10.6 EDSEL

[lonelytrader]

Nanningbob
How many open positions do you have at one time. Reason I am asking, is I want to understand if we are to take every signal, or just focus on the strongest ones?

[nanningbob]

Hi NaningBob

Kathy Lien says that "Of all the major currencies our favorite (for 2014) is the New Zealand dollar ".

in http://www.fxstreet.com/analysis/asia-o ... 014/01/03/

What do you think about that?

I think it is possible. NZD is less affected by China's economic slowdown than Australia because it exports more food products than mineral products. People always buy food. So someone has to appreciate some in 2014. NZD and USD are the most likely along with GBP. I am expecting EURO, JPY, to depreciate the most with probably the AUD and CHF with it. CAD, they say is depreciating but I dont know, if USD goes up the CAD should also except maybe against the USD. Fundamentals are funny things to try to trade. When you got it right it is a great ride and you can literally trade without a SL. When you cant quite figure it out YUCK. That is why I use Indis to keep me from making a serious mistake. I didnt understand the CAD move but the indis warned me something was up. So dump my CAD buys and find better trades.

[nanningbob]

Nanningbob
How many open positions do you have at one time. Reason I am asking, is I want to understand if we are to take every signal, or just focus on the strongest ones?

My MM is different than what is taught in Forex. I will trade anywhere from 15-60 positions at a time. I will trade my 10.6 most of the time which is a trend following system. I will also still trade my 5.0 system which is a counter trend system. I dont teach that here and havent taught it in several years but I still use it at times. I also will range trade. In other words I switch my trading methods based on my reads of the market.

I will close losing trades when it needs to be. It does not bother me to take a loss. It is part of trading. It doesnt bother me to take a losing day, week, or even a losing month. I trade lots of small positions and when I catch a trend I pile on the trades and my profits will explode at times. I did that last week. I did not know in advance that the GBP and EUR would drop so dramatically. Had no idea the GBP would do such a thing, but it did. The thing is I have see the GBP do this before and I jumped in with a ton of trades. From Jan 1 to now I have closed 182 trades. Small lots allow me to do that. Small lots means my losses are small because I dont pile on trades when I have a losing trades going. When the price goes in my direction I can pile them on and make some decent money. So that is how I trade. My account cant get wiped or damaged out because my lots are too small and when price goes the way I am expecting I am piling on trades to multiply my winners.

So what is a big deal to many in Forex means nothing to me. Risk to reward ratios are a waste of time for me. You will see traders wonder why I use the 240 MA line. Risk to reward makes no sense to them. So 1 or 2 trades become several hundred pip losers. To me so what? When price goes in my favor I rack up hundreds/thousands of pips. It is only the 10th of January and I already have over 4100 pips banked. Most of that I got in two days. So the normal MM rules dont apply to my trading. My risk is minimal but when price moves I am all over it and banking pips like crazy. Sometimes I dont quite get it right and I take a loss but I make it up quickly on the next moves.

Prices move in trends and move for months at a time in one direction. When those spurts happen in a trend I am in them for multiple positions. When I am not I only have a trade or two going.

Where did I get such an idea. From my stock purchases when I worked for Disney World. Every week they would take 1% of my pay and buy stock. Whether in profit or loss I bought. When Disney stock went up, which it always did being a billion dollar a year profitable company, my equity always went up. I have applied a similar approach to Forex except Forex ranges instead of always going up. So at some point you close your trades. I set a bunch of trades for a session. If one takes and becomes a loser. So what. When price goes in the direction I have chosen I get multiple winners.

For example the gbp/nzd dropped 540 pips from its high last week to its low. It is impossible to buy at the tip top and sell at the tip bottom. A one trade in, one trade out trader at best may get half of the move if he was looking for it. I collected over 700 pips or almost 1.4 times the entire move. That allowed my to increase my account almost 2% just on that one pair. So how can I answer your question? How do I get people to understand how I trade? I dont trade one in /one out. I dont trade in risk/reward ratios. I have rejected almost everything taught by the experts. I cant even get people to understand the concept yet teach them how to do it. I mention it once in a while so someone may all of sudden get it. I trade all over the board using different trading systems depending on the read of the market.

Now to answer your question. When I see the CSS giving me one currency strong and another weak. Yeah I am looking for the best way to get in and taking every trade possible. Because once or twice a month price is going to move and if I catch it I multiply my account quickly. If I dont catch it my loss is very small and it doesnt hurt. Well losses always hurt but not much.

Am I working on an indi that will help you do this better. Yeah I am. It will incorporate into 10.6 Edsel very nicely and it will give you a change to catch the gbp/cad move which happened earlier this week.

[njokie]

Hi traders i have loaded the 10.6 in the first page template but my screen is not as iam seeing
someone please tell me what i need to do

Who is your broker? Someone with your same broker can help.

Hi Bob my broker is Hotforex,and formax but please let me know which Empty4 i can install to get assisted i can always check the signal in one Empty4 and trade from another
thenx for helping soo many people

[nanningbob]

I use I B F X USA and their demos are free and unlimited.

[njokie]

I use I B F X USA and their demos are free and unlimited.

ok let me load the 10.6 Edsel zip in I B F X

[art]

hi bob are you still looking to sell the yen, its still not turning down on the css

[HannesJoubert]

Bob, and anybody else trading 10.6 the way Bob says (incl MM)...

What do you do on heavy news days / weeks such as this week? I realise that there is an additional factor in that the trading year is just starting as well.

Do you still set your pendings according to the CSS and EDSEL? Or do you elect to stay out of the markets altogether? My guess is no, especially if you are using the MM as suggested, that would allow you to ride any unrealised losses until the news has been digested.

I set my pendings accordingly this morning, and when the news of the CAD and USD hit, everything hit the fan. I was able to close all open positions and cancel all pendings for a net of 22 pips (which I am sure would have been -220 pips in the past)

I guess that we set our pendings accordingly and let the news just wash out? I was unsure given that the weakest currencies were strengthening and vice versa...

Seems I missed out on some of the CAD move again

[lonelytrader]

Was able to pick up on the EURCAD this morning... 120 pips as of writting
Still down in the account, but thats mainly since I am learning, and isnt that what demo is for?

Its pretty amazing how the system called for it, all I had to do was enter the limit order and wait.


Update: didnt want to post another one...
(its amazing, how when you set up your trades based on trends, a weeks worth of mucking small losses and some big ones EURNZD are cleaned with NFP move)


Amazing system

[Skyline]

Ok my first 2014 week closed trading 10.4/10.6 and another winning week for me (+12,5%), i'm really amazed how simply and perverted at the same time could be forex trading.
Btw i keep my trading very simple, look over 20 pairs (and daily css) and place my pending orders accordingly, very simple, and to be noted that i'm mostly wrong on my trades infact usually my losses are more than winners , this week i had 17 trades in loss and only 14 winners but the aggregate winners are more than losers so at the end my account growth around 12% (i'm pushing with risk trading 0.04 lots/trade for 1000 euro account and can handle around 10-15 trades at a time), sometime when i have big gain in a trade (more than 100 pips) i move sl so to lock some profit, my stoploss starts always at 240 MA and is trailed automatically by a simple ea i made.
And most important all of this with very low stress since this is a long term trading using H4/H1 charts , i take a look from time to time to the chart but i'm not glued at the screen looking and praying for a single pips move
Thx again to Bob and his great trading methods