10.4 A Complete System

[SteveHopwood]

I am new to this thread and NB's 10. trading systems. I do include another Indicator that I have grown to trust and have used for some time now and that is the "Traders Dynamic Index" (TDI). It was giving a very strong short signal, last Friday, on the USDJPY and all the other YEN pairs also, as the Yellow line (RSI 2) had moved up into the over bought area. Four bars after the initial signal the yellow line started to turn down which is something that I look for with this indi. Both TDI and the STO were showing negative divergence also. This was a lot of contradicting evidense to the over all long bias and so I just sat on my hands.

Sitting on your hands when unsure whether to enter a trade or not is a really, really good idea. It is the only intelligent offering you made here.

From there on, your post is rubbish and shows you up to be a bit of an idiot. Have you not listened to a single word I have been telling all my forum members for weeks? How thick do you propose to carry on being until you finally blow your account and learn a few hard lessons. Or, in your case, is that learn a few hard lessons again?

How to proceed from here:

• Drop the crap custom indi's. All they do is wrap up moving averages into a form that creates a pretty picture on your chart and deludes the stupid into thinking it tells them something new. How stupid are you and how far are you prepared to go to prove it? Carrying on using the CCI will prove it to the rest of us; all that is left is the time scale.
• read this thread properly, as I have advised people to do umpteen times.
• read CJ's thread properly, as I have advised people to do umpteen times. Or are we already on CJ's thread and I am advising backwards? This happens occasionally as my OFTEN REPEATED advice is interchangeable.
• grow up.

I would say, "Sorry if this sounds a tad harsh" except that I am not sorry. Only an idiot ignores the priceless advice on offer here and you sound like exactly that sort of idiot. Good luck feller - you need it but will not get it in the harsh environment of the Forex market. I really do hope you are trading with funds you can afford to lose, because you will lose them if you continue on your chosen course of lunatic trading.

[nanningbob]

Or, just ditch the historical painting indicators and read what the price action is telling you. Look for levels of support or resistance that price is driven to and to big round numbers (1.3500 etc). Price action tells you all you need to know. The more indys you pack on your chart the greater the confusion and conflicting signals.

I try to keep my systems simple basic and easy to understand. Most professional traders will trade 1 or 2 indis and try to understand fundamentals. The 240 line tries to show you the fundamental of a move at the present time. This way you can be on the right side of a trade. S/R lines gives you places to enter and exit and RSI 2 gives you better odds at finding re-entrances back into a trend. Those are the basics every trader needs to know.

Remember these rules and you can have a successful trading career.
1. What goes up must come down
2. Trade in a way that allows you to trade again tomorrow no matter what the market does.
3. Learn to take your losses and move on.

I open myself up and show you my day by day trading. You need to know that even good traders have bad days, weeks, even months. You all got to see my really bad day Monday. I took losses, a hit on my account, etc. but the trend held. I can still trade and I am back in the saddle again.

Yesterday I did not sit on my hands. I didnt blame my broker, my favorite conspiracy, etc. I tried to find out what in the world? As much as I did not want to believe it but for two days people bought the JPY and sold their gold. Why? I dont know and I dont care. I do know this. Yesterday I was 30-0 and banked almost 1100 pip trading JPY pairs. I cleaned up half of my mess from Friday and Monday. The difference was I did the following on Monday:

I took some losses and kept my account safe.
I waited for price to settle so I could trade again.
When I saw those 4H pin bars and it had hit a previous R line, I played the bounce and was rewarded.

You cannot trade in fear, you cannot trade and not take losses, and trading is a grind with ups and downs. 10.4 you try to have 1 maybe 2 levels that may turn into losses but multiple levels when you have winners. The last two days my JPY trades have looked like this

cad/jpy 6 wins 4 losers
chf/jpy 7 wins 3 losers
eur/jpy 6 wins 2 losers
gbp/jpy 6 wins 5 losers
usd/jpy 5 wins 0 losers
nzd/jpy 6 wins 3 losers
aud/jpy 4 wins 4 losers.

I am recovering from a bad Monday. I took my licks but I will clear out those losses this week. My 10.4 reads show me that the fundamental direction of the JPY did not change and I am back to selling the heck out of it again. Use small enough lots to trade without fear. Multiply your winners to make money. That is how it works. Keep your losing trades to 1 at most 2 levels. Close or reduce losing trades before your account gets into danger.

[SteveHopwood]

Interesting Bloomie article from Caroline Baum regarding BOJ getting "told" by the US Fed to back off devaluing the YEN!


Gosh - any wonder the US can soon count its friends on the fingers of one hand - they are using the other to show 2 fingers to the rest of the world!

America has no friends i think we are one of the most hated country's on the planet

Actually living and working in China and teaching at a Medical University for 6 years, there are students here from all over SE Asia, I have learned that most people like America and respect it. We are under a microscope and are being watched all the time. One of the biggest shocks I got was no matter what country I was in, at news time, there were always stories of America and they did this and they did that, etc. etc. We affect the world in ways we never dreamed of. But the vast majority respect our ideas of freedom, liberty, personal choice, and rights of the individual. They dont see the world the same way we do but they do have many of the same desires, wants, and needs.

The other thing I learned is we make mistakes and because we are a powerful country, when we make one it is huge and affects people all over the world. I have learned to say I am sorry, we made a mistake. It really helps to do that once in a while. But it also true when we do something good it helps people in ways we dont comprehend or understand. I have learned to respect people of other traditions, thoughts and ideas. We are liked and admired, hated and despised, it goes with the territory of being the most powerful country in the world at this time in history. Just like past countries and powers our time will come to an end. Wonder what the history books will say about us in 500 years?

Bob, I am 61 and belong to the first generation of people in the UK that did not have to serve National Service - forced conscription into into the Military services. I am not sure how I would have survived the experience - being a pianist and killing people are not natural bedfellow career choices.

From where I look, the US has maintained a semblance of world peace throughout my lifetime. Thins were a bit scary occasionally, but basically Uncle Sam stopped my world disintegrating.

The US government gets a lot wrong. Heck, all governments get a lot wrong. Having said that, modern democratic govs like those in the US, UK, Germany, France etc have these things in common: they do not routinely imprison, torture and kill the citizens for opposing the government of the day - or for any other reason; they do not go to war to conquer and enslave other nations in order to build empires. The past is a different country and I am not concerned with that.

I am deeply grateful to the US for my lifestyle. Anybody else seriously think life would have been better under this little lot (and their successors) had their countries acquired the power the US did: Hitler; Stalin; Chairman Mao?

Sorry. I will go back into my forum-running box now. Just guys, when someone is upset by something I have done and accuses me of being a mini-Hitler/Stalin/Mao remember what the real version would have done to you.

[Chris]

Interesting Bloomie article from Caroline Baum regarding BOJ getting "told" by the US Fed to back off devaluing the YEN!


Gosh - any wonder the US can soon count its friends on the fingers of one hand - they are using the other to show 2 fingers to the rest of the world!

America has no friends i think we are one of the most hated country's on the planet

Actually living and working in China and teaching at a Medical University for 6 years, there are students here from all over SE Asia, I have learned that most people like America and respect it. We are under a microscope and are being watched all the time. One of the biggest shocks I got was no matter what country I was in, at news time, there were always stories of America and they did this and they did that, etc. etc. We affect the world in ways we never dreamed of. But the vast majority respect our ideas of freedom, liberty, personal choice, and rights of the individual. They dont see the world the same way we do but they do have many of the same desires, wants, and needs.

The other thing I learned is we make mistakes and because we are a powerful country, when we make one it is huge and affects people all over the world. I have learned to say I am sorry, we made a mistake. It really helps to do that once in a while. But it also true when we do something good it helps people in ways we dont comprehend or understand. I have learned to respect people of other traditions, thoughts and ideas. We are liked and admired, hated and despised, it goes with the territory of being the most powerful country in the world at this time in history. Just like past countries and powers our time will come to an end. Wonder what the history books will say about us in 500 years?

I love my country, but lately I have not been happy with the things we are doing. Our freedoms are under attack and we are 16+ trillion in debt, what an example to set for the rest of the world. But that is good to here that some still respect us. My goal is still to become a good trader so I could move anywhere in the world and still be able to make a living. All you need is a computer, internet and a winning strategy. I know wishful thinking, but we all gotta dream a little.

Edit: Okay back to trading, you guys are all great!

[spillini]

AUD/CAD & AUD/USD possible setup to the downside coming soon.

Jim

[SteveHopwood]

AUD/CAD & AUD/USD possible setup to the downside coming soon.

Jim

Just watch out for them being so close to the 240. If you set your sl at the 240, it will be really tight and most likely get taken out.

[nanningbob]

Interesting Bloomie article from Caroline Baum regarding BOJ getting "told" by the US Fed to back off devaluing the YEN!


Gosh - any wonder the US can soon count its friends on the fingers of one hand - they are using the other to show 2 fingers to the rest of the world!

America has no friends i think we are one of the most hated country's on the planet

Actually living and working in China and teaching at a Medical University for 6 years, there are students here from all over SE Asia, I have learned that most people like America and respect it. We are under a microscope and are being watched all the time. One of the biggest shocks I got was no matter what country I was in, at news time, there were always stories of America and they did this and they did that, etc. etc. We affect the world in ways we never dreamed of. But the vast majority respect our ideas of freedom, liberty, personal choice, and rights of the individual. They dont see the world the same way we do but they do have many of the same desires, wants, and needs.

The other thing I learned is we make mistakes and because we are a powerful country, when we make one it is huge and affects people all over the world. I have learned to say I am sorry, we made a mistake. It really helps to do that once in a while. But it also true when we do something good it helps people in ways we dont comprehend or understand. I have learned to respect people of other traditions, thoughts and ideas. We are liked and admired, hated and despised, it goes with the territory of being the most powerful country in the world at this time in history. Just like past countries and powers our time will come to an end. Wonder what the history books will say about us in 500 years?

I love my country, but lately I have not been happy with the things we are doing. Our freedoms are under attack and we are 16+ trillion in debt, what an example to set for the rest of the world. But that is good to here that some still respect us. My goal is still to become a good trader so I could move anywhere in the world and still be able to make a living. All you need is a computer, internet and a winning strategy. I know wishful thinking, but we all gotta dream a little.

Edit: Okay back to trading, you guys are all great!

Well, I want to go home. I have loved my experiences here in China and the people here have treated us well. But I miss the USA and things I enjoy, like quiet walk in the park. There are so many people here there is no place you can go without running into people. I have a Chinese friend who married an American but she wrote on facebook the other day how she wish she could go back home. It isnt that she doesnt like the USA it is she misses home. My wife and I plan on one more year, we had to give parents a chance to find other options to teach their children, and then it will be time to settle back in. The Chinese have taught me a lot about other cultures and life. They have been very good to me and my family and are great hosts. I would recommend that everyone lives in a totally different country and culture for a while. It would be a real eye opener to many. Anyway back to trading. Good luck.

[spillini]

Understood, I give them a little more room when they are close to the 240.

AUD/CAD & AUD/USD possible setup to the downside coming soon.

Jim

Just watch out for them being so close to the 240. If you set your sl at the 240, it will be really tight and most likely get taken out.

[slipshod]

Finally just caught up on this forum (phew what a read!). Just wanted to say thankyou to Bob & everyone else who posts here, so much wisdom shared freely on a daily basis. Long may it continue

[Ingot54]

I am new to this thread and NB's 10. trading systems. I do include another Indicator that I have grown to trust and have used for some time now ...

Bruce - you posted a strategy based on TDI. This thread is not for "supportive" indicators. The Internet is littered with threads on TDI already.

The rope Stochastic was posted after Bob wanted to take a quick look at it. Even then it has no place in this strategy, unless Bob adds it. If you must use it - use it correctly. Change the stochastic 5.3.3 to a strong contrasting colour (like red) thus retaining the Sto5 of 10.4.

Read Spud's Stochastic Thread Theory (Google). I would say while it may be useful to some, it really does not change the success outcome at all for 10.4 so best scrapped. By all means use what you want - others do - but stick to the strategy as is, when in discussion.

Why not spend energy mastering what we already have? I don't mean to add to the spray, but this is not FF. This strategy has evolved over time to be what it is, and is rock-solid.

Read from post #1 and you will "get it." I am looking forward to your contributions - you seem to care enough to share ... and sharing is learning.