10.4 A Complete System

[SteveHopwood]

I am all closed out for the weekend. I was going to sit out today with the markets going quiet before NFP, but after NFP I saw there had been a bit of a retrace, so I took out buys on all the JPY pairs.

I closed them at +590. That makes 1,100 pips in two days and 1,420 this week, and the account up about 25%. I have gone whole years without making that many.

Thanks for the heads-up about all this. I would have missed it without you - didn't understand a word of th BOJ document.

Hope you can do another PB next week. Have a great weekend.

[tommiho]

hope you all had fun. i did. GBPJPY reacted as expected. i saw it plunge 80 in front of my eyes and smiled as it hit all my limit orders. and reversed out of there n up.
flat for the weekend. and submitted some withdrawals because one account went up by 6 times.another by 3(depending on leverage on the account)
(yea i do cut things close. more than just the money but the speculation bit intrigues me)

10.4 pivots do all the heavy lifting for me. i know if i'm on and in it the trade is a much higher probabiltiy one.(until you run out of pivots which is rare.)

never jump on the crowded trade. never.

Honestly the limit orders have never worked for me, it was always too low or too high and price avoided them nicely.How do you set them up? I can imagine where would you set them, previous pull backs or resistances but price doesn`t always have to retrace back to your direction. Well in this instance is different as we all know but in a real life, I mean 200 billions ???
Crowded trade you mean already running?
thanks

[fx800]

Any explanation for the movements of EURO and AUSSIE today which resulted in three SL being hit ?

[tommiho]

Bob was meaning to ask you for sometime about daily pivots usage when entering on 4h setup. I am very much tempted to put one extra pending between levels. I am just finding the space between levels too wide to not fill there another order. I know you mentioned using daily pivots and saw you trades with those extra pendings.Would you do that on any pair or you have favorite ones where the gap is bigger than on the other pairs? Or do you set the daily between weekly pivots all the time now?
Do not know whether this would be too aggressive and not in tune with the system.
I was thinking maybe to go only one level as an alternative on lazy pairs but with another pending in between so to take advantage of compounding.
EDIT: And just to add are you still moving your stop loss with each new entry as per i-breakeven indi?
Thank you and have nice weekend.

[tommiho]

Any explanation for the movements of EURO and AUSSIE today which resulted in three SL being hit ?

Well I`d say NFP.

[Chris]

Yes I can't wait for the next 10.4 setup in the JPY's, I think it will be great. As for now I am flat for the weekend.

The problem maybe there will be no setups. For now this thing is going down. Do you know anyone, other than the traders at FF. who would buy the JPY right now? We wont get a setup until someone feels comfortable in buying that thing.

Nothing goes straight up or straight down. there will at minimum be profit taking that will cause retracements. If I remember right these two spikes were suppose to be Gov intervention as well and they did not pan out.

Here is the news on Aug 2011
http://money.cnn.com/2011/08/04/markets ... /index.htm

The markets are very emotional and will move to what ever the news of the day is and that would be enough to buy into the bigger long term trend.

[fx800]

I was waiting for enough retrace to trade 10.4 for yen pairs today but it never happened.

However, NB 10.5 would have done pretty well today.

[fx800]

Any explanation for the movements of EURO and AUSSIE today which resulted in three SL being hit ?

Well I`d say NFP.

But why ?

We know it is not caused by strength or weakness of the USD because EURUSD and AUDUSD moved in opposite directions.

[Gertje]

Sooner or later some of you will get this.

Hi Bob, I got it.

Jumped on thr yen late yesterdaymorning, but waited to TP until this afternoon. Closed over 4000 pips today, some trades still running. Feels great to bank this kind of numbers.....

[mrelectron]

<snip>
But why ?
</snip>

The snippet below is copied is CJ's view.

<snip>
BINGO! So is "news" really news or is just "news" to us..... They use "news" to cover their tracks....
</snip>

if you are not already reading CJ's, forum, then reading it will give you a better idea of who "They" are.