10.4 A Complete System

[nanningbob]

Ok, Had a great day yesterday over 1000 pips in one day. However a lot of that was garnered by keeping JPY cross trades going over the weekend and over 650 of those pips were the gaps. But still 7% increase of the account is a nice surprise. I have not kept up my lot size with growth of my account so fixed that today.

I have a buy on every JPY cross going at all times and new ones set above every high and a limit order set below in case of a retrace. No retracement yet. No one is buying JPY right now and I am keeping one or two trades on every pair until it does.

OK GBP picked up some nice retracements but they are showing good setups on 10.4 so gbp/aud, gbp/cad, gbp/usd I have buy pendings at each WP and DP.

I still have my pending sells going on eur/nzd.

Happy trading. This is fun.

Bob,

I get the feeling that those who are not listening to you will, at some point, wish they had.

Cheers!!

I try to keep it simple.

[nanningbob]

66% at FF are short the gbp/jpy
65% at FF are short usd/jpy
55% at FF are short eur/jpy


Why am I long those pairs???

[Chris]

I even have my first trade in SGDJPY open

[Staedtler]

66% at FF are short the gbp/jpy
65% at FF are short usd/jpy
55% at FF are short eur/jpy


Why am I long those pairs???

[nanningbob]

I have lost power for the day hope my trades do well

[Chris]

These two pairs could slow down, they are near the highs of the last 10 years
These are monthly charts

[Ingot54]

These two pairs could slow down, they are near the highs of the last 10 years
These are monthly charts

I'll take that bet ... what odds would you like?

[spillini]

Did you ever get one of those feelings.... well I got one now. Pulled all my Yen trades. I just dont like the price action and maybe we found some one to buy the yen. Anyway, I may be wrong but its time for me to wait for some retracements. Good night all.

Jim

[f451]

Bob,

I had a PM asking me a little more on trend lines and how they might work with NB 10.4. If this is too offtopic please delete and let me know and I'll repost in the advanced and counter thread.

"Your recent post summarising 10.4 trades is outstanding especially section on qualifying trades - i.e. trend lines . Just to expand a liitle on this -When you start the weeks review the potential 10.4 pairs to focus on do you look at TLs on the daily weekly on all pairs or take any initial filter from the D1 slope strength or w1 TF ?"

I use trend lines a lot. I usually mark up the current trend channel on the daily timeframe and then tweak it a little on the 4HR chart. Sometimes I will draw a steeper trend line in the direction of the major trend to give me early warning of potential trend exhaustion and reversal, or a transition to a trading range. Over the weekend I try to have a quick look at the weekly chart just to make sure I'm not missing anything obvious from the higher timeframe (e.g. price approaching an obvious previous swing high or low, or a trend line).

The important thing to remember about trend lines is that in most cases price will respect the trend line and bounce off it. Often you see price moving along in a channel bouncing off the high or the low of the channel. These are easy trades and in my experience line up well with NB 10.4 which measures momentum and shows the likely end of retrace, and are a good entry point back into the trend. Thus trend channels can provide additional confirmation to NB 10.4 if you want it.

But trend lines can also help filter out peaker trades and keep you out when the trend is changing.

The 10.4 system is designed to get you entries back into a higher time frame trend after a retrace because these are high probability, high reward trades, and the use of pending orders keeps you out if price doesn't continue on the direction of the trend.

However, 10.4 can give you signals when the trend is beginning to transition to range or reverse, and while pending orders will most likely keep you out of trouble (by not getting triggered), it would be better to avoid setting them at all in these situations.

Drawing trend lines can often give you an early warning of when this is happening. If price is accelerating away from the moving average and respecting a steeper trend line in the direction of the main trend, then you may be looking at the end of the trend, so it's time to be careful. When such a steeper trend line breaks, I would avoid taking any NB 10.4 signal to re-enter the trend, because more than likely the trend is over and a reversal or transition to a trading range has begun.

The attached diagrams should give people an idea of what I'm describing.

NB104-Trendlines1.jpg

104-TL-2.png

NB104-TL-3.png

104-TL-4.png

If you're after more on trend lines I suggest reading Al Brooks and No Brainer Trades.
Al Brooks has some great material on price action trading in general and trend channels in particular - worth looking up. His books are terrific but a challenging read however his video course is easy to understand.

NBT has a few great (although dense articles) on trend lines

http://www.nobrainertrades.com/2013/02/ ... hpads.html
http://www.nobrainertrades.com/2013/02/ ... igned.html

[aworex]

since the GBPJPY moves so dramatically, what would be a logical distance to set a pending order ?

Currently I am only targeting DR2 but WR1 would be a nice 300 pip move, I am kind of expecting a real retracement so I am a little shy try to get to far. This is just one mans opinion.

There really is no thinking with JPY crosses right now. I find any line I can find and set a pending order. Then I find another. Whether on 10.4 10.5 or previous week I am setting orders. I have even gone to my screen and just put a buy on for the heck of it. This is a fundamental Marcro economic move. No thinking is needed. Just jump on and run with it. Until someone thinks JPY is a buy, who that is I dont know, I am going to ride this puppy. The Big boys are in and they are no wheres near closing their trades yet. So I am going to run with it until it stops.

Why fear a retracement, just add to your positions when it happens. That is how the big boys trade.

Ok, just taken out a GJ buy in response to this and promise to sit on my hands.

Guys, if I muck around with this trade, then please find a way to Admin status here and ban me from my own forum.

* Hands firmly sat upon *

Hi folks,

Is there a simillar script to place pending orders for 10.4 v5 1HR TF :