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10.4 A Complete System
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Author:  endikwong [ Fri May 31, 2013 10:38 am ]
Post subject:  Re: 10.4 A Complete System
Thanks Bob, that makes it clearer. Between W1 and R1 are good ranging area.

I am not sure as well, why USD is weaker this week. All the news are good / close to estimations.
Maybe it is overvalued last week related to tapering but now people think it won't happen as soon as they thought it would be.
Author:  endikwong [ Fri May 31, 2013 10:53 am ]
Post subject:  Re: 10.4 A Complete System
kwanann wrote:
endikwong wrote: Some questions:
In this period, price still manages to cross WP and hits WR1. You mentioned that at WR1 it's a good point for counter trend shorts. How do you know this, since at that point price is between WP and WR1 and it's supposed to be in "long" trade.

I am sorry if this is not related to 10.x. Please feel free to delete my post here.

Thanks
Ok, first off, you will need to read CJ's thread to figure what we are talking about. It just so happens that WR1 is the point to do CT trade for this pair for this period (due to the pinbars). Neither of us is saying WR1 *IS* the point where you CT.

Neither are we recommending that you start playing with CT, you can easily get your hands burnt.

The best part of 10.5 is, it stops you from entering a bad trade. While we are doing CT trades, you wont have entered any buy positions, thereby limiting your losses.

Even now at the 240line, CSS is RED so you are not supposed to enter any buy trades.

Here's an example of a 10.x as well as CJ type PA trade that i did off CHFJPY yesterday

The valid 10.5 sell is the crossing of the 240 line TP as DP and DP and mid level with the TP at DS1.

Unfortunately the DP and mid level trade never made it to the TP LINE, it reversed so you would have killed it at the 240MA, which would have still put you overall in a BE trade for CHFJPY.

CJ type trades are the buy, the TP line happened to be where price seems to be pinned over the last few days (there are other signs as well, but lets keep it as pinned) thereby forming a "valid" support. So i entered buy positions there in anticipation of the reversal when it hits that support
CHFJPY.PNG

Thanks, understood that no one here suggesting to go CT. I am just curious, but at this point I am not in position to do CT. Even until now, I am losing :lol:

10.x related in the picture that you posted. Why would you set sell#1, sell #2 and sell #3 ?
At the point of sell #1, css turns green which means trade should be closed straight away.
At sell #2, css is gold, but RSI is almost bottom.
Sell #3, css is gold but RSI is also not pinned.

Again, I am still learning 10.x and I found it very rare where all indicators are "perfect".
I can only find less than 5 trades, mostly only 1-2 per day.
Author:  Zennor [ Fri May 31, 2013 11:17 am ]
Post subject:  Re: 10.4 A Complete System
kwanann, regarding your analysis of the USDCHF.

If you go out to a daily chart you will see that the price and 240MA are smack on top of a strong support/resistance line. Could easily pin through this triggering all your trades and then reverse on you.

Just thought you should know. Not saying it will but it's another possibility to your theory, personally I would wait until the price closes well below this line before selling.
Author:  andygrope [ Fri May 31, 2013 11:25 am ]
Post subject:  Re: 10.4 A Complete System
Hi,
I have read enough to want to get going with Nanningbob's system.
I see all the indicators etc but is there somewhere I have missed that will help me get all that stuff onto my charts - a step by step guide perhaps/
I have searched but havnt found anything.
Cheers
Andy
Author:  kwanann [ Fri May 31, 2013 11:30 am ]
Post subject:  Re: 10.4 A Complete System
Zennor wrote:kwanann, regarding your analysis of the USDCHF.

If you go out to a daily chart you will see that the price and 240MA are smack on top of a strong support/resistance line. Could easily pin through this triggering all your trades and then reverse on you.

Just thought you should know. Not saying it will but it's another possibility to your theory, personally I would wait until the price closes well below this line before selling.

Hi zennor, yes I know that is a s/r zone, that's why I TP first. Now I have the buffer to let the trade sit out. Not that it was a support turned resistance, so why can't it turn into support again :)

For me I have full confidence it will go down. Maybe now today, maybe later in the USA session or after bernoke talks. If not, it's fine, I just lose 50% of my winnings tofay
Author:  Zennor [ Fri May 31, 2013 11:49 am ]
Post subject:  Re: 10.4 A Complete System
kwanann wrote:
Zennor wrote:kwanann, regarding your analysis of the USDCHF.

If you go out to a daily chart you will see that the price and 240MA are smack on top of a strong support/resistance line. Could easily pin through this triggering all your trades and then reverse on you.

Just thought you should know. Not saying it will but it's another possibility to your theory, personally I would wait until the price closes well below this line before selling.

Hi zennor, yes I know that is a s/r zone, that's why I TP first. Now I have the buffer to let the trade sit out. Not that it was a support turned resistance, so why can't it turn into support again :)

For me I have full confidence it will go down. Maybe now today, maybe later in the USA session or after bernoke talks. If not, it's fine, I just lose 50% of my winnings tofay
Well I hope it goes your way my friend. The other concern that I have is that if you look at the 4H chart, notice how the price rose quickly to the WR1 line not once but twice, followed by a period of consolidation, this would be the fox loading up with buyers, but look at what happened. Me thinks there is a possibility the fox is doing it again, but this time at the WS1 line, fast drop down followed by a period of consolidation to load up all the sellers..

Only time will tell and I hope that you are correct because I have no money on this one.... :)
Author:  camelx0 [ Fri May 31, 2013 11:59 am ]
Post subject:  Re: 10.4 A Complete System
andygrope wrote:Hi,
I have read enough to want to get going with Nanningbob's system.
I see all the indicators etc but is there somewhere I have missed that will help me get all that stuff onto my charts - a step by step guide perhaps/
I have searched but havnt found anything.
Cheers
Andy
Page 1 has all the instructions and files to download. Inside the batch is a profile dir as well which you can simply open from within Empty4. It will load all open all the charts with the necessary templates and indicators, once you have copied all the necessary files in their respective folders. Just note that you need to open one of the .chr files in the profiles directory (with wordpad or the likes) and make sure the currency format is the same as your brokers (e.g. EURUSD instead of EURUSDm), else you are just going to have blank charts.

Hope this helps.
Author:  gms [ Fri May 31, 2013 1:07 pm ]
Post subject:  Re: 10.4 A Complete System
Baluda wrote:For Coders Only!

Here is a libary to get to all NB 10.5 CSS values you want. Include this internally or externally:

Please let me know what you come up with.

Paul
I wrote a small helper, which automatically closes open and/or pending trades when the CSS turns. In addition it alerts CSS crosses to my iPhone in order to help me setting up my pendings in time.

If you are interested, go to the "Useful thingies ..." thread: http://www.stevehopwoodforex.com/phpBB3 ... 484#p63484

Gary
Author:  kwanann [ Fri May 31, 2013 2:31 pm ]
Post subject:  Re: 10.4 A Complete System
endikwong wrote: Thanks, understood that no one here suggesting to go CT. I am just curious, but at this point I am not in position to do CT. Even until now, I am losing :lol:

10.x related in the picture that you posted. Why would you set sell#1, sell #2 and sell #3 ?
At the point of sell #1, css turns green which means trade should be closed straight away.
At sell #2, css is gold, but RSI is almost bottom.
Sell #3, css is gold but RSI is also not pinned.

Again, I am still learning 10.x and I found it very rare where all indicators are "perfect".
I can only find less than 5 trades, mostly only 1-2 per day.
Haha I'm an aggressive trader, but that said, I put those in the morning just before I went to work, when I got to work, they already hit till the DP, and I TP off the trade at the 240 and mid. The DP trade went away and I closed it later on :)

Just trying out a few trading patterns on live till I figure which one I like best. Day before I tried putting pendings all over the place. Woke up with nice profits but the dd while I slept was quite bad. Yesterday tried being an intrasession trader, closing all my trades when in profit. Not bad but I totally missed the nice trades while I was on my way home. Today, Just spend about 3 hours playing usdchf.

Just saw the bounce off ws1, guessing it might hit dr1 or wms1, either way I.m not worried. Will probably let this one ride over the weekend and see how things goes on Monday.

Good luck with the NY Session guys!
Author:  mjws00 [ Fri May 31, 2013 2:47 pm ]
Post subject:  Re: 10.4 A Complete System
nanningbob wrote:When the market is ranging S/1 R/1 are great places to CT trade, you will notice when the market is ranging how much Captain Jack's group very confident of their trades. He has a great range trading system. They kind of disappear when the market trends because price will break those pins and continue. The experienced trader will recognize this and adjust, new ones will take some hits and wonder what happened. Being able to recognize trending markets, ranging markets and sudden changes is what makes you a good trader. It is done by seeing charts and movements year after year. You recognize that things are moving differently and you catch the change.
This is an interesting observation. I never considered this much as when trading ala CJ we take the trades that go with the trend, as well as CT. The pullback turn 10.4 finds is also there via PA. There is no bias.

However, what caught my attention on this is the size of the error on that CT turn. When I have one go bad it is almost always in a runaway trend condition. That is the price for trading turns both ways, imho. Or trading outside in. It is very easy to get caught deep on the wrong side. Discipline and experience save me most days. But there may be another opportunity to shift gears and avoid some of that risk.

Classic bears make money, bulls make money... pigs get slaughtered. ;)

I also find 10.4/10.5 entries ideal for getting me in when I feel late to a move. Those trades never suit my eye. This gets me back into those with trend moves reliably. 10.5 entries are tight enough to satisfy even a picky sob like me ;) Finding a better balance on trade volume is next.

I still laugh when I look at this thing and how successful shotgunning it is. Have to keep asking myself, "WHY THINK? JUST FIRE." tens of thousands of hours invested building discretionary skill sets only to find them beaten by something I can summerize in a few lines. pfftttt :roll: :lol:

Mike (who was shotgunning all week and still loves hunting foxes)
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