10.6 EDSEL

[nanningbob]

Hi.. this question is for Bob and all the experts out there.. EURUSD recorded a 100+ (and counting) pip spike for the day.. So is this just reaction to news (and therefore it will come back down) or is it an indication that bulls are taking over and its time to exit any open short positions ? Cheers !

So far the eur/usd is staying in the range it establlished for itself during the beginning of the year. It could break up or down at this point. It is hitting R after showing a fake DT.

[nanningbob]

Hi BOB
At present there is a flood of good economic news in the UK. Just this week we have had 2 major news stories. The unemployment is down and car production is up after many years (decades) of decline. The feel good factor in the city of London is very high. This explains the recent strength of GBP. Moreover, due to the problems of Euro the Pound is riding high.
Kind regards,

P.S. Crime figures are down as well.

P.P.S. I have read "10.4 CSS info page.pdf" a few times. I would be grateful if you could let me know if there are there any other guides for CSS.

Yes and that moved gbp and I got some pips off of that but the CAD drop is across the board so gbp strength alone doesnt explain that.

[95026862]

do i have the wrong indicators or somethin ? my charts look completely different as far as the pivot level

[nanningbob]

Oh well, EUR, NZD and CHF moves took out 240MA stops all round. This is my equity increase curve since start of January. Orange line is equity change (not account balance) and blue line is drawdown.

Everything was going quite well with NB 10.6 till last night and BANG! But as Bob says, I am still in it to trade another day. Bob, your advice has been to trade through news, but all my equity curve spikes down have been due to 240MA stop outs related to news. I got to rethink this.

What news?? The Cad decided not to change their rates and all h.......... breaks loose on the cad and that affects what happens to other currencies. Losses are part of the business your present curve is higher than its starting point so ............ you are still up. If you think this is not normal in trading (taking losses) you are in the wrong business. I have played this game for a long time and I dont know any trader that doesnt take his hits. That is why I trade very conservatively, I keep my account intact so I can trade and continue the curve up again. What are you going to do? The difference is when I lose I lose my winnings not my base amount. I have been trading for 7 years and I finally had my first winning December. Now it was only 2% but heck I finally did it. I have come to realize that in a trading year, I will have 1-3 losing months, 1-3 really good months and the rest is a dogfight to keep my head on. Even if I average 2% a month for the year that is a 24+% increase of my account. Try getting that at the bank or stock market or .......... So you make your decision and it is simple. Take your losses and live to trade another day or go try another system which will also have its bad days, weeks, months, or get out of Forex. Sorry if that seems so harsh but this is a very dog eat dog world. There is no mercy.

[rocketman99]

Oh well, EUR, NZD and CHF moves took out 240MA stops all round. This is my equity increase curve since start of January. Orange line is equity change (not account balance) and blue line is drawdown.

Everything was going quite well with NB 10.6 till last night and BANG! But as Bob says, I am still in it to trade another day. Bob, your advice has been to trade through news, but all my equity curve spikes down have been due to 240MA stop outs related to news. I got to rethink this.

What news?? The Cad decided not to change their rates and all h.......... breaks loose on the cad and that affects what happens to other currencies. Losses are part of the business your present curve is higher than its starting point so ............ you are still up. If you think this is not normal in trading (taking losses) you are in the wrong business. I have played this game for a long time and I dont know any trader that doesnt take his hits. That is why I trade very conservatively, I keep my account intact so I can trade and continue the curve up again. What are you going to do? The difference is when I lose I lose my winnings not my base amount. I have been trading for 7 years and I finally had my first winning December. Now it was only 2% but heck I finally did it. I have come to realize that in a trading year, I will have 1-3 losing months, 1-3 really good months and the rest is a dogfight to keep my head on. Even if I average 2% a month for the year that is a 24+% increase of my account. Try getting that at the bank or stock market or .......... So you make your decision and it is simple. Take your losses and live to trade another day or go try another system which will also have its bad days, weeks, months, or get out of Forex. Sorry if that seems so harsh but this is a very dog eat dog world. There is no mercy.

Hey don't get me wrong. I am not knocking 10.6 or your methods - just sharing the fact that I took an absolute hammering and need to reset and rethink. I have not been in the this game as long as you - been trying for around 4 years with play money. I fully understand that I am going to take knocks from time to time. I am still up almost 1% on my demo account in January even after the hammering I took.

So my analysis:

I was on correct side of CSS for EUR, CHF and NZD
Lots of open trades on the above at various levels on DD
Then news and bang! And the news was not even high impact!

So what I am taking from this is:

My TP is too low - I don't let my winners run enough.
I am too aggressive in my DD recovery (adding to trades in DD when new signal emerges).
I need to rethink news events. Pehaps place pendings above news in direction of trend - far enough to avoid whipsaw.

Anyway, just my rambling thoughts.

[95026862]

I know exactly how you feel, i've been getting nailed over and over blowing accounts using this system. but at this point just gave up using the methods explained and try to use this in conjunction with my own hours, work schedule, and account balance. Just trying to get this thing to work with me but seems to just keep failing over and over.

Hey don't get me wrong. I am not knocking 10.6 or your methods - just sharing the fact that I took an absolute hammering and need to reset and rethink. I have not been in the this game as long as you - been trying for around 4 years with play money. I fully understand that I am going to take knocks from time to time. I am still up almost 1% on my demo account in January even after the hammering I took.

So my analysis:

I was on correct side of CSS for EUR, CHF and NZD
Lots of open trades on the above at various levels on DD
Then news and bang! And the news was not even high impact!

So what I am taking from this is:

My TP is too low - I don't let my winners run enough.
I am too aggressive in my DD recovery (adding to trades in DD when new signal emerges).
I need to rethink news events. Pehaps place pendings above news in direction of trend - far enough to avoid whipsaw.

Anyway, just my rambling thoughts.

[rocketman99]

I know exactly how you feel, i've been getting nailed over and over blowing accounts using this system. but at this point just gave up using the methods explained and try to use this in conjunction with my own hours, work schedule, and account balance. Just trying to get this thing to work with me but seems to just keep failing over and over.

If you are blowing accounts using bob's teachings you are doing something seriously wrong. I only took a 1.5% account hit on about a 2.5% account gain for January (my first month with 10.6). Not really a big deal in the long run.

I just need to refine things, practice, practice and practice some more. 10.6 is an excellent strategy.

[nanningbob]

I know exactly how you feel, i've been getting nailed over and over blowing accounts using this system. but at this point just gave up using the methods explained and try to use this in conjunction with my own hours, work schedule, and account balance. Just trying to get this thing to work with me but seems to just keep failing over and over.

Hey don't get me wrong. I am not knocking 10.6 or your methods - just sharing the fact that I took an absolute hammering and need to reset and rethink. I have not been in the this game as long as you - been trying for around 4 years with play money. I fully understand that I am going to take knocks from time to time. I am still up almost 1% on my demo account in January even after the hammering I took.

So my analysis:

I was on correct side of CSS for EUR, CHF and NZD
Lots of open trades on the above at various levels on DD
Then news and bang! And the news was not even high impact!

So what I am taking from this is:

My TP is too low - I don't let my winners run enough.
I am too aggressive in my DD recovery (adding to trades in DD when new signal emerges).
I need to rethink news events. Pehaps place pendings above news in direction of trend - far enough to avoid whipsaw.

Anyway, just my rambling thoughts.

If you are blowing accounts using bob's teachings you are doing something seriously wrong. I only took a 1.5% account hit on about a 2.5% account gain for January (my first month with 10.6). Not really a big deal in the long run.

I just need to refine things, practice, practice and practice some more. 10.6 is an excellent strategy.

You got it right. I learned a lot by putting 1000 dollars in a an account and trading one penny. So if price went against me it was $1.00 in the hole after 100 pips and 10.00 after a 1000 pips. No chance of losing my money. I did learn there seems to be a heartbeat to the market or maybe I began hearing afterwards. I could see the market go 2,3,4.oo down and then come back to 1.50 or something then to 5 and back to 2. What I learned and felt was market action. I took 6 months and traded like that and experienced the full force of a move from beginning to end. Its trend up, trend down, its reversal, its ranging, its spikes, and dead spells. It was the most valuable 6 months I ever learned. I used no SL and tried to get the feel of a 100, 500, 1000 pip moves. I cant always explain myself or how I feel but after a while you get a sense of things. I study all the cross pairs and they all move in unison. When I see something move in one place I sense it will counter-move else where. What goes up must come down, what goes down must come up.

I know I have talked about the CAD move a lot the last couple of pages. The reason is I sense something wrong. I dont know what it is but I just sense it. If it goes back close to where it was it was the typical everyone jump and follow. I did that earlier in the month, and they werent 10.6 trades but I saw the market do its opening year move and I have seen it other years. So I jumped on board and got a hoard of pips. I dont know how to teach that. If the CAD comes back then it was a herd mentality and the herd is getting more volatile. That I understand. If the CAD continues to deteriorate at such a fast rate there has to be a fundamental reason for that and I am not finding any answer to that question.

So it is all part of the learning experience but it frustrates me not knowing a big move like that. If I miss it I want to know why I missed it. So I will continue to look and maybe just maybe it was just a perfect storm between gbp strengthening and an overall cad weakness that went viral. We will see. Just some thoughts.

[nanningbob]

One more thing. That is why I like Capt. Jack. That is just good teaching and price action. I keep my daily charts clear just for that reason and use the 4H for indis. He's good.

[Pipstubborn]

Thanks Bob, I made 3120 pips following the CSS fundamentals on all the AUD, NZD, CAD, GBP and JPY crosses.

Closed all the trades and reset for a continuation if it happens.