10.6 EDSEL

[95026862]

some crazy yen strength. wonder if STO7 will ever pull back for a re-entry

[SteveHopwood]

What i can see right now is that css daily jpy is getting stronger (line going up) while on the other hand on H4 jpy pairs we are still up very far from 240 so for edsel rules we are still in uptrend with a retrace , so my choice would be to stay on the sideline waiting for a re-enter in the direction of main trend

FWIW, that is what I am doing.

You are correct that Bob is a far better trader than most of the rest of us. You are probably surmising that there is actually far more going on in his head when trading than comes out in the simplicity of 10.6; again, you are dead right.

So yes, KISS works just fine for the rest of us. I made another 55 pips yesterday and have a couple of pendings in place today. Making pips is addictive.

[Skyline]

What i can see right now is that css daily jpy is getting stronger (line going up) while on the other hand on H4 jpy pairs we are still up very far from 240 so for edsel rules we are still in uptrend with a retrace , so my choice would be to stay on the sideline waiting for a re-enter in the direction of main trend

FWIW, that is what I am doing.

You are correct that Bob is a far better trader than most of the rest of us. You are probably surmising that there is actually far more going on in his head when trading than comes out in the simplicity of 10.6; again, you are dead right.

So yes, KISS works just fine for the rest of us. I made another 55 pips yesterday and have a couple of pendings in place today. Making pips is addictive.

ehehe Steve I think you also have a programmer soul as me
What I'm doing at the end is some sort of basket trading (it reminds me T101 Basket trading) infact i have a lot of orders opened from different currency at a given time (actually I have 13 orders live thus in drawdown), then when i reach a fixed profit in $ I close the whole basket and start again on next week for new opportunity to enter again in the market following edsel rules So far i closed 3 week straight in profit (never happened), maybe is only luck who knows ?
I see you did a lot of stuff to automate 10.6 trading, I have to give a look

Thx
Skyline

[nanningbob]

I decided to look at all the jpy charts and I see a normal retracement. That is normal, pull back, sto7 goes back down below 20. Look for it to rise up again above the 20 and DP and set your pending orders. I dont see anything that would replace that. I quit using the 4H CSS as a change of direction for this very reason. JPY got as high as the 2nd highest on the 4H CSS last week and could make it again this week but it still is the weakest currency out there and when and if it goes back into its trend it will make for some nice trades.

Now if you are a counter trader and picked up these retracements, you certainly did a good job but for me getting people to just follow trend signals is hard enough without confusing the heck out of them with CT trades. I tried that at FF with three separate threads and I went nuts trying that. So except for the aud/jpy, with the aud being as weak as the jpy, we can see that nice retracements with jpy sells back into the UT are there. We can take some warning that some have hit the 60 MA which may mean this months move may not be that big. Anyway I have my aud/jpy, eur/jpy, gbp/jpy, cad/jpy, chf/jpy, nzd/jpy, and usd/jpy buys ready to go. Hits some quick gold and close up this Friday.

Rumors of a budget deal in Washington my give the USD a boost so keep an eye on that story. After 3 years of budget fighting they may have a 2 year deal. Hopefully its true and we can get back towork.

[pgd]

hi bob,

the following quotes from 2 posts from today have me confused:

However, almost every jpy pair is setting up for a sell.

this would mean jpy strength.

And you would be violating the fundamentals of why JPY is moving, namely the govt. is selling bonds to cause it to depreciate.

this would mean jpy weakness.

kindly clarify.
thanks.

[nanningbob]

hi bob,

the following quotes from 2 posts from today have me confused:

However, almost every jpy pair is setting up for a sell.

this would mean jpy strength.

And you would be violating the fundamentals of why JPY is moving, namely the govt. is selling bonds to cause it to depreciate.

this would mean jpy weakness.

kindly clarify.
thanks.

It is stated correctly. You sell JPY you buy aud,nzd,gbp,usd,eur, etc. Since it is always the 2nd currency of a pair to sell jpy is to buy aud/jpy, gbp/jpy, nzd/jpy usd/jpy etc.

[Anthar]

Hi guys, getting myself up to date with last night's action. So jpy might be weakening on almost every pair. I wanted to share with you a graph to clarify where to place a pending entry when the retracement has gone farther from DP (my usual entry point) than we usually would get in a Trend. In this case I have NZDJPY, which might be bouncing back up from 60MA, the question here would be if the pending buy would be placed at the next round number, like in the graph or would it be better to place it above 15MA. Any comments would be appreciated. Good trading to all.

[HannesJoubert]

Hi there all.

It sounds like it is going well with the trading??

I am still trying to learn the 10.4 system properly, but am using the 10.6 template to make sure that it is not foreign to me in future.

However, I have a bit of a technical question...The only MA line that I see on my 4H charts is the 60...The other charts that I see on the thread show the 15, 60 and 240...

Huh?

I have checked the settings of the MA indicator and it is setup to show on both the 1H and 4H, so that is not the problem...

Any ideas?

Thanks

H

[Pipstubborn]

I decided to look at all the jpy charts and I see a normal retracement. That is normal, pull back, sto7 goes back down below 20. Look for it to rise up again above the 20 and DP and set your pending orders. I dont see anything that would replace that. I quit using the 4H CSS as a change of direction for this very reason. JPY got as high as the 2nd highest on the 4H CSS last week and could make it again this week but it still is the weakest currency out there and when and if it goes back into its trend it will make for some nice trades. QUOTE

Bob, taking the GBP as an example since the begining of the week and right now what's going on with the JPY.
I usually look at the D1 CSS strength/weakness of a currency itself as a directional tool but I also look at the H4 CSS as a tool gauge to measure the depth and length of the pullback , this helps me to pinpoint and forsee the end of the pullback when it turns down again like the jpy will and will go back into the trend. This allows me to have more confidence to see the pullback to be over and place my pendings a little closer.

In other words, use D1 CSS for direction and H4 CSS for gauging the pullbacks. Could this approach might be correct?

I hope made myself clear. Thanks in advance

[pgd]

hi bob,

the following quotes from 2 posts from today have me confused:

However, almost every jpy pair is setting up for a sell.

this would mean jpy strength.

And you would be violating the fundamentals of why JPY is moving, namely the govt. is selling bonds to cause it to depreciate.

this would mean jpy weakness.

kindly clarify.
thanks.

It is stated correctly. You sell JPY you buy aud,nzd,gbp,usd,eur, etc. Since it is always the 2nd currency of a pair to sell jpy is to buy aud/jpy, gbp/jpy, nzd/jpy usd/jpy etc.

agreed that trading jpy weakness = buying jpy pairs like eurjpy, audjpy etc.
conversely, trading jpy strength = selling jpy pairs like eurjpy, audjpy etc.
therefore, your statement indicating that jpy pairs were setting up for a sell, looked to me like the latter.