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10.4 A Complete System
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Author:  etheldreda [ Thu Mar 21, 2013 6:49 am ]
Post subject:  Re: 10.4 A Complete System
roje wrote:Another bad week for 10.4, is not it ? SL, BE, SL, BE..... no winning run. What are your results ?
I am on the downside also with 2% loss. Here's the summary of my position attached. Mostly closed by AO color changed. I remember I asked Bob about this once and Bob said not taking exit by AO color.

I've analyzed my positions, I think about few advice Bob gave which I haven't followed this week:
- close position per session when it's on profit (2-3 hour Tokyo, 3-4 hours Europe/US)
- take trade from line to line on rather ranging market

Will need sometimes to adjust to those idea (plus considering AO color exit)... Anyway, overall month is still profitable, I still like the idea of trading using H4 which I've never done before. Thank you, Bob :P
Author:  nanningbob [ Thu Mar 21, 2013 6:58 am ]
Post subject:  Re: 10.4 A Complete System
roje wrote:Another bad week for 10.4, is not it ? SL, BE, SL, BE..... no winning run. What are your results ?
Did you read the last two pages????
Author:  grasshopper [ Thu Mar 21, 2013 7:05 am ]
Post subject:  Re: 10.4 A Complete System
The EURAUD has a nice trend with six four hour bars pulling back and lots of poor news for the Erozone.. Looks like 10.4 made to order. :ugeek:
Author:  nanningbob [ Thu Mar 21, 2013 7:05 am ]
Post subject:  Re: 10.4 A Complete System
eur/nzd set up and ready to go.
Author:  Captain Jack [ Thu Mar 21, 2013 7:16 am ]
Post subject:  Re: 10.4 A Complete System
nanningbob wrote:
roje wrote:Another bad week for 10.4, is not it ? SL, BE, SL, BE..... no winning run. What are your results ?
Did you read the last two pages????
:lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:

CJ
Author:  TraderDesk [ Thu Mar 21, 2013 7:18 am ]
Post subject:  Re: 10.4 A Complete System
nanningbob wrote:
My trading days is stress free. I wake up at 6 am, jpy sessions starts at 8am so I can set up my daily trades. At 10am my kids go out to recess and I can close any profit trades 2-3 hours in. School closes at 3：30 but I have a 15M break at 2 so I can set up my euro trades. I get home from school between 5-6 or halfway through the euro session and take my profits and set up my USD session trades. I go out or spend the evening with my wife and go to bed around 11 or Euro close and close my profit trades. I go to bed and wake upbetween sessions and close my profit trades and set up for my next day. 4H are perfect for those who work. So plug your daily for those it fits. I will trade the 4H and pick up those 20-50 pip profits that you wont see on a daily chart in tight markets and still catch the trends you see on the daily.
Bob, 10.4 framework is a really nice piece to help traders do exactly what you said in your above paragraph. I am a pure price action scalper where I sit in front of my monitors and base on visual patterns on the 1 minute timeframe I will by or sell. I do this many times a day and it is very demanding. I love this action but with a new addition to the family and other responsibilities I needed to find a way of trading but not be in front of the screen constantly. Trading daily bars is not a main bread winner for me so I decide the 4 hour and 1 hour TF should allow me the freedom to be with the family but still provide a source of revenue at the end of the month.

10.4/5 fills it perfectly. I am glad to see your above example in your lifestyle because that is what I was looking for. As a visual trader I don't ever use indicators especially on tick charts so I was worried if I could adjust and be profitable on longer timeframes. For me 10.4/5 makes sense as I am not placing trades on indicators values but on the probability aspect of a trade being successful.

Now there is several areas I am looking at to improve on 10.4/5. One is of course increasing probability of a profitable trade. Again your example of closing out in the morning session and reapplying trades for the afternoon session seems to work vs leaving them open. I am looking into ways of increasing lot's added into winning positions especially when a currency breaks a predefined level or cross another currency in the currencyslopestrength indicator...Again this goes back to my probability % of a successful trade...

Question: I am wondering if you have used "currencyslopestrength"indicator to limit your trades to the strongest and weakest currencies or crosses of two currencies or even the breakout of a currency from a predefined level and have a higher probability of a successful trade % then just using all currencies pairs that are on your broker platform?

Another piece I need to get used to and to work out is Risk/Reward... Scalping I am averaging at least 1/6 ratio so I can't apply my ratio's to 10.4/5 framework. As a matter of fact it changes from currency pair and even price levels so it would be great to have a risk model that could tie into the framework. Every currency has it's own volatility so that will be interesting to add as well.

When I trade it is based more on risk management then the strategy model. This helps protect equity as markets are constantly changing and strategies are always trying to keep up. 10.4/5 for me is a framework that gives traders a way to increase their probability for successful trades while allowing them to add their own components like risk management etc...

I am just thinking out loud here in several directions drinking my morning coffee... :D
Author:  rosst [ Thu Mar 21, 2013 7:56 am ]
Post subject:  Re: 10.4 A Complete System
PERSEVERANCE: Invisible lines. The fisherman repairs his net And the fish are nearly caught.

If a fisherman does not have a properly repaired net, then his trip is useless. Preparation is the major part of his endeavor. Only when the fisherman keeps his nets intact, keeps his boat repaired, and studies the conditions of fish and water does going out to fish become a mere formality. Then fish fall into his hands as if guided by invisible lines.

When it seems as if nothing encouraging is happening to us, it is important to remember such perseverance. Work may be drudgery, maintaining a home may be routine, and we may find our goals quite distant. But we must persevere and prepare nevertheless. That will bring a steady pace toward our goals, and buoy our faith in rough and threatening times.

To taste the fruit of perseverance requires maturity and experience. We need to cultivate patience, planning and timing. We build our resources even when circumstances seem to be against us. We don't neglect anything we have set in motion. If we nurse our plans through good times and bad, our plans will eventually succeed with the inevitability of fish caught in a net.

365 Tao: Daily Meditations
Deng Ming-Dao
Author:  roje [ Thu Mar 21, 2013 9:09 am ]
Post subject:  Re: 10.4 A Complete System
nanningbob wrote:
roje wrote:Another bad week for 10.4, is not it ? SL, BE, SL, BE..... no winning run. What are your results ?
Did you read the last two pages????
No, i have not refreshed the page 216. I am so sorry oh my Teacher. Could i send here two or three of my bad trades to comment ? Pleeeaase :)
Author:  Gertje [ Thu Mar 21, 2013 9:26 am ]
Post subject:  Re: 10.4 A Complete System
nanningbob wrote:WHY ARE YOU WAITING FOR YOUR BE TO GET HIT?????
I can only answer for myself; not enough experience and 'afraid to TP'.

Yesterday I took profit where I saw it and banked 2% again. Still not profitable this week, but getting there.
Author:  McNish [ Thu Mar 21, 2013 9:34 am ]
Post subject:  Re: 10.4 A Complete System
I'm doing a "help my self" with 10.5. It's just like TGB described in one (many actually) of his posts earlier. Keep taking the singles. The odd loose ball will eventually come to be hit for a boundary or home run. But the singles is what will get us there rather than the occasional home run.

Taking multiple 50 pips rather than waiting for 300 pip run and getting stopped out. Great Stuff.

Regards,
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