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Nb 10.0 trend trading system

  • #701
  • Nov 24, 2011 7:40pm Nov 24, 2011 7:40pm
Quoting orionhan
Thank you for everything Bob. Looks like I still have tons of learning to do.
Look at it this way. The guys I learned from taught me on the 15M chart and 1H charts and all I did was get killed there. At least you are starting your learning curve off of the higher end charts which should make it easier for you. I was in my late second year of trading before I even got to a 4H chart and that is where I started making some profit. So good luck. Stay with the info from the higher charts and go trade. If you like lower charts dont violate what you see on the higher end charts. Good luck.
  • #702
  • Nov 24, 2011 9:57pm Nov 24, 2011 9:57pm
Quoting nanningbob
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.
Hey Bob, what were the rules for entry and exit with your EA? Did it use trend lines & M&A's as S/R? And how did you determine S/R? Was response (ie strong bounce V weak bounce) taken into consideration? And was momentum proceeding move to S/R taken into consideration?
Kill the ego, or it will kill the mission.
  • #703
  • Nov 24, 2011 10:42pm Nov 24, 2011 10:42pm
Quoting AaronWard
Hey Bob, what were the rules for entry and exit with your EA? Did it use trend lines & M&A's as S/R? And how did you determine S/R? Was response (ie strong bounce V weak bounce) taken into consideration? And was momentum proceeding move to S/R taken into consideration?
We played with the 4H charts using the same ones we use now. Too many SL to overcome. I ended up on the daily using our own brains to enter or not enter and then using already previous broken daily lines for good locations. So far it has worked out well but following the downward spiral of the EURO makes any system look good now. Once this Euro thing is all done, then what?? We will see. The thing I like best about it is, it is providing the best protection during very volatile times and gives us good profits when the market is being volatile. How it will do during quiet times remains to be seen but right now it is great.
  • #704
  • Nov 24, 2011 10:52pm Nov 24, 2011 10:52pm
Quoting nanningbob
We played with the 4H charts using the same ones we use now. Too many SL to overcome. I ended up on the daily using our own brains to enter or not enter and then using already previous broken daily lines for good locations. So far it has worked out well but following the downward spiral of the EURO makes any system look good now. Once this Euro thing is all done, then what?? We will see. The thing I like best about it is, it is providing the best protection during very volatile times and gives us good profits when the market is being volatile....
I am working S/R manually on the 5 min chart. It is working very well for me, but as you say... the EU crisis makes life easier. But the S/R are only those that show up on the 4H or larger timeframes. I find that trendlines and EMA's work exactly the same and are probably as important. The key is to identify a) the important S/R and b) is it a breakout, fakeout or bounce. The way I do this is with PA around the lines. Without confirmation of importance and intent from PA, I just ignore them.
Kill the ego, or it will kill the mission.
  • #705
  • Nov 24, 2011 11:04pm Nov 24, 2011 11:04pm
Quoting AaronWard
I am working S/R manually on the 5 min chart. It is working very well for me, but as you say... the EU crisis makes life easier. But the S/R are only those that show up on the 4H or larger timeframes. I find that trendlines and EMA's work exactly the same and are probably as important. The key is to identify a) the important S/R and b) is it a breakout, fakeout or bounce. The way I do this is with PA around the lines. Without confirmation of importance and intent from PA, I just ignore them.
I used to trade lower TF, all I got was headaches from staring at the screen all the time. 4H and higher I just need to check in every so often and go on.
  • #706
  • Nov 24, 2011 11:11pm Nov 24, 2011 11:11pm
Quoting nanningbob
I used to trade lower TF, all I got was headaches from staring at the screen all the time. 4H and higher I just need to check in every so often and go on.
It is much easier to learn on the lower TFs. This not not because they are better, but because the bars come so much faster you get a lot more practice at recognizing patterns and confirmation from the market feedback loop.

But you are right... the lower TFs are for people that have a lot of spare time.
Kill the ego, or it will kill the mission.
  • #707
  • Nov 25, 2011 7:15am Nov 25, 2011 7:15am
I think this is the key point here...

You should only trade a TF that you are able to be at the screen for each bar closure. Hence, M5, you need to be there for each 5M bar close. H1, each hour and daily, each day.

I prefer daily as you can 'set and forget' and live your life. Granted the stop loss distance is much smaller on M5 but there is an disproportionate increase in risk. The H4 is six times harder to trade than the daily, the H1 24 times harder. So on that basis the 5M would be 1440 times harder and more stressful. I have found that as soon as I drop below H4 I lose money. My personality doesn't fit with the lower TFs as I change my mind too often. In, out, back in, I lose focus and find it stressful. After all, trading is all about financial freedom - why would I forgo that freedom to stare at M5 charts all day??

Most traders agree that the daily and weekly closes are the most important. Traders, as Bob alluded to, trading the lower TFs should never lose focus on the weekly, daily trend.
Trade less and become more profitable!
  • #708
  • Nov 25, 2011 7:39am Nov 25, 2011 7:39am
You are right..e/u too easy. Pending order hit last night. Woke up well in profit. Like you advised earlier. I have finally decided after many battles with the lower time frames. Gonna stick to the daily and 4 hrs. Works best for me. Much thanks for your experience and knowledge. Through for today.

Have a good weekend,
  • #709
  • Nov 25, 2011 8:04am Nov 25, 2011 8:04am
Did you post your order near the 4 hr support at 1.3320? How far below the line did you enter?

Quoting firecapt
You are right..e/u too easy. Pending order hit last night. Woke up well in profit. Like you advised earlier. I have finally decided after many battles with the lower time frames. Gonna stick to the daily and 4 hrs. Works best for me. Much thanks for your experience and knowledge. Through for today.

Have a good weekend,
  • #710
  • Edited 8:14am Nov 25, 2011 8:13am | Edited 8:14am
Yes placed pending order just below that at 13308. Two weeks ago did same and it retraced over 200 pips but was confident it would come back down. Patience is key, thats tough for me but im learning. Also using micro account so drawdown is no so painful.
  • #711
  • Nov 25, 2011 8:20am Nov 25, 2011 8:20am
I would have a hard time with a 200 pip reversal. It seems that Bob was commenting on this approach recently in that he said that a mechanical approach to buying/selling the 4 hr levels didn't work too well. That's the problem that I have with over night orders while I'm asleep.

Quoting firecapt
Yes placed pending order just below that at 13308. Two weeks ago did same and it retraced over 200 pips but was confident it would come back down. Patience is key, thats tough for me but im learning. Also using micro account so drawdown is no so painful.
  • #712
  • Nov 25, 2011 8:30am Nov 25, 2011 8:30am
Quoting firecapt
Yes placed pending order just below that at 13308. Two weeks ago did same and it retraced over 200 pips but was confident it would come back down. Patience is key, thats tough for me but im learning. Also using micro account so drawdown is no so painful.
An important lesson on pending orders, do not put them near a 00 ending. You probably would have done better to put it below the 13300 mark like 132900 or if it is a buy 13310. Something about 00 numbers sometimes causes them to bounce there.
  • #713
  • Nov 25, 2011 8:31am Nov 25, 2011 8:31am
A 200 pip reversal would be a bummer on a larger account. Still working with micro so 20 bucks on a 1000 account is not good but no big deal. I also have found researching another thread that using a 200 ema for direction has helped me. If below only short and above only long. I dont post much but have been reading and learning for a long while. Just my two cents.

Happy trading, off to the golf course.
  • #714
  • Nov 25, 2011 8:32am Nov 25, 2011 8:32am
Ill keep that in mind. Love learning from people that have much experience.

Best Regards,
  • #715
  • Nov 25, 2011 5:58pm Nov 25, 2011 5:58pm
My very firstpost here, I belive. I feel for saying THANKS 1000 times to Bob and the rest of you who helps me learn trading fx. I am grateful, optemistic, and looking forward to learn and understand more. Have been following this tread for a while, all NB treads, and my biggest problem is no longer to understand how to do it, but stay on one TF, and make the trades from there. Not fool around on many TFs. Psychology in trading, thats an importan part for me.
Thanks again!

Randi
Small steps shall help me forward!
  • #716
  • Nov 27, 2011 8:18am Nov 27, 2011 8:18am
Another Newbie! First ever post at The Factory although I have been looking over shoulders for a fair while and read the whole thread a couple of times!

Apologies if this is a dim question but with respect to Squalou's S/R indicator, I have noticed that several levels that are frequently re-visited don't earn dots or lines. If you look at the current Daily GBP-JPY for example, this 119.249 level has been visited lots of times within the 60 day look back but doesn't register - To my in-expert eye this would seem an important S/R line or am I missing or mis-understanding something!

And for the future, how do I post charts??

Thankyou
  • #717
  • Nov 28, 2011 1:33am Nov 28, 2011 1:33am
Hey Bob I was wondering what pairs you are using on the 10.1 now, idk if I missed you posting them earlier.

Also here are two screen shots oh some pairs I was looking at.

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I was just wondering if you saw good trade setups here? I am just trying to get someone else`s eye on this besides mine.
  • #718
  • Nov 28, 2011 1:45am Nov 28, 2011 1:45am
Quoting gustav213
Hey Bob I was wondering what pairs you are using on the 10.1 now, idk if I missed you posting them earlier.

Also here are two screen shots oh some pairs I was looking at.

Attachment

Attachment

I was just wondering if you saw good trade setups here? I am just trying to get someone else`s eye on this besides mine.
No matter what the charts are saying I am all sell on all euro pairs. I was lucky and caught some good gaps this morning. NZD buys with the election results. gbp/nzd was a big winner but that was a non-system trade just been riding gbp sells also. USD are buys for now as people leave euro currencies they are going to USD and ............... So I am long USD and short gbp eur pairs. Chf not touching except with USD, will consider gbp/chf also. Long NZD pairs when appropriate.
  • #719
  • Nov 28, 2011 2:01am Nov 28, 2011 2:01am
Quoting nanningbob
No matter what the charts are saying I am all sell on all euro pairs. I was lucky and caught some good gaps this morning. NZD buys with the election results. gbp/nzd was a big winner but that was a non-system trade just been riding gbp sells also. USD are buys for now as people leave euro currencies they are going to USD and ............... So I am long USD and short gbp eur pairs. Chf not touching except with USD, will consider gbp/chf also. Long NZD pairs when appropriate.
Thanks Bob, yeah I am looking at the charts but have my own ideas in my head with all the news/rumors that have been going on today.

I have a pretty hectic day so I will try to post all my trades by london or new york open
  • #720
  • Nov 28, 2011 5:20am Nov 28, 2011 5:20am
I got lucky right off the bat today practically every gap went in my direction so already up 700 pips for the week. I have never had a gap like that in my favor before. Got lucky.
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