10.4 A Complete System

[Anonymous]

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

I do not buy any conspiracy theory. It would take hugh sums to move the market. It is at best just speculation. You can't prove or disprove it.

Having said that, CJ is a very experienced trader and there are many things you can learn from him about forex trading.

Hunting foxes is not my cup of tea, I am afraid.

Well, the best thing to do is not to dwell on the losing trades and over analyse. Just move on to the next one.

[lionsden]

The problem is that the Aud is getting dead as a door nail from a CSS perspective

Nice setup in AUDUSD for longs.

240LWMA in 4H matches 200SMA in Daily right to the pip, and is holding price. Tempted to send 1 pending before the weekend.

Cmeade2,

Hopefully that wont be a problem with 10.4 v5. It simply means we can range trade it with the proper affinity for direction. Or we simply choose a better pair. I like the swap rates on the right side of the AUD. Nothing like the good ole carry trade to give you dividends daily.

Have a great weekend.

[lionsden]

The problem is that the Aud is getting dead as a door nail from a CSS perspective

Nice setup in AUDUSD for longs.

240LWMA in 4H matches 200SMA in Daily right to the pip, and is holding price. Tempted to send 1 pending before the weekend.

Cmeade2,

Hopefully that wont be a problem with 10.4 v5. It simply means we can range trade it with the proper affinity for direction. Or we simply choose a better pair. I like the swap rates on the right side of the AUD. Nothing like the good ole carry trade to give you dividends daily.

Have a great weekend.

[SteveHopwood]

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.

In the kind of market the yen was today and yesterday, that was a retrace. It was the one I took and traded for my +590.

It was this sort of scenario that killed my account in 2008, when the yen was on its way up, but I did not know enough then to take advantage and protect myself. Massive moves in one direction followed by tiny reverses.

The Japanese government appear to want to devalue the yen. Don't expect long retracements for the time being.

[cmeade2]

Steve

Can you provide a few more details on what levels you were looking for the retrace to hit?

Thanks

cmeade2

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.

In the kind of market the yen was today and yesterday, that was a retrace. It was the one I took and traded for my +590.

It was this sort of scenario that killed my account in 2008, when the yen was on its way up, but I did not know enough then to take advantage and protect myself. Massive moves in one direction followed by tiny reverses.

The Japanese government appear to want to devalue the yen. Don't expect long retracements for the time being.

[SteveHopwood]

Steve

Can you provide a few more details on what levels you were looking for the retrace to hit?

Thanks

cmeade2

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.

In the kind of market the yen was today and yesterday, that was a retrace. It was the one I took and traded for my +590.

It was this sort of scenario that killed my account in 2008, when the yen was on its way up, but I did not know enough then to take advantage and protect myself. Massive moves in one direction followed by tiny reverses.

The Japanese government appear to want to devalue the yen. Don't expect long retracements for the time being.

I just wanted a retrace.

gbpjpyh4.giff.png

H4 chart. The vertical red line highlights the retrace candle.

What followed was a spinning thingy or doji or something, as I believe they are described, then a delayed rail road track. You can just about make out the arrow where I took the trade about half way up the following upward green candle if you load up the chart and zoom in.

I was looking for a rrt to enter after nfp. Under present circumstances, a delayed rrt will do me fine. A rrt, delayed or otherwise, on the H4 is a bit substantial so it was a bit of a no brainer.
My account was killed by the yen rise in 2008. The Swissy cost me a bomb without killing the account last year. This year, I am determined to make the most of the yen devaluation.

At the mo, it looks to me as though CJ's rrt's and pin bars will offer fantastic entry opps. Whether you buy into his Fox thingy or not - I do not care.

Mind, given my record then this time next week I will be posting about how I gave back all my gains from this week. We shall see.

[slowkey]

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.

If you study the concept of risk on trading and risk off trading you will understand why the NZD and AUD under performed. The CAD was hit by bad numbers. The USD was hit by bad numbers. NFP would put a chill on trading higher risk currencies. Money is a confidence game and when people are fearful money moves out of the NZD and AUD. Fridays tends to be risk off anyway so money will flow back towards the EUR GBP and USD depending on what is the stronger on Fridays but not always. There is no always in trading. The USD did not do to bad today in spite of the data. I look for the NZD and AUD to improve through the beginning of the week. We will know later in April if England is facing a 3rd Recession. So the GBP is over performing some what I would say. The EUR still has long term problems. The US economy is still the best performing economy in the world right now and it is doubtful that a recession is in the making. A lot of the blame is going to a decrease in military spending but it will take some time to sort through data to the answer. Even when we were at the worse of the recession in the US other countries were buying our treasuries at 0 interest rates because confidence is the name of the game. However we have this thing called congress that is a dysfunctional mess. At the end of the day the NZD and AUD were regaining some strength. It will be interesting to see how long the GBP can show strength. It gained on the USD today and so did the EUR but neither were the freight train moves we have seen in the past against the USD. A pop of just a 100 or so pips against the USD is not much to worry about especially after such a bad number.

[cmeade2]

Steve

Thanks! We all love your efforts to make this site. Obviously, we all hope you will be hugely successful.

Don't give back your gains!

cmeade2

[Staedtler]

Mind, given my record then this time next week I will be posting about how I gave back all my gains from this week. We shall see.

ROFL

good stuff

[SteveHopwood]

Steve

Thanks! We all love your efforts to make this site.

The more effort I put in, the greater the rewards. Having said that, most of the credit has to go to the mods. You would not believe how much crap they intercept long before it reaches our screens. Every time you look at the main board and see a member on line whose name is coloured that fetching green colour, you know this forum is being looked after.

And that is before they deal with FF-style bullies.

Obviously, we all hope you will be hugely successful.

Don't give back your gains!

cmeade2

I will try not to, thanks. Perhaps by not trading at all next week?