Wiggy1965 wrote:

cmeade2 wrote:Allison

I wish I could post an image but my software is screwed up right now.

The point is that I think the GbpCad is where you want to focus for a short right now. The RSI(2) is coming down and the AO bar has flipped to red. And all of the other trend information is negative.

There are some other issues to think about, but from a 10.4 perspective this is a total short in a my view.

Of course I may be wrong.

But I wanted to share my views.

cmeade2

allisonmagic wrote:

wolfeman wrote:I like it too, alli. I've got a pending short at 8265

allisonmagic wrote:what do you guys think about GBP/NZD ? looks like we might have a short position, but i would like some feedback

lol yeah, i was looking at the same thing

cmeade2,

I agree GBPCAD is going short however the 10.4 drew out attention to this trade setting up over 24 hours ago....I have taken it short, but it really didn't meet Bob's 10.4 trade set-up rules 100%, so this is a discretionary trade on my part, so if it fails I'll blame myself for not following the entry rules religiously...

In relation to the GBPNZD, this appear to be to be the perfect 10.4 setup for a short, no question....I have been a bit more conservative and placed sell orders at the mid pivot, however a more aggressive trader may already be in the trad at Weekly Res 1....

You maybe right about the GBP reversing, however 10.4 is showing a short and i don't see a lot of evidence apart from the fact that the GBP has been down trending for a while now, so has to revers sooner rather than later.....I have not traded 10.4 on other pairs where i see other evidence of a change of direction, the JPY pairs as a recent example.....These were showing a number of long signal but continued to make lower low and highs back towards the 240MA and then eventually through it....And now we are looking shorts for JPY....

Regards
Wiggy

PS, I enjoy your comments...

cmeade2 wrote:On my chart the GbpCad has just broken through the WP.

allisonmagic wrote:

wolfeman wrote:I like it too, alli. I've got a pending short at 8265

allisonmagic wrote:what do you guys think about GBP/NZD ? looks like we might have a short position, but i would like some feedback

lol yeah, i was looking at the same thing

Bader wrote:Interesting debate - however I agree with Steve, some confusion regarding knowledge around which part of the system.

My 2cents - no system is infallible. Simple rules for me are
1. Buy above 240, sell below 240
2. RIS flattens - set pendings in direction
3. AO can be above or below as this is indicative of strength of a movement (check charts going back)
4. If trade is triggered, we are looking at AO to change colour to confirm our position i.e on a sell (green to red) but this is not a given.
5. If in a sell, AO signals exit when it reverses its colour i.e. red to green and you make a decision
6. Normal BE applies on second trade etc - I am with Steve on this and add a few pips to the BE
7.

As a further note I have been trading 10.4 on Global Prime and it has made a world of difference i.e. no lost trades due to spread restrictions. Compared to Alpari it has been a revelation. Some differences in the signals from the indis as well.

Thanks to Bob - the strategy (not system) is simple, clear and wonderfully profitable at this time. Look to take it live in a week or so.

rebyte2 wrote:Here is my interperation of 10.4 rules.

Pending shorts ONLY.

STO5 topped, under 240ma.

Also PA failed again at this level(my own rules).

You will see my 1st pending is well away from the PA to give the STO5 and AO room to turn down(about 120 pips).

If it keeps moving up, then no harm done.

cheers....