zentauro67 wrote:Not shorting GBPUSD, even if it become a valid 10.4 setup in the next hours.

You can see in Daily chart how strong is 1.50 psychological level. Only one time was breached and it was in a kind of fakeout. Pin bars at the bottom are also a warning of a probable bullish reversal. Quadruple bottom is quite a thing!

gbpusd daily.jpg

zentauro67 wrote:@Pipstubborn

The first pending could be activated and then reverse quickly. The SL in 240 is more than 200 pips away, so the risk (for hunting 70-90 pips) is too high for my taste. But, yes, it could work, anyway.

zentauro67 wrote:Not shorting GBPUSD, even if it become a valid 10.4 setup in the next hours.

You can see in Daily chart how strong is 1.50 psychological level. Only one time was breached and it was in a kind of fakeout. Pin bars at the bottom are also a warning of a probable bullish reversal. Quadruple bottom is quite a thing!

gbpusd daily.jpg

spillini wrote:BUMMER, BUMMER and more BUMMER. I got one for ya, Went to work thinking my G/J trades would be safe. Set my stop at 151.80. Come back home and find out the price went to 151.793. Got back in long but really missed out. BUMMER. Thats Trading.
Jim

f451 wrote:

zentauro67 wrote:Not shorting GBPUSD, even if it become a valid 10.4 setup in the next hours.

You can see in Daily chart how strong is 1.50 psychological level. Only one time was breached and it was in a kind of fakeout. Pin bars at the bottom are also a warning of a probable bullish reversal. Quadruple bottom is quite a thing!

gbpusd daily.jpg

It's a good point Zentauro - I've been giving some thought as to when one might apply some discretion to not taking a valid NB 10.4 setup - obviously this is when you think a reversal of the trend is likely

So if you see price heading up into strong resistance or down into strong support on daily or 4HR chart (i.e. obvious M or W patterns, hitting a previous area of strong reaction i.e. sam seiden s/r zone style, at big round numbers or obvious big fib levels) then you should be looking to trade the reversal, not the continuation. Which in practice means instead of placing your 10.4 pendings, you'd trade CJ style reversals, or go extra conservative on your 10.4 pending levels...

But given they are pending entries, not market entries, mostly you'll be kept out of bad trades anyway.

Most dangerous situation is likely to be the first leg of an M or W reversal, when price has made a climax and is a long way extended from the moving average. The first retrace will start to show a setup on NB 10.4, and if you set pendings - you might get triggered in a stop hunt which builds smart money positions before price prints the second leg of the M or W and reverses.

Given those stop hunts are pretty common (I mean CJ makes a crazy living just trading those), that and news spikes are probably the most likely loss scenarios for NB 10.4.

The only other thing to look out for really is ranging conditions so you can adjust your targets

Hats off to you Bob - it's an amazing system!

VirtualFM wrote:

spillini wrote:BUMMER, BUMMER and more BUMMER. I got one for ya, Went to work thinking my G/J trades would be safe. Set my stop at 151.80. Come back home and find out the price went to 151.793. Got back in long but really missed out. BUMMER. Thats Trading.
Jim

That's nothing! Here's my story:

After a period of "putting myself together" after some hard losses and getting the courage to play the game again, I fiddled with Bob's system for a while and threw another 200€ into my live account, paying special attention to all my previous mistakes: overtrading, jumping in too early, overtrading and, last but not least, overtrading!

So I was going slow with 0.01 or 0.02 lots in rare occasions, and I was very happy with the progress, taking my 200€ to a whopping 280€ in about one week and having minimum DD. So I went to bed this morning pretty satisfied with the system, my progress and specially with myself! But while you had the problem of G/J, I had a problem on G/J, E/J, U/J, C/ and everything/J, has I had some pending buys and even some pending Buy Limits here and there, never thinking that everything would trigger at once and everything would suddenly turn to the wrong side. And I was having large SL... and all got hit! So I woke up to an account full of SL hits and, since it was such a small account not prepared for sudden 2000 pips fall (summing all currencies on JPY should be more than that) even margin call, to a total of... 41€! It was in-sa-ne!

I quickly picked whatever was left and started jumping in in the JPY-sell again wherever possible, taking small jumps of 15pips. I fixed the major bug of the scaling script I complained yesterday and used the famous "Jump EA" from Steve to increase BE as soon as the trade was positive. Found some bugs there and fixed them, threw some tweaked MPTM in order to not loose winning trades that jump a lot up-and-down (better to scalp 5 pips and grab them than to stand 20 pips of DD on this situation. I could always enter again and scalp another 5 pips).

So, it was an hell of a busy day... but in the end I was with a balance of 140€... So now I don't know if I should look at this by the negative side and moan "Awwww, I lost 50% of my account in 24 hours!!!" or if I should look at it for the positive side and say "Woohoo! I tripled my account in 12 hours!!!" (actually 350%).

Let's see how I can screw this up tomorrow!

nanningbob wrote:

VirtualFM wrote:

spillini wrote:BUMMER, BUMMER and more BUMMER. I got one for ya, Went to work thinking my G/J trades would be safe. Set my stop at 151.80. Come back home and find out the price went to 151.793. Got back in long but really missed out. BUMMER. Thats Trading.
Jim

That's nothing! Here's my story:

After a period of "putting myself together" after some hard losses and getting the courage to play the game again, I fiddled with Bob's system for a while and threw another 200€ into my live account, paying special attention to all my previous mistakes: overtrading, jumping in too early, overtrading and, last but not least, overtrading!

So I was going slow with 0.01 or 0.02 lots in rare occasions, and I was very happy with the progress, taking my 200€ to a whopping 280€ in about one week and having minimum DD. So I went to bed this morning pretty satisfied with the system, my progress and specially with myself! But while you had the problem of G/J, I had a problem on G/J, E/J, U/J, C/ and everything/J, has I had some pending buys and even some pending Buy Limits here and there, never thinking that everything would trigger at once and everything would suddenly turn to the wrong side. And I was having large SL... and all got hit! So I woke up to an account full of SL hits and, since it was such a small account not prepared for sudden 2000 pips fall (summing all currencies on JPY should be more than that) even margin call, to a total of... 41€! It was in-sa-ne!

I quickly picked whatever was left and started jumping in in the JPY-sell again wherever possible, taking small jumps of 15pips. I fixed the major bug of the scaling script I complained yesterday and used the famous "Jump EA" from Steve to increase BE as soon as the trade was positive. Found some bugs there and fixed them, threw some tweaked MPTM in order to not loose winning trades that jump a lot up-and-down (better to scalp 5 pips and grab them than to stand 20 pips of DD on this situation. I could always enter again and scalp another 5 pips).

So, it was an hell of a busy day... but in the end I was with a balance of 140€... So now I don't know if I should look at this by the negative side and moan "Awwww, I lost 50% of my account in 24 hours!!!" or if I should look at it for the positive side and say "Woohoo! I tripled my account in 12 hours!!!" (actually 350%).

Let's see how I can screw this up tomorrow!

So the life of a Forex trader. If you had a 2000 account and traded small lots you would still be in the ballgame, recovery time. I went to just over 9% DD yesterday but my winnings this week were 8% so I　just a bit low. Then the retracements came and I cashed in so now a solid up 10% with a 5% DD for the week. I will work on bring down my DD today and cashing in my new trades and hopefully finish up the month strong. Depending on how next week goes I am looking at a 40-50% increase at best and 25-35% at worst. Both reach my goal of making over 10% a month. I not into the re-enter every 20 pips thing yet for the very reason whiplash can still happen at anytime no matter how good a system maybe. SO I will stay going from line to line for now. It works for me.

Jermook is doing really good with the multi-entry but he is also being very picking with where he does it. No matter what system you use, nothing replaces experience in trading. You saw the JPY moves yesterday. It has always been my experience with the JPY when it has a big monster single day move on news like that a retrace of at least 50% comes soon after. So I really cleaned up on those re-tracements.