10.7

[Cherry]

Hi there, I've been trialing this on H1 and just wondering how you handle the entry timing. Eg. when you get an alert the sto7 is touching / moving beyond the level, but the candle has not completed. In every other method I've used we wait for the candle to complete to determine PA before entering.
Now if we enter prior to completion the signal can change. If we wait the price can go a mile and be past the best entry.

The other thing i notice is after entry the red and yellow lines can swap. You think you are trading with the trend but then it can change back and forwards several times! Even after the next candle completes.
Also the close alert will keep popping up telling you to close your trade.
This happened with an entry I took again today on GBPCAD H1, short. I eventually closed with just a couple of pips as I lost confidence. It eventually went on to 4x my risk.

Then when i decide to stick with the trade regardless it may end up stopping me out!! (Like GBPJPY just did.)
I'm still trying to use other filters I know from previous methods but was also looking at the possibility of relying more on the 10.7 entry signals.
Can any very helpful knowledgeable folk here please tell me how they handle this?
Many thanks to all, Cherry

[dispell]

Hi there, I've been trialing this on H1 and just wondering how you handle the entry timing. Eg. when you get an alert the sto7 is touching / moving beyond the level, but the candle has not completed. In every other method I've used we wait for the candle to complete to determine PA before entering.
Now if we enter prior to completion the signal can change. If we wait the price can go a mile and be past the best entry.

The other thing i notice is after entry the red and yellow lines can swap. You think you are trading with the trend but then it can change back and forwards several times! Even after the next candle completes.
Also the close alert will keep popping up telling you to close your trade.
This happened with an entry I took again today on GBPCAD H1, short. I eventually closed with just a couple of pips as I lost confidence. It eventually went on to 4x my risk.

Then when i decide to stick with the trade regardless it may end up stopping me out!! (Like GBPJPY just did.)
I'm still trying to use other filters I know from previous methods but was also looking at the possibility of relying more on the 10.7 entry signals.
Can any very helpful knowledgeable folk here please tell me how they handle this?
Many thanks to all, Cherry

I havent quite gotten entry just quite right yet.
But i do feel you on the GJPY trade, stopped out at -35pips.
The yellow line bounces, and TBH i'm not sure how to handle it.
But everytime i'm in doubt i check the CSS.
GBPCAD was going opposite directions on the daily, as well as on the H4.
Seems like a pretty strong move to me.
I think H4 would be a better TF to trade 10.7, so far I've only been taking 10-20pips/trade profit on H1 n lower.

[Cherry]

Thanks for your reply!
Well wouldn't H4 be even more difficult? When would you enter.. wait for the close of the H4 candle that gives the signal? Same with daily... ??
Yes I've always tried to work with the HTF when taking a trade on H1 or lower, but seems with this it's nearly always looking different on the HTF. Waiting for a buy with the trend on H1 that's with the trend on H4 and D1 would take nearly as long as waiting for a trade on the HTF?!

I did think the benefit of this indi was giving the higher time frame trend sufficient to enable a trade based on the one time frame.

I've only just downloaded the CSS today and not quite sure it's working properly. I'm not a tech wizard like most here seem to be!! When i open the 24 pairs it only gives AUDCAD as that is all it has showing in the 'symbols to weigh' so not sure if we're meant to add more pairs there ourselves.
The 12 pairs seems ok but I have to read more about how to use it yet.

GJ didn't surprise me as I believed it needed to go further above the Asia range which it did.

[spotdespot]

Hi there, I've been trialing this on H1 and just wondering how you handle the entry timing. Eg. when you get an alert the sto7 is touching / moving beyond the level, but the candle has not completed. In every other method I've used we wait for the candle to complete to determine PA before entering.
Now if we enter prior to completion the signal can change. If we wait the price can go a mile and be past the best entry.

The other thing i notice is after entry the red and yellow lines can swap. You think you are trading with the trend but then it can change back and forwards several times! Even after the next candle completes.
Also the close alert will keep popping up telling you to close your trade.
This happened with an entry I took again today on GBPCAD H1, short. I eventually closed with just a couple of pips as I lost confidence. It eventually went on to 4x my risk.

Then when i decide to stick with the trade regardless it may end up stopping me out!! (Like GBPJPY just did.)
I'm still trying to use other filters I know from previous methods but was also looking at the possibility of relying more on the 10.7 entry signals.
Can any very helpful knowledgeable folk here please tell me how they handle this?
Many thanks to all, Cherry

Cherry - a few points for you to consider. I think you need to really understand how the daily/weekly 2.1 stochastics work and what Bob's premise for 10.7+ is. Essentially Bob noticed that generally days and weeks are either UP weeks or DOWN weeks with respect to the daily/weekly opening price. This happens far more frequently that price moving switching back and forward above and below the daily/weekly open. Sure price might dip below then move above and you get an up week but it isn't that often that it will swing around the daily/weekly open and you get price moving above/below/above/below all day/week.

Now what Bob did (with Tomasso) is create the Daily/Weekly 2.1 Stochs. All these essentially do is show you whether price is above the daily/weekly open or below it. Once you understand that you will realize that, especially at the start of the day/week price can move slightly above/below and switch until it stabilizes as an UP or DOWN day/week. So if the Weekly Stoch 2.1 is HIGH then price is above the weekly open - simple as that.

Hopefully that makes sense.

As for trading whilst a candle is still open - that's up to you. What I believe Bob does is trade whilst it is open as the signal arrives (or has pending trades - some people use Steve's helper EA) BUT he trades small lots with BIG stops - so the 35 pips you are talking about wouldn't have bothered him overly and he certainly wouldn't have been stopped out. If believe if he took that trade it would be with the expectation that price was going to move in the anticipated direction. Once it moves against him he might get out at a small loss looking to get in at a better price or he might ride out the drawdown.

Obviously I am speculating here a little but Bob is pretty busy at the moment so he may not be able to comment.

I hope that helps.

Cheers,
Dave.

[nanningbob]

Why anyone would wait for a candle to close has always been beyond me. If you trade 15M candles you can enter trades every 15 minutes but if you trade 1H candle you have to wait until the top of the hour??? So if you trade the 4H candle and it starts at 6 but a news story makes it move at seven you cant trade the move until 10??? Does price carry a stop watch and say, on your mark, get set ................ wait wait wait we cant move until the top of the hour? So if Toyota in Japan wants to cash USD to YEN the banker will tell him, sorry you cant convert these funds until the big hand hits the 12. We dont want to mess up our traders in the back room. Some rules in trading if you think about them are for ....................... ??????????? the trash bin, Candles have absolutely nothing to do with price action they just show what price has done over a period of time. Price moves when people, banks, govt., businesses trade money. They dont give a rip at what time they exchange money and neither should we. We move with price action.

35 pip stop ............ ah dont get me going on that one. Imagine this. You go to a stock broker and say I want to buy IBM stock. Place my order at 98 2/8 and place a close at 98 so I dont lose money. That is 1/4 of a penny. Did you know that 35 pips is 35/100 or 7/20 of a penny or 1/3 of a penny. Do you ever wonder why you never seem to get a perfect entrance when you are trying to enter prices priced to the hundredth or even a thousandths of a penny? Then you wonder why your SL gets hit after a 1/3 of a penny move. No where else in the trading/financial world do people try to trade like that. If a guys sneezes price can move a 1/3, there is no such thing a accurately placing price orders when your dealing with hundredths or thousandths of a penny. Learn to trade in a way that gives your entrances some room to move. Yesterday I placed a trade on the eur/usd. Price went against me about 35 pips and then dropped about 70. I took about a 30 pip profit and went on. Today it went about -20 and then dropped 70 again. I'm happy.

[Cherry]

Dave, thanks for your explanation. I know I read what Bob wrote about that, but somehow it didn't gel, now you've brought it home! Can you just clarify, if looking on a H1 or even 30m chart the red line is still the weekly stoch? So if the red keeps changing up / down we are actually trading right on the weekly open price? That helps me understand why I can enter a trade with it on bottom, a couple of bars later it's on top and then eventually ends up on the bottom again. Exactly what happened with E/J yesterday.

I think it might be a good idea for me to put a line on the W1 open price to be more aware?!!

Bob, I see you've just replied. Thank-you! So as soon as we get a hit on a level you would enter even if it backs right off... interesting. As for stops... where in the world do you put them then?!! You obviously don't work to a RR ratio either? Aiming for at least 2:1...

I'd also be interested to know if you get a signal, that is just a hit, on H1 to go long yet H4 has just crossed down over 70 would you take the H1 entry?

Thanks again. This seems to be another entirely different learning experience!! I'm still to read a lot more of all you've given to this forum...
Cherry

[milanese]

Dave, thanks for your explanation. I know I read what Bob wrote about that, but somehow it didn't gel, now you've brought it home! Can you just clarify, if looking on a H1 or even 30m chart the red line is still the weekly stoch? So if the red keeps changing up / down we are actually trading right on the weekly open price? That helps me understand why I can enter a trade with it on bottom, a couple of bars later it's on top and then eventually ends up on the bottom again. Exactly what happened with E/J yesterday.

I think it might be a good idea for me to put a line on the W1 open price to be more aware?!!

Bob, I see you've just replied. Thank-you! So as soon as we get a hit on a level you would enter even if it backs right off... interesting. As for stops... where in the world do you put them then?!! You obviously don't work to a RR ratio either? Aiming for at least 2:1...

I'd also be interested to know if you get a signal, that is just a hit, on H1 to go long yet H4 has just crossed down over 70 would you take the H1 entry?

Thanks again. This seems to be another entirely different learning experience!! I'm still to read a lot more of all you've given to this forum...
Cherry

Hi Cherry,

if you change nothing in the settings the redline is always the weekly 2.1.1 stoch independend from the TF you are using...

Cheers

Tommaso

[Cherry]

Thanks Tommaso for confirming that point.

[spotdespot]

Bob, I see you've just replied. Thank-you! So as soon as we get a hit on a level you would enter even if it backs right off... interesting. As for stops... where in the world do you put them then?!! You obviously don't work to a RR ratio either? Aiming for at least 2:1...

I'd also be interested to know if you get a signal, that is just a hit, on H1 to go long yet H4 has just crossed down over 70 would you take the H1 entry?

Thanks again. This seems to be another entirely different learning experience!! I'm still to read a lot more of all you've given to this forum...
Cherry

Here's an indi that will draw the weekly open price. Just to add a very slight wrinkle - the 2.1 stoch actually reflects the previous week's close rather than this week's open (I think a reflection of some brokers having Sunday bars etc - this is just easier and pretty much the same bar big gaps).

As for your RR, where do you put stops etc All I can say that, despite all the amazing advice Bob has given here, the one part that took ages to sink in to my thick head and has proven the most valuable(I just couldn't accept it) was that you need to throw those RR/stop notions out of your head. In my interpretation that means - take what the market gives you. Use stops as insurance - they are not designed to get hit. You will struggle to accept this as you will look on myfxbook at your stats and even though you are winning all the minutiae of RR based stats and all that kind of stuff will make you think it isn't sustainable. However if you are capable of cutting a trade short before it gets anywhere near your stops or just have faith in your system that it is just drawdown (and you have used small lots sizes so you can weather it) then who cares if you're winning?

With your point about H1 Vs H4 stoch - just use common sense imo. Bob isn't dictating how you trade he has just given tools to give you an edge. Look at the charts as see what happen in this scenario in the past. When you do you won't take that trade. If you're not sure, don't trade.

I hope that helps.

Cheers,
Dave.

[fok]

And here is the monthly open, thanks Tommaso :hi: , hopefully in the future without painted steps. I love the daily and weekly style without steps.

eu h4.png

eu daily.png