Supply Demand EA

[fx800]

Mark Carney's reputation precedes him. The market perception is that he favours a weak pound until such time the British economy shows signs of a SUSTAINED recovery. Indeed, this is what he had done in his previous appointment and he has been credited with steering the Canadian economy safely during the Lehman crisis.

During his first BOE news conference, the pound promptly plummeted as he signals that interest rates are likely to stay low for quite a long while ahead.

So, I will be looking for the next opportunity to sell from resistance when conditons for 10.4/10.5 are met.

The FTSE promptly rose sharply in response to the prospect of the continuation of of cheap money policy.

Whether the rally will continue after NFP today is less certain. The USD has strengthened on the prospect of good job numbers and the Fed tapering QE in the autumn. So, there is a strong possibility the stock indices will fall after an initial rise after the jobs report this pm. I will be ready if this happens.

[Anonymous]

After two weeks of demo, this mod ea has gained 18%, no DD.

I meant to stop the ea before NFP but forgot. It gained 6% after the news.

Even 12% gain after two weeks is quite satisfactory.

Just in case anyone would like to try it on demo, I have uploaded the mod ea again below.

To run the mod ea, you have to follow the steps set out on page one of Mr Long's Multi 10.4 trader thread. Unzip the Multi Final v1.31 folder, run the setup.exe application which will install all the necessary files in your Empty4 platform except the dll file which is too large to upload to Steve's forum web page and has to be downloaded from the web page indicated on page one. The dll file goes into the Empty4/experts/libraries folder.

[Anonymous]

If you are getting big DD trading 10.4/10.5, try adding the SS_SR indicator, and only buy from S ZONE/sell from R ZONE. Then scale in at the next pivots if you want to.

You will have smaller DD. You may have slightly less number of setups than the original 10.4/10.5 but you will get less strain on your heart while trading.

It certainly works for me. Try it on demo. What do you have to lose.

LET ME REPEAT. BOB IS A TRUE GENIUS. WHO WOULD HAVE THOUGHT OUT A VERY CLEAN CHART AND SIMPLE RULES TO TRADE FROM. ALL HIS MANY YEARS OF TRADING EXPERIENCE DISTILLED INTO A SIMPLE CHART. BELIEVE ME, IT IS NOT SIMPLE SIMPLE. IT IS TRUELY MAGNIFICIENT.

BOB'S CHART IS ALL YOU WILL EVER NEED TO SURVIVE IN FOREX.

[fx800]

Mark Carney's reputation precedes him. The market perception is that he favours a weak pound until such time the British economy shows signs of a SUSTAINED recovery. Indeed, this is what he had done in his previous appointment and he has been credited with steering the Canadian economy safely during the Lehman crisis.

During his first BOE news conference, the pound promptly plummeted as he signals that interest rates are likely to stay low for quite a long while ahead.

So, I will be looking for the next opportunity to sell from resistance when conditons for 10.4/10.5 are met.

The FTSE promptly rose sharply in response to the prospect of the continuation of of cheap money policy.

Whether the rally will continue after NFP today is less certain. The USD has strengthened on the prospect of good job numbers and the Fed tapering QE in the autumn. So, there is a strong possibility the stock indices will fall after an initial rise after the jobs report this pm. I will be ready if this happens.

Following the NFP, the Dow initially rallied because of good jobs numbers, then fell because with economic recovery comes the tapering of QE.

The Dow found support near 15000 level with small rebound.

I still think the most likely scenario is for the Dow to fall further. With the increased cost of borrowing, the stock market usually falls. Big names including Warren Buffet are dumping stocks.

[fx800]

After two weeks of demo, this mod ea has gained 18%, no DD.

I meant to stop the ea before NFP but forgot. It gained 6% after the news.

Even 12% gain after two weeks is quite satisfactory.

Just in case anyone would like to try it on demo, I have uploaded the mod ea again below.

To run the mod ea, you have to follow the steps set out on page one of Mr Long's Multi 10.4 trader thread. Unzip the Multi Final v1.31 folder, run the setup.exe application which will install all the necessary files in your Empty4 platform except the dll file which is too large to upload to Steve's forum web page and has to be downloaded from the web page indicated on page one. The dll file goes into the Empty4/experts/libraries folder.

One thing I would do managing this ea is to close the trades that are in profit two to three hours into each session (Asian, London, US) following what Bob does in his manual 10.4 trading.

If you observe carefully, price tends to peak during that time, then retrace. This is unless after a high impact news like BOE's news conference this week when you expect the Pound to weaken further, then you may want to keep the trade running till TP.

I do not trade NFP, FOMC, CENTRAL BANKS SETTING INTEREST RATES. I will close all trades related to the currency concerned one hour before the news and re-start half an hour later.

Trading high impact news is like playing lottery. If the trade goes your way, you make a pile. The opposite could just as well happen. The trade after the news does not necessarily follow the prevailing trend like some guy thinks in Bob's forum. If you think that, you will have some bad surprises in store for you in the future. If it is that simple, don't you think every one will be taking advantage of that ?

However, if you trade fundamentals, then you take a stand and trade in the direction you think the currency will travel after the news, and working out in advance how much you are prepared to risk for the potential reward. It must be a good risk to reward ratio. Sometimes, the news is already priced in, and price would move the opposite to what everyone expects after the news. So, it is not as easy as it seems.

[fx800]

10.4/10.5 setup for EURJPY LONG.

EURJPY is very volatile. When it gets moving, it can easily run 50 to 100 pips.

I am long USDJPY also. Remember BOJ buying bonds.

GJ. EJ and UJ went into severe DD, the first two caused by follow through weakness following BOE and ECB stating that interest rates will be kept low for the foreseeable future.

In retrospect, had I checked the CSS info before placing the buy trades, I would not have taken them as both GBP and EURO were the weaker currencies compared to the yen.

I don't normally trade NFP, but in view of the DD, I left all three to run during NFP. As luck would have it, the USD strengthened following the news, and UJ was close in profit. GJ and EJ also rose as risk-on trades as the Dow and Nikkei rallies after the news. All in all, a lucky escape for me.

[fx800]

My pick of the week when the market opens on sunday will be USDJPY.

It has broken through the psychological 100 level, and with the dollar strength, the market expects it to retest the 103 level in coming days/weeks.

Will be looking to buy from S Zone or a more aggressive approach by putting buy stop above recent high.

[fx800]

I know this is common knowledge but I am going to mention it here.

When I use the SS_SR indi, I check to see how many times price has reversed from the SR zones. The more times this has happened before, the stronger the zone is.

I would accept a minimum of one hit previously before I would consider trading the signal. That is why my trades have a bigger chance of success.

Trading a signal as it enters a zone is quite risky as it can blow through a zone especially after a high impact news. Trading a signal as it enters, then leaves a zone is less risky. That is why I do not trade high impact news until at least half an hour after the news when I see the volatility is settling down a bit.

[fx800]

Even though the Dow has broken above 240ma, there is strong resistance above.

10 year US bond yields are still rising as the market anticipates scaling down of QE by the Fed in the autumn. Bank of America forecast the US 10 yr treasuries to rise to 3% by year end.

I am convinced that the Dow will drop below 240ma in the coming days/weeks.

I will be looking to sell from resistance when 10.4/10.5SR rules are met in the coming week.

Gold is also in a strong down trend. So, I will be waiting to sell from resistance as well.

Just be patient, the setups will appear when the conditions are right.

[fx800]

After two weeks of demo, this mod ea has gained 18%, no DD.

I meant to stop the ea before NFP but forgot. It gained 6% after the news.

Even 12% gain after two weeks is quite satisfactory.

Just in case anyone would like to try it on demo, I have uploaded the mod ea again below.

To run the mod ea, you have to follow the steps set out on page one of Mr Long's Multi 10.4 trader thread. Unzip the Multi Final v1.31 folder, run the setup.exe application which will install all the necessary files in your Empty4 platform except the dll file which is too large to upload to Steve's forum web page and has to be downloaded from the web page indicated on page one. The dll file goes into the Empty4/experts/libraries folder.

I would welcome any posting of your demo, good, bad or indifferent.