disbellj wrote:Bob,

Just loaded up your template from a couple days ago, and nothing from DWMPivots are showing although by the user inputs looks like it should show daily line, weekly line, monthly line, and weekly S/R (that's the setttings I see, just don't see anything on chart unless I reset indicator. We shouldn't be showing day line or day S/R since my indicator you've renamed takes care of that.

Do you want to show weekly S/R?

Also, I don't see 1.0 Daily IMA on chart although it's in indicator list. I removed it since my indicator shows DO.

Kindest regards,

Don

dancingphil wrote:
Using today (November 19) as a case in point;

YES the red line DO cross has worked its magic, AGAIN.
YES the DS/DR levels have worked their magic, AGAIN
YES Baluda's fib levels both DRFib1 and DRFib2 both have worked their magic too; allowing for profit taking and order re-entry upon retraces.

marsie wrote:

dancingphil wrote:
Using today (November 19) as a case in point;

YES the red line DO cross has worked its magic, AGAIN.
YES the DS/DR levels have worked their magic, AGAIN
YES Baluda's fib levels both DRFib1 and DRFib2 both have worked their magic too; allowing for profit taking and order re-entry upon retraces.

Maybe it´s magic. But with which crimimal? Different criminals, different signals. One say SELL, the other Buy. One say 36 pips to DR1, the other 5 pips to DR1.

dancingphil wrote:

nanningbob wrote:Hey I do get to Guangzhou 1 or 2 times a year. Will have to give you a shout next time I go. I will be going to Nanjing for Christmas to see my son and his wife. I like it when guys show how they use a system successfully. I am a teacher/administrator all day so I get to peak at my screen a couple of times a day. I trade small to keep my account intact because I can be away from my computer over 8 hours on some days. However, there are a lot of people who would like to trade like you do so I encourage you teach some on your trading style and methods. You could post some examples now and then. My question is what criminal are you using and do they take USA citizens? I tried foreign criminals twice now and both of them were really bad. One had the software program on that goes for a margin call. It actually put price on a Cad/jpy trade I had going below 0 to try to get my account to margin out. I took pictures and account statements and was ready to post them at FF and Forex Peace army when they refunded all my money and I closed out the account. So being able to hedge is a good tool if you know how to use it. I have hedging theories but no criminal to practice them on. Anyway keep posting.

dancingphil wrote:http://www.stevehopwoodforex.com/phpBB3 ... 380#p30380

I'd love to catch up with you in GZ on one of your trips here Bob. Or circa February you'll have a stateroom on my boat in HK.

Sexy and large live-aboard boats in Hong Kong cost about 25% or less than the massive home prices in HK. And it is time I used Forex to its full potential; most especially now I have become addicted to 10.3. And so next year HK will draw me to her for its banks, tax free profits on overseas earnings and its unlimited data 1 gigabit internet where I can run some sophisticated trade copier technologies to rapidly compound the Forex profit growth.

My moving to China nearly 6 years ago was one of the best decisions of my life. The people here are fantastic and so welcoming of us foreigners. The food choices so incredibly diverse. The communist political system is vastly more democratic than the USA, Australia and UK combined. The capitalist system so much more vigorous than those same countries. The almost total absence of religion so refreshing and peaceful and sane.

And perhaps best of all, China never invades other countries like those other Christian countries do so routinely; China would always opt to do business with other nations, not invade them for their resources.

And its enormous wealth is used wisely and humbly on infrastructure growth rather than military and weapons development.

Oh and the women are so slim and beautiful! I was so over the morbid obesity of western women, I had to get out of Dodge.

I'm a "Barefoot Taoist" who bums around the world with everything useful to me being able to be carried on my back. It was somewhat shocking to me that the splendor of such great wisdom and insights as Tao while still being taught in schools is all but been forgotten in daily life for most Chinese; but totally understandable with the new wealth enjoyed now by so many.

Anyway, unlike yourself, I do have plenty of time to enjoy being online, and Forex is the perfect revenue stream due to it not having employees.

You may have now seen my next lengthy post in reply to Arthar, where it says I use Bully Pepperstone out of Melbourne. I just chatted online to them. There reply is:

No. Bully Pepperstone prides itself on being an International fx trading firm welcoming clients from across the globe. Sadly US CTFC regulation prevents US clients trading with non US criminals. Bully Pepperstone strictly complies with all International and Australian regulations and thus at present Bully Pepperstone is unable to accept US clients

I will PM you a discreet way to deal with the issue.

I had a similar bad experience a few years ago with Cowboy Go Markets out of Melbourne, which on day 1 of my first trade, they had a 90 pip spike on price which did not happen with any other criminal. They very wisely refunded my cash in exchange for not publishing their criminality.

I certainly am happy to offer further examples of how I use your system to good effect. I cannot thank you enough for your wisdom and clairty, and your selflessness for offering to us all your insights.

Phil

dancingphil wrote:

atharmian wrote:DancingPhil,

Is it possible for you to post YOUR complete system with all the used indicators/EAs/templates and all instructions (any background/basic rules/caveats/additional recommendations etc) in one comprehensive post, regardless of all other posts?

I am sure there are some of us here who would like to start from scratch and who appreciate your trading style ...

Long live The Pearl River Delta,


Athar.

PS. As aside, I use FXCM whose offset is GMT+0. But anyway, the US opennis 8am EST, and the London open is 3AM EST. Don't know if your trades are Euro (Frankfurt) or London open.

dancingphil wrote:http://www.stevehopwoodforex.com/phpBB3 ... 380#p30380

Happy to help Athar; writing it out will further clarify my own mind.

My Chart set up;

You already have to first 2 Indy's per Bob's first 10.3 post. The attached indy's and template includes those and a few others. Only Baluda's very sexy #DailyPivot Fib11.mq4 compliments Bob's 10.3 Scalping system. You are welcome to delete the other Indy's as you see fit.

The rest are because I am always in bed watching movies with 75% of my screen; and so I have enlarged spread and price info for me to keep an eye on with the other 25% of my screen. Or I am interested in other things like the TMA histogram which has nothing to do with Bob's 10.3 and how I trade it.

I have modified Bob's 10.3 scalp template to call all of them to any new chart quickly. I trade from the M5 chart, though also have the H1, H4 and D1 charts I flick over to to remember the bigger picture of where the market is at - but I mostly live on the M5.

Certainly Bob's 10.3 is the core of my trading style; it is simple and brilliant; and only a muppet can stuff it up.

Bob's 10.3 works because:

1) Forex either goes up or down; it is only a matter of by how much.

2) Statistically price continues more in the same direction as of yesterday than it does flip flop backwards and forwards all the time; that's why we like trends, and it is why DO is important for us to know.

3) The big boys (corporates, banks etc) which trade in the 10's of thousands of lots love their pivots, and because almost all of them work with pivots and create price direction and price levels with their collective mentality, we must love pivots too to anticipate the what those rodents are doing.

So, 10.3 relies on price moving away from the DP to cross over the DO MOST of the time because that is the simple reality.

Time of day stuff

Please remember that my perspective is only with regards to EUR:USD, and there are reasons for that.

There's a few hours a day where New York has closed and the Japan/Asian session has not opened. Micro markets like Australia and New Zealand cause barely a ripple because fleas don't get noticed when raping elephants.

When the Asian session opens, given that it is the banker's hours for the 2nd and 3rd largest economies in the world; both of which have massive trade surpluses measured in the trillions of dollars stored in either the Euro or USD; it is perhaps odd that the Asian session is often fairly quiet.

The USA's NFA has forever ruined any prospect that New York could ever be the FX financial hub of the world. Margin limited to 50:1 was yet another blunt instrument used by those twits to ham-string retail traders in the US. And because the USA intimidates almost all criminals to NOT accept USA FX accounts or else; most of the American trading money is kept impotent.

London is the mecca for Forex trading, combined with the power of Frankfurt. And so it stands to reason that the Euro/London session is where most business gets done. The smart money of the rich and powerful may trade other sessions, but always trades this session.

Only news coming out of USA gives weight to any vigor in the USA session.

My Trading Account

I trade at 400:1 margin, and at an average of 1.15 pips (spread and commission combined). Hedging is essential to my needs. Spread, margin, and hedging capabilities together with reliability are how I choose my criminal.

I use Bully Pepperstone out of Melbourne, and I am NOT giving them a thumbs up plug, nor am I using them because I am also Australian.

I use them for the leverage and for the spread/commission cost. And I like that they will not bust out my trades with margin calls until I have lost 90%. I trade heavy, but I don't trade to lose.

My Lot Size, MM and SL

An old wise man once said "When you wish to master a new skill; study the traditional wisdom and then do NOT do that". By this I am referring to what the Forex industry teaches as "money management" and of only putting 2% of your equity at risk; using Stop Losses as a discipline to ensure no more than 2% is at risk, and calculating lot sizes around the formula of only risking 2% yet hopefully allowing trades enough room to breath. In other words, tiny lot sizes for the accounts size and potential.

Each to their own style, but to me it seems that trading 20 pairs, and allocating 2% risk to each of them is risking 40% of your account at any one time. And to me, Stop Losses do not MANAGE money, they guarantee and crystallize losses to be small, but a loss is a loss. The proper and more accurate term should be LOSS Management, not money management.

In any event, all currency pairs behave differently, have different transaction costs, and wildly different levels of volatility. All too hard for me to bother with; I stick with the EUR:USD because it is volatile enough to make great profits, the market is very deep and liquid, and it has the lowest spread costs which is particularly important for scalpers.

I have never told anyone other than my son this before now, but I calculate my lot size as "Free Margin/1000". I have never used SL's, and so there is no way for me to calculate lot size as a variable of the Loss Management philosophy and formula.

So I trade 1 full lot per $1,000 in my account and I hedge it. This gives my equity a 1% growth per 1 pip in profit I take. The point is to not loss pips along the way.

And shock horror for those traditionalists of MM, I am known to sometimes trade 2 lots/$1,000 when I see so very clearly what is about to happen. And because I trade at 400:1 and don't get busted out trades unless I draw down to 10% remaining in my account; 2 lots is not hard to fund per $1,000.

Hedging

I use Steve's MPTM to automagically enter 200% hedge trades at 30 pips loss to the original trade. I do make trades with no way to know the future. Bob's 10.3 scalping system gives me a statistical advantage of price likely to cross the DO and move away from the DP. But it doesn't always.

Sometimes there is an explosive burst of news which rarely sees the explosive price action following any kind of logic. If price explodes in my favour, then cool. I stop trading for an hour before re-entering so as to let it calm down again.

Either way, hedging covers my rear end in case I am wrong with my original trade or am caught off guard.

The safe and probably smart thing to do is to have MPTM close both trades at BE. But now with Bob's 10.3 and with Baluda's #DailyPivot Fib11.mq4, I mostly now set Take profits to close both trades at the next DS/DR or DSFib/DRFib level to make some net profit pips for the hassle.

The danger of hedging is that you set the hedge too close to the original trade's entry. For the most part, with highly educated 10.3 guesses for placing the original trade, I am comfortable with 30 pips for the hedge. Plenty of room for the original trade to breath, and if that trade is so wrong as to hit a 30 pip hedge, then almost certainly the day is going to be spent going the opposite way to what I thought from the DO cross.

Take Profit Exits

On any examination of the 10.3 DR and DS levels, and now with the added extra of Baluda's #DailyPivot Fib11, we always have ample targets to choose from.

What I think is note worthy is that price may just kiss these levels on the first trial of the level, but later it will usually thrash the level by 5-15 pips seeking the next level. Secondly, after taking out a level, most of the time price will retrace 5-15 pips below that level and then push back to at least that level again. Often price action will hang around a level for an hour or more as the corporate and banking rodents have a long lunch before pushing the market around some more.

And so profit taking becomes a fun game to play, knowing that each level is going to be toyed with by the market several times; that each level holds opportunity to take profits and re-enter trades for more pips to be bitten from the apple.

Often my decision for TP is driven by how good the movie is that I am watching. But when I am in the mood, I will play the TP, retrace and re-enter game multiple times a day. It's a personal choice.

10.3 is great for all of us on statistically which way we should trade price action. But I think more importantly, 10.3 is brilliant for its exits at DS and DR levels. All the market makers and movers are working from pivots and fibs. Their weight in the market creates the reality of the price action we are here to harvest.

smFlyingBuddha Signals_v2

This Indy is NOT relevant to 10.3 or this discussion.

You'll see it creates up or down arrows all over the chart. This Indy is mostly only useful during very quiet times. It paints the arrow when that candle is fully not touching the MA's at its core. The idea is simple. If price of a candle is fully up, and not touching the MA lines, then in such a quiet market it will retrace at least 5-10 pips and often more to then create an opposite arrow from the candle fully below the MA lines.

It's more of a toy that I play with when I am bored. But it can be a toy with balls. I added 37% to my account last Friday when a buy arrow said to me "Yep Phil, price is now going to hit that DS level just above here". It was the dead of night with New York closed; I entered the buy with a TP just north of the DS level and went to sleep safe and confident it was a good trade I could leave unsupervised.

If the market is trending on any given day, only use it to enter the trend on retraces.

I hope this helps somewhat.

Phil

10.3 based scalp system template and indies indies.zip