10.4 A Complete System

[Ingot54]

Hi Ingot54:

I want to clarify something in your post, (clarification required is not related to the STO/RSI issue).

You mention a trade opportunity. I don't see a trade opportunity, according to canonical 10.4, as I understand it.

1. price is over the 240MA, so you should only be taking long trades
2. the RSI/STO trigger for a long trade is a flat oversold condition, while on your piccy the STO at least is showing a flat overbought condition.

Your post seems to imply taking a short trade or I have misread something?

Thanks
Mark

Well spotted Mark, and thank you.

While I was initially concerned about the difference, I did not notice that it was a false setup due to 240ma slope etc. I would not have taken that trade in real life.

In effect we could be looking at a storm in a tea cup really - when the RSI2 / STO5 flatten,they are usually in agreeance when on the "correct" side of the 240 and this should not be an issue now. As newbies to this strategy, I think Rebyte2 and myself are still not immune to the small anxieties that can be thrown up when something is not according the the 10.4 trading bible.

Give us time ... we'll learn to deal with it all as we go ... and thank you for bothering to set that right.

I still can't believe how good this strat is, and am indebted to Bob for his generosity and compassion for struggling traders. Can I also add ... what a great community we have here - I have definitely fallen on my feet.

[Gertje]

It was about to cross the WP into the trend yesterday [did that already], so definitely a 10.4 set-up in my book.

I took the trades at WP and WMR1, and was stopped out at BE.
If I would have been paying attention, I would have only taken the WP-trade and TP at WMR1 for 1% balance gain.

<snip>
Rebyte2 noticed the difference in AUDCHF. I see the same in AUDCAD It is quite a marked difference. ....
</snip>

Hi Ingot54:

I want to clarify something in your post, (clarification required is not related to the STO/RSI issue).

You mention a trade opportunity. I don't see a trade opportunity, according to canonical 10.4, as I understand it.

1. price is over the 240MA, so you should only be taking long trades
2. the RSI/STO trigger for a long trade is a flat oversold condition, while on your piccy the STO at least is showing a flat overbought condition.

Your post seems to imply taking a short trade or I have misread something?

Thanks
Mark

[Captain Jack]

I've attached a chart of the EURGBP 10.4 trade that people are considering entering. Here are the rules as I understand them from Bob:


CJ

thank you for the wonderful insight ! can't wait to pick your brain

Captain - please post a quick note here to let us know if/when you start the other thread you mentioned. I'd be keen to follow it. Thanks, Chris.

I've started a thread here:

http://www.stevehopwoodforex.com/phpBB3 ... =16&t=1572

Everybody is welcome so come on in.

CJ

[nanningbob]

Hey Bob, hope you see this.

Just wanted to remind you of your awesome 5 shift 1 LWMA for entries. Using it for entries works a charm with 10.4 rules. Ends up about the same as using pivots for entries but pop it on your charts again, you know you loved it once before

Living in China and having an aging computer I am having disconnect and computer issues at times. Setting pendings with TP and SL ensures my entrances while I am missing time with using an EA at times. But it does not surprise me that guys are reporting enhancements with the sixth lines and other EAs used in the past. Just so many good ideas now.

Once you have a solid trading base to work from everything jumps out at you. Trendlines and candle patterns seem to scream at me from off the page. It is Amazing howwith RSI2/Sto5 show potential trade setup that all the other things we learned in Forex make a confluence of events. This seems to really make other indis or trading styles seem clearer.

If I make a mistake and enter too early the problem resolves itself usually within a couple of days to at least BE. If not I know to bail at the 240 line. I am starting to get my trade average back up to 75-80% overall again but now I have little to no DD.

I am playing with 10.5 which is the 10.3 adjusted to the 240 line but I still dont have the daily pivot indi fixed yet. Imagine the 5.1 EA with pending on a daily pivot screen 15 to 1H charts entering every daily S/R and midpivots and then it closes all the trades when price recrosses the 5.1 So whoever can fix that daily/midpivot indi will get me closer to scalping and multiple entrances. Kind of excited about that one. Imagine entering 1 level price closes quickly if trade doesnt work but multiple entrances if it does. HMMMMMMMMMM. Why am I telling you all this????????????

I NEED THAT DAILY PIVOT INDI WORKING

[cjthomson]

Yep, there are scripts out there which will enter a trade on a touch. Night night.

Jem, any chance you could post details of that MA, is it a 5 period with a 1 shift; or a 1 period with a 5 shift? Thanks, Chris

[cmeade2]

5 period 1 shift

Yep, there are scripts out there which will enter a trade on a touch. Night night.

Jem, any chance you could post details of that MA, is it a 5 period with a 1 shift; or a 1 period with a 5 shift? Thanks, Chris

[SWG123]

Yep, there are scripts out there which will enter a trade on a touch. Night night.

Jem, any chance you could post details of that MA, is it a 5 period with a 1 shift; or a 1 period with a 5 shift? Thanks, Chris

It's in all of Bob's recent threads before this one - i.e. 10.2, 10.2A, 10.3 ... Steve wrote the EA for entries.

LWMA5, Shift 1, Open price

[mjws00]

Took the counter GBPUSD 10.4 Elevator up. Reversing to join you guys for the for the ride back down. Didn't feel omniscient enough to exit and reverse with a pending. So am giving up a little to ya'll due to timezone.

Have a cute little EURAUD as well, but the rsi pattern is off last weeks flat RSI with decreasing tops. Might be something we learn to read better as time goes on. Entry was pivot break, which was stock. Out with some profit, holding to see if AUD can keep momentum for a bit.

mike

[cmeade2]

It's crossed Jem's MA qualifying for a short.

Took the counter GBPUSD 10.4 Elevator up. Reversing to join you guys for the for the ride back down. Didn't feel omniscient enough to exit and reverse with a pending. So am giving up a little to ya'll due to timezone.

mike

[Gertje]

Went in at WR1, WMR1 about to enter. TP at WMS1 after WP kicks in.

It's crossed Jem's MA qualifying for a short.

Took the counter GBPUSD 10.4 Elevator up. Reversing to join you guys for the for the ride back down. Didn't feel omniscient enough to exit and reverse with a pending. So am giving up a little to ya'll due to timezone.

mike