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The Incredible 10.4 - For Dummies
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=1504		 Page 23 of 32
Author:  MurphyMan [ Thu Mar 14, 2013 7:41 pm ]
Post subject:  Re: The Incredible 10.4 - For Dummies
New! Bob's Pearls.

A new feature in the Dummies Thread.

See Post #1
Author:  huhpapa [ Fri Mar 15, 2013 5:15 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
MurphyMan wrote:New! Bob's Pearls.

A new feature in the Dummies Thread.

See Post #1
Thanks MurphyMan
Author:  madpipa [ Fri Mar 15, 2013 6:14 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
Thanks MurphyMan - it helps all of us.
Author:  garyfritz [ Sat Mar 16, 2013 9:11 pm ]
Post subject:  Re: The Incredible 10.4 - For Dummies
Some dummy questions:

* When you enter at the first level, your SL will be at the 240 or wherever. Then when you enter a second position, you move both SLs to BE for both trades -- 1st in profit, 2nd in loss, BE for both combined. So I assume that means you're going to hit a lot of BE trades? Some will hit your initial SL, some will hit the combined BE, some will keep running and give you a good profit.

* If you got lucky and hit a 3rd entry level, would you move the stops to overall BE again? So if this great 3-level run turns against you, you'd give back all those pips? Or do you move them up to some higher level?

* Bob says you can stack another position at every weekly pivot or mid-pivot level. But in looking at some charts, those seem mighty close for that. Frequently I see candles that span two pivot/mid-pivot levels. If you put buy entry stops at e.g. WP and the first mid-pivot (WMP1 or whatever you call it), then one candle could take you into both positions. And if you move the SLs to BE, that's halfway between the WP and WMP1. Considering one candle spanned both pivot levels, it would be easy for a small pullback to come back to that midway SL. Am I misunderstanding?

* Are people trading 10.4 on everything, or are there some pairs that are clearly better or worse than others?
Author:  fire580 [ Sat Mar 16, 2013 10:59 pm ]
Post subject:  Re: The Incredible 10.4 - For Dummies
Great questions...tks
Author:  mjws00 [ Sun Mar 17, 2013 1:02 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
Gary, you have the rules completely nailed. I think Bob uses some discretion on when to pyramid, or just take profit at one or 2 levels when a pair is ranging more than trending strongly. It is very aggressive, imho, but if you are stopped out, there are certainly more entries coming.

The biggest successes have been Gertje and Bob so far, Bob is tagging 11.5 trades a day on average (according to last weeks results). It is something I find very interesting. I've been selective as has Wiggy and a few others. But the volume approach is winning I think.

Maybe Bob will have a thought on better pairs, but it looks like he is hitting everything for now.

Mike
Author:  Captain Jack [ Sun Mar 17, 2013 1:46 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
garyfritz wrote:Some dummy questions:


* If you got lucky and hit a 3rd entry level, would you move the stops to overall BE again? So if this great 3-level run turns against you, you'd give back all those pips? Or do you move them up to some higher level?
Gary, this isn't an area I have a lot of experience with but consider this:

By the time you put on your 3rd order, order #1 is 2 levels in profit. Why not book the profits on the 1st order, then move the SL to BE+x for order #2 and #3. This preserves a very nice profit while giving you 2 more "free" trades going forward. That's money in the bank and 2 risk free orders still working.

Should you be lucky enough to catch EURAUD, GBPNZD or the likes in one of the large trend runs, keep booking the oldest order and moving BE+x up for each new target level and order.

John
Author:  garyfritz [ Sun Mar 17, 2013 5:22 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
mjws00 wrote:The biggest successes have been Gertje and Bob so far, Bob is tagging 11.5 trades a day on average (according to last weeks results). It is something I find very interesting. I've been selective as has Wiggy and a few others. But the volume approach is winning I think.
The volume approach only works if you have a positive expectancy. I just ran through 6 months of EURUSD on the sim and came up with a whopping $30 profit. :lol: I hit 69% wins but a couple of big losers killed my profits. Subtract comm/slippage and I'm in the red.

But that was my first attempt. Hopefully with some practice I can improve that.
Author:  nanningbob [ Sun Mar 17, 2013 5:38 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
mjws00 wrote:Gary, you have the rules completely nailed. I think Bob uses some discretion on when to pyramid, or just take profit at one or 2 levels when a pair is ranging more than trending strongly. It is very aggressive, imho, but if you are stopped out, there are certainly more entries coming.

The biggest successes have been Gertje and Bob so far, Bob is tagging 11.5 trades a day on average (according to last weeks results). It is something I find very interesting. I've been selective as has Wiggy and a few others. But the volume approach is winning I think.

Maybe Bob will have a thought on better pairs, but it looks like he is hitting everything for now.

Mike
It is easier to take more trades when price is ranging because the RSI 2 will keep coming back to a sell/buy position. Also you are closing trades and reopening at the same levels because price is bouncing up and down rather than going in one direction. So volume happens when you TP after 1 level and it retraces again and you re-enter at the same spot later in the week.

During trending weeks you may only get one signal all week and then you should ride price into one direction but are limited to 2-3 entrances. So more opportunities will abound in ranging markets
Author:  garyfritz [ Sun Mar 17, 2013 5:54 am ]
Post subject:  Re: The Incredible 10.4 - For Dummies
That makes good sense, Bob, but I'm wondering how to tell (ahead of time) whether to trade a week as a trender (grab a signal and ride it all week) or a ranger (TP after 1 level, rinse and repeat). Do you have a way to judge that, or is it a discretionary call?

Everyone says the strength of this system is the single-level losses and the multi-level wins. So apparently it's not a good idea to always take the level-1 TP. How to decide when to TP, and when to let it run?
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