10.4 A Complete System

[mjws00]

Here is the link to 10.6

http://www.stevehopwoodforex.com/phpBB3 ... 070#p75070

[nanningbob]

Had some nice trades yesterday. See how today goes

[johnf]

Bob and others, do you trade cautiously with high impact news items or avoid them altogether

[nanningbob]

Bob and others, do you trade cautiously with high impact news items or avoid them altogether

I trade everything. High Impact news like the FOMC statement today. Take a reasonable guess, like if they make a change USD will do up. Place a pending where it will pick it up and go with the flow. This is where xxx.00 lines become so valuable. For example if I saw this tonight I would see (red X) there is a xxx.00 line with DP line together. I would then take a previous DP line and place my pending. If it takes I am in if not I am out. 50/50 guess. However, it has been anticipated there is going to be some change so my chances improve to maybe 60/40 a buy would work. But I wont make these decisions until before the news.

[nanningbob]

Here is a better pic of what I am trying to say. I will see what price action is to the xxx.00 lines before the news story and decide then but that is what I will be looking for. Which lines to trade off of.

[nanningbob]

Often before a news story, like a minute or two before some traders start cheating in and giving the direction it is going to go. Avoiding the gaps in the spread.

[FXTrucker]

My limited experience has shown me that if I am going to open a new trade before a major news event or have any open trades with stop losses set I have to be prepared mentally and also tactically for a wild ride up and then down of perhaps a 100 pips each way in less than five minutes after the news announcement . I have learned it would be wise to have very wide or no stop at all ( including no mental stop) on all open trades and to be sure your available margin can withstand at least a 100pip drawn down on every open trade (worst case scenario). Price action does settle down but the wild excursion can easily trigger pending orders and then stop them out or hit a stop loss if you have set one on your open order or panic you into closing an order a you're preplanned mental stop.

The first time I got caught in one of these rides it was almost a worse scare and about as expensive as my first parachute jump. I went from calm determination to freezing terror to wonder in the time it took me to step outside plane and the static line to open my chute.

[nanningbob]

My limited experience has shown me that if I am going to open a new trade before a major news event or have any open trades with stop losses set I have to be prepared mentally and also tactically for a wild ride up and then down of perhaps a 100 pips each way in less than five minutes after the news announcement . I have learned it would be wise to have very wide or no stop at all ( including no mental stop) on all open trades and to be sure your available margin can withstand at least a 100pip drawn down on every open trade (worst case scenario). Price action does settle down but the wild excursion can easily trigger pending orders and then stop them out or hit a stop loss if you have set one on your open order or panic you into closing an order a you're preplanned mental stop.

The first time I got caught in one of these rides it was almost a worse scare and about as expensive as my first parachute jump. I went from calm determination to freezing terror to wonder in the time it took me to step outside plane and the static line to open my chute.

Another way to trade them is to catch the retracements after the Euro close. Now I know that doesnt apply to the FOMC but if I see a big jump early in the USA session I will look for those 20-50 pip retracements at the EURO close or the USA close.

[shellsnail]

Bob and others, do you trade cautiously with high impact news items or avoid them altogether

What I tend to do is to close half of all open positions related to the currency with the central bank announcement/ monetary minutes coming up exactly 24 hours before the time of the announcement. Then for the open position I will just stick to my existing trade plan.

If I don't have any positions open, I will not open any 24 hours before the news announcement.

[nanningbob]

This indi colors your screen. What I would like it to do is the whole screen not just to the candles. I would also like it easier to change colors or more choices. I have the numbers to the colors but no easy place to enter them.

Here are the color codes.

# Empty4# Empty4 color token Hex(RGB) Empty4 constant R G B
11 128 AliceBlue F0 F8 FF 0xF0F8FF 240 248 255
12 115 AntiqueWhite FA EB D7 0xFAEBD7 250 235 215
7 48 Aqua 00 FF FF 0x00FFFF 0 255 255
13 92 Aquamarine 7F FF D4 0x7FFFD4 127 255 212
14 114 Beige F5 F5 DC 0xF5F5DC 245 245 220
15 110 Bisque FF E4 C4 0xFFE4C4 255 228 196
16 1 Black 00 00 00 0x000000 0 0 0
17 112 BlanchedAlmond FF EB CD 0xFFEBCD 255 235 205
18 50 Blue 00 00 FF 0x0000FF 0 0 255
19 56 BlueViolet 8A 2B E2 0x8A2BE2 138 43 226
20 22 Brown A5 2A 2A 0xA52A2A 165 42 42
21 82 BurlyWood DE B8 87 0xDEB887 222 184 135
22 36 CadetBlue 5F 9E A0 0x5F9EA0 95 158 160
23 45 Chartreuse 7F FF 00 0x7FFF00 127 255 0
24 30 Chocolate D2 69 1E 0xD2691E 210 105 30
25 75 Coral FF 7F 50 0xFF7F50 255 127 80
26 76 CornflowerBlue 64 95 ED 0x6495ED 100 149 237
27 117 Cornsilk FF F8 DC 0xFFF8DC 255 248 220
28 31 Crimson DC 14 3C 0xDC143C 220 20 60
29 12 DarkBlue 00 00 8B 0x00008B 0 0 139
30 18 DarkGoldenrod B8 86 0B 0xB8860B 184 134 11
31 77 DarkGray A9 A9 A9 0xA9A9A9 169 169 169
32 2 DarkGreen 00 64 00 0x006400 0 100 0
33 64 DarkKhaki BD B7 6B 0xBDB76B 189 183 107
34 13 DarkOliveGreen 55 6B 2F 0x556B2F 85 107 47
35 41 DarkOrange FF 8C 00 0xFF8C00 255 140 0
36 37 DarkOrchid 99 32 CC 0x9932CC 153 50 204
37 81 DarkSalmon E9 96 7A 0xE9967A 233 150 122
38 69 DarkSeaGreen 8F BC 8B 0x8FBC8B 143 188 139
39 19 DarkSlateBlue 48 3D 8B 0x483D8B 72 61 139
40 3 DarkSlateGray 2F 4F 4F 0x2F4F4F 47 79 79
41 23 DarkTurquoise 00 CE D1 0x00CED1 0 206 209
42 26 DarkViolet 94 00 D3 0x9400D3 148 0 211
43 58 DeepPink FF 14 93 0xFF1493 255 20 147
44 49 DeepSkyBlue 00 BF FF 0x00BFFF 0 191 255
45 24 DimGray 69 69 69 0x696969 105 105 105
5 60 DodgerBlue 1E 90 FF 0x1E90FF 30 144 255
46 27 FireBrick B2 22 22 0xB22222 178 34 34
47 15 ForestGreen 22 8B 22 0x228B22 34 139 34
48 107 Gainsboro DC DC DC 0xDCDCDC 220 220 220
49 43 Gold FF D7 00 0xFFD700 255 215 0
8 33 Goldenrod DA A5 20 0xDAA520 218 165 32
50 53 Gray 80 80 80 0x808080 128 128 128
51 5 Green 00 80 00 0x008000 0 128 0
52 67 GreenYellow AD FF 2F 0xADFF2F 173 255 47
53 127 Honeydew F0 FF F0 0xF0FFF0 240 255 240
54 83 HotPink FF 69 B4 0xFF69B4 255 105 180
55 65 IndianRed CD 5C 5C 0xCD5C5C 205 92 92
56 10 Indigo 4B 00 82 0x4B0082 75 0 130
57 126 Ivory FF FF F0 0xFFFFF0 255 255 240
58 90 Khaki F0 E6 8C 0xF0E68C 240 230 140
59 121 Lavender E6 E6 FA 0xE6E6FA 230 230 250
60 129 LavenderBlush FF F0 F5 0xFFF0F5 255 240 245
61 35 LawnGreen 7C FC 00 0x7CFC00 124 252 0
62 113 LemonChiffon FF FA CD 0xFFFACD 255 250 205
63 96 LightBlue AD D8 E6 0xADD8E6 173 216 230
64 86 LightCoral F0 80 80 0xF08080 240 128 128
65 119 LightCyan E0 FF FF 0xE0FFFF 224 255 255
66 111 LightGoldenrod FA FA D2 0xFAFAD2 250 250 210
67 102 LightGray D3 D3 D3 0xD3D3D3 211 211 211
68 91 LightGreen 90 EE 90 0x90EE90 144 238 144
69 106 LightPink FF B6 C1 0xFFB6C1 255 182 193
70 88 LightSalmon FF A0 7A 0xFFA07A 255 160 122
71 25 LightSeaGreen 20 B2 AA 0x20B2AA 32 178 170
72 94 LightSkyBlue 87 CE FA 0x87CEFA 135 206 250
73 57 LightSlateGray 77 88 99 0x778899 119 136 153
74 95 LightSteelBlue B0 C4 DE 0xB0C4DE 176 196 222
75 118 LightYellow FF FF E0 0xFFFFE0 255 255 224
76 46 Lime 00 FF 00 0x00FF00 0 255 0
4 39 LimeGreen 32 CD 32 0x32CD32 50 205 50
77 120 Linen FA F0 E6 0xFAF0E6 250 240 230
6 51 Magenta FF 00 FF 0xFF00FF 255 0 255
78 9 Maroon 80 00 00 0x800000 128 0 0
79 68 MediumAquamarine 66 CD AA 0x66CDAA 102 205 170
80 21 MediumBlue 00 00 CD 0x0000CD 0 0 205
81 66 MediumOrchid BA 55 D3 0xBA55D3 186 85 211
82 73 MediumPurple 93 70 DB 0x9370DB 147 112 219
83 29 MediumSeaGreen 3C B3 71 0x3CB371 60 179 113
84 79 MediumSlateBlue 7B 68 EE 0x7B68EE 123 104 238
85 34 MediumSpringGreen 00 FA 9A 0x00FA9A 0 250 154
86 59 MediumTurquoise 48 D1 CC 0x48D1CC 72 209 204
87 28 MediumVioletRed C7 15 85 0xC71585 199 21 133
88 11 MidnightBlue 19 19 70 0x191970 25 25 112
89 130 MintCream F5 FF FA 0xF5FFFA 245 255 250
90 122 MistyRose FF E4 E1 0xFFE4E1 255 228 225
91 105 Moccasin FF E4 B5 0xFFE4B5 255 228 181
92 104 NavajoWhite FF DE AD 0xFFDEAD 255 222 173
93 7 Navy 00 00 80 0x000080 0 0 128
133 133 None 00 00 00 C'0x00,0x00,0x00' 0 0 0
94 123 OldLace FD F5 E6 0xFDF5E6 253 245 230
95 4 Olive 80 80 00 0x808000 128 128 0
96 16 OliveDrab 6B 8E 23 0x6B8E23 107 142 35
2 42 Orange FF A5 00 0xFFA500 255 165 0
97 40 OrangeRed FF 45 00 0xFF4500 255 69 0
98 72 Orchid DA 70 D6 0xDA70D6 218 112 214
99 100 PaleGoldenrod EE E8 AA 0xEEE8AA 238 232 170
100 97 PaleGreen 98 FB 98 0x98FB98 152 251 152
101 101 PaleTurquoise AF EE EE 0xAFEEEE 175 238 238
102 74 PaleVioletRed DB 70 93 0xDB7093 219 112 147
103 116 PapayaWhip FF EF D5 0xFFEFD5 255 239 213
104 108 PeachPuff FF DA B9 0xFFDAB9 255 218 185
105 55 Peru CD 85 3F 0xCD853F 205 133 63
106 109 Pink FF C0 CB 0xFFC0CB 255 192 203
9 89 Plum DD A0 DD 0xDDA0DD 221 160 221
107 99 PowderBlue B0 E0 E6 0xB0E0E6 176 224 230
108 8 Purple 80 00 80 0x800080 128 0 128
3 52 Red FF 00 00 0xFF0000 255 0 0
109 71 RosyBrown BC 8F 8F 0xBC8F8F 188 143 143
110 62 RoyalBlue 41 69 E1 0x4169E1 65 105 225
111 14 SaddleBrown 8B 45 13 0x8B4513 139 69 19
112 84 Salmon FA 80 72 0xFA8072 250 128 114
113 78 SandyBrown F4 A4 60 0xF4A460 244 164 96
114 17 SeaGreen 2E 8B 57 0x2E8B57 46 139 87
115 125 Seashell FF F5 EE 0xFFF5EE 255 245 238
116 20 Sienna A0 52 2D 0xA0522D 160 82 45
10 93 Silver C0 C0 C0 0xC0C0C0 192 192 192
117 87 SkyBlue 87 CE EB 0x87CEEB 135 206 235
118 63 SlateBlue 6A 5A CD 0x6A5ACD 106 90 205
119 54 SlateGray 70 80 90 0x708090 112 128 144
120 131 Snow FF FA FA 0xFFFAFA 255 250 250
121 47 SpringGreen 00 FF 7F 0x00FF7F 0 255 127
122 32 SteelBlue 46 82 B4 0x4682B4 70 130 180
123 80 Tan D2 B4 8C 0xD2B48C 210 180 140
124 6 Teal 00 80 80 0x008080 0 128 128
125 98 Thistle D8 BF D8 0xD8BFD8 216 191 216
126 70 Tomato FF 63 47 0xFF6347 255 99 71
127 61 Turquoise 40 E0 D0 0x40E0D0 64 224 208
128 85 Violet EE 82 EE 0xEE82EE 238 130 238
129 103 Wheat F5 DE B3 0xF5DEB3 245 222 179
130 132 White FF FF FF 0xFFFFFF 255 255 255
131 124 WhiteSmoke F5 F5 F5 0xF5F5F5 245 245 245
1 44 Yellow FF FF 00 0xFFFF00 255 255 0
132 38 YellowGreen 9A CD 32 0x9ACD32 154 205 50