10.4 A Complete System

[camelx0]

Yeah, this week was bumpy but I stuck to the plan and was ready for yesterday's US news so caught the USDJPY, USDCAD and AUDUSD and the GBP news from the previous day was all forgotten. I know its 3 pairs with USD but they all had nice 10.4/5 setups and they all had news coming out so made sure I was ready for this.

I do however found that when a news spike happened and went against me my SL is far away (240) and it hurts when it gets hit. The risk/reward per trade is not quite wat the price action traders would deem acceptable but on the other hand I have a +80% average win rate (2 months) so I'm not too fussed about it. I do trade less than most here, don't add-in often and will rarely take a trade that's moved too far away from the WP. I love this system and got rid of all my EAs, signal providers and other systems and are purely focussed on this.

Thanks Bob and others for the contributions and comments. Hopefully I can provide some meaningful additions myself.

[nanningbob]

Hello guys!

I started fresh again this week, trying really hard not to fall in previous traps. It seemed to be an hard week, with nothing really clear or decided, the 4th of July in the middle and some sudden moves... As a result I had a few losses, and usually my losses are waaay bigger than my wins, but I kept going and really not doing the same as before, in other words, when a loss was almost hitting SL:
- I didn't move the SL further away hoping the trade would turn around in my favour
- I didn't hedge, trying to compensate the loss (when I do that what usually happens is that my trade turns into my favour and suddenly I have an impossible to recover hedge-trade making much worse results than the original one)
- I didn't rush putting extra trades in the same pair trying to quickly compensate the loss

In the end, letting the losses sink in and just continue with the plan was the most sensible thing to do (even if 2 of the losses were really, really stupid and unlucky... 3 more pips and the trades would turn around and become winning trades!).

The result is the following, which is the first time I have an all-green display like this, and that's why I am posting this!

This is good to know and good information. I decided to take 2 days off of trading and will get back in on Monday. I have been visiting family and have met my daughters boyfriends. I am happy to say they have done a good job getting themselves some great guys. Will see how that goes in the future.

We all went out one night for bowling. One boyfriend was beating everyone quite badly. I hadnt played in a while and was just breaking a 100. So I got my son and the 2 BFs to play a game to see WHO WAS THE MAN. I smoked em 196. Of course I hadnt had a score like that in years but that is OK. Dad showed them young whippersnappers.

[bluedog23]

css trend.png

For me the last several weeks have been challenging. I am seeing a lot of consolidation and resets among the pairs. The attached shows what I call "compression" on the H4 and H1 timeframes or more of a ranging market which (I think) explains why I have been challenged.

Baluda's Global Market Trend is near zero which validates the compression. The H4 looks like some of the currencies are starting to move so we may be moving into more of a trending scenario.

Cheers! Have a nice weekend!

[tommiho]

Today`s Dragon Head speaking, no point to trade I guess.

[tibochina]

Bob, I'm pleased to hear you are enjoying your vacation. I returned yesterday from a wonderful Canadian vacation myself. You mentioned around the end of June you might be interested in having lunch with local traders while in Florida. I would like to catch up with you if convenient and I am familiar with the Longwood / Casselberry area. Let me know if you are interested as I would like to thank you for providing us with 10.4 and your trading expertise.
Brent

[nanningbob]

Today`s Dragon Head speaking, no point to trade I guess.

you cant be afraid to trade everytime these guys are scheduled to speak. It will drive you nuts if you do. What you can do is take fewer trades, tighten SL, or use lower lots. I traded Monday and gained 3/4% of my account. It also looks like the JPY are not going very far again this month so I am trading them lightly right now and staying with my reads. USD/JPY buy AUD/JPY doing a sell.

[nanningbob]

Bob, I'm pleased to hear you are enjoying your vacation. I returned yesterday from a wonderful Canadian vacation myself. You mentioned around the end of June you might be interested in having lunch with local traders while in Florida. I would like to catch up with you if convenient and I am familiar with the Longwood / Casselberry area. Let me know if you are interested as I would like to thank you for providing us with 10.4 and your trading expertise.
Brent

I am in Maitland now all this week and will be in Altamonte Springs over the weekend. I am staying in Central Florida until the last Monday in July.

[thelearner]

Bob, if you could be more details about yesterday's trades. I am having no trade other than EJ yesterday (RSI2 bottoming from 5 july, took it at WP), the other seems not to agree with CSS H4 so I pass it. May I know what are your 3% win yesterday? So I can see what was I missing... thank you. Have a great vacation.

[tommiho]

Bob, if you could be more details about yesterday's trades. I am having no trade other than EJ yesterday (RSI2 bottoming from 5 july, took it at WP), the other seems not to agree with CSS H4 so I pass it. May I know what are your 3% win yesterday? So I can see what was I missing... thank you. Have a great vacation.

I think what Bob wrote was 3/4 of 1%

[nanningbob]

Bob, if you could be more details about yesterday's trades. I am having no trade other than EJ yesterday (RSI2 bottoming from 5 july, took it at WP), the other seems not to agree with CSS H4 so I pass it. May I know what are your 3% win yesterday? So I can see what was I missing... thank you. Have a great vacation.

I think what Bob wrote was 3/4 of 1%

Yes .75% on Monday and 2.0%+ on Tuesday. I have recouped most of my lost last week. Another 2% will do it so looking forward to another trading day. What trades I am taking. According to the 10.4 info page I looked for CHF, JPY, GBP weakness and USD, AUD, and NZD strength. The three pairs I have done real well are the gbp/nzd, gbp/cad, eur/nzd sells. I have netted between 100-200 pips on each one. I wish I had also put some on the gbp/aud. So that is where I have gotten my pips. Other pairs 20-40pips has been the range. I am sitting on a 2%+ DD at this time.

Again I start my trading day looking at the info page and see what is on the top and what is on the bottom and are any pairs moving away from each other. Those usually bring me my best trades. I then look to cross WP, DP first and then I look to enter a strong trend if i see one. I try to stay away from trades nearing S1/R1 even though I lose on some of my profit but that is how it goes.