2 flat.. what's wrong with this trade and why shouldn't we trade it.
i knew i was reading this correctly..
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Wiggy1965
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Re: 10.4 A Complete System
yes Allison, good pick up, I'm watching this also...allisonmagic wrote:ok so.. EUR/GBP.. stock down, RSI2 flat.. what's wrong with this trade and why shouldn't we trade it.
So the the thing you now need to decide, are you going to trade the RSI or the Sto...
I'm trading the RSI, so I'm looking for RSI to flatten out, however Stoc may have you set pending...
the other thing you need to decide, is where you enter....
As the RSI has not flattened, i have not really thought about entry, but if you were to asked i would not be getting in until the mid weekly pivot at the .8655 mark, however this is close to the WP and therefore resistance....what i really would like to see (and i think it will based on the RSI still appears to have some movement to the downside) is price to come down further to the MA line/previous lows, then i can set a pending buy at the mid pivot around the .8616 mark.....
Wiggy