10.4 A Complete System

[grasshopper]

OK first graders. American money. 1 penny is 1 cent. Now if you put five of them together you have 5 cents. So if I say I trade 5 pennies per 1000 dollars of account it has nothing to do with lots. Because with some brokers. .05 means five pennies and to others it means fifty cents per pip of movement. All the other stuff means nothing.

So lets say you have 10,000 dollars in your account and you trade five cents per thousand, that means you would play 50 cents on a trade. Got it. Ok now we will have our test Saturday on five pennies per thousand next week Monday. Study hard, I know it is difficult.

Hey Steve does this make your hall of fame??

Really the hall of fame...or shame.

Thank you for the explanation.

I understand, a nickle a pip what ever lot size it is.

[rosst]

Some questions:
In this period, price still manages to cross WP and hits WR1. You mentioned that at WR1 it's a good point for counter trend shorts. How do you know this, since at that point price is between WP and WR1 and it's supposed to be in "long" trade.

I am sorry if this is not related to 10.x. Please feel free to delete my post here.

Thanks

Exactly why it's "counter trend". Price is above 240. Hits resistance at WR1, price prints an M (double top), showing that resistance level is being respected. Additionally in the previous week, price broke the weekly pivot instead of respecting it, showing we might be transitioning to a trading range or starting a reversal to a down trend. Good candidate for a counter trend short, even though price is still above the 240. The previous couple of weeks provide the context.

I like the usdchf discussion! Some more observations:
MN trend is down!
W1 trend is sideways
D1 looks to me like an uptrend but price has come down to test what was previous R (March) now turned S?
H4 could be retesting 240 like it did back about May 9
I feel like I am in a round room & have been told to go pee in the corner....

[peranders]

You got it right, Bob. I'm an engineer at heart. Electrical Engineering & software. Gotta understand how something works, at least a little bit, and I tend to pick it apart to see what it's doing.

I can drive a car without knowing all the details of how it works. But I've never had any luck "just getting in and driving" in the trading world. It's like I'm crawling into the cockpit of the Shuttle, and I have no idea which of those buttons mean "go faster," "go slower," and "blow up" !!



So I ask lots of questions.

10.4 is a damn fine blueprint, and I'm hoping I can finally use it to master all those buttons and knobs. Thanks for your generosity and sharing, and for your patience with my questions.

I'm in electriacl engineering too. I program robots and PLCs (Siemens) and make electrical drawings for the control cabinets.

[kwanann]

Some questions:
In this period, price still manages to cross WP and hits WR1. You mentioned that at WR1 it's a good point for counter trend shorts. How do you know this, since at that point price is between WP and WR1 and it's supposed to be in "long" trade.

I am sorry if this is not related to 10.x. Please feel free to delete my post here.

Thanks

Ok, first off, you will need to read CJ's thread to figure what we are talking about. It just so happens that WR1 is the point to do CT trade for this pair for this period (due to the pinbars). Neither of us is saying WR1 *IS* the point where you CT.

Neither are we recommending that you start playing with CT, you can easily get your hands burnt.

The best part of 10.5 is, it stops you from entering a bad trade. While we are doing CT trades, you wont have entered any buy positions, thereby limiting your losses.

Even now at the 240line, CSS is RED so you are not supposed to enter any buy trades.

Here's an example of a 10.x as well as CJ type PA trade that i did off CHFJPY yesterday

The valid 10.5 sell is the crossing of the 240 line TP as DP and DP and mid level with the TP at DS1.

Unfortunately the DP and mid level trade never made it to the TP LINE, it reversed so you would have killed it at the 240MA, which would have still put you overall in a BE trade for CHFJPY.

CJ type trades are the buy, the TP line happened to be where price seems to be pinned over the last few days (there are other signs as well, but lets keep it as pinned) thereby forming a "valid" support. So i entered buy positions there in anticipation of the reversal when it hits that support

CHFJPY.PNG

[kwanann]

I like the usdchf discussion! Some more observations:
MN trend is down!
W1 trend is sideways
D1 looks to me like an uptrend but price has come down to test what was previous R (March) now turned S?
H4 could be retesting 240 like it did back about May 9
I feel like I am in a round room & have been told to go pee in the corner....

Haha well you aint supposed to trade when its hugging the 240line anyway

Or else, you can

1. BUY
2. SELL

[kwanann]

DARN, while replying this, USDCHF has BEGUN!

[rosst]

DARN, while replying this, USDCHF has BEGUN!

Wow - I don't see any movement to speak of! Still in a 25 pip Asian channel...
Another possible W could be forming on the H1 chart if you scrunch up your chart (technical term) look back to May 14

[kwanann]

LOL i never said begun as in major movement, look at the M15, i might tell the story later once i close, for now, its all hands on deck while i prepare to load up my positions

time to play tag the foxie

[rosst]

So you may see that overall eur is stronger than overall gbp but you still need the individual comparison of each against each other on one chart to get the best entrance point.

That makes perfect sense. I just don't understand why you'd want DIFFERENT indications on the two pages. If EUR is stronger than GBP on the Info page, but EUR is weaker than GBP on the EURGBP chart, which one do you believe?

The Info page shows an at-a-glance status for all 8 currencies. The individual pair chart shows the status for 2 currencies, alongside the pair. That's very useful, but I would think the data would be the same on both charts. If they're different on purpose, then how do you interpret them when they're different? What are the different values supposed to tell me?

Simple Gary, You believe the Info Page. The CSS on the chart fine tunes your ENTRY.... ENTRY PENDINGS When you go to the pair in your example on H4 chart you wait until the lines cross back again in the direction of the INFO Page or you are on a Gold bar.... it is a PinPoint tool. When in the chart are opposite is telling you that YOU ARE IN A PULLBACK....GET READY TO LOAD!

I did 1051 pips today, 2996 pips yesterday and 9573 pips for the month so far because I believe the way I just explain to you.

By been too analytical.... you are missing the boat, the fun and the load trying to figure how the engines of the Carnival Cruisse works instead of enjoying the ride.

Pipstubborn - I am trying to get my mind around what you said here -- you say "you believe the Info page" - does this mean the D1 on the Info page? For example, on the usdchf the usd is above the chf on the D1 and on the H4 usd is on the bottom while the chf is on the top (same on CSS on the chart) - so you are looking for the pairs to change places on the H4? Thanks for the help...

[Staedtler]

For example, on the usdchf the usd is above the chf on the D1 and on the H4 usd is on the bottom while the chf is on the top (same on CSS on the chart) - so you are looking for the pairs to change places on the H4? Thanks for the help..

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i was told by nanningbob that this indicates a trend change