Bob
I saw all of the potential 10.4 setups noted by you and others. From my perspective, some of them hit suitable entry points last night, but I didn't take them because of the NFP.
Anyway, almost all of the possible 10.4 trades are way under water now, after the data.
That said, my question to you is what were your pending order points for these trades (and why weren't you in already as Chris was above)?
Thanks
cmeade2
nanningbob wrote:I use 240 line and RSI 2 for my trade unless I have a compelling reason not too. JPY was the exception this week. I personally think NFP is over rated and have never really found it to be as dynamic as people claim. I have not problems following my system because the odds are in your favor that DT or UT will continue and the news will support these reentries back into their trends. If they dont your SL is not that far away so you take some hits. However if they do go back into the trend like 10.4 is telling you, you have a high reward trade with low risk. I am not shying away from the signals tonight and am taking the trades.Jonathan2FI wrote:Bob, Captain Jack and other 10,4 ers,
10.4 trade the retracements using RSI with pivots providing entry and exits with additional exits with AO trade only in direction of 240 with strong confirmed trend... clearly the last 3 words here is where discretion can enter.
I understand that too many filters can destroy a system ...done that been there etc This is clearly not my intention.
Anyway what if any are the group using as useful Filters that others should research/use to eliminate pairs/trades that don't comply and or often fail with 10.4?
In the posts I have seen comments by yourself and others as well as myself
1. 50 LWMA additional confirmation if below or above 240
2. 600 EMA equiv . 100EMA position if PA between 240 and 600 avoid
3. Use slope strength D1 and take top 3 and bottom 3 strongest and weakest on daily
4 Avoid certain pairs that don't trend and or are strongly influnenced by short term gov. action e.g. swissy.
In addition to the above, major S&R needs to be considered - identify horizontal, big numbers, obvious TLs ...do these impact on potential trades if they do in a positive way don't filter if in a negative way filter trade/pair.
JonathanSee you in a couple of hours. My trades are set and I am going to watch a movie and come back in a couple of hours. I will have multiple winners or some single losers or no entrances. That is how the system works. When you are right you are well rewarded, if you are wrong take the single hit and move on. That is what makes this system more dynamic than any other system on the market. That is what helps you beat the odds. I have my pendings loaded and ready to go. All 17 of them. If price goes my way, money in the bank. If not some will take and I will have a handful of losers. Sooner or later some of you will get this.