The Incredible 10.4 - For Dummies

[MurphyMan]

Thanks a lot for helping me and I've just finished reading the manual.
1. Should I need to study the previous version for a better understanding the 10.4 system?
2. I drag the DROP_PENDING_SELL to the chart. How can I change the SL line to the 240MA?
3. I find there are some more 10.4 scripts from other posts. Can you give me some advice which scripts I need?
4. What are the red "P DP WP DO MP" and green "P DP WP DO MP" for?

Thanks again.

John

1. Not really, if you are just going to trade 10.4.
2. Before you hit the "okay" button look at the Action box on the right of your screen. See where it says "pips distance"? Put that in the Stop Loss field. Take Profit is up to you. After you place the Pending Trade, you can then use DROP_MOVE_PENDING SL/TP to the correct line.
3. For starters, I would just use Bob's scripts. Figure out how to work the system, then in a week or two, decide which add-ons would be right for you.
4. One is for 10.4 and the other is for the 10.3 method (scalping). Search the older documents for the explanations, but for now, you don't really need them. Learn how to read the 240 and the pivots and stick to Bob's 10.4 system as written.

JMHO

[MurphyMan]

Here is another Dummies tip. Google each of the scripts, exactly as is appears in the Navigator window. You will most likely find a description what the script/indicator/EA does and how to use it.

For instance, DragDrop_modify_stops will take you here: http://codebase.mql4.com/4935

[johnnylpt]

Here is another Dummies tip. Google each of the scripts, exactly as is appears in the Navigator window. You will most likely find a description what the script/indicator/EA does and how to use it.

For instance, DragDrop_modify_stops will take you here: http://codebase.mql4.com/4935

Thanks for your quick response.

[mrelectron]

Hi:

Is this a valid trade according to canonical 10.4?

0093.png

What I'm really asking is if you have a good signal eg "Crossing thru WP in direction of trend" does a bad signal eg "RSI2 Overbought rather than RSI2 oversold" override the good signal, or is it the case if one of the signals is good you can ignore what the others are doing (even though I understand confluence is better).


From the manual:

<snip>
BUY TRADES BEST CASE SCENARIO.
1. When price is above the white 240 MA line on a 4H chart, you set your pending trades with the following signal(s). The signals can be used together or separately. You do not need each one to agree to set pending trades you can go with only one signal and the 240 MA line.
2. RSI 2 is flat-lined on the bottom
3. AO is below its 0 line
4. You will be crossing the WP back into the trend.
5. AO has turned to a green bar showing an UT has started.
</snip>

[Ashflash]

Hi Mike

This trade was valid earlier in the week when price closed below the weekly mid pivot and the RSI was pinned down the bottom at 0. Trading this way your first entry would have been around 0.86150 however had you have had your stops according to 10.4 rules and at the 240 line it would have been stopped out, this is where you need to use your discretion.

I personally use slightly wider stops and a smaller initial position when price is approaching the 240 so that if a touch and bounce occurs then you arent taken out of the trade.

Obvioulsy sometimes price is going to blow right through the 240 and hit your stops but thats just trading.

Again this is just the way i played that trade.

I hope it helps

Regards

Ash

Hi:

Is this a valid trade according to canonical 10.4?

0093.png

What I'm really asking is if you have a good signal eg "Crossing thru WP in direction of trend" does a bad signal eg "RSI2 Overbought rather than RSI2 oversold" override the good signal, or is it the case if one of the signals is good you can ignore what the others are doing (even though I understand confluence is better).


From the manual:

<snip>
BUY TRADES BEST CASE SCENARIO.
1. When price is above the white 240 MA line on a 4H chart, you set your pending trades with the following signal(s). The signals can be used together or separately. You do not need each one to agree to set pending trades you can go with only one signal and the 240 MA line.
2. RSI 2 is flat-lined on the bottom
3. AO is below its 0 line
4. You will be crossing the WP back into the trend.
5. AO has turned to a green bar showing an UT has started.
</snip>

[mrelectron]

OK Thanks Ashflash.

[huhpapa]

Bob mentioned about currency group ... can anyone help elaborate about this?
Which are the pairs should I be looking at?
Thank you.

[ai101]

Great a dummy thread, just what I was looking for

I found 10.4 just today and still going through the main thread. Finished the manual too.

I have notiched that Bob changed rsi 2 with stoch (latest template on post 1), and recently posted another template with Lagurre Rsi, and many are using mtf tma instead of AO .. which indi/template is originally latest? Also there is some talk about Pivot indi not working, are the indicatiors on post 1 working properly or should I use indies from 10.4 ver 4 ?

Thank in advance.

[MurphyMan]

Bob mentioned about currency group ... can anyone help elaborate about this?
Which are the pairs should I be looking at?
Thank you.

Specifics would help. Can you point to Bob's quote?

[MurphyMan]

I have notiched that Bob changed rsi 2 with stoch (latest template on post 1), and recently posted another template with Lagurre Rsi, and many are using mtf tma instead of AO .. which indi/template is originally latest? Also there is some talk about Pivot indi not working, are the indicatiors on post 1 working properly or should I use indies from 10.4 ver 4 ?

Welcome!

Both the RSI and Stoch are being used with success. I believe the RSI isn't as hard on computer resources. There is work on fine tuning the pivots, however, the markets have not opened yet and the revision has not yet been proven. When Bob is completely satisfied, he will release it in his Post #1.

We assume you will be working on demo for a couple of weeks, so right now it's not critical which you use. Keep up with the threads and you will see the dust settle for the best method. In the meantime, learn the 10.4 system. For right now, I recommend you skip all the other dashboards, indys, EAs and just focus on Bob's pure method. Then, later on, decide which other tools you need.

Cheers,

Sam