10.4 A Complete System

[slowkey]

The GBP has seemed to benefited the most from the news this USD AM and the CAD is the big looser. Cmeade I am not really sure we have seen that big of a change in fundamentals. Fridays are called risk off for a reason. NFP put a chill on the commodity currencies. Definitely risk off now. I like Bobs system and news will muck with any system out there. I am staying in my trades for now.

[nanningbob]

Dang aud, gbp and euro where in the world. UP DOWN What a day. You want excitement, you got it.

19 wins 13 losers for the day. +120 Im done. See ya.

[cmeade2]

Hi Trader

Thanks for your comments. After some deliberation, it seems that you have to be careful with your pendings before NFP. In this case, just before the data release, all of the potential 10.4 trades were on the wrong side of the MA 5 shift 1, though they had touched it (i.e., you might have gotten in with a regular pending order). Coming up to the release, it seems the correct thing to do would be to place pendings on the other side of the MA 5/1 in case the trend takes off in the 10.4 direction. In this case, however, none of the trades would have been hit.

cmeade2

OK here's another good example (EurNzd). The primary difference here however is that the price is below the WP and there seem to be good entries, which obviously didn't work out.

What's the right way to read this chart

cmeade2

Hi cmeade2,

In my case I had the EUR/NZD setup shown as a sell. I had a sellstop at around 1.5259 IF price action went back down. I also opened one in the morning near the WP but I had a hard stop a bit higher then that. You could also had a S/L at the 240ma as well but in these conditions I decided to be at the action and close out quickly if needed which I did...

I don't trade 10.4 with specific rules in granite but more as a guideline and use my trading experience to pull the trigger... In 10.4 I do respect the 240ma very much and I also like the STO indi (other traders use the RSI or both)...

But that is me and my interpretation of 10.4...

[spillini]

Good point, and thats why I stayed out of this mess. I think there will be many opportunities come Monday. Whip saw kills accounts.

Jim

Hi Trader

Thanks for your comments. After some deliberation, it seems that you have to be careful with your pendings before NFP. In this case, just before the data release, all of the potential 10.4 trades were on the wrong side of the MA 5 shift 1, though they had touched it (i.e., you might have gotten in with a regular pending order). Coming up to the release, it seems the correct thing to do would be to place pendings on the other side of the MA 5/1 in case the trend takes off in the 10.4 direction. In this case, however, none of the trades would have been hit.

cmeade2

OK here's another good example (EurNzd). The primary difference here however is that the price is below the WP and there seem to be good entries, which obviously didn't work out.

What's the right way to read this chart

cmeade2

Hi cmeade2,

In my case I had the EUR/NZD setup shown as a sell. I had a sellstop at around 1.5259 IF price action went back down. I also opened one in the morning near the WP but I had a hard stop a bit higher then that. You could also had a S/L at the 240ma as well but in these conditions I decided to be at the action and close out quickly if needed which I did...

I don't trade 10.4 with specific rules in granite but more as a guideline and use my trading experience to pull the trigger... In 10.4 I do respect the 240ma very much and I also like the STO indi (other traders use the RSI or both)...

But that is me and my interpretation of 10.4...

[Chris]

OK here's another good example (EurNzd). The primary difference here however is that the price is below the WP and there seem to be good entries, which obviously didn't work out.

What's the right way to read this chart

cmeade2

Hi cmeade2,

In my case I had the EUR/NZD setup shown as a sell. I had a sellstop at around 1.5259 IF price action went back down. I also opened one in the morning near the WP but I had a hard stop a bit higher then that. You could also had a S/L at the 240ma as well but in these conditions I decided to be at the action and close out quickly if needed which I did...

I don't trade 10.4 with specific rules in granite but more as a guideline and use my trading experience to pull the trigger... In 10.4 I do respect the 240ma very much and I also like the STO indi (other traders use the RSI or both)...

But that is me and my interpretation of 10.4...

TD is right. Unfortunately we cannot win them all. I should have gone with my gut last night and laid low. After having such a good day with the JPY that is usually a sign to take a step back and let things settle out. Bob seems to be very good at reading both the technical s and the fundamentals. I think most of us are very good at the technical s but not the fundamentals and that is where we get burned. I have complete faith that there will be some excellent trading in the weeks to come with the JPY, as for the others looks like we need to let them decide which way they want to go for now. I did take a few stop outs today but I know we can get it back if we stick to the plan. I think there is no replacement for experience and that is what I still lack, especially when it comes to fundamentals.

[Chris]

This is also the reason that it is hard to develop a completely hands off robot.

[Chris]

Dang aud, gbp and euro where in the world. UP DOWN What a day. You want excitement, you got it.

19 wins 13 losers for the day. +120 Im done. See ya.

Bob,
Can you help us rookies understand what your method was for pulling out on the positive side today? You have had a phenomenal week.

[nanningbob]

OK here's another good example (EurNzd). The primary difference here however is that the price is below the WP and there seem to be good entries, which obviously didn't work out.

What's the right way to read this chart

cmeade2

Hi cmeade2,

In my case I had the EUR/NZD setup shown as a sell. I had a sellstop at around 1.5259 IF price action went back down. I also opened one in the morning near the WP but I had a hard stop a bit higher then that. You could also had a S/L at the 240ma as well but in these conditions I decided to be at the action and close out quickly if needed which I did...

I don't trade 10.4 with specific rules in granite but more as a guideline and use my trading experience to pull the trigger... In 10.4 I do respect the 240ma very much and I also like the STO indi (other traders use the RSI or both)...

But that is me and my interpretation of 10.4...

TD is right. Unfortunately we cannot win them all. I should have gone with my gut last night and laid low. After having such a good day with the JPY that is usually a sign to take a step back and let things settle out. Bob seems to be very good at reading both the technical s and the fundamentals. I think most of us are very good at the technical s but not the fundamentals and that is where we get burned. I have complete faith that there will be some excellent trading in the weeks to come with the JPY, as for the others looks like we need to let them decide which way they want to go for now. I did take a few stop outs today but I know we can get it back if we stick to the plan. I think there is no replacement for experience and that is what I still lack, especially when it comes to fundamentals.

Unless theses moves retrace back close to orginal positions, everything is screwed. We have AUD down GPB, EURO up and JPY flying and ........................... I dont even think I will touch the keyboard Monday. USD went up a 100 pips against the CAD and down 100 pips against the CHF. You figure that one out. Man what a mix. CSS will be useless or a couple of days. Indis are all out of whack. Oh boy.

[nanningbob]

Dang aud, gbp and euro where in the world. UP DOWN What a day. You want excitement, you got it.

19 wins 13 losers for the day. +120 Im done. See ya.

Bob,
Can you help us rookies understand what your method was for pulling out on the positive side today? You have had a phenomenal week.

I was up 2% after the JPY session and gave most of it back at NFP. You dont want to learn how to do that. There was no brains to this week if you knew about JPY. That was my week. Over 5000 pips banked, sitting on 1% DD. I mean I probably will never experience a week like that again.

GBP free fall early. gbp/aud down 200 then up 380. Anyone predict that one??

[nanningbob]

I just checked FF trades.

67% are trying to short gbp.jpy

65% are trying to short usd/jpy

Do you like your trader, baked, fried, or steamed?