10.6 EDSEL

[SteveHopwood]

I am asking those of you who have not already seen this post http://www.stevehopwoodforex.com/phpBB3 ... =10&t=3302 to read it please.

[Haggadah]

I read that the system can't be fully automated... but I don't really fully understand why... news? Harmonic patterns? Anything else?

Anyone else find it slow to find the chart you want looking through this lot? I wonder if it's possible to get an double green light alert from the dashboard to open the right chart, load the 10.6 template...


Did anyone catch the counter-trend drop on EURUSD today to the full?

I run a spreadbetting FXCM account because it's tax free for me (20% capital gains tax saved). But the spread isn't so good... -3 pips before doing anything on GBPUSD today... makes it more risky on smaller timeframes. Just wondering, has anyone moved over to globalprime from to FXCM? How did you find it?

Just waiting for the stoch on this one:

FXCM is the worst broker I have experienced. They screw you up to the bone. A few years back, I was lucky enought to be in front of the computer when the market reacted due to some problem going on in the US and Japan and I ride it on. I was in and out pocketing my profits, and then suddenly spread went as high as 80 pips until I was burried in a hole and can't recover. That's how they screw you.

Haggadh.

[James Roscoe]

audchfh1.png

Here is my idea and what my template looks like. When the dashboard gets a diamond and a square, we drag that chart onto the screen and set-up a 10.4 trade opportunity. I have been trying to find the right code to trigger an alert from the dashboard, so we can get up and set the trades. Is there a way to code such an alert or is this impossible? If it is possible, can someone show me the way?

[nanningbob]

Except for the CAD looks like everything wants to head back to the center. So ......... watch for those trend trades not to go as far as they have been or even not to be taken.

[harry]

You have it right except the 10.4 buy and sell trades. One small error you mention the 15MA. I usually dont use the 15 MA with 10.4 trades. You could but you normally I wont be looking at the 1H chart. 10.4 are usually traded on the 4H chart and I am looking to cross back into the trend using the DP line.

10.6 price wont retrace back across the DP line so then I use the 15 MA line on the 1H to get back in. I use the STO7 on the 1H because I probably wont get a deep enough retrace on it on the 4H to get back in.
10.4 price will retrace back across the DP line so I use that over the 15 MA line on the 1H. Price will retrace enough to use the STO7 on the 4H.

That is the difference in using the different indies. Good summary with the rest though.

Thanks bob for making correction...You are right as i dont know where i read about 15MA in 10.4 and why i noted down that because me to i am placing pending trades from H4 so there is no 15MA...

[nanningbob]

Except for the CAD looks like everything wants to head back to the center. So ......... watch for those trend trades not to go as far as they have been or even not to be taken.

Well that was a stupid analysis, look at the aud go south.

[nanningbob]

CLASSIC 10.4 TRADE USD/JPY Almost all the jpy crosses are fitting this pattern. aud/jpy is not right now.

[rocketman99]

Except for the CAD looks like everything wants to head back to the center. So ......... watch for those trend trades not to go as far as they have been or even not to be taken.

Well that was a stupid analysis, look at the aud go south.

The AUD is heading south due to a high impact announcement at GMT 00:30:

00:30 AUD Gross Domestic Product (YoY) (3Q) High 2.3% 2.6% 2.4%

What is your advice with EDSEL regarding high impact news, especially on GBP, AUD and JPY that tend to go crazy after an announcement?

I have played with moving stops closer, but invariably the wipsaws are so massive my stops get taken out no matter what. Should you just close everything before the announcement (in profit or loss) and start again after the announcement?

[nanningbob]

Except for the CAD looks like everything wants to head back to the center. So ......... watch for those trend trades not to go as far as they have been or even not to be taken.

Well that was a stupid analysis, look at the aud go south.

The AUD is heading south due to a high impact announcement at GMT 00:30:

00:30 AUD Gross Domestic Product (YoY) (3Q) High 2.3% 2.6% 2.4%

What is your advice with EDSEL regarding high impact news, especially on GBP, AUD and JPY that tend to go crazy after an announcement?

I have played with moving stops closer, but invariably the wipsaws are so massive my stops get taken out no matter what. Should you just close everything before the announcement (in profit or loss) and start again after the announcement?

It is all how you look at it. aud/jpy was a 100 pip move which is not massive to me. I play small lots so lets say I have ten cents riding on a trade and it goes 100 pips in the hole. That is ten dollars but I have thousands of dollars in my account. To me news stories do not affect me. I can close, counter trade, or wait a move out. Since I know JPY bond sales will start within the week, I am confident it will come back and go above the 240 line in the future. So these kind of moves dont affect my trading.

In reality price has stayed within its range of the last 3 months so until it breaks out of its range these moves are of no concern to me. If anything JPY will continue to weaken their currency and China's economy is not sliding so AUD economy will level out. I expect aud/jpy to go up again in the near future like this month. So I am looking for buy opportunities and when this news story is done playing out I will look for my best entrance. This again shows why I multiple level trade instead of a hard SL. This story will affect price only temporary. It does not change the fundamentals of the immediate future.

[harry]

The AUD is heading south due to a high impact announcement at GMT 00:30:

00:30 AUD Gross Domestic Product (YoY) (3Q) High 2.3% 2.6% 2.4%

What is your advice with EDSEL regarding high impact news, especially on GBP, AUD and JPY that tend to go crazy after an announcement?

I have played with moving stops closer, but invariably the wipsaws are so massive my stops get taken out no matter what. Should you just close everything before the announcement (in profit or loss) and start again after the announcement?

Hi Rocketman,

I am newbie but i did experiment and what i suggest you is if its in profit then close it out. If its in negative then place one pending trade for other direction and if the news hits in your direction then you will recover from your negative trade and if it hits opposite side then you will recover from the pending trade. (You can do only incase if you do not want to close your current negative trade)...

I am not sure that this is good idea or not but i did experiment and it worked out for me because once i feel that the news have hit the highest level i just close it and then wait for my negative trade to come back and then i close that too...

I did one experiment. I placed 2 pending trade before news coming out for same pair. For example, GBPUSD - if news coming out at 12:30 then i place 2 pending trade at 12:28 and they are BUY and SELL 5 pips away from current price so what ever direction news hit, i make some profit but make sure that you know that the news is high impacted otherwise you might make some quick loss...Also i always set low SL because once news hit, it always goes in one direction and then it will come back quickly so i just have to close it...

You can give it a try in demo account and then you can go for live...

Again, i will take advice from everyone if i am doing something wrong...

thanks