10.4 A Complete System

[zentauro67]

GBPCAD, GBPNZD and EURCHF should be banned from 10.4

I rarely trade the eur/chf, too much SNB interference. gbp/cad and gbp/nzd you really need to know those two to trade. gbp/cad is one of the great range trading pairs, just look at the monthly chart often to grasp and understand that one, and gbp/nzd is one of the most exciting pairs around. You have to give that one a ton of room but I have found it profitable most of the time. If you can trade gbp/nzd successfully you are a successful trader who stand above the crowd of good traders.

Have a nice weekend, Bob!

GBPCAD and GBPNZD.It is tempting to concentrate on these two pairs, and thereby make a living by learning the subtleties of ranging. I liked so much your booklet on weekly pivots. Great stuff.

I would like to know your opinion about the application of 240MA, RSI2 and AO on these ranging behaviour pairs. I have the feeling that it is better to use only the weekly pivots. Could the other indicators be misleading?


For example, let´s take GBPNZD through a 10.4 setup. 240MA is telling us we must look for a SELL and RSI2 is now inviting to place sell stops.

gbpnzd 103.jpg

Now, if we see the same graphic naked, just with weekly pivots, the picture is very different. We see a clear range situation in which the price bounces every time it reaches the green support line and then begins its journey to the main pivot. At this moment, weekly support has worked fine and price begins to go north. So, in spite of 240MA, it looks more like a BUY.

gbpnzd pivots.jpg

How do you trade these situations? Do you ignore 240ma? I ´m a newbie with these pairs and appreciate very much your wisdom. (Sorry once again for my english)

[Ingot54]

While the market is slow, Bob.

How did you escape the bear in your avatar?

Good questions, I just like the idea behind the pic. Your choice bear or jump. The real truth is that is the place people go to when Steve bans them from the forum and he takes pics of their last moments of life.

Well ... for me ... I would not jump - it might be a pet bear looking for company or ... it might put on a bite or two, then not like the taste and leave you alone to patch up and be there tomorrow.

In trading, I deal only with pet bears and pet bulls - the 10.4 pacifies them nicely ... thanks to you for your generosity of spirit. They are still wild animals though ... so am cautious.

You paint a lovely picture of China - thanks for the nice mental images of where you live.

[nanningbob]

GBPCAD, GBPNZD and EURCHF should be banned from 10.4

I rarely trade the eur/chf, too much SNB interference. gbp/cad and gbp/nzd you really need to know those two to trade. gbp/cad is one of the great range trading pairs, just look at the monthly chart often to grasp and understand that one, and gbp/nzd is one of the most exciting pairs around. You have to give that one a ton of room but I have found it profitable most of the time. If you can trade gbp/nzd successfully you are a successful trader who stand above the crowd of good traders.

Have a nice weekend, Bob!

GBPCAD and GBPNZD.It is tempting to concentrate on these two pairs, and thereby make a living by learning the subtleties of ranging. I liked so much your booklet on weekly pivots. Great stuff.

I would like to know your opinion about the application of 240MA, RSI2 and AO on these ranging behaviour pairs. I have the feeling that it is better to use only the weekly pivots. Could the other indicators be misleading?


For example, let´s take GBPNZD through a 10.4 setup. 240MA is telling us we must look for a SELL and RSI2 is now inviting to place sell stops.

gbpnzd 103.jpg

Now, if we see the same graphic naked, just with weekly pivots, the picture is very different. We see a clear range situation in which the price bounces every time it reaches the green support line and then begins its journey to the main pivot. At this moment, weekly support has worked fine and price begins to go north. So, in spite of 240MA, it looks more like a BUY.

gbpnzd pivots.jpg

How do you trade these situations? Do you ignore 240ma? I ´m a newbie with these pairs and appreciate very much your wisdom. (Sorry once again for my english)

When I first opened the 10.0 series I tried to teach all the variants at once. trend, range, and countertrend trading. All I did was confuse the heck out of people. So with 10.2 on up I basically stick with trend trading and focus on that. Now if you take 10.4 and follow Captain Jack he will teach you good spots to CT or range trade. So I leave that up with him and you can get good ideas from him on doing that. Also there is a 10.4 thread on advanced CT trades called 10.4 advancedand counter trades. You can go there with these ideas and good CT and range traders are willing to discuss these alternative trades. I would like to keep this page to trend trades so as not to have the confusion of 10.0. But yes there are good setups for these kind of trades.

[Staedtler]

Ahh ... ok ... thanks for clarification, Staedtler ... and well done on those trades.

I am a bit the same - I tend to focus on only one pair at a time, but try to max out the pips I can wring from that pair.

Still on L-plates with 10.4 but have enough experience in trading over the past 9 years to know gold when I see it.

10.4 is a large, diamond-encrusted gold nugget!

Indeed it's been wonderful !

[huhpapa]

Just to share my 10.4n5 cheat sheet.
Hope this is helpful to some people.
If there are any errors pls let me know so I can update it.
Thanks to Bob.

[Jonathan2FI]

Bob,
have been following 10 and searching for defined trend following strats for 2 years .... job means I am end of day trader - now with discipline approach both time and sticking to rules (that takes times not quite 10000 hrs to mastery yet)- had a little coaching and followed Steve's forum. Coaching guy (not a scammer) said trade a trend on retracements forget the rest and demonstrated on 50 trades. Have been looking for a clearly defined more mechanical system since..10.4 is that system. Could you comment on the following with respect to your own trading regime with 10.4 in the context of end of day :
1. Weekend
1.1 Review if any news items coming up in coming week - currency, potential impact and day
1.2 Review previous weeks performance % gain, compliance to strategy, lessons learned and
any refinements.
1.3 On the pairs being followed review
1.3.1- if any major e.g monthly long term support resistance lines or trend lines could impact
trades in the coming week.........drawn or updated on charts
1.3.2 Review currency slope strengths on D1 noting currency pairs that have
slope>0.4 or <-0.4 as potential trend strength targets
1.3.3 Review immediate e.g. Sunday/Monday 10.4 trades as per rules and note these
1.3.4 Review likely 10.4 trades (clear trending pairs and cyclical retracement behaviour)
and note these in trading plan for the week
1.4. Sunday Night GMT2200
Place the choice 10.4 pending trades from 1.3.3 that don't conflict with 1.1
REPEAT weekly
2. Weekday evenings 1 hr GMT 2200-2300
2.1 Review open trades
validity - OK or close down
Trade Management - move SL or take profit
Note Especially with H4 and checking EOD then use MPTM EA
2.2 Check slope strength and likely pairs for target update weekly plan
2.3 Review weekly trading plan list and check if still valid
2.4 Check on target charts for 10.4 setups place pending orders where valid
REPEAT Daily

I know there are many tools indi's scripts and EAs ...to support the above and I do use them but wanted to take a fundamental view
Thanks Jonathan

[Nidolap]

Just to share my 10.4n5 cheat sheet.
Hope this is helpful to some people.
If there are any errors pls let me know so I can update it.
Thanks to Bob.

Nice work! Thx.

[nanningbob]

Back from Bei Hai rested and ready to go.

Next Week Is Big

The first week of the month is usually busy, and the above makes it even more important.

This article is a good summation of what to expect in the future. The only thing I didnt like about it was it ignored the commodity currencies who could be the big winners if the USD suffers from more Congress vs. President meltdown. Anyway happy reading.

http://thesensibleguidetoforex.com/2013 ... nd-beyond/

[nanningbob]

Monday should be a quiet day with bank holidays. Probably the biggest action will be the gaps right out of the box if there are any.

[Anonymous]

GBPCAD, GBPNZD and EURCHF should be banned from 10.4

I rarely trade the eur/chf, too much SNB interference. gbp/cad and gbp/nzd you really need to know those two to trade. gbp/cad is one of the great range trading pairs, just look at the monthly chart often to grasp and understand that one, and gbp/nzd is one of the most exciting pairs around. You have to give that one a ton of room but I have found it profitable most of the time. If you can trade gbp/nzd successfully you are a successful trader who stand above the crowd of good traders.

Have a nice weekend, Bob!

GBPCAD and GBPNZD.It is tempting to concentrate on these two pairs, and thereby make a living by learning the subtleties of ranging. I liked so much your booklet on weekly pivots. Great stuff.

I would like to know your opinion about the application of 240MA, RSI2 and AO on these ranging behaviour pairs. I have the feeling that it is better to use only the weekly pivots. Could the other indicators be misleading?


For example, let´s take GBPNZD through a 10.4 setup. 240MA is telling us we must look for a SELL and RSI2 is now inviting to place sell stops.

gbpnzd 103.jpg

Now, if we see the same graphic naked, just with weekly pivots, the picture is very different. We see a clear range situation in which the price bounces every time it reaches the green support line and then begins its journey to the main pivot. At this moment, weekly support has worked fine and price begins to go north. So, in spite of 240MA, it looks more like a BUY.

gbpnzd pivots.jpg

How do you trade these situations? Do you ignore 240ma? I ´m a newbie with these pairs and appreciate very much your wisdom. (Sorry once again for my english)

Bob has mentioned many times before that he wants to avoid confusion by only discussing trend trading here.

For counter trend trades, try here

http://www.stevehopwoodforex.com/phpBB3 ... =37&t=1507

If you are a newbie, it would be better to stick with trend trading. There are enough pairs to trade just trading NB 10.4 by the rules. When you have been round the blocks several times, then try the more advanced stuff.

We have been very fortunate to have Bob's contribution here. Many of us have blown several accounts before finding a strategy that is CONSISTENTLY profitable.