10.4 A Complete System

[Bunker]

Hello guys!

A while since my last post here
Martin

Salut Martin,

I`ll debrief you via PM if you want to know what happened over the last 1.5 years. Looking forward to play with your dashboard. Your last one was a real work of art and I can see that this one will be as fantastic!

Welcome back!

Bunker

[zentauro67]

Hi Bob,
I am trying to learn how to read the CSS. Please correct me if I do it wrong...
1. AUD as you said it's highest but slowing down
2. JPY separating from the rest of the bunch, going weaker
3. EUR & CHF forming an up slope, indicating they are likely to go stronger

The rest of the bunch are flat. So if I want to pick some pairs that hopefully have movements, I will choose the combination of those currencies.

Also I have a question about AUD, when it is still the highest but slowing down... is it better to avoid the currency or is it still good enough to be trade as strong currency or should I take it as counter trend with sell position?

Please advice..
thank you,
-ethe-

You can also spot this AUD "slowing down" in horizontal or down arrows from other Baluda´s indis (all set in 'predictive' -thanks Bob for such a great insight- TMA normal)

info panel.jpg

[spillini]

Hey guys, how about a Cable long.

[cjthomson]

Hey guys, how about a Cable long.

Yep, I've been watching this. Going to take a market entry!

[cjthomson]

This has been my day so far. I didn't place the 2nd levels today - bummed. Am sitting slightly down for the day with one position still open which is around b/e (GBPCAD). I'm only doing 2 levels at most anyway since my 3 level positions that I've tried out so far haven't worked out for me.

Nice work by those who've taken maximum.

[spillini]

Thats the beauty of this thing called forex, you dont HAVE to go maximum.

This has been my day so far. I didn't place the 2nd levels today - bummed. Am sitting slightly down for the day with one position still open which is around b/e (GBPCAD). I'm only doing 2 levels at most anyway since my 3 level positions that I've tried out so far haven't worked out for me.

Nice work by those who've taken maximum.

[TraderDesk]

There are several options to this.

Take profit at ADR - Very profitable

Leave a very small portion of your position open in the direction of the 240ma trend or close at BE - Can be very very profitable in a strong trend

Close aggregate positions at a specific % level

And so on... you can even mix several methods..... See how you can improve your Risk/Reward ratio doing this...

I closed out my E/J at WS1 but I was adding positions all the way down so my total was much more then if I let my original trade continue down to WS2 as a TP point....

Many ways to look at this but I know how you feel

[davek]

my trades from last night..gif

I am really liking trading Bob's 10.4. It is so nice to be able to place pending orders and not have to babysit your trades with a lot of screen time. I am planning to go live soon with small lot size .01. I liked your explanation Bob of how you use the CSS indi, very informative.

[nanningbob]

ok you had a big day. Now what? In my younger trading days I couldnt wait to do it again. OH BOY. BZZZZZZZZZZZZZZZ The problem is when a big fundamental news story hits I have learned the following:

1. Indicators, chart patterns, etc. have all been blown out of the water and are now skewed. Many pairs have moved on outside S1/R1. Yes I could have stayed in and maybe had a 1000 pip day but you know, that may happen once year. I am happy with 0 DD and a 4% increase in my account. I have no need to double guess myself.

2. What ever happens next is going to be news driven or back ground parties will enter the scene. Neither one is predictable.

A. News event: There will be a run at the bank in Cypress today. Two questions: how big? and will it spread to other countries? You think I know. NO The politicians will tell us no way and they will trumpet some success card was played. Me ................ yeah right.

B. Super Big Boys show up: They decide they are not going to let this get out of control and will pump billions into it. I remember several years ago a big negative news story hit the GBP. I was up over 200 pips and was going to let it ride. Much to my chagrin it disappeared in a matter of minutes. What the ................. Later I read that British Petroleum and the Bank of India decided this was bad for business and immediately propped up the GBP and that was the end of that run. Bye Bye profits. You think some indi told me that was coming?

3. What usually happens is price will retrace and we can then set up our new trades. This has been the pattern of the last several weeks. Mondays have been a decent day. Tuesday and Wednesday have sucked and we get back to trading on Thurs. and Fri. again.

So what will I do? Well, nothing for the JPY session. Like Capt. Jack teaches JPY session is used to set up the day. Maybe, maybe not. The bottom line is: I have no idea what will happen today and I dont think anyone else does either. The bottom could fall out, big boy buyers to the rescue, or nothing.

I plan on keeping my profits in the bank and if I trade today it will be very low risk stuff and maybe ................... he he he .............. I will try one or two high risk trades. Just for the heck of it. WHY? I cant keep my fingers off of the keyboard. Thats why.

[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.

30% WOW, my experience has been 30% is where acceleration sets in and your in real trouble. I automatically start closing some trades at 20% to avoid acceleration. Biggest I ever took was 7% and that allowed my to keep trading. That 7% took about 2 weeks to recover from. With 10.4 I can do it in less than a week or even days so taking hits now is not so bad.

Hi Bob!

Didn't reply sooner because I wanted to see what would happen!

So, with the weekend gaps I got two instant losses that hit SL, but not much, and 3 that hit TP. On the whole it was a small loss and the rest were OK. Oil still problematic but battled with it and the others all day long. It was an hard battle, very uneven... me alone against bulls, bears, foxes, wolves, hawks... you name it! Packs of them! It was an hard battle. I had 3 losses, one of them really big (33, 63 and 217 pips) but got a ton of positives trades (too many to mention). DD went down to around 20% but in the end of the day came back to 28%. Meanwhile balance went up by 12% so it was all not bad. Just have to keep the battle going!