10.4 A Complete System

[nanningbob]

Sooner or later some of you guys are going to get it. If I have one losing trade and it is going against me, it is one losing trade. What that means is something else is going up and it also has entered, then entered again and maybe even a third time. In other words my winners gain faster than my losers. That is 10.4 in a nutshell. I lost over 900 pips last week. The week before I lost almost 1500 pips. Most traders have a heart attack losing that much. I have some trades go down but it is one level causes some DD. The trades that are going my direction balance the DD out, then the 2nd level enters and DD disappears. more trades enter as the market moves and direction is found. Then I am up and away we go. Oh the week I had 1500 pips in losses I had over 2200 pips in gains. Some guys are not going to get this but the ones that do, they know they cant lose. What goes down, something is going up, the one going down is one, the one going up is multiple. BINGO profit. The name of the game. If you wrap your mind around it you got it. If you stay with the one in one out philosophy of trading yup your right you are going to lose.

OH since that usd/jpy trade has gone south my other trades have decreased my DD.

When using the daily CSS for placing trades do you have less drawdown overall then not using it when trading your basket of currencies?

Just started using it, we will see. I am not worried about JPY trades going against me. JPY govt. wants to depreciate the currency and will start implementation. They won the election, they changed the BOJ leaders, now comes policy. Long term JPY sells are going to make you some nice money. It doesnt mean JPY will never go up, it just means you dont have to worry much about them.

[nanningbob]

OH since that usd/jpy trade has gone south my other trades have decreased my DD.

Is there a point where you cancel your pendings on the jpy pairs? - like if price closes below MA or reaches the SL you had set? Or maybe you keep adding pendings?

AS long as JPY is showing weakness on CSS I am not canceling anything that trades JPY weakness. I am going to be on the right side of these trades for the next several years. Go look at the eur/usd when George Bush was elected and when he left office. Govt. policy will take price where it wants to go. You had 8 years of buying there with a couple of retracements. Dont fight these long term trends.

[The_Snowman]

Eur/aud, I will play for it to break its previous low. Aud strong/Eur 2nd weakest. Old fashion breakout trade.

Darn, I sure picked that entry, wonder where it ends today

[huhpapa]

OH since that usd/jpy trade has gone south my other trades have decreased my DD.

Is there a point where you cancel your pendings on the jpy pairs? - like if price closes below MA or reaches the SL you had set? Or maybe you keep adding pendings?

AS long as JPY is showing weakness on CSS I am not canceling anything that trades JPY weakness. I am going to be on the right side of these trades for the next several years. Go look at the eur/usd when George Bush was elected and when he left office. Govt. policy will take price where it wants to go. You had 8 years of buying there with a couple of retracements. Dont fight these long term trends.

Thanks Bob, now I'm beginning to understand the Trend is your friend, and indeed 240 is my friend ... when jpy pairs tank awhile back DD hits 7% .... when things settle down, now DD is only 1.5%

[roje]

Bob, i try 10.5 scalping, but i think i have not sensitivity to best exit. Where do you set TP ? Or how many levels do you run ? Do you use stochastic for exit ? Today unfortunately i have pairs GBPJPY in BE and EURUSD and EURCAD in small SL (20 pips). Where did you win today in minimum two levels ?

[roje]

....and now i have BE SL on audjpy too

[Wiggy1965]

This is my pick for the coming week.

EURAUD is in a strong downtrend, with nice entries on pull backs.

RSI (2) is 'telling' us to place pendings for the next leg down.

Also have EURCAD and EURGBP on my alert.

Cheers... Roscoe

PS... Have a great St. Patrick's Day to all those crazy Irish buggers.

Nice gap down this morning, so exited this short at 1.2458....

Entry was 1.2612

Will wait for pullback for another crack at the sells.

Awesome way to start off the week.

EURAUD still giving up pips to those wanting some.

Now building a base to retrace back. Have pending shorts sitting above waiting for price to come up to me.

Whilst i'm waiting, i have a CT long in place to capture some of those pips, for weekend pocket money.

What strategy is this, is does not look like 10.4 or 10.5...

Wiggy

Wiggy....

If you referring to the pending shorts.... 1 of the 3 is a pending 10.4 on the WMS line, which happens to be a fib line(confirmation).

The other 2 are fib settings, but still employing the 10.4 idea on selling in to pullbacks.

If the RSI 2 is not up in the top paddock as price moves up, then i will remove the lowest pending, and so forth, until i get a result.

From my understanding of 10.4 you don't set pending ahead of the pullback, you wait until you have a signal that the pullback has been exhausted, then set pending that are picked up when price continues in the direction of the trend.....you have no idea how far the pull back will go....

Wiggy

[Foreverforex]

is there a template for charts and info page for Ver. 5? I don't see either in zip on pg. 197.

[Nipponho]

Hi Bob,

Was wondering if u could help me reconcile some conflict.

A 10.3 booklet called MWD Pivots discontinued in 10.4 seems to be totally forgotten by all of us, but it contained a bowl of jewels. Strange that nobody realizes it.

Particularly the part on AudUsd & GbpCad. I did a visual backtest on recent months’ candles on the things u said, and verified what u said that indeed they react very well to WS1 & WR1. If we buy at WS or sell at WR, even if it Is counter trend, and if we get into trouble, we can usually bail ourselves out with at most one level of recovery when it next hits WS or WR the next week. I wish some coders here can write a ea on this.

AU is now on WR1 but shorting it goes against 10.4 as Aussie CSS is now 0.84 and US is neutral at 0.05, so we should be looking at buys. When AU is uptrend, it seldom touches WS1. When downtrend, it seldom touches WR1. The 2 systems are at odds in this instance.

Or am I over analyzing? 10.4 is stressful……

[Foreverforex]

Also, anyone know where to find the script that applied a template to all the charts? Sounded like a big time saver!!