The Incredible 10.4 - For Dummies

[The_Snowman]

@ websie,

to continue, here is another example, play cat & mouse with price here, will it reach the WP and cross over as per your question?

if so, yes, then I believe the method says you can place the pending SELL order as price action is below the 240 LWMA.

it has crossed pivots twice earlier and then declined so the trend is definitely down for now, perhaps a mini double top with previous 4H high, trend line traders, candle patterns, a news event or whatever, may trigger a sell off

over to you

[rosst]

@ websie,

to continue, here is another example, play cat & mouse with price here, will it reach the WP and cross over as per your question?

if so, yes, then I believe the method says you can place the pending SELL order as price action is below the 240 LWMA.

it has crossed pivots twice earlier and then declined so the trend is definitely down for now, perhaps a mini double top with previous 4H high, trend line traders, candle patterns, a news event or whatever, may trigger a sell off

over to you

the RSI on my chart looks different...

[The_Snowman]

the RSI on my chart looks different...

You are OK, stick with what you know, what works for you

[kwchau]

Could someone advise me how to set the PT at the yellow WP line using the ITM ? Input options only have SR1, SR2, MidSR1 and MidSR2.

[websie]

Here's from the current EURJPY.

If the price drops below the yellow weekly pivot - and the other indicators are in place - you'd place your pending order at the yellow weekly pivot. If the price then crossed below the WMS1 (green dotted line), you'd place a pending order at that WMS1 price.

I'm sorry but I am not quite understanding this. why are we waiting for it to cross the pivots and dotted lines? Are we supposed to wait for a retrace back over them before we place the pending? If so, I think I have been doing it wrong

Surely this must depend on the intended DIRECTION of the trade and the present LOCATION of price, take the GBP-USD today, Tuesday, 5, March, 2013

Price is way below the 240 LWMA, 400+ pips stop loss using system, Bob says SELL only, price is above the Weekly Pivot, therefore, set a pending order to SELL at the WP in case of another huge drop of price.

Of course, by Friday, price could travel right to the 240 LWMA and never trigger your sell trade.

See the chart, I will try to find example of other setup soon.

Thank you so much for giving me some more examples, it is as I thought, I think I must have misread what WideEyed was actually saying, the chart that was posted looked to be in a downtrend and that is why I was getting confused, but on 2nd inspection it must have been in an uptrend. Here it is for clarification

http://www.stevehopwoodforex.com/phpBB3 ... ors#p40707

[The_Snowman]

Thank you so much for giving me some more examples, it is as I thought, I think I must have misread what WideEyed was actually saying, the chart that was posted looked to be in a downtrend and that is why I was getting confused, but on 2nd inspection it must have been in an uptrend. Here it is for clarification

http://www.stevehopwoodforex.com/phpBB3 ... ors#p40707

Yes, I saw that too. I always include the 240 MA in my chart screen shots plus when mentioning pending orders, the direction is given, to be clear, a tip for others

[Gertje]

Could someone advise me how to set the PT at the yellow WP line using the ITM ? Input options only have SR1, SR2, MidSR1 and MidSR2.

The ITM DOES NOT ENTER TRADES, it is a trade MANAGER.

You need the script to enter trades, and it will only enter 1 trade at the first [mid]pivot point away from the 240MA [current price is between 240MA and entry point].

The input options you mentioned are for the TP [take profit] numbers, to tell the EA/ script where to put the TP with the order.

[MurphyMan]

Thank you so much for giving me some more examples, it is as I thought, I think I must have misread what WideEyed was actually saying, the chart that was posted looked to be in a downtrend and that is why I was getting confused, but on 2nd inspection it must have been in an uptrend.

Websie, when I am getting ready to place pending trades, I always take a quick look at the W1 chart. It really helps me to see if there is really a trend, and what direction it is heading.

[kwchau]

Could someone advise me how to set the PT at the yellow WP line using the ITM ? Input options only have SR1, SR2, MidSR1 and MidSR2.

The ITM DOES NOT ENTER TRADES, it is a trade MANAGER.

You need the script to enter trades, and it will only enter 1 trade at the first [mid]pivot point away from the 240MA [current price is between 240MA and entry point].

The input options you mentioned are for the TP [take profit] numbers, to tell the EA/ script where to put the TP with the order.

Thank you for the reply. I have not expressed myself clearly. What you said is exactly what I like to do, to use ITM to set the PT after the script has opened a position. I could not find the input option to put the PT at the yellow color weekly pivot. Do you know the way to do it? ITM seems to have options to select SR1,SR2, MidSR1 and MidSR2 but no option for the yellow color weekly pivot.

I hope this time I have expressed myself more clearly.

[John]

WARNING: Dumb questions to follow!

I am not well versed in the use of scripts. Does the order placement script need it's own chart to function or can I drag it to the chart that is running the ITM EA? Additionally, do I run the ITM on a single chart and it will manage ALL 10.4 TRADES, or do I need to run an instance of it on each pair/chart? Please excuse my ignorance, and thanks in advance for your help...

EDIT: Please disregard question about ITM... I re-read the pdf and it is right there, clear as day within the first sentence or two... Thanks.