10.4 A Complete System

[pgd]

hi bob,

would you go long on the break of the __.00 level at the place marked on the attached chart?
where would the s/l be?

thanks.

I didnt but I could see why one would. I would prefer the STO to be on the low end. If you are going to take a trade high up like that, drop down to the 1H chart and try to catch the STO below 20 and ride it there. You have a better chance of getting positive pips quicker. see 1H aud/usd below.

bob,

that does seems safer.

however, i remember you saying in one of your posts that you often prefer to exit a long trade at __90 and immediately place a pending buy around __10 in order to stay with the trend in case it decides to continue. that makes sense too.

now, the re-entry order could trigger relatively quickly and that won't give the stoc enough time to go down and cycle back. how do you reconcile the conflict here?

thanks.

[nanningbob]

Hi Bob, in the AUDJPY we had a big reversal on the 240MA, the CSS had opposite angles but even so it bumped.

In your opinion should we close the trade or stick with it and trust the 240 break? As you said these things could be caused by the US problems and people looking for other currencies for safety...

Thanks.

The aud/jpy has stuck with its range but is still showing lower highs and lower lows albeit very slowly. I have a 2nd position set to BE this trade. Will try again when I see the next setup. Probably do better using the 1H chart until it moves out. If it does.

[nanningbob]

hi bob,

would you go long on the break of the __.00 level at the place marked on the attached chart?
where would the s/l be?

thanks.

I didnt but I could see why one would. I would prefer the STO to be on the low end. If you are going to take a trade high up like that, drop down to the 1H chart and try to catch the STO below 20 and ride it there. You have a better chance of getting positive pips quicker. see 1H aud/usd below.

bob,

that does seems safer.

however, i remember you saying in one of your posts that you often prefer to exit a long trade at __90 and immediately place a pending buy around __10 in order to stay with the trend in case it decides to continue. that makes sense too.

now, the re-entry order could trigger relatively quickly and that won't give the stoc enough time to go down and cycle back. how do you reconcile the conflict here?

thanks.

This is just part of trading. Price broke 240 bounced around for a while and went back up. Since the move came off of the gap there was no good entrance unless you put your position in on Friday. With the gap you didnt get a good entrance. Once price gaps I stay away until the market settles and it settled back into its range. The STO is on the bottom so it is a tough trade to take. If you did you have to either wait it out, run a 2nd trade and go for BE, or take a loss. You still have to use some wisdom in your entrances. Just because the CSS is pointing down doesnt mean price will run on Monday. It may wait til Thursday or next week or whenever Congress gets around to doing its job or ..................

Sometimes price will blow through the 240 line like the eur/aud did a couple of weeks ago, sometimes it bounces around first, sometimes it doesnt. That is trading, get used to it.

[pgd]

bob,

GBPNZD:

took a long as marked at 1.9590.
please comment.

thanks.

[pgd]

USDCAD

bob,

Another long taken as marked.
please comment.
thanks.

[nanningbob]

Took both of those and banked them for the JPY session. Will see if I want to reenter off of the 1H chart during the euro or usa sessions. Nice trades.

[pgd]

Took both of those and banked them for the JPY session. Will see if I want to reenter off of the 1H chart during the euro or usa sessions. Nice trades.

thanks, bob.

in both these cases, i took entries as i would normally take.
however, i would like to know if your entry prices as recommended by the system were any different e.g.:

gbpnzd :

[1] on the open of the candle immd. after the candle that pushed the stoc above 20 i.e. at ~ 1.9572 (including spread).

OR

[2] using a pending order above 9600.

usdcad:

2 candles earlier during the wide ranged candle that broke above the last red candle in the preceding retrace swing down on H1.

thanks.

[nanningbob]

Took both of those and banked them for the JPY session. Will see if I want to reenter off of the 1H chart during the euro or usa sessions. Nice trades.

thanks, bob.

in both these cases, i took entries as i would normally take.
however, i would like to know if your entry prices as recommended by the system were any different e.g.:

gbpnzd :

[1] on the open of the candle immd. after the candle that pushed the stoc above 20 i.e. at ~ 1.9572 (including spread).

OR

[2] using a pending order above 9600.

usdcad:

2 candles earlier during the wide ranged candle that broke above the last red candle in the preceding retrace swing down on H1.

thanks.

GBP/NZD I took the trade at 1.9600, between yesterday and today I have banked 100 pips on gbp/nzd. I want to place a pending above 1.97 again but waiting for a retracement.

USD/CAD dont know why I traded it during the JPY session but I took the break of the trend line on the 1H for 20 pips. For the USA session I have a pending above the previous high.

[nanningbob]

Early in my trading career I used to trade triangles. Here is the usd/cad on the 30M with a nice UT line. I would enter off of the break of the triangle. SL at the other end of the triangle. I dont have the computer time to sit around and look for these but this one brought back memories.

[nanningbob]

Eur/nzd playing off of the 240 line. If it goes up I am not in if it goes down I have pendings at both xxx.00 lines. Sto gave a signal in a range area, will take a shot at it. I also have a pending buy above the line also