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The Incredible 10.4 - For Dummies
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Author:  Ashflash [ Sun Mar 03, 2013 4:47 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
ITM Process Assistance?

Hi All

I am wondering if some of the more advanced users could take a look at the process below and advise if it is the correct way to place orders using the 10.4 script and then attach the ITM EA to manage these positions on your behalf?

If not, please feel free to share the correct process.

- Find possible 10.4 setup
- Place pending order via 10.4 Pending Order Placement Script (ensure magic number is added when placing order via script)
- Attach ITM, enter corresponding Magic number / edit inputs and then enable EA

Some other questions I have are:

When is the best time to place the additional pending orders?
Does the first pending order need to be filled before these are placed?


Sorry if the above sounds really novice, I was just having trouble last week with it deleting pending orders and would love to be able to get comfortable using ITM early this week.

I also thought this process may be of use to other readers.

Thanks in advance

Ash
Author:  Fourxxxx [ Sun Mar 03, 2013 6:21 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
Ashflash wrote:ITM Process Assistance?

Hi All

I am wondering if some of the more advanced users could take a look at the process below and advise if it is the correct way to place orders using the 10.4 script and then attach the ITM EA to manage these positions on your behalf?

If not, please feel free to share the correct process.

- Find possible 10.4 setup
- Place pending order via 10.4 Pending Order Placement Script (ensure magic number is added when placing order via script)
- Attach ITM, enter corresponding Magic number / edit inputs and then enable EA

Some other questions I have are:

When is the best time to place the additional pending orders?
Does the first pending order need to be filled before these are placed?


Sorry if the above sounds really novice, I was just having trouble last week with it deleting pending orders and would love to be able to get comfortable using ITM early this week.

I also thought this process may be of use to other readers.

Thanks in advance

Ash
In the main thread way back there is mention of this, it caused by either the Zelko, Kiwiforex or Scoobs in the ITM EA. If you have to many $'s at risk these setting will reduce your exposure to a safer level.

Best to read the manual about these.
Author:  Ashflash [ Sun Mar 03, 2013 6:43 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
Fourxxxx wrote:
Ashflash wrote:ITM Process Assistance?

Hi All

I am wondering if some of the more advanced users could take a look at the process below and advise if it is the correct way to place orders using the 10.4 script and then attach the ITM EA to manage these positions on your behalf?

If not, please feel free to share the correct process.

- Find possible 10.4 setup
- Place pending order via 10.4 Pending Order Placement Script (ensure magic number is added when placing order via script)
- Attach ITM, enter corresponding Magic number / edit inputs and then enable EA

Some other questions I have are:

When is the best time to place the additional pending orders?
Does the first pending order need to be filled before these are placed?


Sorry if the above sounds really novice, I was just having trouble last week with it deleting pending orders and would love to be able to get comfortable using ITM early this week.

I also thought this process may be of use to other readers.

Thanks in advance

Ash
In the main thread way back there is mention of this, it caused by either the Zelko, Kiwiforex or Scoobs in the ITM EA. If you have to many $'s at risk these setting will reduce your exposure to a safer level.

Best to read the manual about these.

Hi Fourxxxx

Thanks for the reply, I was having this issue on a single chart with 3 x 0.01 pendings on a 10K demo so i don't think it was the Trade balance filters or Margin checks but i will take another look.

Thanks
Author:  mrelectron [ Sun Mar 03, 2013 9:24 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
<snip>
... I take half often. A really easy spot is 80-100% ATR, you are almost always going to stall or reverse there......
</snip>

This is snippet from MJWS0 (Mike) on the main 10.4 thread. If you are around Mike can you give an example of this preferably with a piccy.

Thanks
Mark
Author:  Foreverforex [ Sun Mar 03, 2013 9:56 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
newbie question:

All the examples in manual seem to go like this - (for a long position) when signal is triggered, set pending order (A), price continues to drop and set pending order (B), price rises hits B, then A, etc...

What happens if price returns to trend, order A hits and continues to rise without triggering a lower B or C order, do you continue to add positions on the way up at resistance points or do you just live with the one order and let the trade play out?

And from my reading of manual, you don't set all pending orders when you set first one, right? you have to wait for price to drop below next line before you set that next pending order, right? Seems like a lot of people on boards talk about placing multiple pending orders once trade entry is triggered. Which way is it?

Thanks for everyone's support, feel like this is first time of clarity in my forex education and excited to start demoing this system.
Author:  Fourxxxx [ Sun Mar 03, 2013 10:48 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
Foreverforex wrote:newbie question:

All the examples in manual seem to go like this - (for a long position) when signal is triggered, set pending order (A), price continues to drop and set pending order (B), price rises hits B, then A, etc...

What happens if price returns to trend, order A hits and continues to rise without triggering a lower B or C order, do you continue to add positions on the way up at resistance points or do you just live with the one order and let the trade play out?

And from my reading of manual, you don't set all pending orders when you set first one, right? you have to wait for price to drop below next line before you set that next pending order, right? Seems like a lot of people on boards talk about placing multiple pending orders once trade entry is triggered. Which way is it?

Thanks for everyone's support, feel like this is first time of clarity in my forex education and excited to start demoing this system.
As per the manual you place more pending orders if you desire and move your stop loss up to break even when the market reaches your pending order. This will mean you could be stopped out with a closer stop or if the trend continues you will make a healthy profit.
Author:  mjws00 [ Sun Mar 03, 2013 5:39 pm ]
Post subject:  Re: The Incredible 10.4 - For Dummies
mrelectron wrote:<snip>
... I take half often. A really easy spot is 80-100% ATR, you are almost always going to stall or reverse there......
</snip>

This is snippet from MJWS0 (Mike) on the main 10.4 thread. If you are around Mike can you give an example of this preferably with a piccy.

Thanks
Mark
Here is a pic and logic of how I use ATR. There isn't a lot of advice in 10.4 around managing trades. But my intent is always fight greed. That is who pays me ;). If you are comfortable riding bigger swings against... cool. You have to know yourself and your trading style.

When we take profit two great things happen. If we take 100 pips, we now have a 100 pip BE stop available without putting our equity at risk. When we get our stop to BE we have REAL money locked in our account... not +pips on a trade.

The downside: I won't be pyramiding as aggressively. So my big wins are smaller. For me that is fine, I prefer a smoother curve and sleep better. I like cool calm and collected vs. the gamble.

Mike
Author:  mjws00 [ Sun Mar 03, 2013 5:57 pm ]
Post subject:  Re: The Incredible 10.4 - For Dummies
Foreverforex wrote:newbie question:

All the examples in manual seem to go like this - (for a long position) when signal is triggered, set pending order (A), price continues to drop and set pending order (B), price rises hits B, then A, etc...

What happens if price returns to trend, order A hits and continues to rise without triggering a lower B or C order, do you continue to add positions on the way up at resistance points or do you just live with the one order and let the trade play out?

And from my reading of manual, you don't set all pending orders when you set first one, right? you have to wait for price to drop below next line before you set that next pending order, right? Seems like a lot of people on boards talk about placing multiple pending orders once trade entry is triggered. Which way is it?

Thanks for everyone's support, feel like this is first time of clarity in my forex education and excited to start demoing this system.
For super safe, Vanilla 10.4. You are not adding positions while you are in drawdown and price is going against you. The idea is: one position of loss, multiples on the gain. However, if you read Bob's addendum, with strict money management he will consider adding at the other resistance points. If you are trading @ 1% or less, a second entry isn't really going to hurt you significantly if you are wrong. Discretion and experience are the name of the game when trading manually.

Bob is superb at placing pendings and riding them out. That is an art in and of itself, imho. I personally try and read the chart and get my pendings in at the last possible second so there is less drawdown and less chance for me to make an error on the trade. That requires skill and vigilance. Probably doesn't win more... but trading is often about managing your states.

Mike
Author:  websie [ Mon Mar 04, 2013 2:38 pm ]
Post subject:  Re: The Incredible 10.4 - For Dummies
WideEyed wrote:Here's from the current EURJPY.

If the price drops below the yellow weekly pivot - and the other indicators are in place - you'd place your pending order at the yellow weekly pivot. If the price then crossed below the WMS1 (green dotted line), you'd place a pending order at that WMS1 price.

I'm sorry but I am not quite understanding this. why are we waiting for it to cross the pivots and dotted lines? Are we supposed to wait for a retrace back over them before we place the pending? If so, I think I have been doing it wrong :oops:
Author:  The_Snowman [ Mon Mar 04, 2013 9:29 pm ]
Post subject:  Re: The Incredible 10.4 - For Dummies
websie wrote:
WideEyed wrote:Here's from the current EURJPY.

If the price drops below the yellow weekly pivot - and the other indicators are in place - you'd place your pending order at the yellow weekly pivot. If the price then crossed below the WMS1 (green dotted line), you'd place a pending order at that WMS1 price.

I'm sorry but I am not quite understanding this. why are we waiting for it to cross the pivots and dotted lines? Are we supposed to wait for a retrace back over them before we place the pending? If so, I think I have been doing it wrong :oops:
Surely this must depend on the intended DIRECTION of the trade and the present LOCATION of price, take the GBP-USD today, Tuesday, 5, March, 2013

Price is way below the 240 LWMA, 400+ pips stop loss using system, Bob says SELL only, price is above the Weekly Pivot, therefore, set a pending order to SELL at the WP in case of another huge drop of price.

Of course, by Friday, price could travel right to the 240 LWMA and never trigger your sell trade.

See the chart, I will try to find example of other setup soon.

;)
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