10.6 EDSEL

[trucomallica]

Bob, do you have some issues surfing the web from China? I was surprised that you have access to youtube
There is a really cool channel called China Uncensored, but we don't want to lose you so don't search for it

[zentauro67]

How are you dealing with MM? I have tried different ways and lately I feel Edsel works better with large SL. Each trade demands a different approach, but I´m trying to discipline myself using and average setting.

SL - 120 pips (+ or - adjustable to swings highs and lows, or to 60, 240 if MAs are close to 120 pips)
TP - 400 pips
BE - 80 pips
Trailing stop- 50% of profit after 100 pips.

I´m trying also to respect the set and forget approach as I feel the manual closing of open trades is most of the time a weakness.

As this is a so subjective part of the system, it would be nice to know about another ideas.

[nanningbob]

Bob, do you have some issues surfing the web from China? I was surprised that you have access to youtube
There is a really cool channel called China Uncensored, but we don't want to lose you so don't search for it

I have used Witopia for years and it has worked very well except for the period when they had their elections. Their new stealth works great so I am unhampered right now. That can change at any time though. What is funny is one American company will sell the service and another company will sell how to crack it to the Chinese govt. Free enterprise at its best.

[nanningbob]

How are you dealing with MM? I have tried different ways and lately I feel Edsel works better with large SL. Each trade demands a different approach, but I´m trying to discipline myself using and average setting.

SL - 120 pips (+ or - adjustable to swings highs and lows, or to 60, 240 if MAs are close to 120 pips)
TP - 400 pips
BE - 80 pips
Trailing stop- 50% of profit after 100 pips.

I´m trying also to respect the set and forget approach as I feel the manual closing of open trades is most of the time a weakness.

As this is a so subjective part of the system, it would be nice to know about another ideas.

Set and forget or tp every line. The tp every line has one advantage and that is you pick up the retraces and profit again sometimes several times when price keeps going back and forth over the same ground. But you can do that with set and forget by adding positions. I am comparing set and forget with TP every session on another account. We will see which one does better in the long run.

I think this has a lot to do with a person's personality. There are people who can set and let a currency run for 6 months. That would drive me nuts. I love coming to my computer and doing something every session, open, close, set. To sit and say well they will go on and do nothing. Its just not me soooooooooo.......... I admire you guys that can just sit on a trade for days, weeks, months.

[zentauro67]

The only problem in taking profits early and re-enter at every new line is that it alters the risk/reward. I´m not sure I could afford a 120 SL grabbing a 30 pips win. But, of course the joy (and the danger) of trading is in taking decisions. It would be interesting to compare the results of your two accounts in the long run.

[nanningbob]

The only problem in taking profits early and re-enter at every new line is that it alters the risk/reward. I´m not sure I could afford a 120 SL grabbing a 30 pips win. But, of course the joy (and the danger) of trading is in taking decisions. It would be interesting to compare the results of your two accounts in the long run.

In a straight line--enter and hold is the superior method. In a bouncing or up and down movement enter and reenter re-tracements is the superior method.

[Anthar]

I got some value off those MM posts, even tho it has been commented earlier, doubts still arise from time to time.
At this time I find myself with a pending that was per the rules (IMO) but with a heavier retracement than I expected. What do you do in this cases? is that entry still the best way to go or would you place it closer to PA? for all I know trade is still valid in the long run and AUD has some more falling to do.
What do Bob and you guys think?

[lonelytrader]

Ok i am back for more lesson and punishment
I did a few trades, but this one is the one I wanted to ask about
http://screencast.com/t/QJF2IXA7X1Ak

its on the eur/usd, I want to sell it, the price has retraced so that on the 1h its north of 80, I put a sell stop at the nearest xxx.00-5 which is about 20 pips away.

the eur is negative, the USD is positive on the D1 CSS, and it complies with the andy filter.

let me know

[fxsteen]

So if I understand things right this never set up for 10.6 trade.
The css info was good, but the stoch never gave a signal 4hr or hr except while ranging.
The only signal was in the ranging area. Since I am new I am trying to stay out of.
Coming out of the range there was still no good sigal.
The trend still looks strong but still no signals.
If I understand things right I should be waiting for a reversal trade now.
So I am just wondering if there was anyway according to 10.6 to have seen this coming and capitalize on it.

[nanningbob]

Eur/usd comments.

1. price broke south of the 240 line.
2. it retraced but did not get back to the 240 line. This area also used to be support in Dec but now provides resistance in Jan.
3. Sto gives a signal and price goes down over 70 pips. Not much action but that is what the market is giving you. I have taken 3 sell trades on the eur/usd and have gottne 33 pips. That is all I have gotten out of the eur/usd. This is where those who preach risk to reward ratio fail. The market isnt giving you the ratio, so I take what it is giving 10-15 pips at a whack.

Unless you caught the CAD bad news story the market has been quiet this week. I didnt see that one coming so been a lean week.