10.4 A Complete System

[cjthomson]

anyone watching GU?

130305 gu.jpg

WS1 is 180 pips away I will race you to it. Set up 3 entrance levels.

Hi Bob, This one looks to be bullish right now so are you looking to put another pending entry at Mid Res 1 and another at Res 1; or possibly even at both areas?

Bullish...?

It's come down 1400 pips over 9 weeks with a 170 pip retrace in three days....

This 170 retrace is exactly what 10.4 is designed to capture...

If you had traded this pair using the 10.4, firstly you would never have been stopped out and secondly you would have entered about 7 weeks ago (real first entry) and could have made 3 to 4 times the 850 pip range from mid February ....with a $1 a pip, that would $3,400 in 7 weeks on one pair

That is mighty fine going.....

That's why I'm a bit critical of forcing trades....It's not about quantity, it's about quality...

This trade still has some work to do from my point of view to get RSI to flatten, i think this will be at Res1....It may even go through this and test previous highs at .5212 at which case a entry would be Res1, which would be ideal....the more it retraces, the more we make...

Regards
Wiggy

Sorry, bad choice of words, maybe not 'bullish' but looking at the H1 chart the last 24 hours has looked somewhat 'impulsive' (hopefully thats better!). What I'm really asking is if price pushes up even further is it reasonable to be looking for additional entry points? If thats the case then if price gets to the 1.5212 area then we'd potentially be looking at 4 pendings on this pair (since I have 2 waiting already)? Or would it be advisable to cancel the furthest one so that there is a max of 3 potential positions.

I take your point about that quest for quality over quantity and I get that I'm early on my first 2 pendings but I'm going to leave them in for now!

Thanks for the response.

[websie]

Re part post from Wiggy

This trade still has some work to do from my point of view to get RSI to flatten, i think this will be at Res1....It may even go through this and test previous highs at .5212 at which case a entry would be Res1, which would be ideal....the more it retraces, the more we make...

Do you ever set Limit orders for 10.4?

[Kruspe]

Hi all,

It looks like it´s time to set a pending orders on USD pairs.. what do you think ?


K

[elvis]

GBP/USD sell@WMR1, AUD/USD sell@WP, NZD/USD sell@WP

[Kruspe]

and USD/CHF buy@WMR1, USD/JPY buy@WMR1, EUR/USD sell@WMS1, USD/CAD buy@WP

[Kruspe]

Yep, I agree.. it looks nice

[Gertje]

Blast, 2nd week the AUDCHF closes me out at BE.

Need to look to the former weeks, to see how far the pair will usually travel during a weeks time. This pair seems to make 1 level, but not the 2nd.

I have to make some sort of list with this kind of information.

[Jemook]

Hey Bob, hope you see this.

Just wanted to remind you of your awesome 5 shift 1 LWMA for entries. Using it for entries works a charm with 10.4 rules. Ends up about the same as using pivots for entries but pop it on your charts again, you know you loved it once before

[Wiggy1965]

k here's my pending list..

Looks good, however i like just for another confirmation the price is going in my direction to put my order above or below previous (including spread) if it make sense and easy to do without giving away too many pips...

EURGBP, could go up a couple of pips to avoid yesterday high to .8686 or 8688...

UDCHF, is not showing an entry based on RSI and i see that Sto is, however i would still for the sack of 20 pips, ask price to make a new high......This is one of those trade that i need to be convinced to take it and making a new hi would do that....I have not set this trade up at this point....

USDJPY, I'm not sure how you have identified your entry, I'm assuming just above previous high and not at any of the pivot or mid pivot points....This is another one i do not think is quality, due to the number of previous high bounces....if you take this trade, there is a good chance price will bounce again at the 94.500 mark (very round number) giving you about 57pips profit and the stop out (240 MA) would be 140pips....with this pair, i would wait for it to make new highs then look for long or watch it go short through the ma and look for lows...If you are going to take this trade, just look for 50 pips and take you money or set SL to BE and see if it has enough energy to make new highs...

GBPUSD, look left at the previous low, set you price below these at around .5070...for the sake of a couple of pips, it give you further confirmation price wants to go where you need it to...EDIT, 10 minutes later, set sell about .5068 or .5067 to avoid the round number of .50700

EURUSD, Again, as this appears to be a minor pullback, you have only one shot of and entry before the previous low, which is 23 pips away....RSI is not showing and entry here, so i wont take it....If it pulls back further, say above WP and it may as RSI has some work to do, then i look at a short....

I knew the "Chicken" comment would get you out from under your bed....

Regards
Wiggy

[Dewey McG]

Need to look to the former weeks, to see how far the pair will usually travel during a weeks time.

This is something I look at for each trade. I look back at the last several weeks to try to get an idea how far it will go