10.4 A Complete System

[kundanketki]

Placed Buystop on this pair post formation of 2 Bullish Pin Bars on H4.

Comments pls.

Thanks

Kundan

Great trade! Sometimes is good an early entry. I should trail the profits. Big resistance coming.

Thanks Art and Zentauro67 for your comments.

@ Zentauro67 : Price is just above my entry now and 11 pips away from WMR1. Should I wait for price to break WMR1 and then move my stop to BE?

[zentauro67]

Placed Buystop on this pair post formation of 2 Bullish Pin Bars on H4.

Comments pls.

Thanks

Kundan

Great trade! Sometimes is good an early entry. I should trail the profits. Big resistance coming.

Thanks Art and Zentauro67 for your comments.

@ Zentauro67 : Price is just above my entry now and 11 pips away from WMR1. Should I wait for price to break WMR1 and then move my stop to BE?

If your broker admits microlots I should close 0.05 and let the other half torturing the triple top.

[kundanketki]

Thanks Zentauro67...

[BadassUA]

Not sure if it was according to 10.4 rules. Probably should have entered earlier. But TP hit anyway

[will80]

Very quiet at the moment here. I've had a decent week trading 10.4, closing out the week with 330pips and 6% growth on the account so I'm happy.

The retracements are savage in the current market, so I've just been banking profits based on % equity, eg. 4 trades running when the combined equity hits anything over 4% I look to begin banking profits. Hate watching a winner turn into a loser..... it's tough though as you should let your winners run.... it seems though when you do that your winners stop out at breakeven which is hugely frustrating!

[art]

well done will, i 've been looking all week havent seen anything to trade, hardly any movement, what pairs were you trading? i see youre in sydney so maybe the asian session was a bit more active

[Ray Singcar]

I have been following this thread from the inception and have been reasonably succesful in turning a live 2.5k account to just under 8k. I went away from the basic system and tried all the various mods that were coming through and my success slowed down. I was getting carried away too much with the Cuurency Slope Strength comparisons. So this week I went back to Bobs basic, keep it simple, system. I use the YAD104v 107 Dashboard and check for alerts for either RSI or Stoch bottoming/topping out. I then eyball charts that comply through Daily, 4, and 1 hourly periods and place pendings providing they are not threatened by Support or Resistance areas. My script places Target & Stop of 50 pips and I then adjust these to the makeup of the Chart..Stop generaly below last swing & target to Pivots or Mid Pivots. I mainly only place 1 or 2 levels of trade. I generally (but not always) place trades before London open and then monitor the trades. (on my I Phone if I am out, & I always carry my laptop with me so I can then jump on it and manage trades) When trades are positive I will move stops to breakeven or higher and run a trailing stop between 20 & 30 pips. Whilst this sytem is harder to trade in rangeing markets there are still always some opportunities evey week.
I live in Sydney and go to bed just after US open I wake for a toilet break through the nite & check my trades on my I Phone. Nice to go to bed with nothing open then have a few pendings go off whilst asleep and be positive a couple of hindred dollars. Even if in drawdown it causes me no stress, I am programmed for some losses and the wins far outway them.
Bob gave us a fabulous sytem of identifying the trend by the 240..& useing RSI for overbought/sold on the pullback, then tradeing backinto the trend, how easy is that..Bob..you are a champion
The Statement below is for this week.

[mjws00]

Ray that is AWESOME. I've just been watching the EA take setups and get hammered. This thread will light up once we start trending a little harder again.

Nice work.

Mike

P.S. Maybe wipe acct no and personal details?

[camelx0]

Hi Ray, I'm in Melbourne and have a very similar trading approach. Also gone off to try some experimental stuff but went back to the basics again. It's a pity we're asleep during the US session but I like getting home from work just when the big London news hits (GBP has good runs, especially on Thursdays); it let's me trade some news price action as well.

My average trade is 30 - 50 pips and I also do trailing to keep the wild retracements somewhat manageable. I trade the 10.4/5 plus pin bars where they line up with the 240 rule. I'm happy with taking the trade entries manually but still want to have a basic trade manager to manage my trades until exit - I fiddle too much. Need to play more with the MPTM to understand its setting, so I'm almost at the perfect system.

[zentauro67]

GlobalMarketTrend below 1.2 level (as it was already noticed by someone) is a clue to know that we are in a ranging market where trend following systems can fail. Of course, you can have success filtering the trades with some discretion, but it you play strictly by the rules (as MrLong´s 10.4 EA) the results under this trendless market are not so great. (DD in the EA this week).

Maybe there is a simpler way to spot this lack of trend, with no need of adding an indi. Just use your eyes in CSS daily. If all currencies are bunched between 0.55 and -0.55 levels the trend is very poor.


There are some people moving from 10.4 to CJ these days. In part, because Bob is absent, in part because CJ´s approach fits better to ranging markets were pins and railroad tracks prevail. Under a strong trend the pins are often useless, sooner or later they will be left behind by the trend, but in ranging markets they work as a charm. Knowing how is acting the market is the first step to enjoy (as Steve encourages in his weekly mails) the best of both worlds.

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