stevehopwoodforex.com • 10.4 A Complete System

Author:

pips400 [ Thu Feb 21, 2013 11:37 am ]

Post subject:

Re: 10.4 A Complete System

etheldreda wrote:I still have this long trade on NZD/JPY since 2 days ago. RSI was flat marked with light blue box when i placed pending order, the transaction was open as marked with yellow arrow.

Wondering should I hold this position thinking that (hopefully) it will be bounce once it touch MA240, or should I have manually close the transaction once the AO color changed to red with around 100pip loss?

Thank you
-ethe-

Ouch, that's a tricky one. Looks like all the 104 conditions were met, but it's a long way down to the 240. I guess this is where it becomes a little subjective and grey area, and comes down to personal trading preferences. Technically yes, my understanding is that you could wait for prive to reverse or the SL to hit at the 240, and try to remove the emotion out of the trade.

For me whenever I open a trade I need to be satisfied with why I took the trade and I try not to second guess my decision when the trade is live. If there was something I wasn't happy with, I'll try to wait until the trade is closed, then make adjustment to my trading style. The possibility of reaching the SL is part of any trade. On the other hand, I much prefer when price has retraced below the WP and even WMS1/S1 for a long (vice versa for short) and then take the trade, otherwise if price has not yet retraced enough, 1. It can tag the pivot point above but keep going down, 2. It may still be a long way away from the 240 MA. And so my preference is to wait until the price is below WP/WMS1/S1, unless there is a very strong indication that price is going to go up before that happens.

Looking at the NZDJPY at the moment it's now below S1, so I may go long here, on the other I'm looking at some of the other JPY pairs (EURJPY for example) which have broken through the 240MA, tough call

All the best

Mike

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Author:	etheldreda [ Thu Feb 21, 2013 10:57 am ]
Post subject:	Re: 10.4 A Complete System
I still have this long trade on NZD/JPY since 2 days ago. RSI was flat marked with light blue box when i placed pending order, the transaction was open as marked with yellow arrow. Wondering should I hold this position thinking that (hopefully) it will be bounce once it touch MA240, or should I have manually close the transaction once the AO color changed to red with around 100pip loss? Thank you -ethe-

Author:	mjws00 [ Thu Feb 21, 2013 12:02 pm ]
Post subject:	Re: 10.4 A Complete System
Someone has to post the ugly ones. EURJPY. My WMS1 pending got taken. Never had a chance. I did let it run a little past 240MA as my plan was to let 123.00 breathe a little. On ugly PA there I had to pull the plug. I hate watching the young ones die. Ahh well. Still can't believe we had two days like that in the Yen with no bounce. 400% Atr. Heh. Good luck all. Time for sleep.

Author:	Wiggy1965 [ Thu Feb 21, 2013 12:42 pm ]
Post subject:	Re: 10.4 A Complete System
mjws00 wrote:Someone has to post the ugly ones. EURJPY. My WMS1 pending got taken. Never had a chance. I did let it run a little past 240MA as my plan was to let 123.00 breathe a little. On ugly PA there I had to pull the plug. I hate watching the young ones die. Ahh well. Still can't believe we had two days like that in the Yen with no bounce. 400% Atr. Heh. Good luck all. Time for sleep. I did mention in an earlier post, i did not like the lower highs and lower lows that some of the JPY pairs were making, so i have stayed out of these.... I do have buy orders above weekly pivots on the USDJPY and NZDJPY as these seem to be still up trending on the 4H chart... if price makes it back this point then we may be back in the trend...may... The only jpy trade that i have are the xMeter shorts.... Regards Wiggy

Author:	websie [ Thu Feb 21, 2013 2:42 pm ]
Post subject:	Re: 10.4 A Complete System
ross wrote: pips400 wrote: art wrote:thanks for that pips, yep using correct settings but cant see the flat top or bottom, it doesnt look like bobs on his charts where you can see the tops and bottom, mine just runs into the top of the box If I'm understing this correctly, you're looking at charts with the NT TMA True Slope/RSI2 indi which does show the flattening out. But this was causing some problems, so there is an alternative to use the Stochastic instead which does a similar job. But to simulate the RSI2 with the stochastic, rather that seeing the flattening out, instead it's cut off at the 20 and 80 levels, so where you see the signal disappear, then that's what you're looking for as the equivalent to the NT TMA True Slope/RSI2 indi. I hope that makes sense. BTW welcome to the thread. Someone has posted (sorry to the smart guy who discovered this - I can't find your name now) all you need to do is turn showinfo false - this fixes the RSI problem.... I am not using the NT TMA True Slope but since putting the new, updated 10.4 template on it is now also making the top and bottom of the yellow line run into the top and bottom of the box, I cannot find where to fix it

Author:	ronald123 [ Thu Feb 21, 2013 2:51 pm ]
Post subject:	Re: 10.4 A Complete System
Just a quick observation, something really baffles me although it might have to do with the way I've set up this marvelous 10.4 System: the 10.2 Weekly Pivots and 10.2 Weekly Mid Pivots indicators are not showing all the support/resistance lines, 'cause some of them are set to 'Black' (default)... So, that makes them invisible against a black background, which is the default background color for the charts when you use the 10.4 template... So, that could cause one to sell or buy right in front of a strong support/resistance area (pivot), which is what I've done today - price is stuck right above one of those invisible support levels. Anyway, just thought I'd inform people here about it. Happy pipping you all! Ronald

Author:	spotdespot [ Thu Feb 21, 2013 3:13 pm ]
Post subject:	Re: 10.4 A Complete System
ronald123 wrote:Just a quick observation, something really baffles me although it might have to do with the way I've set up this marvelous 10.4 System: the 10.2 Weekly Pivots and 10.2 Weekly Mid Pivots indicators are not showing all the support/resistance lines, 'cause some of them are set to 'Black' (default)... So, that makes them invisible against a black background, which is the default background color for the charts when you use the 10.4 template... So, that could cause one to sell or buy right in front of a strong support/resistance area (pivot), which is what I've done today - price is stuck right above one of those invisible support levels. Anyway, just thought I'd inform people here about it. Happy pipping you all! Ronald Ronald, It's by design. Bob has talked about it in the thread somewhere but it is basically that way because price doesn't consistently go beyond these levels so it is to prevent people taking trades when price has already moved a long way and therefore the chance of success is less. Cheers, Dave.

Author:	spotdespot [ Thu Feb 21, 2013 3:14 pm ]
Post subject:	Re: 10.4 A Complete System
websie wrote: I am not using the NT TMA True Slope but since putting the new, updated 10.4 template on it is now also making the top and bottom of the yellow line run into the top and bottom of the box, I cannot find where to fix it It is supposed to be like that - it is the equivalent of the "Flat part" of the RSI(2). Cheers, Dave.

Author:	sat79 [ Thu Feb 21, 2013 3:33 pm ]
Post subject:	Re: 10.4 A Complete System
Oh this is bad... Bob, how you can do this to us??? Okay, sorry bob... Back to bussines... But still when you think that this 100 pips is 1% of your account it's not too much ... And there is never going to be "holy Grail" what have winning percentage of 100%... So if this system gives you 75% win rate, this must be that trade what is in that other 25%. So it's not lose, it's only 1 trade closer of next winner... And trade is not over yet... etheldreda wrote:I still have this long trade on NZD/JPY since 2 days ago. RSI was flat marked with light blue box when i placed pending order, the transaction was open as marked with yellow arrow. Wondering should I hold this position thinking that (hopefully) it will be bounce once it touch MA240, or should I have manually close the transaction once the AO color changed to red with around 100pip loss? Thank you -ethe-

Author:	mjws00 [ Thu Feb 21, 2013 3:49 pm ]
Post subject:	Re: 10.4 A Complete System
Wiggy1965 wrote: mjws00 wrote:Someone has to post the ugly ones. EURJPY. My WMS1 pending got taken. Never had a chance. I did let it run a little past 240MA as my plan was to let 123.00 breathe a little. On ugly PA there I had to pull the plug. I hate watching the young ones die. Ahh well. Still can't believe we had two days like that in the Yen with no bounce. 400% Atr. Heh. Good luck all. Time for sleep. I did mention in an earlier post, i did not like the lower highs and lower lows that some of the JPY pairs were making, so i have stayed out of these.... I do have buy orders above weekly pivots on the USDJPY and NZDJPY as these seem to be still up trending on the 4H chart... if price makes it back this point then we may be back in the trend...may... The only jpy trade that i have are the xMeter shorts.... Regards Wiggy LOL. I know it was an aggressive entry. There was lots of support in there and even decent shorter term price action before I placed it. I would have been safe had I waited for the 4hr rsi twitch... The 1 hr rsi moved. Nice engulfing candle. For me that is typically a go for a bounce in direction of "trend". Unfortunately an atypical day. Where I get burned is trading shorter TF I would have a tight stop around the swing low on that last Price action. This system does much better giving it a little more room to breathe. I agree on the lower tops on this pair. Was short from there.

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