10.4 A Complete System

[Ingot54]

I enjoy switching around TF on some of these to get a feel for a bigger picture occasionally.

10.4 has been designed around the 2MA on Monthly, and so why not get an eyeball on a higher TF as a look-back? The Monthly and Weekly can tell us a lot ... but we already know the pound's weakness would look like this. What about the Daily?

I can see that we had a nice DT for nearly 5 trading weeks in Feb/March, followed by a consolidation period that had some of us frustrated, and the rest of us asleep! So today's very big move by the GBP has occurred in a space that normally might take 2 or even 3 days ... and we are only half-way through the day yet.

I have 4 live positions on GBPAUD, and so that's all I will comment on at present - I am not trading anything else. In an earlier post today I mentioned I built these positions prior to weekend, and am now wondering how to manage this trade better.

I post the daily below, because it seems to me there is going to be a fair bit more DT to come ... if the market will reveal anything to us in advance! Look at the AO - we have a huge bearish candle, yet it has not flinched yet ... is is warning us that this candle is going to be a PinBar?

I think not, because look at the STO 5 ... it is hooking over ready to plunge again ... maybe ... at least I think that's where the higher probability seems to be indicated.

So with the Daily rolling over to drop lower, what does that tell us about the opportunity in the 4H trades? My TP is set 23 pips (arbitrary placement) under the WSP1 for now ... and I am loathe to go to sleep leaving the pair open. At some point this will retrace, and remove a lot of pips from the table.

I think I will close out before bedtime, and reassess in the morning, with a view to getting back in, if possible. I am very happy with my pips today, so closing will not bother me. What does bother me is my poor trade management technique, and I really feel I should at least hold until the AO changes colour, or price begins to consolidate at a level. Getting a perspective on this can grossly affect pip tallies and account safety.

Any comments on this? The greed fairy is usually followed closely by the smack-on-the-wrist fairy, and I wish to avoid these sprites!

There is always another trade.

[Chris]

Looks like some really nice setups. Some of these I am already in because I was stupid enough to trade from last friday to today. I should have paid more attention to the bank holidays and sat on my hands. But for the most part I am not hurt I think it will all work out in the end. I have had one loss and one winner that have equaled out, we will see what today brings. Happy trading to all.

Chris - don't beat yourself up. If you made the entries based on sound entry principles, then for the most part you should be ok.

The risk is some jawboning-attention-seeker in one of the central banks who has something trite to say to the media over the weekend, will result in a temporary gap that potentially touches your SL.

When I began FX trading, gaps were a rarity - today they are expected!

I have been in the GBPAUD since 28th (2 positions) and 29th (2 more positions) and kept it open through the weekend too. Today the reward is coming

But my weakness has always been the exits, and currently the GBPAUD has respected support at the WPP. But while the AO is still red and dropping, and while the STO 5 and/or the RSI 2 are dropping as they are, I am not going to blink.

I am going out in an hour of so to play Texas Hold'em socially (free chips!) and my 4H candle will close/open an hour after I leave. But I have full confidence that this move will break through the WPP, without too much hesitation. I am not going to sweat on this current small pullback - I am going out to enjoy my card game, and let the market wobble around.

Worst case scenario is that I break even, and that happens!

Here's a chart - not copybook 10.4 pending entries, but one day I'll master that. In the mean time I kept building my position where and when I had access to the computer.

GL with your trades - once you get the hang of this, it's very quick to become second nature to trade ... it grows on you

Yes sir, I was in the same trade, looks like everything is working out perfect. Woke up this morning to 500+ pip. I hope everyone else did as well if not better. Love these types of mornings. And yes GBPAUD paid off nicely. Thanks for the advice.

[Chris]

gbp/aud, gbp/cad, gbp/nzd and gbp/jpy look good for bounces off of the 240 line. I just dont believe the strength move of the GBP right now. These are all low risk sells and great retracements back into the DT. Ignoring CSS to my peril I guess. Here is gbp/cad example

And you were right...........!

I probably just had my hottest trading session in my life excepting the time I caught the CHF intererence last year when I had one trade pop over 800 pips. But as far a multiple trades I have never had anything like this before. Dang. I am almost afraid to post it because no one will believe me but here it goes. 26 winners 3 losers, 630 pips for the Euro session, add to that yesterdays I am at 822 pips before I even reached the USA session. I have 11 open trades still running and 15 more pendings ready to hit just in case. That is over 6% increase in my account in 6 hours and almost 8% for the week. Dang I knew this would get exciting once the markets started to run but dang didnt expect this. Unless disaster strikes I am well on my way to 1000 pip week, may break it tonight if the USD session keeps going like the Euro session. Going to go catch a shower, watch a movie and come back in 3 hours to see if I make it. Its a beautiful thing.

Nice job Bob, this is truly a great system. Thanks for sharing

[mrelectron]

<snip>
Any comments on this? The greed fairy is ......
</snip>

Hi Ingot54:

Ask the question on CJs forum. That pattern looks familiar.

Mark

[james666]

Nanningbob - is there a plan to make your 10.5 official? if so, when will that be?

[nanningbob]

Nanningbob - is there a plan to make your 10.5 official? if so, when will that be?

I use it and it works in situations both ranging and trending. Just gotta figure out when best to use it. Soon as i can put a package together page 1. I just dont have any free time anymore.

[nanningbob]

I go to bed now. I am 84 pips from 1000 pip week.

[zentauro67]

Beautiful day! Almost all trades paying. I´m leaving EUR and GBP now and focusing in JPY. Drop of JPY could be the next big event.

[Chris]

1000 pips would be awesome, doesn't get much better than that.

[spillini]

Not quite as well as you, but I will take 519 pips. Thanks for all your help. 519 pips on just 3 pairs is cool. Pulled my E/J trade at 119.30, gonna wait for nice pullback and jump back in.

I go to bed now. I am 84 pips from 1000 pip week.