Chris wrote:So do any of you hold these 10.4 trades over the weekends? Or close out before then?
Anyone looking at some setup tonight? I see a couple just not sure about them?
It depends on the fundamentals as I understand them. If I am up I close everything out and be done. If I see a strong fundamental in play I may keep my trade going.. The key to the decision is this normally price doesnt move much on Monday or Tuesday or not as much as the rest of the week. So any gain will be smaller than the end of the week. Is it worth the possible gaps that can happen over the weekend. For example if you are sitting on a 150 pip profit is it worth risking to pick up just a little more on Monday. If you are break even you can reset the trade at the beginning of the week again if you still like it. This may sound funny but the only trades I usually will hold are ones where I am confident they will go back into profit because of the trend or fundamental move of the currency. You must remember I trade small enough lots that no trade or group of trades can seriously hurt my account. However, I can make money because of the multiple levels I use when trading for profit.
For example I held onto a couple of gbp/nzd trades for almost 2 weeks because I felt as long as I stayed below the 240 line I would recover them. Not only did I recover them but added a bunch of winners along the way. But that is me, gbp is not going to appreciate much and if it does it wont last long. So I could make that play. JPY shorts (appreciating JPY trades) I know not to try to recover those because the JPY will depreciate more again in the future. I know not to get involved recovering those. So unless you know what your doing and why with a trade and you have made a good week. Close it up, and go play. If you are up for the week, you have no need to play the NFP because of a greed factor. Why give back in short notice what took you all week to get? So bottom line is factor risk versus reward and choose. I cant tell you how many times I got greedy and gave back some/all of my profits OR how many times I closed up and just enjoyed my Friday off of trading because I already had a good week.
Perfect! I was just curious because after reading the examples in the document it looked like they were all closed out by the end of the week. But yes good sound advice. There is always concerns over the weekend. The scary part is the unknown. If I recall correctly the tsunami in Japan happened over the weekend and I remember the Yen being extremely volatile for that period in time.
I should have set up some trades last nights, looks like there would have been some good winners today. Either way I am up over 200 pips for the week. Good start for me.
Thanks for sharing a great system, I will do what I can to give back.
Chris
Chris wrote:So do any of you hold these 10.4 trades over the weekends? Or close out before then?
Anyone looking at some setup tonight? I see a couple just not sure about them?
So bottom line is factor risk versus reward and choose. I cant tell you how many times I got greedy and gave back some/all of my profits OR how many times I closed up and just enjoyed my Friday off of trading because I already had a good week.
I am with nanningbob... It's also about where your current trades are as well as how you employ your strategy/ies.
An example from me, if today I am in profit let's say E/Y I would look at closing a percentage of my "in the profit" positions leaving the open positions over the weekend. Why? My strategy in this case is playing daily charts for half the positions and the other half using the 10.4 strategy. 10.4 strategy is to close for the weekends while playing the daily chart strategy is to leave it open as long as I am above the Heiken Ashi floor. So this allows me to use 10.4 to open all my positions and 10.4 to close half of them while I will let the other half remain open for weeks and maybe months if on a solid trend. Of course you need to have a strong risk management strategy tied to that as well as I believe successful trading is made through managing your risks stringently.
The above method is how I like to trade as it allows me to add to profitable trades longer-term yet accrue actual profits in the short-term...
10.4 is part of a trading strategy not a complete package. You have to think how you can take advantage of it by adding your other components like risk management, instincts, capitalization, etc..
I really like what nanningbob has done with all his iterations up to and including 10.4... If your a price action trader that has spend countless hours looking at the monitors you develop a feel where price is going to or away from. 10.4 helps to translate that experience into something you can trade upon...
Any ways I am getting off subject Bottom line is 10.4 is part of the equation. Your experience and advice from successful traders will help you take advantage of it...
Thank you for your feed back. It is much appreciated. I like to see the spin you put on it for your longer term trading.
Great Ideas
Chris
nanningbob wrote:You really want to find out how bad of a trader I am well here is a PDF file of the trades. You will have to print out and set the pages side by side to get the whole picture.
Wow! thanks for sharing this - you do trade a lot! Looks like you don't necessarily use the pivots for additional entries - do you add to a leg as you are moving into profit with the original order a certain pip step or by "feel"?
Thanks again for sharing your system...
nanningbob wrote:You really want to find out how bad of a trader I am well here is a PDF file of the trades. You will have to print out and set the pages side by side to get the whole picture.
Wow! thanks for sharing this - you do trade a lot! Looks like you don't necessarily use the pivots for additional entries - do you add to a leg as you are moving into profit with the original order a certain pip step or by "feel"?
Thanks again for sharing your system...
When a signal is given I set my trades 2 or 3 levels at a time. I then let it fly and see what happens. My philosophy is very simple If the trade is below 240 and I set a trade to sell, the odds are really on my side unless there is a clear reason not to.
One stupid question. What's the time zone for these trades?
nanningbob wrote:
rosst wrote:
nanningbob wrote:You really want to find out how bad of a trader I am well here is a PDF file of the trades. You will have to print out and set the pages side by side to get the whole picture.
Wow! thanks for sharing this - you do trade a lot! Looks like you don't necessarily use the pivots for additional entries - do you add to a leg as you are moving into profit with the original order a certain pip step or by "feel"?
Thanks again for sharing your system...
When a signal is given I set my trades 2 or 3 levels at a time. I then let it fly and see what happens. My philosophy is very simple If the trade is below 240 and I set a trade to sell, the odds are really on my side unless there is a clear reason not to.
Hi All,
My result for these week more than i expiected and its very strong startegy from you Bob.
Attached PDF for all my trades these week which makes +581 pips
It was more than +750 pips but my mistake i foreget to close USD before News today which affect on my last two trades as appeared in my report.
Thank you all.
My Broker FXSOl-AU ,Broker Time EST
You do not have the required permissions to view the files attached to this post.
gms wrote:
I really liked the concept of moving both SLs to BE after entering the second trade. Unfortunately, practically it does not work. This week all my trades were stopped out at BE ...
Next week I will give my trades more room.
Gary
OK, this week may have been exceptional, but with the wider SL setting I was able to make 534 pips
Gertje - Awesome results a real inspiration for everyone.
Just looking back over the trades for the week while enjoying a nice shiraz! In particular CADJPY trade which quite a few of us lost out on. Are we using a 240 SMA or EMA for our trend reference? as this would have been the difference between us looking for shorts as to longs this week. If it was the 240EMA we would have had longs and what an awesome trade we would have had.
