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10.4 A Complete System
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Author:  mjws00 [ Tue Mar 12, 2013 2:03 pm ]
Post subject:  Re: 10.4 A Complete System

I actually love to see every single potential setup 10.4 hit. But NOT with MY MONEY. ;)

As a trader you can optimize this system for lack of screen time, and almost a total disregard for experience and discretion. Bob doesn't have time to sit around and pinpoint an entry to the pip. So this is designed in large part to satisfy the need for a solid hands-off entry. MM and the "trend" keep the damage any single trade can do to a minimum. So that takes user error out to a large extent. It simply doesn't matter if they take it another level against you... it is one small entry in thousands.

The really really interesting part will be how much of an edge is gained for the average trader by filtering signals. If the system edge is stronger than your ability to filter you give up expectancy by skipping signals.

Gertje, Bob and Lio are showing some awesome results by just rolling with the entries, and managing the odd trade afterwards. To some extent they are primarily adding discretion after the fact.

Wiggy, myself, rebyte2 and others function best by only looking for the strongest signals. It is how we keep ourselves out of harms way. It is also an attempt to allocate margin only to the strongest opportunities. We add discretion before and after.

Both are valid strategies. Learn and experiment with what will work for you. This is great stuff guys.

Mike (who has zero 10.4 trades this week)
Author:  Gertje [ Tue Mar 12, 2013 2:21 pm ]
Post subject:  Re: 10.4 A Complete System

I am up 5,26% for the week, but expected more last night.

AUDCAD brought home nearly 3% [chickened out] but GBPJPY took the full 2% SL.
For now I'll keep doing what I'm doing, it suits my schedule and I like to trade a lot.

Am running trades on 13 pairs at the moment out of the 28 I screen [the 8 majors and their crosses]. Don't want to bother with exotics [yet], these 28 give me enough to do.
DD is currently at +/- 2%
Author:  lhDT [ Tue Mar 12, 2013 2:24 pm ]
Post subject:  Re: 10.4 A Complete System

I'm testing this on USDCHF, I'm long at WP above the trendline, RSI oversold, all good but that thing reversed and is looking to hit Support1. I placed a limit buy.
Did you ever use limit order instead of stop ? I mean you don't wait for a breakout but instead a retrace to enter a trade ?
It's a bit like buying dips with higher lot size as you SL is tighter, on the other hand you double your risk (i'm at 0.5% per trade).
Author:  mjws00 [ Tue Mar 12, 2013 2:34 pm ]
Post subject:  Re: 10.4 A Complete System

Gertje wrote: For now I'll keep doing what I'm doing, it suits my schedule and I like to trade a lot.
You have no idea how appealing I find the style. Just don't know how to scale it and translate it fully into my knowledge base yet. It is a hands off flexible swing traders dream. Keep rockin it Gerjte. You are a force to be reckoned with.

Mike
Author:  Gertje [ Tue Mar 12, 2013 2:38 pm ]
Post subject:  Re: 10.4 A Complete System

lhDT wrote:I'm testing this on USDCHF, I'm long at WP above the trendline, RSI oversold, all good but that thing reversed and is looking to hit Support1. I placed a limit buy.
Did you ever use limit order instead of stop ? I mean you don't wait for a breakout but instead a retrace to enter a trade ?
It's a bit like buying dips with higher lot size as you SL is tighter, on the other hand you double your risk (i'm at 0.5% per trade).
You have the risk of it making a free-fall and then taking you along with it.
Author:  Nipponho [ Tue Mar 12, 2013 2:51 pm ]
Post subject:  Re: 10.4 A Complete System

Gertje, do us a favour, kindly alert us soon after u place your pendings. I'm still scratching my head, 5.26%. How did u chalk up 5%? My positions since yesterday are/were struggling, thank god i don't have usdchf, otherwise would be worse. EU NU are struggling too.
Author:  nanningbob [ Tue Mar 12, 2013 2:52 pm ]
Post subject:  Re: 10.4 A Complete System

Gertje wrote:Bob,

Like with the AUDJPY right now, the distance between the 2 levels is 130pips. It takes a whole lot of effort to travel that far, adding another level and TP at the next.

Would you consider entering the 2nd level at the halfwaypoint between MR1 and R1?

Thanks in advance for your reply!
You could use a daily pivot with S/R and enter off of one of those spots. That is the basic idea for 10.5 use daily pivots s/r points. Use the 20 or 40 MA on the hourly as your trailing SL and see how that works. Just some ideas I have been working on.
Author:  Wiggy1965 [ Tue Mar 12, 2013 2:55 pm ]
Post subject:  Re: 10.4 A Complete System

lhDT wrote:I'm testing this on USDCHF, I'm long at WP above the trendline, RSI oversold, all good but that thing reversed and is looking to hit Support1. I placed a limit buy.
Did you ever use limit order instead of stop ? I mean you don't wait for a breakout but instead a retrace to enter a trade ?
It's a bit like buying dips with higher lot size as you SL is tighter, on the other hand you double your risk (i'm at 0.5% per trade).

This is not really 10.4....

you can trade this way, it's a pivot bounce...

if you wanted to trade this like a second 10.4 trade, you would wait until the downtrend was exhausted, then set a pending at one of the pivot or mid pivot levels above price...You need RSI or Stoc to provide confirmation that price has stopped going down.....looking at the charts, we maybe close

The issues you have with what you are doing is, what if price continues to go down...?

EDIT: I used the word downtrend above, it's not really a downtrend, it's a pullback

Regards
Wiggy
Author:  Gertje [ Tue Mar 12, 2013 2:56 pm ]
Post subject:  Re: 10.4 A Complete System

Nipponho wrote:Gertje, do us a favour, kindly alert us soon after u place your pendings. I'm still scratching my head, 5.26%. How did u chalk up 5%? My positions since yesterday are/were struggling, thank god i don't have usdchf, otherwise would be worse. EU NU are struggling too.
I'll print the order-screen now and then, so you can see what's happening.
I have to switch terminals for that, I reading from the office-PC and am trading from a VPS. Will attach screen-print later.
Author:  Chris [ Tue Mar 12, 2013 2:59 pm ]
Post subject:  Re: 10.4 A Complete System

Wiggy1965 wrote:
Chris wrote:Only good trade I had was AUD/CAD, made two levels to R1. Now I have 7 pairs in the red. Guess that is called trading.
Do any of you close out a loosing trade if the AO turns back against you? Or do you wait for the 240?
Chris, post one of your DD trades charts and lets discuss...

I don't really close trades in DD, i set TP and SL and hope my planning works out....

Wiggy
Thanks Wiggy, I wish I could but I am now away from my trading desk. I have my SL set so I guess what happens, happens. The two that are killing me the most is NZDCHF long and EURNZD Short. Obviously the link here is NZD weakness. :shock:
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