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Nb 10.0 trend trading system

  • #681
  • Nov 23, 2011 8:12pm Nov 23, 2011 8:12pm
Yupz..I did about 210pips yesterday. Fantastic.

Bob..Anything on your radar this morning? I dont seemed to see any high probable trades.
  • #682
  • Nov 23, 2011 8:14pm Nov 23, 2011 8:14pm
thanks for the system
excuse my english i m a spanish speaker

my first post
muchas gracias

chfjpy sell

sell= 83.858
st= 84.520
tp= 83.462

thanks
  • #683
  • Nov 24, 2011 2:08am Nov 24, 2011 2:08am
Quoting Kelisa
Yupz..I did about 210pips yesterday. Fantastic.

Bob..Anything on your radar this morning? I dont seemed to see any high probable trades.
Anything that is Euro has a sell or sell pending on it. Even the Eur/Nzd which I suspect has to come down sooner or later. As soon as price retraces above a D line I put a pending under it with any euro. When they break south I am in, sometimes two trades in a day if it breaks two lines. Remember I trade small lots to lot size so I trade almost every currency. I am not trading GBP/CHF, EUR/CHF, AUD/CHF, All CHF except the USD/CHF. Because SNB is interfering so much, news and indicators dont mean anything on almost all CHF pairs right now. GBP/NZD because it is the most volatile currency pair among the majors.
  • #684
  • Nov 24, 2011 2:53am Nov 24, 2011 2:53am
Quoting nanningbob
Anything that is Euro has a sell or sell pending on it. Even the Eur/Nzd which I suspect has to come down sooner or later. As soon as price retraces above a D line I put a pending under it with any euro. When they break south I am in, sometimes two trades in a day if it breaks two lines. Remember I trade small lots to lot size so I trade almost every currency. I am not trading GBP/CHF, EUR/CHF, AUD/CHF, All CHF except the USD/CHF. Because SNB is interfering so much, news and indicators dont mean anything on almost all CHF pairs right now. GBP/NZD...
Hi Bob,

I'm confused. Hope you can give me some pointers.

Do we trade the lower time frame (4H) once we confirm that there's a DT in the daily? Or do we just use the lower time frame for entry?

Regards,
O.H
  • #685
  • Nov 24, 2011 5:03am Nov 24, 2011 5:03am
Quoting orionhan
Hi Bob,

I'm confused. Hope you can give me some pointers.

Do we trade the lower time frame (4H) once we confirm that there's a DT in the daily? Or do we just use the lower time frame for entry?

Regards,
O.H
With 10.1 I am trading almost all daily, I drop down to the 4H once in a while to check for TP or 4H S/R line if one is nowhere close at the time. For example I have a nice 50-100 pip profit sitting on the table, I would hate to lose it to a retrace but I dont want to miss a run either. So I will TP near a 4H S/R line and set a new pending under/over the line. If price continues to run I am in and if it doesnt and retraces I got the near max profit for that move.

My position on TP has more to do with time of day than how many pips. For example JPY session I will take those 20-50 pip pops before they retrace. Euro session 35-80 and USA session they can be bigger. I look at taking profit this way. 200 pip runs are hard to come by on a regular basis however 4 - 50 pip pops are there almost every day. I would rather lose some pips to spread and take a 40-80 pip profit and reset a new entry below the next S/R line than lose it to a retrace. I seem to make more pips that way than just trying to ride a trend to the bitter end. I know there are traders here that will disagree with me and I have no real argument with them but I just seem to do better this way than any other.

For example I have taken 18 sell trades on the eur/usd this month for a total of 514 pips. That is an average of 28 pips a trade. Yet the difference between the high and low for the month on the Euro is 542 pips. So I have gobbled up almost every downward pip the Euro has offered this month. When it comes to Forex I am a Pete Rose singles hitter, not a home run hitter. The 100+ pops are nice and they make for great bragging but my bread and butter is the 25-50 pip pops. 5-10 of those a day and your doing well. That also means the win to risk ratio that is often proposed by trading gurus doesnt mean much to me. Pocketing winning trades does.
  • #686
  • Nov 24, 2011 5:12am Nov 24, 2011 5:12am
Quoting Kelisa
Yupz..I did about 210pips yesterday. Fantastic.

Bob..Anything on your radar this morning? I dont seemed to see any high probable trades.
Being thanksgiving day I expect it to be slow. Prices tend to go in one direction and slowly flow on holidays so hang in there.
  • #687
  • Nov 24, 2011 8:34am Nov 24, 2011 8:34am
Thanks for the advice on Eu conditions: Heading south still.

I agree to your style to tp as soon as it reached near SR zones. Sometimes, depending on conditions, I might place a SL with +pips, then ride the wave.

Portugal's downgrade has profited us again easily 50+pips

I am also tempted to trade larger lot size, .1 or .5, only for quick scalp and only after scanning all TFs for more accurate trend direction.
Attached Image (click to enlarge)
Click to Enlarge Name: eu2411.gif Size: 23 KB
  • #688
  • Nov 24, 2011 8:35am Nov 24, 2011 8:35am
Quoting nanningbob
Being thanksgiving day I expect it to be slow. Prices tend to go in one direction and slowly flow on holidays so hang in there.
Market's thin, could be scalpers' heaven too.
  • #689
  • Nov 24, 2011 9:47am Nov 24, 2011 9:47am
Greetings Bob,

Im kinda confused as well. Being a fireman we are not the smartest folks as we go into burning buildings as others are coming out. Ive read all the materials and am off today and will re-read as well. It was my understanding that we first observe the daily for trend direction and view the s/r lines. Then place our pending orders below or above accordingly.

After viewing Kelsia's chart its (a 5 min chart). So my question is do we after determining the trend direction of the daily do we then drop down to the lower time frames to pick our entry? Thanks for you reply and for all of your efforts.
  • #690
  • Nov 24, 2011 2:15pm Nov 24, 2011 2:15pm
Quoting firecapt
Greetings Bob,

Im kinda confused as well. Being a fireman we are not the smartest folks as we go into burning buildings as others are coming out. Ive read all the materials and am off today and will re-read as well. It was my understanding that we first observe the daily for trend direction and view the s/r lines. Then place our pending orders below or above accordingly.

After viewing Kelsia's chart its (a 5 min chart). So my question is do we after determining the trend direction of the daily do we then drop down to the lower time frames...
With 10.1 I am trading mostly all daily,

I dont know how to make it plainer than that statement right there. Again 10.0 series is designed to be simple and to fit your trading style. There are people who like to trade 5M 15M 1H 4H and so on ............ the system can fit their trading style but the most important thing is the daily 10.0 or weekly reads 1.0 series. You have to decide how you want to trade. I use the daily charts and sometimes go lower. That comes from experience I guess. I have been a 4H chart trader for years and can read that thing pretty quickly. It fits my schedule at work very nice. One of the hardest things for a trader to decide is to decide what kind of trader are you. Trade and scalp, trade and hold, how long? minutes, hours, days, weeks. I cant decide that for you. I dont know your schedule or time, money, or effort you want to put into it. Full time traders are different from part time traders. I look at Forex as one of my investments so my expectations are different than others. As long as I get around a 10% average per month, I have learned to be happy. Some laugh at that, others wish they could do that.

There is a point of view in trading called top down analysis. What is price really doing?? You cant get that without looking at higher end charts. Then you go to a lower chart and trade using that information. I mainly stay with the daily and 4H. So you have to answer a question I cannot answer for you. What kind of trader do you want to be? Once you answer that question that will determine how you will trade. Sorry for all the muddle.
  • #691
  • Nov 24, 2011 2:20pm Nov 24, 2011 2:20pm
Just a quick thought also. Kelisa is probably an experienced trader. When I said holidays are slow days the understanding was very quick. Go to 5M or 15M chart and scalp all day. One of my best trading days ever was a 4th of July. Had nothing to do so I just used a bollinger band on a 5M chart and took those bouncing trades all day. Made a nice bundle. She posted her 5M chart probably had some fun. Trading is like that, experience will teach you there are days price aint going nowhere, so go to a 5M chart and take some quick higher lot trades or 10 to 20 pips.
  • #692
  • Nov 24, 2011 2:26pm Nov 24, 2011 2:26pm
Bob,
I've been demoing this system and had some mixed results. The principal is sound but because there are lots of buyers and sellers around these levels its hard to know how far below a daily or H4 level to place an entry order and how far above/below to place a stop.

If we are in a dowtrend, such as Cable, and price goes above the black R 1 line would you then place a stop sell say 20 pips below that R line expecting the trend to continue or would you place is under the S1 line for added safety?

I've always traded price action at SR levels. I always like to see a reversal candle for entry and stop orders but with your method you are just playing trending breaks as I see it? I'm not knocking it at all. I love the simplicity and easy way of determining a trend. I've just been rinsed on demo maybe by having my stops and entries too tight around the lines.

The other issue I have is that I'm not at a screen all day so setting TPs / Limits around the H4 levels is difficult. Any advice would be appreciated. The last niggle I have found is that the SR lines often repaint and flick about, especially when watching on H4. Do you ever manually set your SR lines from a line/candle chart? I have always done this, starting at the monthly level and working in to weekly then daily. The monthly and weekly manually drawn lines seem very powerful especially when combined with 50% and 61% fib levels. It seems the auto lines on H4 and daily draw themselves at peaks and dips rather than the more meaningful support becomes resistance levels that are so apparent on a weekly line chart for example?

Thanks in advance!
Trade less and become more profitable!
  • #693
  • Nov 24, 2011 2:30pm Nov 24, 2011 2:30pm
Ok i understand. I have been trying to learn as much as i can as i move close to my retirement date in three years. At present i do follow the market daily but can only trade the US session along with the Asian. Living on the East Coast and working daily i cant trade the London. So the daily and 4 hr charts work best for me. I was a bit confused when i saw a 5 min chart. Thanks for making that clear for me. This system will work on all time frames. Thanks im in the process of re-reading the thread but turkey overload is making me sleepy.

thanks again for your patience and quick reply.
  • #694
  • Nov 24, 2011 2:40pm Nov 24, 2011 2:40pm
Quoting Grimweasel
Bob,
I've been demoing this system and had some mixed results. The principal is sound but because there are lots of buyers and sellers around these levels its hard to know how far below a daily or H4 level to place an entry order and how far above/below to place a stop.

If we are in a dowtrend, such as Cable, and price goes above the black R 1 line would you then place a stop sell say 20 pips below that R line expecting the trend to continue or would you place is under the S1 line for added safety?

I've always traded price action at SR levels....
The lines do that because it only shows the 2 nearest lines so when price crosses one it will delete on and add one. That may drive you crazy if it is bouncing around that area but the S/R locations have not changed. If you set the indicator to 4 then you would keep those lines longer but then have more lines on the screen.

We are experimenting with a MA line on a lower TF for TP/SL that will automatically take you out of the trade when hit but that is just experimental at this point. Here is a S/R indicator set to weekly for those that want to play with it.

Right now this type of system will work well in volatile markets. I mean it is easy to just sit on euro sells right now. Will be interesting to see what it does when the markets are just ranging.
Attached File(s)
File Type: mq4 S R WITH WEEKLY.mq4   9 KB | 515 downloads
  • #695
  • Nov 24, 2011 2:58pm Nov 24, 2011 2:58pm
Thanks for the reply Bob - I have added my manually drawn lines to the charts so I will let you know how I get on. After all , I don't want to be selling into a big monthly level etc. Its all about making these systems our own; that way we can trade them with confidence. Thanks again for your sterling work on FF thus far!
Grim
Trade less and become more profitable!
  • #696
  • Nov 24, 2011 3:31pm Nov 24, 2011 3:31pm
I am trying to switch this strategy from demo to real account, and I want to start with a penny acount first. (trade pennies of a dollar)I can not find a good broker that offers it. Can anybody help? I am currently with fxdd. Does oanda has a penny acount? Couldn't find nothing on their website.
  • #697
  • Nov 24, 2011 4:14pm Nov 24, 2011 4:14pm
Quoting iulli
I am trying to switch this strategy from demo to real account, and I want to start with a penny acount first. (trade pennies of a dollar)I can not find a good broker that offers it. Can anybody help? I am currently with fxdd. Does oanda has a penny acount? Couldn't find nothing on their website.
For my penny accounts I love IBFX, they have no minimum deposit and I know many people who trust them with their money.
  • #698
  • Nov 24, 2011 4:38pm Nov 24, 2011 4:38pm
Quoting Grimweasel
Bob,
I've been demoing this system and had some mixed results. The principal is sound but because there are lots of buyers and sellers around these levels its hard to know how far below a daily or H4 level to place an entry order and how far above/below to place a stop.

If we are in a dowtrend, such as Cable, and price goes above the black R 1 line would you then place a stop sell say 20 pips below that R line expecting the trend to continue or would you place is under the S1 line for added safety?

I've always traded price action at SR levels....
Your above comment is the million dollar question - as price approaches a level is it going to break or fade? I have been using the 10.1 system for a couple weeks now and I have made a few adjustments for my style and for now, things are working well. First, I use 10 pips for the setting of the stop order when I am looking for a breakout and placing it above/below the SR level. This seems like a good level where you get a commitment from price breaking the level, but I have not felt like am late to the party. Another way to work this, which I am going to test, is to take the trade 10 pips prior to the level. If it breaks your stop loss goes to BE, if it does not, you exit with a small loss and wait for the next approach to the level. Downside is you commit prior to the break, so perhaps less winning %. Upside is a number of small losses, but no large ones.

Second, the time price approaches a SR level, I select how I handle it. As a general rule, NY PM +Asia (12PM EST - 2AM EST) I am looking to fade the level and London + NY AM (2AM EST - 12PM EST) I am looking for a breakout. Since we are looking for the breakout, the best place for this is with two continents providing lots of liquidity to break through a daily level.

Finally, on stop loss I use 10 pips above the next SR level and still adjusting to this with some testing. I use a smaller lot size to compensate until I can get some more more data, but the stop is wider since we are using a daily chart. So, if we use the EUR/USD as an example, 1.3361 broke last night. In this case, my stop originally was 1.3431 (10 pips above last SR level) and target is 1.3160 (10 pips plus spread) above next support line. In this case, this is a good R/R trade set-up with 80 pips of risk and 191 pips of profit. (assuming we use 1.3351 for entry on the break). Now it has broke we can take profit or if we decide to continue to the target, I moved my stop up to 10 pips above the next SR line, which would be 1.3371 (20 pips of risk now with the trade). If the R/R ratio on a set-up is poor, then I pass on those trades. Example, if the next line above is 100 pips and the next profit target is 50 pips, I would pass on looking for a breakout on that one.

Hope that is helpful and just what I am currently testing / adjusting with the system.

Best of trading to all.

George
  • #699
  • Nov 24, 2011 5:48pm Nov 24, 2011 5:48pm
Around a year ago we played with an EA that did a buy/sell at every S/R spot on a 4H chart and it didnt work very well.

Interesting to take it before the S/R spot, allowing it to BE if it hits the S/R line small loss if it doesnt. Nice profit if it continues. Interesting?? I love it when guys think outside the box. Will have to meditate on that one. Probably Steve will have that coded before I see how it might work.
  • #700
  • Nov 24, 2011 6:35pm Nov 24, 2011 6:35pm
Quoting nanningbob
With 10.1 I am trading almost all daily, I drop down to the 4H once in a while to check for TP or 4H S/R line if one is nowhere close at the time. For example I have a nice 50-100 pip profit sitting on the table, I would hate to lose it to a retrace but I dont want to miss a run either. So I will TP near a 4H S/R line and set a new pending under/over the line. If price continues to run I am in and if it doesnt and retraces I got the near max profit for that move.

My position on TP has more to do with time of day than how many pips. For example...

Thank you for everything Bob. Looks like I still have tons of learning to do.
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