10.4 A Complete System

[cmeade2]

Wiggy

Thanks for your comments. For the AudCad are you talking about entering 1.0658?

On the UsdCad it looks a real "bounce" off the 240, while a bunch of pairs keep on going.

UsdCad could also be a long

This is a very different chart to the EURAUD, in that this pair has made a big curve down over the last two weeks....So the daily is suggesting a DT.....On the plus side RSI and now finally AO are tell the same store that selling is reaching exhaustion....I still however would have the pair tell me that it's going to re-continue long by jumping through (you guest it) hoop and break above some of those previous low.... Given i have had a great week and it's Friday, i would be looking at this next week and look for buy opportunities above Weekly Pivot...and depending on how price moves next week, that may not convincing enough for me....

In relation to trading opportunities, i have a pending on the audcad just above the mid pivot, it this triggers it could be a quick 30 pips before COB today....


Wiggy

[Wiggy1965]

Wiggy

Thanks for your comments. For the AudCad are you talking about entering 1.0658?

On the UsdCad it looks a real "bounce" off the 240, while a bunch of pairs keep on going.

UsdCad could also be a long

This is a very different chart to the EURAUD, in that this pair has made a big curve down over the last two weeks....So the daily is suggesting a DT.....On the plus side RSI and now finally AO are tell the same store that selling is reaching exhaustion....I still however would have the pair tell me that it's going to re-continue long by jumping through (you guest it) hoop and break above some of those previous low.... Given i have had a great week and it's Friday, i would be looking at this next week and look for buy opportunities above Weekly Pivot...and depending on how price moves next week, that may not convincing enough for me....

In relation to trading opportunities, i have a pending on the audcad just above the mid pivot, it this triggers it could be a quick 30 pips before COB today....


Wiggy

Yep,

i does look like a bounce, but how fare is it going to bounce.....?

The Weekly Support in no resistance, and so is the previous low, so there is a lot of over head resistance on this trade, this is way i would make it prove to me, it going to continue long....

in relation to the bounce....it's and optical allusion, take the MA off that chart and tell me what it has bounced off...?

I can tell you....the $1.02 mark

Wiggy

[Wiggy1965]

10.4 is a tool, we still need to follow the fundamentals of support and resistance...

Wiggy

[zentauro67]

RULE 1. No trade if price is 350 pips (or more) away from 240MA. At such distance retrace could be hurting.

RULE 2. No trade if first profit target (pivot or midpivot) shows a previous double top or bottom.

RULE 3. No trade if the pair has been under or above 240MA for three months. (Trends statistically don´t go further and a reversal could be imminent)

To apply rule 3 i need to zoom out the chart and is painful. It would be great any kind of exhaustion indi to show a signal when price has been more than three months under or above MA.

Hi!

To facilitate things, throw an extra MA just like the one used in the H4 chart but change the period to 40. Now make it visible only on the daily timeframe and change your chart to Daily. In this way you can alternate between H4 and Daily and see about the same "240 MA" curve, and now you can easily see the previous months.

Note: In case you wonder "why 40?!", because in the H4 chart it means it averages for 240 bars, so on daily there are 6 H4 bars in each D1 bar. hence, 240/6=40, giving an average of 40 bars on D1 equivalent to the average of 240 on H4.

Hi!

Thank you so much. 40 MA in daily is a great tool to spot 'over-lasting' trends. It depends on pairs, but searching in monthly charts you can see three or four months as an average period of duration for a healthy trend. I´m adding 40 MA with visualitation in daily to Bob´s template.

Greetings.

[Chris]

Wiggy

Thanks for your comments. For the AudCad are you talking about entering 1.0658?

On the UsdCad it looks a real "bounce" off the 240, while a bunch of pairs keep on going.

UsdCad could also be a long

This is a very different chart to the EURAUD, in that this pair has made a big curve down over the last two weeks....So the daily is suggesting a DT.....On the plus side RSI and now finally AO are tell the same store that selling is reaching exhaustion....I still however would have the pair tell me that it's going to re-continue long by jumping through (you guest it) hoop and break above some of those previous low.... Given i have had a great week and it's Friday, i would be looking at this next week and look for buy opportunities above Weekly Pivot...and depending on how price moves next week, that may not convincing enough for me....

In relation to trading opportunities, i have a pending on the audcad just above the mid pivot, it this triggers it could be a quick 30 pips before COB today....


Wiggy

Yep,

i does look like a bounce, but how fare is it going to bounce.....?

The Weekly Support in no resistance, and so is the previous low, so there is a lot of over head resistance on this trade, this is way i would make it prove to me, it going to continue long....

in relation to the bounce....it's and optical allusion, take the MA off that chart and tell me what it has bounced off...?

I can tell you....the $1.02 mark

Wiggy

This is also the 34 EMA on the daily That is bouncing off of.

[zentauro67]

10.4 is a tool, we still need to follow the fundamentals of support and resistance...

Wiggy

Quite right. I was just testing 10.4 EA and i feel like a weakness that it ignores that sacred rules: "never buy the resistence" "never sell the support".

[Foreverforex]

how'd everyone do this week? only second week for me trying out the system, started out well, but then trading plan got diverted by me trying out MrLong's EA, which closed out a bunch of my open trades and started new ones (my bad for not changing Magic Number). So far trades on EA are not winners and my risk percentage was off from my trading plan for a bit, so data not relevant this week. Will let EA run next week as I'm out of town, but will go back to manual the following week. This is all on demo.

Very encouraged by the system, as last week was one of most profitable I've ever had via manual trading and was able to be done w/o constant computer monitoring - a necessity as I have full time day job.

Believe this was rough week, with currencies shifting momentum and want to know how we all did.

[nanningbob]

Agreed it was a rough week. MM played a key role as single trades would hit their SL and Multiple winners allowed me to keep on the plus side.

I was 38-19 for the week for a total of +324 pips. We had a record 9 currencies come back and hit the 240 line. 5 of them were straight up losers for me but 4 of them had made enough pips earlier to make up for their losses at the end eur/nzd, gbp/chf, gbp/nzd, nzd/chf all ended up making more pips than I lost but the nzd/chf is still open. The following currencies hit the 240 and were accountable for 14 of my 18 losing trades. AU,ECh,EG,GJ,UCa. Of these the UCa, EG,ECh, I was able to keep under 50 pip losses. AU and GJ were heavier losers but were under -200 pips. EN, GCh, and GNzd I was able to keep them on the positive with winners early in the week and the big drop after the euro close on Friday. The nzd/chf I still am open playing the bounce off of the 240, will see if I am successful. I also successfully recovered that nasty gbp/nzd move so that took some work. All in all not what I hoped but still another profitable week.

My school gave my wife and I a 10 year anniversary party which was a very nice surprise. In fact they are taking up my whole weekend with activities and was not expecting this at all. I was given a new computer so I will be setting that up and a very nice cash gift. They made a small history book with thank you letters from past teachers, students, and parents. Needless to say I was deeply moved and touched by their kindness. I will be gone most of the day so hang in there.

Final thoughts, it was good to see 10.4 weather some storms, news hits, multiple line crossings and the continuing of the range trades. If I can keep on the profit side during these times I look forward to when everything moves out and runs for a while. Hopefully that will be soon. Talk more later, 10th anniversary lunch is coming up. Wow these people are wonderful.

[nanningbob]

Total pips won 1293, total pips lost 969. +324 total 58 trades 38-19 and one tie. I took about 11.5 trades a day. Dang.

[etheldreda]

how'd everyone do this week?

My result is not as awesome as others Still, for me this is the best strategy I've ever tried. I have used this since about a month ago, the result is consistent, plus the DD is small. This week DD is only 0.83%.

Bob, I really appreciate and grateful that you are willing to share this 10.4.

The rules for my trades are: MA240 as the main direction, RSI flatten top/bottom, then I will place pending order when the RSI start to move. This week I got 158 pips from these 8 pairs.
1. audcad, buy @MR1 (27 pip)
2. usdcad, buy @P (-8 pip) , exit by AO color change
3. usdchf, buy @P&MR1 (+20 pip), exit on BE
4. cadjpy, buy @MR1 (-16 pip) , exit by AO color change
5. gbpjpy, buy @MR1 (+105 pip)
6. nzdjpy, buy @MR1 (-37 pip) , exit by AO color change
7. chfjpy, buy @MR1 (+67 pip)

Eurjpy and usdjpy also gave me signal to buy @MR1, but I didn't take it because I was too expose to jpy with 3 other pairs by that time.

There were 3 pairs with signal but the pending order not touched: eurchf (buy @MR1), gbpcad (sell @MS1&P), gbpusd (sell @MS1, P, MR1).

I didn't take these following pairs because the signal appears on S1 or R1: audchf (buy @R1), audjpy (buy @R1), audnzd (buy @MR2), nzdcad (sell @S1), nzdusd (sell @S1).

My broker time is GMT +2. Comparing to others, I think I am more conservative than aggressive in placing orders. Any comment/suggestion will be appreciated, hopefully it can help me being a better trader with that 500-1000 pips/week

happy weekend!
-ethe-