10.4 A Complete System

[fx800]

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

You are looking for a script, so where do you look ?

In the SCRIPTS SECTION of course !

http://www.stevehopwoodforex.com/phpBB3 ... =48&t=1400

[Foreverforex]

Dunce cap is on - thank you!

[Guest]

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

where's bob's template ? if you had been using 10.4 or 10.5 you would not have got in at that point

[rebyte2]

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

You are Correct.

10.4 is a fantastic strategy in its original form but i have put my own slight twist to it. No one strategy is 100% fits all.

The car is a common product. But some people like Toyota, Ford, GM ... etc.

Anyhow, I still use 10.4's idea of looking for pullbacks to re-enter. I have removed 2 pendings as RSI 2 had not moved in to OB territory. Now its in OB, I have allowed the WMSP to trigger. Yes its agressive but i feel comfortable with it. There is another pending at the WP.

Will this trade(and pending) be left open over the weekend? Yes. That CT trade from the swing point low i mentioned earlier has paid for this trade, so i have it covered.

The Cypress stuff is only a blimp on the radar, compared to the bigger trend direction.

Hope this helps.

Cheers... Roscoe

[nanningbob]

Yesterday didnt go quite as expected but when does it I guess. I was 11-4 for 186 pips. Most of the trades went into DD with the rumor that Cypress problem was solved and then it went back into negotiations, so with what ever happens there will cause some nice Monday gaps. My DD is under 9% so I am not concerned. SL will hit to prevent it from going out of control so that wont be a concern. If SL arent hit Monday like this last Monday then I willbe sitting in great position. Last Monday I started almost 3% down from the gaps but ended the week 72-38 with over 7% increase in my account. I wont 2160 pips and lost 1406 for a grand total of +754 pips for the week.

If some of you think my trading is crazy it is only because when I smell that 1000 pip mark I go for it and throw caution to the wind. Take away that stupid Cypress rumor and I believe I would have made it. Again I remind people indicators cant read or know future news so I keep getting these posts, emails, PMs, etc. of adding more and more indis. I already know adding more and more indis wont work. I will stick with what I have.

For the month my account is up over 17% and since my goal is to do 10% a month I am more than pleased. DD is lower than any other of my systems except 10.3 but the DD there would be caused by a series of losses instead of a live DD.

[nanningbob]

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

You are Correct.

10.4 is a fantastic strategy in its original form but i have put my own slight twist to it. No one strategy is 100% fits all.

The car is a common product. But some people like Toyota, Ford, GM ... etc.

Anyhow, I still use 10.4's idea of looking for pullbacks to re-enter. I have removed 2 pendings as RSI 2 had not moved in to OB territory. Now its in OB, I have allowed the WMSP to trigger. Yes its agressive but i feel comfortable with it. There is another pending at the WP.

Will this trade(and pending) be left open over the weekend? Yes. That CT trade from the swing point low i mentioned earlier has paid for this trade, so i have it covered.

The Cyprus stuff is only a blimp on the radar, compared to the bigger trend direction.

Hope this helps.

Cheers... Roscoe

I like hearing guys talk about how they adapt a strategy to fit what they know. I could take 10.4 and adapt it to my old Sto/Mac indi, You could adapt it to MACD, CCI, Bollinger bands, whatever. Etc. etc. Take what you know and use, that which you are comfortable with, add that 240 line 4H or 960 line on the one hour or 40 line on the daily and you got 10.4 basics. Anyway good luck.

[nanningbob]

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

where's bob's template ? if you had been using 10.4 or 10.5 you would not have got in at that point

I wouldnt worry too much. If I understand this correctly, Cypress banks have been taking large deposits from the Russians and others, They then loan the money out to the Greeks, Italians and the Spaniards. The Euro banks (think Germany and France) then need to bail out Cypress because they already bailed out the others and they have already paid money to the Greeks who need to pay back Cypress but they cant so the Euro banks (think Germany and France) need to pay Cypress money because the money they gave to the Greeks hasnt been going to Cypress to pay off their loans. So now the Euro Banks are paying twice for the same debt, because if they dont the Russians will show up with lead pipes to break some legs.

So to solve the problem, Cypress needs to take the Russian deposits to cover the Greek loans so the Euro banks can loan more money to Cypress to cover their bank deposits so the Russians wont come and break legs. The Russians turned down offering loans to Cypress because they saw no need to loan money to protect their deposits. Hmmmmmmmmmmm Did I get this right??

[nanningbob]

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……

10.3 and 10.2 are successful systems, I made money with them but I am not making as much as I am with 10.4. I usually made between 5-10% a month and I was not happy with that. I would make some and then SL would cut it back down. I did notice thought that trades I was taking SL would later become profitable so I looked for a better way to read the trend. That lead to 10.4. So I am up 17% this month with a week left. Again my problem with 10.3 is not the system, my schedule does not allow me to trade hourly charts. I miss too many trades entrance and exits. 4H fit perfectly with my schedule so 10.4 is where I will stay. But you are right 10.3, 10.2, 10.2A will work. I had meant to add MWD to 10.4 but I havent the time to adapt it yet. Probably wont now because CSS will take its place and I get my quick reads off of it.

[VirtualFM]

I managed through the "Oil" situation, even if it's still not solved. There are a ton of open orders and an huge DD of around 30%. However, unless all the Monday gaps (actually, Sunday night gaps in my case) happen in the wrong direction and hit huge SL, I don't even mind loosing all of that, because even so, the week will still be profitable!

But I think the losing trades will be returning for the good side for most of them (greedy buys on AUDCHF, AUDJPY, AUDNZD, same on EURAUD, EURCAD and EURCHF in sells when RSI was still not completely flat, for example). Have to keep thinking positive, or the weekend will be hell

PS: As for indicators, I already have used the CSS on 10.2 but I was trying to use it for finding the "crossing" of the pairs, but now it's being really useful. I added it to the bottom of every chart, showing only the symbol on chart and locking TF to D1. Like that I can see at a glance the relative strength of each pair easily without having to switch to the "Info Page", which is usually somewhere out-of-reach and involves distracting window-swaping.

[nanningbob]

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 ?

You are taking trades and you are not sure where to put SL and TP. Egads. OK ummmmmmmmmm

As I write this eur/cad now is a 10.4 trades. So your good there. I put my SL at the 240 line and TP near WS1.

On the 10.5 screen signal you could have put a pending on DMS1 and it would not have taken. If you did the DP it would have taken and you could have gotten 15-20 pips. Price then reversed and would be 65 pips in the hole.
My biggest rule in trading is to never let a profitable trade become a loser. You had a small profit and when you trade lower TF you protect your profit by moving a SL up. I you didnt take WP trade then you are not in. 10.5 is a scalping system so you use tight SL and move your SL up quickly to protect profits.

I will sometimes use 10.5 lines in my 10.4 trading setups but they then are treated as 10.4 trades. Crossing a DP is almost as powerful as crossing a WP pivot but not the same. If I use the 10.5 lines for 10.4 trades I use the same rules as 10.4. If I am scalping for small profits then that is a different ballgame.