10.4 A Complete System

[tommiho]

Hi guys, can I pick your brains? Would you still stay in a trades like this?
To stay : RSI is starting to hook, resistance in the area,USD slightly stronger than CHF on CSS,looks like it may rebound from 240 and just to add Europe currencies weakness.
not to stay: sort of lower low and triple top formation, close to 240 may go to the other side, USD got fundamental beating today .
Thanks

[nanningbob]

Big turnaround on the euro

What charts are you looking at. Eur/usd went back up to the WP line barely 100 pips the rest are frozen between a mid line and a R or P line. All are below 240 line. The only ones to move over 100 eur/jpy and eur/nzd and they are the most volatile. If you think 100 pips is a big move what do you call a 200-400 pip moves the GBP have given us?

[nanningbob]

Hi guys, can I pick your brains? Would you still stay in a trades like this?
To stay : RSI is starting to hook, resistance in the area,USD slightly stronger than CHF on CSS,looks like it rebound from 240
not to stay: sort of lower low, close to 240 may go to the other side, USD got fundamental beating today and just to add Europe currencies weakness.
Thanks

I would, that is a nice bounce play off of the 240 line.

[Jonathan2FI]

Bob,
I believe I understand your use of major S&R to supplement/filter 10.4 trades - I would like your view on GBPCHF trades today reference a filter I have been using as well as 10.4 and major daily S&r levels.

Whenever this pair moves between the 240 (white) and the 600EMA (100 EMA on the D1 lightblue) it stalls and or does not follow 10.4 logic. Any comments do you consider this valid potential filter or should we just look at its proximity to 240 and PA?
Jonathan

[nanningbob]

Bob,
I believe I understand your use of major S&R to supplement/filter 10.4 trades - I would like your view on GBPCHF trades today reference a filter I have been using as well as 10.4 and major daily S&r levels.

Whenever this pair moves between the 240 (white) and the 600EMA (100 EMA on the D1 lightblue) it stalls and or does not follow 10.4 logic. Any comments do you consider this valid potential filter or should we just look at its proximity to 240 and PA?
Jonathan

Yeah I hate the CHF. SNB can interfere at anytime making indicators, news, fundamentals, etc. worthless. I hate trading CHF pairs. Except the AUD/CHF that pair is consistent.

[tommiho]

Bob,
I believe I understand your use of major S&R to supplement/filter 10.4 trades - I would like your view on GBPCHF trades today reference a filter I have been using as well as 10.4 and major daily S&r levels.

Whenever this pair moves between the 240 (white) and the 600EMA (100 EMA on the D1 lightblue) it stalls and or does not follow 10.4 logic. Any comments do you consider this valid potential filter or should we just look at its proximity to 240 and PA?
Jonathan

Yeah I hate the CHF. SNB can interfere at anytime making indicators, news, fundamentals, etc. worthless. I hate trading CHF pairs. Except the AUD/CHF that pair is consistent.

Will hijack the question a little bit, I am in the trade there too.
Bob where would you put the TP, I have them on the WP, the pair moved 150 pips so far this week, could it move 85 to the other direction now,could it pass two levels?
And thank you for the previous answer.

[Jonathan2FI]

Yeah I hate the CHF. SNB can interfere at anytime making indicators, news, fundamentals, etc. worthless. I hate trading CHF pairs. Except the AUD/CHF that pair is consistent. [/quote]

Thanks got it, yeh I have been there many times and the manufacturing industry in the North is quite large and they lobby on the basis of if we can't export then no jobs...so drive the exchange rate down.
Expensive hobby the SNB have in shorting their currency when the financial services sector is projecting an image of swiss means safe.

Something I have been scratching my head on and have some pieces but not all - audnzd used to be a classic envelope trading highly correlated pair .....until it started ...trending (good news on the one hand since I took those LTF enevelope trading wallet stealing strats outside put them against a wall and bang) ...anyway Chinese purchasing power in australasia? Not in equal measures? Australia has greater mineral wealth compared to the Kiwi's but it is the aussi that has been falling. Jonathan

[garyfritz]

Euro and Chf the weakest, NZD, GBP, JPY the strongest.

Bob, remind me how you determine currency strength please? I can't find any TF or setting of CSS that matches your ranking above, looking at about 22:00 GMT on 1 April when you posted it.

[zentauro67]

Hi guys, can I pick your brains? Would you still stay in a trades like this?
To stay : RSI is starting to hook, resistance in the area,USD slightly stronger than CHF on CSS,looks like it may rebound from 240 and just to add Europe currencies weakness.
not to stay: sort of lower low and triple top formation, close to 240 may go to the other side, USD got fundamental beating today .
Thanks

This triple top with lower highs is called "the three sisters" by Philip Nell. It is clearly bearish. He uses it as a warning for not taking the bounce in 21, 35 or 50 emas, but i think 240 is another history. High risk reward, it worths a try.

[tommiho]

Hi guys, can I pick your brains? Would you still stay in a trades like this?
To stay : RSI is starting to hook, resistance in the area,USD slightly stronger than CHF on CSS,looks like it may rebound from 240 and just to add Europe currencies weakness.
not to stay: sort of lower low and triple top formation, close to 240 may go to the other side, USD got fundamental beating today .
Thanks

This triple top with lower highs is called "the three sisters" by Philip Nell. It is clearly bearish. He uses it as a warning for not taking the bounce in 21, 35 or 50 emas, but i think 240 is another history. High risk reward, it worths a try.

Yeap, Phillip is a clever guy, use to study his 4H MACD strategy.
You are right the 240 magic line is the last defense so I am curious who is gonna win the fight three sisters or Bobs 240.
Thanks for answer