10.4 A Complete System

[nanningbob]

hello.
like a fool, I got in a storm on my live account.
I'm up on jpy pairs with a stop loss very low.
several very small lots EVERY jpy pairs but still a DD of 19%.
I want a rebound rsi to go out with less waste.
which is in my case, and asks the same question, or wait out an improvement?
I find the system 10.4 enfraint great but I thought the rules a boj intervention.
About did

AND because you traded small lots you live to trade another day. You got it and dont change. JPY fundamentals havent changed, but the rally in the jpy DT got bigger.

JPY notes for this week. BOJ decided to stay out of the fray this week. Probably a smart move on their part but I do expect them to continue with the program. What changes however is you probably are not going to see new highs this month but maybe but probably not get to last months highs. This will cause them to re-evaluate what they will do this summer. They maybe happy to have it just range and maybe do bigger pushes this fall. The one thing you can bet on is they dont want to lose what they have gained the last 6 months. I suspect they will want price action to at least range for the summer. If pressure comes and they lose their gains they will have to do what SNB did in 2011. Every time someone tries to buy your currency you smash them back into their SL until the quit buying your currency and leave you alone. I will sell CHF but I almost never try to buy it anymore. Of course King Benny, Dragon Head, Emporor K, and company will have their say at some point.

[zentauro67]

This is a template that perhaps could be of some interest to those scalping 1H TF.

It has taken me some time to fix it to make it clean, just with the necessary information for intraday trading.

There are vertical lines (Vlines) showing the opening and closing of markets. The best guide to find volatility.

In the shift area, you can find round numbers lines (100 and 50 levels) and two thick white lines showing a 15 periods ADR.

In the area of the current session, Daily pivots with midlevels.

Also, in the left area, headlines of coming News and other informations.

template scalping.jpg

Scalping template.rar

[johnnylpt]

Hey, I wondered if anyone has any good sources/links for developing a positive trading pyschology?

Yeah, winning and making money gives you a positive trading Psychology. Losing money gives you a lousy trading psychology. I traded small lots until I got it. Now I am pretty sure of myself but small lots prevents you from losing lots of money so you dont feel so bad.

Totally agree~ Losing money gives you a lousy trading psychology.

[nanningbob]

Does any one have the indi that draws line every 100 pips at the 00 line. I have seen people with these but I have never had one. I guess I need a new toy to play with.

This is the one I use:-

SweetSpotsGOLD.mq4

EDIT: Please note that for 5-digit brokers you need to add an extra '0' to 'SweetSpotMainLevels' and 'subLevels' in the parameters.

Page 541 is the indie. Can anyone take the Sweet spot indie and add a bar limit so it can be set to 100 bars or any other number. I want to reduce the amount of RAM it uses. Once we have that I can post on page 1 my latest simplied indi. which is what some of us have been using. I will then teach my trading style which goes from line to line or use two lines and trade. Trade from the pivot or behind it and go with the trend to WS1 or WR1. Get your trade signal from 4H chart and go line to line until price action stops. I like the 50, 100 lines trading from 00 endings better than the daily S/R lines. Other than that the system doesnt ever change.

A. Go to CSS info page and find which currencies seem to be the best ones to trade today like:
B. top two are buys, bottom two are sells
C. 4H CSS isnt fighting the Daily CSS or they have some pairs angling in opposite directions

Then go to your charts and confirm the trades

1. above 240 line buy below 240 line sell
2. wait for RSI 2 to pin on bottom for buys and pin on top for sells
3. Check with CSS so you dont enter too early
4. Go to your lines and enter pending trades.

The lines can be weekly pivot, daily pivot, daily S/R 1,2,3 with TP goal of WS1 or WR1. Understand going outside WS1 and WR1 can be tricky but you can do it if you know what is driving the market. If you dont it can be very dangerous out there like we saw Thursday move down and Friday move back up. I caught the Friday move back up so I am feeling better about myself now.

Just a summary so we dont get confused by all the chatter here.

[f451]

Bob,

SweetSpotsGOLD doesn't have a bar look back. it uses a timer to avoid re-drawing the lines too often. Should already be low RAM usage.

However, use this version - I have modified it to correctly identify pips and digits regardless or pair (e.g. JPY pairs) or broker digits. The older version was badly broken on some charts.

cheers
f451

SweetSpotsGOLD.mq4

[nanningbob]

Bob,

SweetSpotsGOLD doesn't have a bar look back. it uses a timer to avoid re-drawing the lines too often. Should already be low RAM usage.

However, use this version - I have modified it to correctly identify pips and digits regardless or pair (e.g. JPY pairs) or broker digits. The older version was badly broken on some charts.

cheers
f451

SweetSpotsGOLD.mq4

??????????????????????? OK on the bar back but a timer. 1.2300 should always be the same line unless it has to move if the screen moves? Do I understand that correctly?

[MrLong]

I see some of you didnt comprehend what I tried to say yesterday. Let me see if I can explain it again. First thank you for all the notes of encouragement thinking I was depressed or something. That was not my point I was trying to make. The move on Thursday had nothing to do with indicators, fundamentals, price action or anything else you use. It is nothing that can be put on a chart, an indie, an EA, a system, price action or a fundamental.

Some banker went blah blah blah and moved the market. 10.4 backers went you see you have to follow the system. Those following JPY expectations took a hit even though the fundamental move will continue in the future. Price action guys were thumping their chests even though their precious little double bottom W pattern on the 4H chart didnt hold. I already know they will go to a lower end chart and say if you had just seen the 15M chart or the 30M chart you would have seen the pattern that showed the move. Silly. If Dragon Head had said the opposite. The 'I follow price action crowd' would have been jumping up and down and said see your 4H chart, double bottom with the big W you should have just followed price action. The minute someone jumps from TF to TF to find the right pattern to prove his system you know they are full of it. You can always find a pattern that matches what you want to say on some TF somewhere. I tried that game got tired of following the wrong TF every day. That is what the 240 line is for keep you on the right track long term.

Anyway lets say Dragon Head had said the opposite and the markets moved up instead of down. 10.4 didnt work? Fundamentals did!! Of course the same price action guys would have shown up and said see the 4H double bottom W did work. I only trade price action. Of course you can say that no matter which direction price goes, you just have to be on the right TF to follow it and find the right pattern.

This is the point, it didnt matter what you followed, Dragon Head spoke and the market reacted. Afterwards you can find price action on the 15 or 30 or 1H that matched. You can scream and yell and say Fundamentals had their day. Oh well 10.4 sucked today. At any moment at any time the market can go outside any system or pattern. It is also why 24/7 EAs dont work long term. Of course any experienced trader understands this so we dont get too excited when these things happen outside the system.

What is happening in the world of Forex and more generally around the world is the power to move markets and economy has moved out of the hands of elected officials, business transactions (the heartbeat of Forex), and trading. (USA citizens Obama nor the Rebublicans are running the economy, they are in a stalement on unmovable positions. Thank God for King Benny who looks out for us wee folk.) I have to look at my calendar every day and wonder what some stuffed shirt banker is going to say or not say. (JPY moves didnt happen the first week because King K of BOJ didnt say enough). When these guys speak stocks go up, stocks go down, Forex jumps to their tune. Cad was having good news all week and the markets reacted the opposite because of what some dingy guy in Europe said something in a speech.

This is what I have to say, "Quit patting yourself on the back because you were lucky your system or viewpoint worked this time. You may not be so lucky next time. The markets are no longer following what business, economies, Etc. are doing, they are jumping at the very words of Dragon Head, Benny Boy, SNB, and soon to enter the fray the new boy from England who came over from Canada." News, fundamentals, market forces of the past may become passe as these guys dominate the stage. ????

I have to say, "Quit patting yourself on the back because you were lucky your system or viewpoint worked this time. You may not be so lucky next time.

I can't see where a trader is being lucky because he trades his system to the book, had the system been traded as per your manual, the trader would have been stopped out at 2% max loss on a trade, had he not been trading the same trades, xxxjpy or audxxxx several times.

Your system that you have skilfully crafted together did not fail, it worked very well, people who got took out, were not trading your system, they were massively over exposed with gut feeling.

Andy

[forextra]

Your system that you have skilfully crafted together did not fail, it worked very well, people who got took out, were not trading your system, they were massively over exposed with gut feeling.

Andy

Absolutely spot on Andy.
Sure we may not get some of those massive moves but we sure as heck won't get taken out by them either. And we will be there to trade another day - something I wasn't able to do a few years back!
Allan

[pips400]

In my limited experience trading is about having the ability to trade with an edge over the long term. This calls for nerves of steel especially in high DD scenarios or a run of losses, but you play the odds over many many trades with tight MM and trade the plan. Tight MM keeps us in the game long enough to get the long term profitability. The edge with 104 is great and I am using it myself (and based on classic price action, buy the dips, sell the rallies), but there are other edges, many in fact, lots of different ways to trade in forex all with an edge. It seems to this noob, that even more important than the edge is the personal discipline and mentality to put that edge to work and succeed. I am trying to keep forex purely mechanical/business and not personal, not to feel the pressure to trade or not to trade, but simply follow rules which were carefully thought through well in advance, this calls for a cool head and discipline, without these it doesn't matter what edge you trade you won't succeed in the long term. I was talking to someone a few months ago about my trading journey to date and told them, I realise that in the final analysis the weak chain in the link is me. If I'm losing then before I throw out the strategy and look for the next, I need to recognise am I the problem here? There's no room for pride or being defensive but I have to be brutally honest with myself all the time, otherwise I know that I can deceive myself or blame the strategy, this is not the case. That's why I'm placing more emphasis on the ability to trade the edge rather than the edge itself.

[fahedksa]

Review my trades these week:
Continuous profit weeks ,3 weeks at row .These week +450 pips
So now I can say I solved my bad entries and habit to enter at wrong side .
I have to figure out when close the trade because most of my trades gain more pips after i close it .If I keep some trades running these week profit at least +950 pips .
My exit strategy now 10 pips before WSR1