10.4 A Complete System

[The_Snowman]

I have 1 Hour chart, early entries showing -

EURNZD & GBPNZD - both short

NZDCHF & NZDUSD - both long

something going on in NZ today?

:

[sijeeva]

My first post
Thanks for the great system bob
A classic todays trade on aj 80+ pips :-

I have been in a grab any profit I see mood all month. Price is just popping and then retreating so I grab and run. It makes it a slow and grinding grow slope but it is growing. The other thing I do is if I set a trade and it goes negative and then gets anywhere near BE I also close. This keeps me from taking quite a few SL hits. Get between 1/3-1/2% increase a day but I will take that while this whole mess is being played out. Up 4% for the month but it is a grind it out affair.

that is correct bob
i want to put this in my trading, i am blowing my profit
my account balance graph is ranging

[nanningbob]

My first post
Thanks for the great system bob
A classic todays trade on aj 80+ pips :-

I have been in a grab any profit I see mood all month. Price is just popping and then retreating so I grab and run. It makes it a slow and grinding grow slope but it is growing. The other thing I do is if I set a trade and it goes negative and then gets anywhere near BE I also close. This keeps me from taking quite a few SL hits. Get between 1/3-1/2% increase a day but I will take that while this whole mess is being played out. Up 4% for the month but it is a grind it out affair.

that is correct bob
i want to put this in my trading, i am blowing my profit
my account balance graph is ranging

This is the type of market that separates the men from the boys and the profitable traders from the unprofitable ones. People keep thinking it is the trading system when it really is the ability to understand and take what the market is giving you. It is this type of market where the ratio guys get their brains beat in. You know the ones that teach you must have a 2:1 or 3:1 win to loss ratio? If you wait to get that 2:1 or bigger the profit is gone. I have scratched out only 1500+ pips this month so far and only 5 trades have gone for over 50 pips and none over 100. Those 10-30 pip pops across the DP line have been my bread and butter. Nothing spectacular, no big monster trades. Just taking what the market is offering and that is it. If I get 2-4 hours into a trading session and the trade hasnt gone anywhere I am done. I take the profit it has given me.

[pg2205]

My first post
Thanks for the great system bob
A classic todays trade on aj 80+ pips :-

I have been in a grab any profit I see mood all month. Price is just popping and then retreating so I grab and run. It makes it a slow and grinding grow slope but it is growing. The other thing I do is if I set a trade and it goes negative and then gets anywhere near BE I also close. This keeps me from taking quite a few SL hits. Get between 1/3-1/2% increase a day but I will take that while this whole mess is being played out. Up 4% for the month but it is a grind it out affair.

that is correct bob
i want to put this in my trading, i am blowing my profit
my account balance graph is ranging

This is the type of market that separates the men from the boys and the profitable traders from the unprofitable ones. People keep thinking it is the trading system when it really is the ability to understand and take what the market is giving you. It is this type of market where the ratio guys get their brains beat in. You know the ones that teach you must have a 2:1 or 3:1 win to loss ratio? If you wait to get that 2:1 or bigger the profit is gone. I have scratched out only 1500+ pips this month so far and only 5 trades have gone for over 50 pips and none over 100. Those 10-30 pip pops across the DP line have been my bread and butter. Nothing spectacular, no big monster trades. Just taking what the market is offering and that is it. If I get 2-4 hours into a trading session and the trade hasnt gone anywhere I am done. I take the profit it has given me.

This is the part where I've learnt from you Bob. Over the years I've gone through many trading systems yet I wondered why I couldn't make money. It was all to do with taking profits. I'd watch sooooooooooooooooooooooooooooooooooooo many trades go from positive to shit. Now I can control my greed that little bit better, its not perfect but its getting there.

10.4 and 10.6 gave me the frame work to trade, but taking profits takes time and practice.

[Bellamy]

Bob, I couldn't agree more.

I once read a book about share trading that likened trading to being in the ocean. As a small trader you are like a tiny fish, and the ocean is full of bigger fish, sharks, whales, etc. You live behind a rock, and when you see some food (profit) dart out, grab it, and go back behind the rock before the big fish eat you up!

I trade shares also and the prevailing wisdom seems to be to let your profits run and cut your losses. When I trade forex, I do like you say and grab my profits when they are there.
The size of the profits from my individual trades won't impress anyone, (especially on the forums) but a consistently growing bottom line does impress me.

I have profited greatly from your systems but the greatest wisdom I have learned from you is to take that profit, even if it is small, and live to trade another day

[art]

morning guys took 3 big hits this week NZDJPY EJ, EURNZD, all short, looking back at the entries i stupidly placed the trades at the bottom not observing the stoch, cant be bothered to post the charts but they were all taken on the 8th and ninth this week

[art]

dont know what happened there posted twice

[nanningbob]

How reliable are Chinese data numbers, well until a crackdown HK reported being the biggest export market of China over the USA and Europe. Like that was believable.

Bilateral trade data reported by China and Hong Kong showed widening differences over 2011 and 2012, with Hong Kong passing the U.S. in November to become the biggest export market in China’s figures. Since June, Hong Kong has returned to third place behind the U.S. and European Union.

Now data is coming out that will skewer the markets.

“The trade numbers in the next couple of months, especially on the export side, will not be a good reflection of demand for Chinese products abroad or overall economic activity, because they will be artificially depressed from what happened a year earlier,” said Dariusz Kowalczyk, senior economist and strategist at Credit Agricole in Hong Kong.
Citigroup Inc. and Everbright Securities Co. researchers also said September’s gains may be understated because of last year’s data distortions. Kowalczyk estimates 1 percent growth in China’s exports for September, putting him at the low end of 43 projections ranging as high as 8.2 percent. He sees a “small contraction” in October, citing over-reporting of export gains.

Now lower Chinese numbers would translate into lower economic activity for New Zealand and Australia. However, because the numbers of last year and 2 years ago it will show a big slowdown when there probably was some growth. How will the NZD and AUD react to these numbers?? Good question. Normally and Chinese slowdown is a good predictor of NZD and AUD weakness. HMMMMMMM dont you wish you were a Fundamental trader?

[ck0805]

Can anyone take the dummy lights and add a second color bar. I want to base it on trades for the 1H chart. For example:

price below 60 and 240 Maroon.
#price below 240 and above 60 red STO7 > 80. REENTER BUY TREND SETUP
Price above 60 and 240 Dark Green
#Price above 240 but below 60 STO7 < 20 REENTER BUY TREND SETUP

Just being lazy, a true dummy light system.

Then you can look at your charts and know instantly a setup is at hand.

Hi Bob,
Attached is the modified dummy lights based on the original being posted by fxdaytrader & Elixe to show a second color bar based on H1 price with respect to 240/60LWMA and Sto7.
Only managed to change the code to work with non fullscreen and non gradient color bars.

cheers

I made some changes from ck0805 adjustments so use the next one in the next post and not this one. Thanks for this, really cool.

[nanningbob]

OK I made some adjustments to the 1H dummy lights.
First bar is 4H bar 2nd bar is 1H bar

If both bars are green green perfect 10.6 setup - bid is above 60 & 240 on 4H chart and bid is above 240 on 1H chart but below 60 and STO7 20. This is what we call the perfect reenter UT trend setup in 10.6 Edsel.

If both bars are red red perfect 10.6 setup bid is below 60 & 240 on 4H chart and bid is below 240 on 1H chart but above 60 and STO7 80 on 1H. This is what we call the perfect reenter DT trend setup in 10.6 Edsel.

If 4H is green and 1H is Olive then bid is above 240 and 60 on both charts and you will have to go see if you want that trade.

If 4H is red and 1H goldenrod then bid is below 240 and 60 on both charts and you will have to go see if you want that trade.


IF 4H is olive and 1H is green then you have a 10.6 buy setup inside the range area.
If 4H is golden rod and 1H is red then you have a sell setup inside the range area.

1H Green always means there is a buy setup possibility either in the UT or UT range area.
1H Red always means there is a sell setup possibility either in the DT or DT range area.
1H Goldenrod or Olive always means use other factors if you want to trade they are caution colors not no trade colors.

4H green always means UT
4H red always means DT
4H olive means UT range or reversal area
4H goldenrod means DT range or reversal area

This is a test version. If this works properly then the final version should be ready soon.