10.6 EDSEL

[darshanag]

See chart below. CSS is telling me a change could happen. 4H chart is telling me it could also. I now have my sell at the DP line and a 10.4 trade during a range/reversal time has arrived. I am waiting for the STO7 signal to go for a range trade AND I am waiting for a 240 line break for a signal to enter a DT.

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Hi Bob, Let me first thank you for your fantastic work and all your contributions. As a newbie I have found the info you provide to be invaluable and is a tremendous help to improve my trading skills.

I'm little confused by the paragraph quoted above;

1. As per 10.4, the GBP/NZD chart (price action) is telling us its UT (1st bar is green even though it has not yet crossed the 60MA line). CSS suggests a change could happen... HOWEVER, shouldn't we wait for confirmation (red bar) before we place pending SELL trades to avoid getting caught to false breakouts / stop hunts etc ?

2. Can you pls clarify what you mean by "a trade during a range/reversal time" ? what conditions should be met to initiate such a trade ? (I revisited 10.4 trade requirements but not 100% convinced I've got it right still)

Thanks again for all you help...

Cheers

D

[95026862]

hey bob, do you think CSS on the daily TF would be a better indicator of fundamental moves setting up rather than 10.6 by itself to look for these moves ?

No matter what price action does I know what I want to do, where I want to do it. I just dont know the when. So I wait for price to dictate my next move.

thank you for that ! makes so much more sense now

[art]

hi steve what charts are you using, i think i would like to limit the ammount of charts at this time

[nanningbob]

See chart below. CSS is telling me a change could happen. 4H chart is telling me it could also. I now have my sell at the DP line and a 10.4 trade during a range/reversal time has arrived. I am waiting for the STO7 signal to go for a range trade AND I am waiting for a 240 line break for a signal to enter a DT.

.

Hi Bob, Let me first thank you for your fantastic work and all your contributions. As a newbie I have found the info you provide to be invaluable and is a tremendous help to improve my trading skills.

I'm little confused by the paragraph quoted above;

1. As per 10.4, the GBP/NZD chart (price action) is telling us its UT (1st bar is green even though it has not yet crossed the 60MA line). CSS suggests a change could happen... HOWEVER, shouldn't we wait for confirmation (red bar) before we place pending SELL trades to avoid getting caught to false breakouts / stop hunts etc ?

Yes with some gbp trades, I am still long on some like gbp/jpy, however, when CSS is showing what I showed, you can look for you best trade an enter. gbp/nzd is in the range/reversal area and CSS is showing its best chance is to go down. So I pointed this all out. If you understand it then trade it. If you dont understand the logic stay out and wait for the red bars.

2. Can you pls clarify what you mean by "a trade during a range/reversal time" ? what conditions should be met to initiate such a trade ? (I revisited 10.4 trade requirements but not 100% convinced I've got it right still)

I just laid out the reasons why and how I trade at times in reversal/range area. gbp/nzd gave me an excellent example of a trade. If you dont understand the reasons dont range/reversal trade. I am at heart a counter trend trader and have a whole thread at FF dedicated to trading that way. It is how I became famous. I see these things and trade them. I will post trend/reversal trades from time to time. Eventually you may see some of these and go. There are based on what I see on CSS. I think the gbp has had a nice run and there are some spurts maybe left in it with some currencies but its time is up and some other currency will now become the strongest. gbp is a very ranging currency and seldom stays on top or the bottom for very long. It likes the middle. It has been the weakest once this year in Feb. with a very short stint in July and was the strongest in Aug and just recently. July and August were very range bound months anyways so those really werent that big of a run. This gbp was its big run up this year. I expect it to go back to the middle where it likes to be. This type of knowledge really helps you in your trading decisions.

You can compare this with the euro which has been on the top 6-7 times this year and the usd which has made if 4 times. jpy and aud has spent a lot of time on the bottom and dominated the weakness category most of the year. So I expect gbp to stay true to its colors.

Thanks again for all you help...

Cheers

D

[nanningbob]

I have been saying to watch out for upcoming euro news. Well here are the first cannon shots. Imagine a central European banking system deciding which banks to close and which to keep open. Then getting funds from one country to bail out a bank in another. Oh boy. If you think this wont cause some volatility in the future you are eating the wrong mushrooms. We will watch the CSS and the 240 lines to get us in the right direction of these moves.

http://uk.reuters.com/article/2013/12/0 ... JX20131209

(Reuters) - Europe is seeking to agree by year-end on how to close failing banks, part of an ambitious plan to create a single banking framework and fix broken lenders whose problems have festered since the financial crisis.

Creating an agency to close euro zone banks, as well as a fund to pay for the clean-up, would mark a deepening of integration of the 17 nations sharing the euro. But it raises complex questions of sovereignty and who will foot the bill.

Banking union, involving a single bank supervisor for the bloc and an 'executioner' to close banks, is the most ambitious project launched since the region's debt crisis and is designed to provide a stronger underpinning to the single currency.

Hint Hint Watch out if some French banks make this list. It will be a doozy of a time

[nanningbob]

There it goes 42 pips first trade. 2nd and 3rd trades set and ready to fire away gbp/nzd.

Also gbp/chf sell is up over 30 pips.

[darshanag]

There it goes 42 pips first trade. 2nd and 3rd trades set and ready to fire away gbp/nzd.

Also gbp/chf sell is up over 30 pips.

Super... I have a long way to get to your level of understanding / interpretation of the market....

[tibochina]

Wanted to share some results with the group. Last 30 hours or so I have had 14 winners, 1 loser and 1 at BE for 152 pips. This is using all of the knowledge I have gained following Bob's teachings from 10.2 on. Using CSS daily reads for opportunities, reviewing H4 charts and dropping down to H1 for setups. All trades were pending buy/sells with most entries being at MA 15 crossing. I especially like these when they line up with the DP and or the 60 MA. Mostly NZD and JPY pairings taking small winners as price moves back and forth over the H1 15 MA. My issue in the past has been hitting SL occasionally for big losses wiping out several profitable trades. I trade at .10 lot size most of the time, about double what Bob does but enter fewer trades keeping my exposure well within reason. The proper entry is critical to keep DD to a minimum and these H1 entries at the 15 MA are working beautifully. I am also getting more trades than I was in the past by finding potential setups and setting pendings well in advance. They either open or they don't. Nothing ventured, nothing gained. One thing Bob has mentioned many times is how little time he spends on the charts and I am finally able to review them myself in 15 minutes or so and "set it and forget it" to quote Ron Popeil. Edsel has made this easy. Bob, I thank you for your diligence in perfecting your system and sharing it with all that want to learn.

[fok]

There it goes 42 pips first trade. 2nd and 3rd trades set and ready to fire away gbp/nzd.

Also gbp/chf sell is up over 30 pips.

Super... I have a long way to get to your level of understanding / interpretation of the market....

The 10,000 hours principle ...

http://www.tradersnarrative.com/the-def ... -2460.html

[Skyline]

I want to thank Bob for this 10.6 method which i'm using in my real account since 1 month with very good result.
As tangible gift I slightly modified CSS 10.6 D 24 pairs to show also exposure for each currency for all opened orders.
Hope it'll be usefull

10.6 CSS D 24 pairs v1.0.9.jpg

Cheers,
Skyline