stevehopwoodforex.com
https://www.stevehopwoodforex.com/phpBB3/
Print view

10.4 A Complete System
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=1481		 Page 594 of 745
Author:  nanningbob [ Sun Jun 30, 2013 5:55 am ]
Post subject:  Re: 10.4 A Complete System
1. If i get a bad entrance my larger lot size at first entrance covered taking a loss on 2nd or 3rd level by reducing lot size.
2. If I get a peeker on first entrance i could take a 2nd further down and break even or small profit with a 2nd level.
3. I have usually only one trade going at a time on any pair so this greatly reduced DD and I could increase my lot size some.
4. Friday I had a bunch in profit and i closed them all out with my leftover DD and was done for the day. If you do this right you have only 1 trade per pair going at anytime so DD is limited however, on big moves it was bang bang bang going into profit. On Friday's moves i had 21 TP in a row as price moved from line to line. I had 5 that were losing trades, didnt make the TP line but I could close everything for a nice profit. The losing trades were at small lot size than the winning trades so it worked out well.
Author:  nanningbob [ Sun Jun 30, 2013 6:08 am ]
Post subject:  Re: 10.4 A Complete System
The 240 still became my SL line but as trades developed past the 60 then it allowed me to move them up. When price was between the 60 to 240 line the distance was not that great but also I didnt have any hit the 240 SL line.

TP happened automatically at the TP line or I closed them out when I thought a run was over or a trade just wasnt going anywhere. That was decided when Sto 5 on the 1H had gone to the top and move had not moved much. I was not patient with the trade so i would close them for small profits or small losses.

Using 4H signals only gave me 1 or 2 trades a week. Using 1H could give me 1-3 trades a day during the 4H signal. I got plenty of trades and plenty of pips doing this yet it was simple.

Watch for signal on 4H RSI 2, Sto 5, retracement to or past the 60 line. Go to 1H and set up your trades using Sto 5 and the Daily S/R lines. You can trade aggressively or conservatively.

Anyway I cleared out a 10% DD to profit and no DD in 2 1/2 days doing this. CSS just wasnt working well with my laptop so now I have the simplest 10.4 system and very low computer usage.

I did you use my 10.4 info page to trade on currency pairs. I used it to determine where my best trades would be and then set up my trades every day. I will do it again this week and if I see the same kind of results that will be my final edition of the 10.4/10.5 gray and post it on page 1. I think I have it refined to the best i can get it.
Author:  TraderDesk [ Sun Jun 30, 2013 7:57 am ]
Post subject:  Re: 10.4 A Complete System
Bob, well thought out trading strategy. All I can add is for traders to use what this strategy shows them to make trading decisions and not let the strategy be the decision maker. Big difference in end-results. Too often retail traders look for indicators or EA's to make the trading decision, never a good idea. :)

One other aspect I like to do when trading a currency pair is to look at what moves them. For example, GBP/JPY which is a favorite of mine happens to be influence by GBPUSD and USDJPY so I will check those two currency pairs to see if they are bias bear/bullish for the day. This will give me a better read what GBPJPY possibilities for the day especially if the pair have been ranging.

Another paragraph in your previous post should be highlighted which is drawdown. When I trade longer timeframes then DD is an important part of my equation. It is on the same side of the equation as risk so I prepare for it. Different ways to do this but trading within a shorter timeframe but using a higher timeframe for guidance is one of the methods I use.

Very good posts Bob...

Michael aka TraderDesk
Author:  sponn [ Sun Jun 30, 2013 9:00 pm ]
Post subject:  Re: 10.4 A Complete System
Nanningbob... glad to see you around again :) You are openminded as always. Have a great week !
Author:  spillini [ Mon Jul 01, 2013 1:10 am ]
Post subject:  Re: 10.4 A Complete System
All you guys who like to trade the Hellevator. G/J is sitting about as best it can get. Just below the 240 and at the 61.8% fib level with the RSi buried in the sky. 1 Hr is also O/B . This could be the trade of the week...... Watch it go north...LOL

Jim
Author:  nanningbob [ Mon Jul 01, 2013 1:37 am ]
Post subject:  Re: 10.4 A Complete System
What I as trying to do was to take trades that I did instinctively and give them a flexible formula so others would better understand how I trade. This takes some of the discretion out and gives more clearly entrances and exits. Now maybe people can understand better how I trade. I also reached my goal of making 10.4 as simple as can be. This takes out trying to correctly read the CSS colored bars or the headache of trying to update the bars constantly.

Now my trading day goes like this.
1. CSS info page, which pairs are best to look at. What is strong what is weak?
2. 3 clear signals on the 4H chart. 240 line; near, above/below 60 line; Sto5 and RS2I giving signals.
3. Set up pending trades on 1H or 30M chart.
4. Small moves you pick up that one simple trade.
5. Big moves you pickup those multiple trades and profits. So if one pair move 40 pips you get something and if another moves 200+ you get a bunch of profits. You dont have to figure out which one will or will not move.
6. Red STO line goes to opposite side and no movement, clear the trade out and look for something better.
7. Red line goes to opposite side decide to stay in and ride or just take a profit and set pending at the next line to see if price keeps moving.

I can make quick decisions and choices and move on. So this shows how I get so many trades yet keep my DD in check. I finally have something to refer when I talk about these concepts. Also you get to see some discretion with SL and TP areas. Start at 240 line for your SL and move it up as the market moves.
Author:  kwanann [ Mon Jul 01, 2013 2:42 am ]
Post subject:  Re: 10.4 A Complete System
spillini wrote:All you guys who like to trade the Hellevator. G/J is sitting about as best it can get. Just below the 240 and at the 61.8% fib level with the RSi buried in the sky. 1 Hr is also O/B . This could be the trade of the week...... Watch it go north...LOL

Jim
Go North :?: :?: :?: :?:
Author:  TraderDesk [ Mon Jul 01, 2013 2:45 am ]
Post subject:  Re: 10.4 A Complete System
spillini wrote:All you guys who like to trade the Hellevator. G/J is sitting about as best it can get. Just below the 240 and at the 61.8% fib level with the RSi buried in the sky. 1 Hr is also O/B . This could be the trade of the week...... Watch it go north...LOL

Jim
I would be careful as USD/JPY daily bias is bullish since Friday and GBP/USD daily is oversold and could make a reversal soon. If both head north at the same time than I would expect GBP/JPY to pop above the 240 line.

Of course according to the 10.4 setup it is looking like a nice sell soon.

This is a typical decision as a trader you must make. Myself I will wait until later as the liquidity is still too early for the new week. If I see that price movement starts to exhaust itself then I will re-evaluate the picture in front of me...
Author:  spillini [ Mon Jul 01, 2013 2:58 am ]
Post subject:  Re: 10.4 A Complete System
Just a joke

kwanann wrote:
spillini wrote:All you guys who like to trade the Hellevator. G/J is sitting about as best it can get. Just below the 240 and at the 61.8% fib level with the RSi buried in the sky. 1 Hr is also O/B . This could be the trade of the week...... Watch it go north...LOL

Jim
Go North :?: :?: :?: :?:
Author:  kwanann [ Mon Jul 01, 2013 3:09 am ]
Post subject:  Re: 10.4 A Complete System
That said, i'm in GBPJPY sell.

Primarily because i'm most GBP positions indicate GBP as being bearish
All times are UTC Page 594 of 745

Powered by phpBB® Forum Software © phpBB Limited