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| 10.7 https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=3549 |
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| Author: | James Roscoe [ Wed May 07, 2014 6:50 am ] |
| Post subject: | 10.7 |
Going to start doing trades here on 10.7. The CSS and dashboard give more than enough information to make good decisions. |
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| Author: | James Roscoe [ Wed May 07, 2014 6:56 am ] |
| Post subject: | 10.7 |
EURNZD is red in the above screenshot. So it's time go to the template. My entry will be a 1.6000 because that price point will comply with the rules. Just an example of how to use the tools in a particular order. When spider gets the alerts going, it will be even easier.  |
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| Author: | yamez [ Thu May 08, 2014 7:10 am ] |
| Post subject: | 10.7 |
News influenced price move yet still lined up for a 10.7 trade, filtered with TMA and divergence. Saw setup this morning thanks to SpiderX dashboard ( Alorente version ), Steve's helper did the rest. |
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| Author: | HannesJoubert [ Thu May 08, 2014 11:08 am ] |
| Post subject: | 10.7 |
Hi there All. Can someone please remind me what NanningBob's take is re when he takes profit during sessions again? If I remember correctly, it is something like profit is taken halfway through or in the last 3rd of that particular session (be it the Sydney, Frankfurt, London or American session) in order to lock in profits and avoid the end of session retrace that normally takes place. Or does this MO no longer apply when using 10.7? Anyway, if someone can please confirm the above times please, I would appreciate it greatly. Stay well. H :hi: |
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| Author: | nanningbob [ Thu May 08, 2014 11:21 am ] |
| Post subject: | 10.7 |
I generally take profits 2-4 hours into a session unless I am playing a long term trend. Since the market is flat that last couple of months that is where most of my TP have been taken. JPY high is generally 2-3 hours in except on days they have bond sales then JPY crosses move the 2nd half of the session. Euro session about 3-4 hours in and USD 2-3 hours in unless a big news story pushes it all day. |
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| Author: | nanningbob [ Thu May 08, 2014 11:49 am ] |
| Post subject: | 10.7 |
When I did recovery I only did 3 levels and settled into using 1,1,2 then if it went to a 4th level I would take the L1 loss and I would be 1,2,2 Sometimes, though rarely, I would have to take a 5th level and then I would close the 2nd level trade for a loss so I would be 2,2,2 With a retracement back to the level 4 I would be BE on the 3rd 4th and 5th levels and would have taken a loss on levels 1 and 2. I would not go farther than that because what I was usually fighting at that point was a strong trend and I was on the wrong side. My total loss if I closed everything would be in the 3-6% of my account range. Since my goal every month is to make 10% of my account and my actual winnings are around 12-15% I then subtract my losers for my net. That one losing trade would take about 1/3 to 1/2 half of my winnings for the month. Those are months I didnt make my 10% goal but would still make a profit for the month. Occasionally I would get 2 of those in a month and may end up with a losing month or minimum profit. The key to recovery is winning enough trades to offset your occasional losers that went 4 or 5 levels. So I always try to use my winnings to recover not my account balance. With the development of the CSS reads I know long before I get to 4th or 5th level trades that I am on the wrong end of that trade so I get out much earlier now. This has helped me in not getting those bigger losses I used to take. So I will hang in there if one line is higher than another and doesnt seem to be dropping like a rock but I will dump trades much earlier than I used to. What I do now is look to add to a trend instead of fighting one. So instead of playing my full lost size I will play 1/3 of my normal lot size and add to it when a move happens. One of the reasons I almost made 3% of my account in April is I seldom got my 2nd or 3rd level trades in with the tight range the currencies were in. I need those 2nd and 3rd levels to boost my profit. However, my losses were minimal because I only was playing 1/3 of my lot size. So my MM is to play small and jump in when a currency pair moves. In April the AUD,CAD, and NZD were coming down and gbp was the only one that moved up and past the 20 line. SO there just wasnt much of a chance to add to winning positions. For me to do well the way I play Forex I need some movement, however, I seldom take any real meaningful losses anymore because I dont play my full position when I start on a move. So my losses are small and my winnings are small when the market is dead. When the market moves I still keep my losses small but I try to compound my winners. That is the key to my style of MM. I hope this helps. You may ask when do I play my multiple positions. I start with the cross of a pair on the CSS and when either one goes above/below the 20 then I look to play multiple positions. When one goes above and one goes below the 20 then its all in and take the ride. In April there was only the cad early and gbp later that broke above the 20. The breaks below the 20 were small and short. So slow month. So far in May USD going south is the only currency moving but I never got on board because of the good news last Friday I didnt expect that kind of reversal. So even I miss things, I didnt believe what the CSS was telling me. |
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| Author: | nanningbob [ Thu May 08, 2014 12:46 pm ] |
| Post subject: | 10.7 |
Gotta love news trading. USD and CAD have good news and the euro goes up 100 pips. LOL  |
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| Author: | HannesJoubert [ Thu May 08, 2014 1:03 pm ] |
| Post subject: | 10.7 |
Thanks for the reply NB, I appreciate it. Stay well. H :hi: |
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| Author: | spotdespot [ Thu May 08, 2014 1:09 pm ] |
| Post subject: | 10.7 |
There was an ECB press conference at the same time Bob - always a bit crazy - up on a comment then smacked down on another.....  |
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| Author: | nanningbob [ Thu May 08, 2014 1:45 pm ] |
| Post subject: | 10.7 |
Anyone using SL tonight got their brains beat in. GBP/CHF went nuts 110 pips down 130 pips up. Havent seen action like this lately.  |
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