10.4 A Complete System

[cmeade2]

Bob

There is no doubt about it that this market has been totally annoying and frustrating. I attribute it to the fact that the CSS curves are all clustered around 0 on the H4 and D1.

That said, however, it has been very profitable to play the trend of the ECB press conference. Eu down Usd up etc.

cmeade2

I just decided to close all my trades for the day and take the 5% hit. I am going to spend the day with my family and not worry about Forex and what happens next. So instead of being up 6% for the month now I am down 4% for the month. I will come back next Monday and see if that was a sound decision or a dumb one.

[piet.forex]

Am I missing something?

Both EURUSD and GBPUSD are in a down trend and went further south with a bang.

My shorts were hitting TP big time.

I am 9% up for the month so far.

Were you long?

Piet

PS: If only USDJPY wants to go up!

[Gertje]

Am I missing something?

Both EURUSD and GBPUSD are in a down trend and went further south with a bang.

My shorts were hitting TP big time.

I am 9% up for the month so far.

Were you long?

Piet

PS: If only USDJPY wants to go up!

There are more crosses than those two.

I can imagine being long;
GBPNZD
GBPCAD
GBPJPY
GBPAUD
And short;
EURGBP

Going all into DD-territory.

[nanningbob]

Am I missing something?

Both EURUSD and GBPUSD are in a down trend and went further south with a bang.

My shorts were hitting TP big time.

I am 9% up for the month so far.

Were you long?

Piet

I was long on several gbp trades and short on some others so the sting wasnt as bad as it could have been. I was also long some euro and short others. The problem is my shorts hit their TP and didnt continue. I am not really upset but I let people know that I even have bad days. It is good for traders to know that I can take a hit. The important thing I try to teach that when you do take a hit, and we all do at some point, I dont wipe out my account or damage it. OK, it is a holiday, things are going crazy out there I can just bow out and wait until monday. MM whether you were right or wrong will make your trading career. There is no such thing as a fool proof system so when things go bad take the hit, walk away and come back and trade another day. To me this is the most important part of trading. It sometimes pains me to hear guys talk about getting their accounts cleaned out. Well guys, I had a bad trading day and this is how I handled it. You dont have to learn by wipiing your account out over and over again. Trade in a way that you can trade another day. I am down 4% for the month now but that is all I am down. Some guys made a ton of money off of these moves, I didnt, next time maybe I will. All I know is I can be back on the profit side this month in 3-5 days. NO such thing as a trader who always goes up up up. So sometimes I bare my trades publically so traders know this is how I handle a bad day or my bad trading decisions. If Carney had said something different I could be bragging about how I am up 12% for the month but he didnt so now I can brag I am only down 4% for the month. If you think news stories like this are indicator, candle pattern, or fox predictable you dont understand the volatility of Forex. At any moment, at any time, someone, somewhere can say something that can blow up in your face or make you a ton of money. Once you understand that factor of Forex and trade in a way that allows you to profit handsomely or forces you to take a hit you can become a successful trader. Over and over again no matter how good you are doing or how bad. Trade in a way that allows you to trade another day. i have just successfully shown you how I did that on a live trade today. I will enjoy the weekend with my sons, their wives, my grandchildren, my girls boyfriends, my one son who I have only seen 3 times in the last 10 years. I will not be moaning of how I got my account wiped about by Prince C. I took my hit, I go relax and then next week I will go get my money back. If I can drill that into every trader that reads my threads i know in the long run they can be successful as a trader.

[Gertje]

Take a look at the H1 CSS, speaking of explosive volatility in the markets.
.

[Pedigree]

Seems like the new chief of the British National Bank has started with a BIG BANG!

Impressive nosedive of the GBP.

Sterling immediately dropped a cent and a half against the dollar to $1.5141. It came as the Bank kept its quantitative easing (QE) unchanged and also held interest rates at 0.5%. The decisions were made at the first meeting of the Bank's Monetary Policy Committee since Mark Carney took over as governor from Sir Mervyn King.

Welcome to the world of Forex Prince C. I want to thank you for taking away 25% of my profit for the month and giving me a 5% DD to play with. funny thing is he decided not to change anything. Imagine what would have happened if he actually said something. The 4 rulers of the world are such a wonderful thing. Wait until China gets one of these guys. Anyone have a Prince C, DragonHead, Benny Boy, Emperor K indicator? Maybe Steve can conjure something up.

I'm at a total loss to see what Carney has to do with any of this. The Bank kept its quantitative easing unchanged and also held interest rates at 0.5% and yet Cable plummets 180 pips in a matter of seconds! A year ago, I would have shaken my head and thrown my arms in the air; not any more - thanks to Steve Mauro and CJ who let the cat out of the bag! I think the least we can do for ourselves is at least become a bit more objective in these matters.

Fortunately, the drop (of the EUR not GBP) played favourably for me; but if the reverse had been the case, it wouldn't at all have crossed my mind to finger Carney.

[nanningbob]

Seems like the new chief of the British National Bank has started with a BIG BANG!

Impressive nosedive of the GBP.

Sterling immediately dropped a cent and a half against the dollar to $1.5141. It came as the Bank kept its quantitative easing (QE) unchanged and also held interest rates at 0.5%. The decisions were made at the first meeting of the Bank's Monetary Policy Committee since Mark Carney took over as governor from Sir Mervyn King.

Welcome to the world of Forex Prince C. I want to thank you for taking away 25% of my profit for the month and giving me a 5% DD to play with. funny thing is he decided not to change anything. Imagine what would have happened if he actually said something. The 4 rulers of the world are such a wonderful thing. Wait until China gets one of these guys. Anyone have a Prince C, DragonHead, Benny Boy, Emperor K indicator? Maybe Steve can conjure something up.

I'm at a total loss to see what Carney has to do with any of this. The Bank kept its quantitative easing unchanged and also held interest rates at 0.5% and yet Cable plummets 180 pips in a matter of seconds! A year ago, I would have shaken my head and thrown my arms in the air; not any more - thanks to Steve Mauro and CJ who let the cat out of the bag! I think the least we can do for ourselves is at least become a bit more objective in these matters.

Fortunately, the drop (of the EUR not GBP) played favourably for me; but if the reverse had been the case, it wouldn't at all have crossed my mind to finger Carney.

I knew one of you Fox minions would show up. You clearly show your ignorance by not knowing that Carney spoke today and the market reacted. The whole problem is you guys show up afterwards and would say the same thing, even if the market had gone the other way. In case you didnt notice Carney spoke market moved. If he had said the opposite would you have said the Fox didnt work today. NO you would have gone to a different time frame and said see the Fox predicted this. It is nice to have a system where no matter which way the market moves you can find a Time Frame that fits the system. Some GBP crosses showed the market going one way, some showed it going the other way. The Fox had nothing to do with anything. Carney says one thing the market goes up and if he says another the market goes down. Candle patterns, spikes, etc. do not predict what a person is going to say. Ignoring this truth is simply ignorance.

[Gertje]

Seems like the new chief of the British National Bank has started with a BIG BANG!

Impressive nosedive of the GBP.

Sterling immediately dropped a cent and a half against the dollar to $1.5141. It came as the Bank kept its quantitative easing (QE) unchanged and also held interest rates at 0.5%. The decisions were made at the first meeting of the Bank's Monetary Policy Committee since Mark Carney took over as governor from Sir Mervyn King.

Welcome to the world of Forex Prince C. I want to thank you for taking away 25% of my profit for the month and giving me a 5% DD to play with. funny thing is he decided not to change anything. Imagine what would have happened if he actually said something. The 4 rulers of the world are such a wonderful thing. Wait until China gets one of these guys. Anyone have a Prince C, DragonHead, Benny Boy, Emperor K indicator? Maybe Steve can conjure something up.

I'm at a total loss to see what Carney has to do with any of this. The Bank kept its quantitative easing unchanged and also held interest rates at 0.5% and yet Cable plummets 180 pips in a matter of seconds! A year ago, I would have shaken my head and thrown my arms in the air; not any more - thanks to Steve Mauro and CJ who let the cat out of the bag! I think the least we can do for ourselves is at least become a bit more objective in these matters.

Fortunately, the drop (of the EUR not GBP) played favourably for me; but if the reverse had been the case, it wouldn't at all have crossed my mind to finger Carney.

It's not just the Cable, GBP went down across the board. Maybe 'the market' expected a change in QE, and when it didn't come was disappointed. I don't know, just see the prices plummet.

I'm not hurt by this, some trades went to TP, and others went into DD. My guess is it will come back up again and presume the former direction like the AUD did after the retrace.
.

[Pedigree]

I knew one of you Fox minions would show up. You clearly show your ignorance by not knowing that Carney spoke today and the market reacted.

It is very true that I have spent too long a time in ignorance. Maybe that is why I now choose to look at market issues with both eyes and mind wide open. But it is not true at all to say I did not know that Carney was going to speak. I live in the UK and have the BBC 24 station playing on my PC at regular intervals throughout the day.

The whole problem is you guys show up afterwards and would say the same thing, even if the market had gone the other way. In case you didnt notice Carney spoke market moved. If he had said the opposite would you have said the Fox didnt work today. NO you would have gone to a different time frame and said see the Fox predicted this. It is nice to have a system where no matter which way the market moves you can find a Time Frame that fits the system. Some GBP crosses showed the market going one way, some showed it going the other way. The Fox had nothing to do with anything. Carney says one thing the market goes up and if he says another the market goes down. Candle patterns, spikes, etc. do not predict what a person is going to say. Ignoring this truth is simply ignorance.

Every system has its strong and not so strong aspects and, try as I might, I find it difficult to see myself as a “minion” of any. I have tried to take what I consider the best aspects of all the ones I have been fortunate to come across, not least of which is yours Bob; and that includes not just 10.4 but its other great predecessors also. I don’t think it is wise to see one system as being opposed to another. At the worst, a system appears to have nothing to offer you and so you simply give it a wide berth.

This is not at all about what anyone won or lost and I want to believe that the purpose of this great forum is to facilitate a pooling together of great ideas for the evolution of such stuff as cannot issue from just one mind. This is the reason why it is better for us to see cooperation rather than competition.

I still fail to see what Carney had to do with today's events. If anyone can educate me on how this is so I would be really grateful to them. If you are going to fight a war, you must at least do yourself the favour of knowing who exactly the enemy is.

[fx800]

I knew one of you Fox minions would show up. You clearly show your ignorance by not knowing that Carney spoke today and the market reacted.

It is very true that I have spent too long a time in ignorance. Maybe that is why I now choose to look at market issues with both eyes and mind wide open. But it is not true at all to say I did not know that Carney was going to speak. I live in the UK and have the BBC 24 station playing on my PC at regular intervals throughout the day.

The whole problem is you guys show up afterwards and would say the same thing, even if the market had gone the other way. In case you didnt notice Carney spoke market moved. If he had said the opposite would you have said the Fox didnt work today. NO you would have gone to a different time frame and said see the Fox predicted this. It is nice to have a system where no matter which way the market moves you can find a Time Frame that fits the system. Some GBP crosses showed the market going one way, some showed it going the other way. The Fox had nothing to do with anything. Carney says one thing the market goes up and if he says another the market goes down. Candle patterns, spikes, etc. do not predict what a person is going to say. Ignoring this truth is simply ignorance.

Every system has its strong and not so strong aspects and, try as I might, I find it difficult to see myself as a “minion” of any. I have tried to take what I consider the best aspects of all the ones I have been fortunate to come across, not least of which is yours Bob; and that includes not just 10.4 but its other great predecessors also. I don’t think it is wise to see one system as being opposed to another. At the worst, a system appears to have nothing to offer you and so you simply give it a wide berth.

This is not at all about what anyone won or lost and I want to believe that the purpose of this great forum is to facilitate a pooling together of great ideas for the evolution of such stuff as cannot issue from just one mind. This is the reason why it is better for us to see cooperation rather than competition.

I still fail to see what Carney had to do with today's events. If anyone can educate me on how this is so I would be really grateful to them. If you are going to fight a war, you must at least do yourself the favour of knowing who exactly the enemy is.

The answer to your question is in the third paragraph from the bottom of this article from FF.

http://www.guardian.co.uk/business/econ ... t-rates-qe

Quote : In an act clearly inspired by the Bank's new boss, the MPC said "the implied rise in the expected future path of bank rate was not warranted by the recent developments in the domestic economy".