10.4 A Complete System

[rosst]

Quit looking at individual pairs. AUD and USD is strong, JPY is week. Eur/USD just hit 240 line and I am loaded on every line for the bounce. If it doesnt then I am not in. The STO 5 on 1H and RSI 2 on 4H now qualify for a sell trade. So hopefully off to the races we go.

You mean GBPUSD?

Sorry eur/usd hit the weekly pivot not 240 line.

I put a third pivot indi on your 10.4 v5 template that only shows the Weekly pivot - looks interesting on the eurusd it has made some pins there (H1 TF) - not sure if it will be useful - but it does look interesting on some different pairs too...but since the FOMC statement is coming up maybe better to wait because they sure like to weaken the USD...

[Nipponho]

GBPCAD is now at weekly R1, a short setup based on SR (not 10.4). But i had this short opened last friday which turned bad and hit SL. Now i am fearful of entering again.

Many of the trades past few days had moved just enough to activate pending orders and then turn bad. Those that were profitable with 2 levels were closed out at BE. I'm having a very bad week with 10.4. Couldn't chalk up those pips that you all have collected. SL keeps getting hit. Maybe I go and try 10.3.

[Gertje]

GBPCAD is now at weekly R1, a short setup based on SR (not 10.4). But i had this short opened last friday which turned bad and hit SL. Now i am fearful of entering again.

Many of the trades past few days had moved just enough to activate pending orders and then turn bad. Those that were profitable with 2 levels were closed out at BE. I'm having a very bad week with 10.4. Couldn't chalk up those pips that you all have collected. SL keeps getting hit. Maybe I go and try 10.3.

Don't worry, I'm experiencing the same.
Stick to it and in the end it will pay out.

[Gertje]

It seems like a very rough time to start with 10.4

On 90% of the charts the 240MA is making a nice 'parabole' indicating a trend-change for the pair is happening. In a few weeks we will experience the true beaty of 10.4!

[eevra]

Hi BOB:

This req is from an Indian trading in India on an index future NSE50 (NSE_Nifty - offered by (GCI Empty4).
I have been fascinated by your systems esp so on 10.4 v5.
Y'day I observed the following:
[ DP-DMS1-960MA-DS1-DMS2-DS2]
Value wise [ 5911-5985-5983-5860-5842-5825 ] STO5 rising from 20 up & around 27
The price fell from DS1 and went until just above DS2.
I did not Short , as it was below DS1.
If the price breaches below DS2, Don't you thin it is a short candidate ?
Pls adivise.

P.s. we can't trade major intl currencies like USDCHF etc.,
attaches a snapshot

I have no idea whether or not 10.4 will translate into other markets. If other markets have monthly trends then probably. Part of my trading is understanding basic underlying fundamentals. When the NZD spiked last week over a no change in interest rate I knew that was a temporary move and I traded accordingly and moved my stops around along with my TP. Entered some extra levels and recovered my losses back to zero. You are asking me to give advice on something I have no clue about. Sorry.

Thanks Bob for your response.

Our markets do have monthly trends.
I 'll try to simplify my query.

When the price is below 240MA ( 960 in H1) , sometimes the price moved down ( as contrary to our rule - No sell below DS1 ) from DS1 to DS2 intraday ( about 35 pips ) & still moving down.
Is there any other way to have captured this move ? - using 10.4 v5 ( for scalping ..)

-thanks..

The markets are not the same. For example a bank sells a lot of GBP in exchange for USD. We as traders would not touch the buy but banks have to buy to replenish their sold pounds and dump some of their excess dollars. They have customers to satisfy and sell pounds to. So FOREX will stay in ranges or retrace after a sharp move. Banks have to keep a certain amount of GBP on hand to sell. That is not true in other markets so where we dont sell at a S1 or S2 or buy above R1 or R2 there is a good reason we dont do that. In other markets, for example, IBM does not have to buy more IBM shares to replace the ones sold. If price is going down for some reason it can continue until the market finds buyers. Forex there are always buyers and there are always sellers. Money is always being exchanged. So to ask will it work, the rules are not the same.

Bob: You have opened my eyes ( & ears too). This did not strike to me so long. you have kindled fire in me. Your NB 104 is adaptable even in our markets, with a vee bit of tweaking that's it The essense is the spirit of your NB 10.4. I 'll keep this in mind.

Nowadays I 'm struck with this only template & doing the trades. I 'll keep you posted on the successes.
With your blessings !!
-eevra

[TraderDesk]

going to see some pullback before we try for a break past WMR1

Most likely as the 10.5 STO is now at the top. I have taken some profit using 10.5 and will add new positions when the STO goes down and shows a new upturn...

10.4 positions I leave open...

Took profit from my AUD/JPY positions right below Weekly Res1... Will see how tomorrow price action is before resetting new pendings...

[Ashflash]

I dont play around waiting for home runs. I trade and I pocket profits. My total for all trades the last two days was 23-11 for a total of 311 pips net. That was from winning 506 pips to losing 195. I am out of Monday's hole and now looking at a profitable week.

Here I find my problem, I'm waiting for the 2nd/ 3th level to TP. I end up with SL's or BE's at most this week. Need to lower my expectations and banking the profits I give away with BE.

2nd I noticed and you told several times already is lotsizes. I tend to make them higher near to the 240MA, loosing the max. 2% always. Keeping the same lotsize makes a lot of sence, choose a size small enough to not over-leverage when far away from the 240MA.

Hi Gertje

I came to exactly the same realisation just yesterday...!

I started trading 10.4 in Feb on demo with orders at every level and I killed it!
This same approach live in March, had most finishing up at BE or slightly worse. Until now!

For me it came from seeing the congestion when I added the Currency Slope Strength indicator to my info screen, I decided that when all of the lines are bunched up like they currently are I will use 1% risk and go for 1 line with the exception of the 2 strongest vs the 2 weakest currencies.

In less than 24 hours I have cleared the DD from the gap open and i am currently up 250 pips for the week.

I am excited for the current contraction to lead to expansion!!

Ash

[grimweasel]

Alpesh then said he uses ATRx2 for his stop losses

Graet stuff - is this 2x daily ATR or is he saying 2x ATR of whichever TF you are trading off?

Hi Jem - thanks - only too willing to help. He was saying 2xATR of your time frame. He never trades stocks below daily but will trade Forex down to H1 lowest!

[nanningbob]

GBPCAD is now at weekly R1, a short setup based on SR (not 10.4). But i had this short opened last friday which turned bad and hit SL. Now i am fearful of entering again.

Many of the trades past few days had moved just enough to activate pending orders and then turn bad. Those that were profitable with 2 levels were closed out at BE. I'm having a very bad week with 10.4. Couldn't chalk up those pips that you all have collected. SL keeps getting hit. Maybe I go and try 10.3.

I dont know what you guys are doing wrong. I very seldom have a BE. I take profit. You spend time in front of a computer watching watching watching watching. What are you waiting for. I traded JPY AUD and USD and the last two days this is what I have done.

31 wins 15 losers 503 total pips in my pocket. average profit 26 pips average loss 22 pips. That is a 5% increase in my account in 2 days. Started the week down around 2% for a 3% increase of my account for the week DD is less than 2% right now. Here are my two days of trades. You have to put pages 4 5 6 and with 1 2 3 to get them to match. Some of the numbers are skewed in the Take loss column, they say 800 something when they should be 80 something. There have been no 800 pip moves this week. \

I guess my question is this.

WHY ARE YOU WAITING FOR YOUR BE TO GET HIT?????

[nanningbob]

OK today looks like Euro day with lots of euro set ups. here is my eur/cad set up. Sell at break of WP and WMR1 and also I set one at the DP line. So 3 entrances for a rally in the DT coming up.