10.4 A Complete System

[Mike]

Well now I am totally confused because my chart is quite different, and there is no signal. See below. This is RSI(2) of the TMA.

Any insights?

Just a thought: do you have a separate satturday or sunday candle?

[mjws00]

Yep I posted that bailout with a 20 pip loss in real time here as well. Normally I feel I get out a little early when these trades materialize slowly. But that is just something I have to reconcile with my style. When it is 500 pips to the 240, I still won't be waiting around.

The data we are building on just taking the signal, without intervention, will slowly bias me towards less intervention. Also a quick EA I could backtest would give me more confidence in letting it ride. These kinds of systems mature as we all hit our different objectives. Hands off for me is secondary to high profit and low drawdown. For others it is very very important.

LIO, Very Cool indi. Will play.

Mike

[zentauro67]

Maybe harmonic trading is not wellcome here but i would like to post this EURAUD just as a curiosity.

10.4 is a clear short but we have a bullish crab warning us that a violent bullish move should be coming (70-80% times crabs are right). I´m a big fan of 10.4 but i added a pattern recognition indi just to avoid pitfalls.

Screenshot - 10_03_2013 , 16_50_44.jpg

[Captain Jack]

Cad/jpy trade will still have been a losing trade though. Cant filter them all.

Try throwing a 50 period, LWMA applied to close on...it will give earlier notification of trend change or indicate ranging conditions. Use to filter when price is ranging close to the 240MA.

John

[rosst]

RSI 2 did too give a signal that is why people were into it. In fact your trade would have entered much earlier giving it a bigger loss. So you point does not hold up. Compare the charts.

Interesting - due to my own ignorance I did not enter that that trade - since the RSI peaked the week before I didn't figure it was valid for the coming week

[cmeade2]

No I am GMT+2 so it's M-F

Well now I am totally confused because my chart is quite different, and there is no signal. See below. This is RSI(2) of the TMA.

Any insights?

Just a thought: do you have a separate satturday or sunday candle?

[lhDT]

Here are the potential NB10.4 setups I see :
EURNZD short
EURSEK short
GBPNZD short
AUDCAD long

Comments welcome !

[Foreverforex]

Don't get some of those pairs but I'm seeing the following before open:

AUDCAD long
EURGBP long
GBPCHF short

[Dewey McG]

Maybe harmonic trading is not wellcome here but i would like to post this EURAUD just as a curiosity.

10.4 is a clear short but we have a bullish crab warning us that a violent bullish move should be coming (70-80% times crabs are right). I´m a big fan of 10.4 but i added a pattern recognition indi just to avoid pitfalls.

Screenshot - 10_03_2013 , 16_50_44.jpg

I use harmonics as well. When a harmonic pattern agrees with 10.4 it is a very strong signal and I have increased my risk when I get those.

Be careful though about the "70-80%" figure. I saw a study where they quoted that after looking at thousands of patterns but they were aslo quite liberal when counting what was successful.

One of the beauties of this system is that pending orders will keep you out of trouble. Your chart shows the pair already reversing after the crab, but then turning back. If it goes back up it won't hit our pending order. If it continues down then the crab has failed and can be ignored.

[zentauro67]

Here are the potential NB10.4 setups I see :
EURNZD short
EURSEK short
GBPNZD short
AUDCAD long

Comments welcome !

EURNZD is interesting. Tight SL and a clear pending in WP. I´d be conservative with my target. WMS1 seems a good choice because there is a previous double bottom in the next level.