10.6 EDSEL

[kwp]

Bob, are you placing your take profits at 50 pips? I thought it could be a good idea to put them at 100 pips to not limit the run... or 100 pips is too extended?

EDIT: I think an obvious answer would be that it depends on each pair.

Also time of session is very important to my trading. I take what that session gives me and that many times is not 50 pips. It is also why I use multiple positions. I will take a profit price will retrace and I will take the same trade all over again. In a 50 pips move I could take two or three 20-30 pip profits.

Hi Bob,

I have to state and applaud your excellence....EXCELLENCE...as everyone following you is becoming
successful. This particular post is again very helpful for all the traders here and this

I closed my profit trades and look to reset. I take profit at the middle of sessions because the vast majority time that will be the height of the move

Sometimes traders don't get the above which is crucial in my opinion....

THANK YOU

[harry]

Today, JPY is strengthening. Is it temporary or permanent???

[nanningbob]

Today, JPY is strengthening. Is it temporary or permanent???

Price goes up and it goes down it goes up and it goes down it goes up and it goes down. Its December and anything can happen because of light volume.

[nanningbob]

However, almost every jpy pair is setting up for a sell.

[95026862]

yen sell ?

[fok]

yen sell ?

Yep (sell yen pairs = buy yen), actual counter trend trades, CSS daily shows JPY at the bottom changed direction turning up (together with AUD) and currencies at the top EUR, GBP, turned down (CHF may follow).

infopage daily 11122013.png

[Skyline]

Following 10.4/10.6 rules i cannot see any buy on jpy now, almost all JPY pairs are way above 240 (CHFJPY,EURJPY,GBPJPY, USDJPY and so on..) with sto7 at the bottom , so for what i can understand we can wait for a re-entry in the direction of jpy trend (thus selling jpy), unless we want to follow blindly what CSS D1 is telling us but that's another trading system not 10.4/10.6, comments ?

[fok]

Following 10.4/10.6 rules i cannot see any buy on jpy now, almost all JPY pairs are way above 240 (CHFJPY,EURJPY,GBPJPY, USDJPY and so on..) with sto7 at the bottom , so for what i can understand we can wait for a re-entry in the direction of jpy trend (thus selling jpy)
Yep, I am in an USDJPY buy trade (actual in drawdown) because of your defined reason, nothing wrong with it.


,unless we want to follow blindly what CSS D1 is telling us but that's another trading system not 10.4/10.6, comments ?
CSS (and price action in all JPY pairs) shows counter trend opportunities, why not trade them? Nobody is telling to follow CSS "blindly".

[nanningbob]

Following 10.4/10.6 rules i cannot see any buy on jpy now, almost all JPY pairs are way above 240 (CHFJPY,EURJPY,GBPJPY, USDJPY and so on..) with sto7 at the bottom , so for what i can understand we can wait for a re-entry in the direction of jpy trend (thus selling jpy), unless we want to follow blindly what CSS D1 is telling us but that's another trading system not 10.4/10.6, comments ?

And you would be violating the fundamentals of why JPY is moving, namely the govt. is selling bonds to cause it to depreciate. You are trying to compete the weakest currency. Remember I pitted one currency which has been appreciating for a while NZD versus one that has started weakening GBP GBP is 3 rd and NZD is 4th/5th right now. Versus jpy which is dead last. The gbp has also entered the range area with the nzd so buy/sell signals are valid. JPY is way out from 60 lines and has not returned with most pairs. I suspect it is a week to 10 days from truly appreciating again.

[Skyline]

Yes I see your point Bob & Tim but i think whatever news come out it's reflected on charts i'm looking at; moreover I confess i'm not any good at judging which fundamental news are really important and which not, there's too much discretion and due to my 'programmer soul' i don't like that too much so i prefer to stick to few simple rules as per 10.4/10.6 limiting as much as possible discrectionality. Said that i see that you are far better trader than me and for sure using fundamental + technical analysis could give you a better edge over the market but this isn't just my trading style.
What i can see right now is that css daily jpy is getting stronger (line going up) while on the other hand on H4 jpy pairs we are still up very far from 240 so for edsel rules we are still in uptrend with a retrace , so my choice would be to stay on the sideline waiting for a re-enter in the direction of main trend , i simply would not take a ct trade but of course i may completely be wrong

Cheers,
Skyline