10.4 A Complete System

[TraderDesk]

I find it so critical for me to know when to close losing positions especially when I am so hungry to keep my positions open. I hate closing losing positions as 8 times out of 10 they will come back into my favor. That is a hidden trap so I have to be strong psychologically and do what my risk model dictates.

This way I am in the trade the next day with a fresh mind and a different picture to analyse. In the end I always make back what I lost and more...

If I took the scenario where I kept adding to my losing positions knowing at some point it will come back I know for sure I would at some point in my trading blow my account...

Some of the biggest and toughest hedge funds are closed just for this reason. They had the capital, brains and position in the market to be successful and they blew up.

Because they believe the market would reverse at some point bringing them back into a positive position.

I would suggest to learn about risk management and applying this to all your trades. I know it has been a very important part of mine.

[koobala]

Bob could you upload your new 10.4 simple TPL file? I have some problems with adding those indis myself. Thanks for great system.

[davek]

Bob could you upload your new 10.4 simple TPL file? I have some problems with adding those indis myself. Thanks for great system.

Hope this is what your looking for.

davek

[kundanketki]

Price has created big bearish Weekly candle last week.

Retracing to retest resistence of 1.04446.

RSI flattenning at top.

Placed sell stop at WMS1 and WS1.

Comments pls.


Thanks

Kundan

[camelx0]

Price has created big bearish Weekly candle last week.

Retracing to retest resistence of 1.04446.

RSI flattenning at top.

Placed sell stop at WMS1 and WS1.

Comments pls.


Thanks

Kundan

It gets tricky at the 240 line. If you look at the weekly CSS then the USD is about to cross the CAD where USD is becoming stronger; the monthly is the other way around. I saw the pin bar as well and gave it a go but got stopped out when it pushed back passed the 240. Now technically I should have placed my SL above the tail of that candle and not the 240 but I wasn't convinced about the trade anyway so left it. I would be cautious with that one.

[VirtualFM]

I find it so critical for me to know when to close losing positions especially when I am so hungry to keep my positions open. I hate closing losing positions as 8 times out of 10 they will come back into my favor. That is a hidden trap so I have to be strong psychologically and do what my risk model dictates.

This way I am in the trade the next day with a fresh mind and a different picture to analyse. In the end I always make back what I lost and more...

If I took the scenario where I kept adding to my losing positions knowing at some point it will come back I know for sure I would at some point in my trading blow my account...

Some of the biggest and toughest hedge funds are closed just for this reason. They had the capital, brains and position in the market to be successful and they blew up.

Because they believe the market would reverse at some point bringing them back into a positive position.

I understand what you and others are saying. I am a victim of that as well, holding onto positions for hundreds of pips and then realising it will never go back... and I close the trade and support the loss and the damn market GOES back!

But I hope you guys are understanding that this is not what I am trying here!!! I am holding to the position, yes, but as soon as 10.5 rules (RSI+CSS) gives a new signal (or a confirmation of the previous one, that usually just had an hiccup) I add to the position AND THEN calculate a middle TP, averaging trades. This means some of the positions will close at a loss, for sure, but if i had a negative 200 pips I don't need the market to go 200 pips back, I just need it to go 100 pips (with one extra position), or, if the market really looks like it's going the right way, I don't loose time and if CSS curves are "opening" I just add several positons, making just about 50 or 60 pips and then close everything.

10.5 is the key here (and that's why I am putting this in this thread).

Anyway... the hanging trades from last week were closed (the most troublesome was USDCAD and that closed with the worst trade of -23pips and the best trade was 20 pips, but on the whole got around 250 pips, as there were many trades all over the place).

Today was a nice profit then, and now there are some trades with a global DD of 10.87%. Let's see how market behaves through the night and tomorrow!

[thelearner]

RSI2 and CSS mostly in different direction today T_T I might as well just stay at the sideline then....

[Mike]

10.4 Crazy summer version:
Buy above 60 LWMA
Sell below 60 LWMA
Ignore the rest of the stuff until september. 240 is perfect for 3 months trends. We are under a 3 weeks trend scenario. Any talk from any central bank jerk can reverse the trend in minutes. I ll work that hooks bouncing the 60 and forget the rest.

Hi zentauro67 I suppose you are looking at 4h TF. Just wondering, how do you set up your 1h or 30M template. Do you keep the 60 or do you turn it into a 240 and 480? what are your entry and exit signals? Thanks for your Crazy Summer Alternative, Mike

[zentauro67]

10.4 Crazy summer version:
Buy above 60 LWMA
Sell below 60 LWMA
Ignore the rest of the stuff until september. 240 is perfect for 3 months trends. We are under a 3 weeks trend scenario. Any talk from any central bank jerk can reverse the trend in minutes. I ll work that hooks bouncing the 60 and forget the rest.

Hi zentauro67 I suppose you are looking at 4h TF. Just wondering, how do you set up your 1h or 30M template. Do you keep the 60 or do you turn it into a 240 and 480? what are your entry and exit signals? Thanks for your Crazy Summer Alternative, Mike

Hi, Mike

I´m making things a little smaller also lower. When I see a signal in 4H I use 15 minutes TF to make the entry. I´m using only two MA there, a 13 EMA and a 48 EMA. I just wait for the cross. Anyway, to be honest, last two weeks I´m not having great results. I only managed to win a 2%.


A little example. EURUSD 4H. Price above 60 LWMA, RSI2 pinned, so, you look for a long going to 15 min. You enter in the 13/48 EMA cross (forget 50/200, THIS is the real golden cross) Back to 4H, you´ll have the perfect entry.

s4h.jpg

s15.jpg

sfinal.jpg

You stay in the trade until the next cross in 15M.

(SL 15 pips above/below the 60 LWMA)

Cheers.

[pips400]

Okay, so in the current market conditions I put together a hybrid of CSS and London session in an attempt to find another way to get the profits flowing again. If anyone's interested or nothing better to do here's the link http://www.stevehopwoodforex.com/phpBB3 ... =37&t=2725