10.4 A Complete System

[Anonymous]

Just as well many of us cleared the decks before the massive collapse of yen pairs !

I was lucky enough when it happens, and managed to catch 100 pips as USDJPY falls. I don't normally trade near London close.

[zentauro67]

Total crash. Insane.


http://www.forexlive.com/blog/2013/06/0 ... hed-today/

[sponn]

Heh the strange thing is that we have got a great system - 10.4. The main rule is to buy above 240 and sell below 240... why anybody was selling yen (opening buys on yen pairs) when all yen pairs were below 240 line ??? Feeling, fundamentals, etc ?

Just want to say this: If we only stick to THE RULES we will have got a great day today.

So stick to the rules ALWAYS !

[peranders]

It is like Peter Bain said why this violent reactions?
I mean US has what 100+ million people in ages supposed to work. What does 347 000 means in the context of that? Definately not this extreme reaction especially beforehand.

I'm riding the rebound, closed all my USD trades pretty much at top and took out some loosers too, all in all BE USD.

If this was before NFP I don't want to be on the wrong end tomorrow, much better to ride the rebound.

[MurphyMan]

I'm riding the rebound, closed all my USD trades pretty much at top and took out some loosers too, all in all BE USD.

If this was before NFP I don't want to be on the wrong end tomorrow, much better to ride the rebound.

And what an excellent rebound! Just glad I happened to be at my confuser and saw the move.

[peranders]

I'm riding the rebound, closed all my USD trades pretty much at top and took out some loosers too, all in all BE USD.

If this was before NFP I don't want to be on the wrong end tomorrow, much better to ride the rebound.

And what an excellent rebound! Just glad I happened to be at my confuser and saw the move.

Wonder if it will be x times this tomorrow or if they took the "edge" off today.

[TraderDesk]

Heh the strange thing is that we have got a great system - 10.4. The main rule is to buy above 240 and sell below 240... why anybody was selling yen (opening buys on yen pairs) when all yen pairs were below 240 line ??? Feeling, fundamentals, etc ?

Just want to say this: If we only stick to THE RULES we will have got a great day today.

So stick to the rules ALWAYS !

Sell below 240 and buy above 240 is a good guideline that helps me stay with the trend but this is not a rule only a strong guideline. When a currency pair is ranging on the 4 hour chart I like to look at the longer time frame for bias.

Today even though GBP/JPY in the evening went down I still managed to close buy positions that made me +173.

Looking at the 10.4 setup CSS this evening JPY is trending strongly so if RSI tops out and price is below 240ma and STO is topped out I will open a bear position. Why? Because even though BOJ is committed to weakening the Yen I must follow price action, and price action at the moment is bearish for GBP/JPY.

I am looking at the Yen picture and the dynamics that we had the last few months looks to be changing. Does that mean the monthly Yen strong/weak cycle has broken? Don't know until a new pattern starts to emerge. We might see a more gradual cycle vs the sharp beginning of the month and middle of the month reversal.

For me trading is very visual and I do not open trades via rules only. Where I am stringent with rules is my risk management strategy. There I have inherent rules embedded so I don't overexpose my capital...

[zentauro67]

Today had the biggest rally for the Yen since 2011. And I was in the wrong side...

I was 300% profit in my account and all went away in a blink. I need to rethink my MM.

Back to 240 SL from now, no exceptions.

[nanningbob]

Now you know why I advocate small lots and low leverage. Never saw this one coming, have no clue and sitting on my hands. Everything is outside my comfort zone so not in that many trades. Dont know what to tell you guys, this isnt being driven by any Fundamental I know. Indicators, I dont trade much outside the S1/R1 unless I know what is driving price. I dont know. So I have sat on my hands.

[peranders]

Now you know why I advocate small lots and low leverage. Never saw this one coming, have no clue and sitting on my hands. Everything is outside my comfort zone so not in that many trades. Dont know what to tell you guys, this isnt being driven by any Fundamental I know. Indicators, I dont trade much outside the S1/R1 unless I know what is driving price. I dont know. So I have sat on my hands.

G8 meetings next week, Japan scared of critics telling them they can't do so much QE?