Nb 10.0 trend trading system

I entered after the retracement..on the 21st Dec

EuNzd

EuAUD

EGBP - Price is ranging at the moment. Lets see if PA decides to go up or down. The once PA triggered, Iwill close the other pending order.

Hi Nanningbob,

Thanks again for spending so much time putting together the manuals and the EAs for all of us. I've been reading the manuals and installed all of the EAs, indicators and profile posted on page 1.

I'm a bit lost as to the rules for entering and exiting a trade. It seems the rules are built into the EAs. I appreciate that but I prefer to learn the system/rules myself instead of relying on the EAs.. Another reason for this is that my platform is not MT4 at the moment so I have difficulty trying to replicate your setup. I got an MT4 demo account so I can load the setup.

Is there another manual that contain more elaborate rules and explanation about the system that I missed?

Here what I learn so far,
- Look at the daily chart at the start of the day to get the bias for that day. If the previous candle has open and close below the red and blue, as well as today's open then it's short. If it's above then long.
This means the price is currently trending.
- If the previous candle has opening on one side of the blue/red candle but closing on the other side (meaning the red/blue line is cutting through the daily candle), this means the price is ranging. Trade towards the middle of the screen/red line

What I seems to be missing is the rules for entering on the 1H and 4H charts. As well as detailed explanation on the indicators used in the 1H and 4H charts..

I've read the 10.1 B,C, and D manual but the manual seems to assume you already know about the system and it only gives examples.

Have I missed a manual somewhere?

Thank you so much for your help, it's greatly appreciated...

Cheers...
BC

High and low not open and close.

Thank you for your comments and questions. 10.1 should answer most of these questions. It was meant to be simple or be used in conjunction with a system you are already using and familiar with. Very simply put you read the daily chart and then place pending orders above or below S/R lines. If the daily chart reads buy then you look for the next R line on the chart and place a pending order on the other side of the line. That is why I used all pictures for the 10.1 explanation. It is a very visual system. So your logic should look like this.
1. Daily chart trend up or down. (yellow)
2. Place pending order in direction of the trend. (light blue)

See pic below

When ever price moved back above a S/R line you can place new pending orders below the Daily S/R lines. Yellow areas is where price moved above a S/R line so place a sell below. 3 of the last 4 days there were trades where price entered the yellow area. Placing a sell in the blue area would have given you one trade a day with 40-70 pips profit. This week I got two of those on the eur/usd. These type of trades are called re-entering the downtrend or range trading.

The read on the chart is the candle high is on one side of the blue line the low is below the blue line. The market is ranging. Profits on range trades will be in the 30-70 pips range depending on the currency pair. I played the range and I have a pending if price breaks out back into the trend again. I have it place below the last swing low or Daily Support line.

When I trade I look for both of these trades. Range trades I pocket profits quickly. Breakouts (to break away from the range) I will ride those for a longer period of time. Since markets range over 70% of the time those will be the majority of trades you will get.

1H or 4H charts are for people who wish to be more aggressive. Do the daily trades first and when you master them then go to the lower charts. I hope this is helpful. Feel free to ask more questions if you have them.

Well, I hung in there longer than I thought I would for December. Closed out with a 7.6% profit for the month and since Aug. 1 and using 10.0 series trades I have increased my account exactly 50% in 5 months. Yes I trade more conservatively than most but my goal is to do 10% a month or better. I am staying on that goal. Low risk steady reward. I know some of you did better than that so I guess I am a better teacher than trader. Thank you for all your thank yous. Sorry I dont respond to many of them but I try to keep life simple. They are appreciated though. So in closing, I want to wish all of you a:

MERRY CHRISTMAS
and a
HAPPY NEW YEAR.

Thank you for your posts Bob, they are greatly appreciated.

And Merry Christmas to you too!

If I'm not mistaken, high and low was referring to the body of the candle not including the wick, which means the open and close of the candle..

Maybe Nanningbob or some one else could clarify?

Cheers..
BC

High and low and open and close are 4 different price quotes. Open, close are the body, high and low are the wicks.

thanks
muchas gracias

where you put the sl and tp ?

Hi NanningBob,

Thanks for the quick reply, it's getting clearer for me now. If it's ok, I have attached a screenshot from EUR/USD daily chart and I would to ask questions based on scenarios that I have highlighted in the picture..

- Scenario A (red circle/line). Based on the rules, in this scenario I would have gone long which would be an "oops" trade. Taking a loss is not an issue but the manuals doesn't mention about when and where we would need to take a loss. Could you please clarify on this? Is a fixed 100 pips SL or placed the SL below/higher yesterday's low/high (which in this case is a huge 300 pips SL (approx)).
Is there a way to prevent this from happening? From looking at the indicators. I would guess that when the stochastics are in the overbought and oversold territory then we would start looking for reversal. The manuals (10.1 A,B,C,D) don't mention on how to read/interpret the oscillators (stochastic + MACD). However, stochastic has this well known behavior of staying in the OB/OS territory when a trend is going strong, does it mean that we won't be trading when that happens?

- Scenario B (green circle/line). Based on the rules, in this scenario I would have gone short as the price is well below the blue/red line. However, it would have been the wrong trade as the price reverse. Just like scenario A, looks the like stochastics would have prevented a short trade. The next day is also the wrong day to go short as the price shoots up by roughly 100 pips.

-Scenario C (orange circle/line). If I consider the stochastic when I want to enter/exit in this scenario I would have gone long as the stochastics already crossing and pointing up. Based on the rules, the next day I would've been looking for long position as the previous candle (the circled in orange) has the low under the blue line and the high above the blue line. The manuals are a bit unclear on what to do when the price is in between the red and blue line, do we ultimately looking at the red line for our final decision?

- Scenario D (Purple circle/line). Based on the rules, at the open of next candle we should be counter trading (going long) as the high on one side of the candle and the low is on the other, however the stochastic is starting to bend down. So do we go short or long? If we go by the definition of a open/close price instead of high/low, the answer would be obvious, we go short.

I know that fundamentally EUR/USD should be shorted but the system should reflect on what's happening on the market anyway, regardless on the fundamentals. Therefore for educational purpose, could we please put aside the fundamental bias?
Are there days when we don't trade, if yes, under what condition? I would like to be able to trade everyday, if I can. Also if you could please clarify the SL rules as the manuals don't go clearly mention this.

I noticed also that the content of 10.1 D and B is very similar, is that intentional?

I apologise if I'm asking stupid/very basic questions but I would rather be asking stupid question (or be called stupid) but truly understand than pretending that I know and be a true idiot (i.e: losing money).

Thanks NB

BC

Merry Christmas

Happy Pipping Guys...

Merry XMas Nanning Bob and every visitors!

I forget which server (broker) you're trading with? I read it somewhere in your thread but I can't find it back now.

Thanks and have a great holiday!

Subscribed

Hi BC..

Here's my opinion on your scenario A.

You check on TF D1 for trend direction, which is UP. Then you move down the TF to H1 or H4. On this pic, I use H1 for explanation only.

One point to consider before pulling the trigger is:

1. It rallied up some 350+pips the day before. PA will usually consolidate/retrace after such a rally, I would not enter BUY. A BUY would mean that you are CHASING the PA. Never chase a price! If you want to enter BUY, you can put buy order above (3.) the Resistance line here.

PA is already ranging abit after the rally.

Instead, wait and be patient. As u already know, the RWB indi already show OB scenario, why not wait till BLUE line crosses below RED line? And you can place a Sell order below the Support line (4.)

If you place a BUY order above the R line (3.) and a Sell order at Support line(4.), you would have caught the swing.

Check back on your D1 TF and you will see.

Hope that answer scenario A.

(2.) Is the point you made a decision to trade. Say, u place a Buy order above the H1 R line and a Sell order Below the Support Line (4.)

And now looking back to D1, you would hv triggered the sell order.

Point to consider for a higher probably trade: Swing Points and all 3 RWB lines together. (A.)

Any trades between the swing points are also good, but if you caught the swing points, then u have a head start in following the trend direction.

BC...for your scenario B.

Looking at D1 TF, u can be patient and wait for the BLUE line to cross RED line, then only decide to SHORT.

Its better to be late than sorry.

Patient is the other key word.

About your DD of 100pips, if -100pips DD gives u chills, either your lot size is too big or your leverage too high. Please recheck that too.