stevehopwoodforex.com • 10.4 A Complete System

Author:

nicoacademia [ Thu Apr 04, 2013 2:11 pm ]

Post subject:

Re: 10.4 A Complete System

tommiho wrote:
nanningbob wrote:
tommiho wrote:The general question here, if someone has a multiple positions open where would someone claim the profit? Where to close them? I am absolutely tempted to leave them be and let them running. But as you all know the turn around PA can surprise you anytime. I know CJ mentioned to keep his anchor trade and close compounded trades. What do you all think? Bob was saying to enter on D1 max min, maybe to close as well? On the other hand nobody knows when this run is going to end.(well when the Japanese reach inflation is 2% of course but I wouldn`t be able to wait that long hehe)
I closed all but one or two positions on each pair and reset new pending orders.

There are three kinds of non indi trades,

News trades - take a position in and out of the market in less than two hours. Quick pop news story wont run price for long.

fundamental news trades - Will make a currency run for several days to even a week or two. Interest rate changes do this

Macro fundamental trades- This affects price action for months or years to come. This JPY is a Macro Fundamental trade. They are shooting for minimum 2% inflation rate per year and to get out of 20 + years of a deflationary cycle. There is no mystery here Japan is going in a certain direction and everyone, Parliament, Leaders, BOJ, etc. are all on the same page for now. We have known for months they were going to try. Policy is now going to be implemented. So sell the JPY and then when this run is over look to reenter. Big time trades started placing their first trades today. They will buy and hold, buy and hold, buy and hold. This is how the big boys trade. They are looking at monthly S/R levels so get on board and go. Now as a small time trader what do we do.

I want to run at least one trade north of the 240 line and see what happens. The rest TP and reenter, TP and reenter. That is my plan.
Hi Bob,
have closed them all. But it was close one when Drahi started to speak and EJ took a dive.My hands are still sweaty. Waited out for retrace on EJ and than closed it all.
Will be following your plan as the reasoning behind it is impeccable. We should follow the big boys.
Thank you very much for all your efforts.

i've been there before. so i understand that.
but what others have told me i will pass on to you. it won't always work. but over time you will sense it and realise it. (3 years for me since i first i heard this).
so here goes what i have to say.

"the only session that saw the benefit of the life changing BOJ announcement was the tail end of Tokyo and definitely the UK session. the US session had yet to play.

there was no doubt the tsunami of the news out of Tokyo.

the doubt of the euro has been long banished in the higher lows printed thus the perfect set up to take the heat of any pull backs and jump on as the US traders would have wanted to."

it's not meant to berate or to knock anyone on the head after the event had played out.
but...it's exposure to the reasoning.
i got my head hit by that but i'm not using it to hit anyone but just market sense.
these events...don't happen often. but if they do...then this has to come in.
coming from a trader born during the first sniff of the euro crisis in 2009-10.

of course there have been many events the US session says "nah that's dog poo" and takes it down.
but...given how sold the Yen has been leading up to this event...there was no turning back.
this kind of feel takes years to develop.(at least years for me.)
but hey every journey begins with one step.

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Author:	totty23 [ Thu Apr 04, 2013 12:37 pm ]
Post subject:	Re: 10.4 A Complete System
I really see the value of setting pendings now, extreme moves would not allow these set ups manually, as you say you have to have faith

Author:	nanningbob [ Thu Apr 04, 2013 12:49 pm ]
Post subject:	Re: 10.4 A Complete System
totty23 wrote:I really see the value of setting pendings now, extreme moves would not allow these set ups manually, as you say you have to have faith Well at one time I had 4 open AUD/JPY trades going. I keep all four running I might be over 4000 pips for the day. But I also would have over extended my account if I kept that many trades going. I had at one time 50 trades going at one time and they are flying like crazy. So despite intellectually I knew to cool it and let them run, my heart wouldnt let me. Pocket those profits now, Pocket them now, pocket them now. SO then I decided to pocket and reset up everything that went past the 240 line. E/J may not do it so I have a short SL on it. I will ride it if it stays over the 240 but close out if it goes below the WP.

Author:	totty23 [ Thu Apr 04, 2013 1:14 pm ]
Post subject:	Re: 10.4 A Complete System
that is scary for sure. as i only have 10 days of intense reading of your system i am a bit fuzzy with regard to the 240 line, thats for a later more experienced 'totty'.....23. any bullet points on that, or is it just part of the trade when entered above or below, until green/orange or a cross happens?

Author:	nicoacademia [ Thu Apr 04, 2013 1:46 pm ]
Post subject:	Re: 10.4 A Complete System
i can safely say at least for the week ahead it'll be dollar bearish. dollar index long selling tail on a 2H timeframe. 130404 dxy.png

Author:	Ingot54 [ Thu Apr 04, 2013 1:49 pm ]
Post subject:	Re: 10.4 A Complete System
totty23 wrote:I really see the value of setting pendings now, extreme moves would not allow these set ups manually, as you say you have to have faith Faith ... in what is happening = the facts were already known - we had great sharing from Bob about it. He even told us that 10.4 would not help get into these trades - you just get in front of the move with pending trades, and wait. This was an economic news release trade - not the Friday night splash - but a game changer not seen for years. I have a feeling that Mario Draghi would like his press conference to have had the same impact that the BOJ had with theirs ... but compared to the might of Japan ... Draghi is still in short socks, in my view. How long did the correction in the EUR last? On my platform ... 20 minutes ... before the EURO drop was swamped again by bargain hunters who drove it higher than before!! Draghi miscalculated - he will need more ammo at his next press briefing! Get ready for that! Nevertheless, the scene is set for a starwars showdown globally. Traders who can handle this stuff should do ok in the next couple of years. I imagine we will see more of this kind of policy change internationally. Traders fight back ... and it is happening only on Bob's thread. Any reason we can not be grateful and support http://www.compassion.com ?

Author:	tommiho [ Thu Apr 04, 2013 1:53 pm ]
Post subject:	Re: 10.4 A Complete System
TraderDesk wrote: tommiho wrote:The general question here, if someone has a multiple positions open where would someone claim the profit? Where to close them? I am absolutely tempted to leave them be and let them running. But as you all know the turn around PA can surprise you anytime. I know CJ mentioned to keep his anchor trade and close compounded trades. What do you all think? Bob was saying to enter on D1 max min, maybe to close as well? On the other hand nobody knows when this run is going to end.(well when the Japanese reach inflation is 2% of course but I wouldn`t be able to wait that long hehe) Hmmm... I think your answer will be very subjective to the person answering them. Each trader has their own style... For me I will close most of the positions that I open during the trend of the day when I see we are close to the ADR of that currency pair... Days like this I will let some of them ride and add more from any pullback that we get... I will also look at the longer-term charts to see if I will leave a few lots open or a major trend. An example is GBP/JPY where it has crossed over to a bullish bias on the daily, weekly and monthly charts. Plus we are at a multi-year low. So I am looking for PA on this pair to head up over the next few years so I will leave the odd position or two open and if it heads up add more... Another method I use is on the 5 minute Heiken Ashi chart if PA goes below the smooth average then I close some of my positions as well... Different methods work on different currency pairs for me... BE is a last resort for me and I use that method after I have taken a percentage of profit in the move... Hi thank you for your suggestions and for HA indi, I picked it up when you posted it first time and helped me to enter on pull backs on M1 chart today. Thanks again

Author:	tommiho [ Thu Apr 04, 2013 2:02 pm ]
Post subject:	Re: 10.4 A Complete System
nanningbob wrote: tommiho wrote:The general question here, if someone has a multiple positions open where would someone claim the profit? Where to close them? I am absolutely tempted to leave them be and let them running. But as you all know the turn around PA can surprise you anytime. I know CJ mentioned to keep his anchor trade and close compounded trades. What do you all think? Bob was saying to enter on D1 max min, maybe to close as well? On the other hand nobody knows when this run is going to end.(well when the Japanese reach inflation is 2% of course but I wouldn`t be able to wait that long hehe) I closed all but one or two positions on each pair and reset new pending orders. There are three kinds of non indi trades, News trades - take a position in and out of the market in less than two hours. Quick pop news story wont run price for long. fundamental news trades - Will make a currency run for several days to even a week or two. Interest rate changes do this Macro fundamental trades- This affects price action for months or years to come. This JPY is a Macro Fundamental trade. They are shooting for minimum 2% inflation rate per year and to get out of 20 + years of a deflationary cycle. There is no mystery here Japan is going in a certain direction and everyone, Parliament, Leaders, BOJ, etc. are all on the same page for now. We have known for months they were going to try. Policy is now going to be implemented. So sell the JPY and then when this run is over look to reenter. Big time trades started placing their first trades today. They will buy and hold, buy and hold, buy and hold. This is how the big boys trade. They are looking at monthly S/R levels so get on board and go. Now as a small time trader what do we do. I want to run at least one trade north of the 240 line and see what happens. The rest TP and reenter, TP and reenter. That is my plan. Hi Bob, have closed them all. But it was close one when Draghi started to speak and EJ took a dive.My hands are still sweaty. Waited out for retrace on EJ and than closed it all. Will be following your plan as the reasoning behind it is impeccable. We should follow the big boys. Thank you very much for all your efforts.

Author:	TraderDesk [ Thu Apr 04, 2013 2:11 pm ]
Post subject:	Re: 10.4 A Complete System
tommiho wrote: Hi thank you for your suggestions and for HA indi, I picked it up when you posted it first time and helped me to enter on pull backs on M1 chart today. Thanks again I am glad it helped... Another suggestion using the HA indi if you see a pullback after a big move on the 15 minute timeframe and PA is close to the HA line then that is a good place to put another entry. Here is the E/J picture with what I mean:

Author:	nicoacademia [ Thu Apr 04, 2013 2:48 pm ]
Post subject:	Re: 10.4 A Complete System
we're gonna run out of pivots on the USDJPY. well there's always last week's ones i guess.

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