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Trading aud/nzd successfully

  • #1,141
  • Jan 27, 2009 5:46am Jan 27, 2009 5:46am
Quoting nanningbob
Just a reminder that there is a FOMC statement and interest rate news for NZD tomorrow Wednesday afternoon. You may not want to be in the market at that time.
gee you got me scared, thought it was tomoz, but its thursday morning for me... good time to be out... think it would be wise for those on live to take heed of htis warning...we dont want another run like with the business sentiment news 2 weeks ago
Grabbing the bull by the horns!
  • #1,142
  • Jan 27, 2009 6:09am Jan 27, 2009 6:09am
Quoting nanningbob
It stands for I trade FX, they are a relatively new company. When they opened I tried to download their new platform and trade but I couldnt get it to work so I stopped my investigation of them. They now have the MT4 platform and I have been using it for about a week as a demo. With their 5 pip spread on the Aud/Nzd even if they do some slippage my EAs are working very well on their demo. Obviously they would have to pull some really funny stuff to equal IBFX 40-50 pip spreads we have been experiencing with them. I am thinking of opening an account...
Please let us know how it go when u live trade @ ITFX
  • #1,143
  • Jan 27, 2009 6:13am Jan 27, 2009 6:13am
Quoting nanningbob
It stands for I trade FX, they are a relatively new company. When they opened I tried to download their new platform and trade but I couldnt get it to work so I stopped my investigation of them. They now have the MT4 platform and I have been using it for about a week as a demo. With their 5 pip spread on the Aud/Nzd even if they do some slippage my EAs are working very well on their demo. Obviously they would have to pull some really funny stuff to equal IBFX 40-50 pip spreads we have been experiencing with them. I am thinking of opening an account...
Bob,
I know you will find negative reviews on any broker but have you read the reviews of ITFX on the Forex Peace Army site? Money laundering charges, very poor execution and heavy slippage if you start making money off them, and a 20 year old president with no experience.I'm getting to the point that I'm thinking that there might not be any honest brokers out there.
  • #1,144
  • Jan 27, 2009 8:49am Jan 27, 2009 8:49am
.30 doubling, and going $4.80 on the 5th level with $3,000.00? Isn't that a little steep?
Quoting der stratege
sorry is the wrong thread, but why don't you take the AUD/CAD pair. there is constant 12 pips. not at sunday night if broker start streaming quotes but in the morning 6 gmt everything is fine. of course 2-10 pips is much better.

i use AUD/CAD 1h 35x25 lots 0.3 multiply x2 leverage 400:1 3000$ Balance and everything is fine if you avoid high impact news (and oil news)
  • #1,145
  • Jan 27, 2009 9:35am Jan 27, 2009 9:35am
Quoting Toothman
Bob,
I know you will find negative reviews on any broker but have you read the reviews of ITFX on the Forex Peace Army site? Money laundering charges, very poor execution and heavy slippage if you start making money off them, and a 20 year old president with no experience.I'm getting to the point that I'm thinking that there might not be any honest brokers out there.
Well I was willing to try 300 bucks on them but I couldnt get their website to take my app. so I dont know. Despite my complaints I still made money today and yesterday with IBFX and they pay when I want my money. I may have to stay away from the NZD currencies because they are giving me the most trouble with spreads but I also find them the most profitable. Even with 40 pip spreads on the eur/nzd dollar I have knocked down some nice 60 pip profits.
  • #1,146
  • Jan 27, 2009 9:49am Jan 27, 2009 9:49am
This new system of trading above and below a median is turning out real well. If I keep this up I can make a small profit this month. I started with 22 currencies but now have dropped it down to 19. The only currency I had to do a recovery on was the gbp/nzd and that should have been a 3 trade profit if it wasnt for that spread. That would make 3 out of 4 months. I may actually be able to make a living trading if I can stay away from the 50 pip spread currencies. I want to fine tune this recovery sequence and then I may start a new thread. The margin usage is low.
  • #1,147
  • Edited 1:54pm Jan 27, 2009 10:24am | Edited 1:54pm
ROI: 310%

This EA is waaaaaaaaay better than the last one where you had to use two ea's on 2 charts. As long as price behaves like in the last 1-2 weeks such results don't seem to risky in comparison to the DD.

Will put the EA on stand-by tomorrow. Thanks nanningbob for the info.

@nanningbob

Would be a NZD/USD short and AUD/USD long be the same as a AUD/NZD long?
Both have a spread of 5 pips wich would add up to 10. Sounds way better than 30-50.
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  • #1,148
  • Jan 27, 2009 3:41pm Jan 27, 2009 3:41pm
With the various EA's and timeframes being tested now on this thread and the others, it would be helpful to summarize what's is working and what has not.

Which EA, TF, Pairs, settings etc...is everyone running and what have the results been?
  • #1,149
  • Jan 27, 2009 4:01pm Jan 27, 2009 4:01pm
Quoting acosta2269
With the various EA's and timeframes being tested now on this thread and the others, it would be helpful to summarize what's is working and what has not.

Which EA, TF, Pairs, settings etc...is everyone running and what have the results been?
im currently running a live account for the AUDNZD and AUDCAD...

-120MA on 5min TF
- 70 pips away from MA for first entry
- 35x30
-1.8 multiply (because its with an account that only offers micros not nanos)
- 7 maxtrades/levels
- 250SL (so effectively 320SL)
- worst ive had is 3 levels deep (not running the account equity indicator thing to attract exact figures)
- looking to introduce EURGBP next week followed by EURUSD the week after..

started with $795 USD last wednesday with new MA EA.... after last night (is Wed morn in Sydney atm), my balance is approx $1020.
Grabbing the bull by the horns!
  • #1,150
  • Jan 27, 2009 5:06pm Jan 27, 2009 5:06pm
Quoting whitegoodman
im currently running a live account for the AUDNZD and AUDCAD...

-120MA on 5min TF
- 70 pips away from MA for first entry
- 35x30
-1.8 multiply (because its with an account that only offers micros not nanos)
- 7 maxtrades/levels
- 250SL (so effectively 320SL)
- worst ive had is 3 levels deep (not running the account equity indicator thing to attract exact figures)
- looking to introduce EURGBP next week followed by EURUSD the week after..

started with $795 USD last wednesday with new MA EA.... after last night (is Wed morn in Sydney atm), my...
Just to give you a heads up on my new EA numbers. Use only 3 or 4 levels live and keep in reserve the other three levels to enter when you want to use them. Keeps the DD way low and gives you more EA room on levels 5 and up if you want to use them.
  • #1,151
  • Edited 9:31pm Jan 27, 2009 5:09pm | Edited 9:31pm
Quoting Tjpld
ROI: 310%

This EA is waaaaaaaaay better than the last one where you had to use two ea's on 2 charts. As long as price behaves like in the last 1-2 weeks such results don't seem to risky in comparison to the DD.

Will put the EA on stand-by tomorrow. Thanks nanningbob for the info.

@nanningbob

Would be a NZD/USD short and AUD/USD long be the same as a AUD/NZD long?
Both have a spread of 5 pips wich would add up to 10. Sounds way better than 30-50.
I have had people email me that idea. The problem I see with that, without having worked on it, aren't you just adding a third currency whose news then affects the outcome? Maybe look at that later or if someone wants to play with it.
  • #1,152
  • Jan 27, 2009 5:12pm Jan 27, 2009 5:12pm
Quoting nanningbob
Just to give you a heads up on my new EA numbers. Use only 3 or 4 levels live and keep in reserve the other three levels to enter when you want to use them. Keeps the DD way low and gives you more EA room on levels 5 and up if you want to use them.
but if you let it go 4 levels then i tkeep going, your gonna have to make your multiplication higher once it starts coming back?...eagerly awaiting you posting this new evolution of the EA
Grabbing the bull by the horns!
  • #1,153
  • Jan 27, 2009 8:52pm Jan 27, 2009 8:52pm
Quoting whitegoodman
im currently running a live account for the AUDNZD and AUDCAD...

-120MA on 5min TF
- 70 pips away from MA for first entry
- 35x30
-1.8 multiply (because its with an account that only offers micros not nanos)
- 7 maxtrades/levels
- 250SL (so effectively 320SL)
- worst ive had is 3 levels deep (not running the account equity indicator thing to attract exact figures)
- looking to introduce EURGBP next week followed by EURUSD the week after..

started with $795 USD last wednesday with new MA EA.... after last night (is Wed morn in Sydney atm), my...

hi whitegoodman,
I might have missed this when it was answered some time back,
but how to you set these
1) "120MA on 5min TF"
2) 70 pips away from MA for first entry
  • #1,154
  • Jan 27, 2009 10:43pm Jan 27, 2009 10:43pm
Quoting whitegoodman
but if you let it go 4 levels then i tkeep going, your gonna have to make your multiplication higher once it starts coming back?...eagerly awaiting you posting this new evolution of the EA
Actually the opposite you lower your multiplication and increase your TP. The farther away you are from your median the better your chance of price moving more pips back. Besides there comes a point you are not looking for profit you just want to minimize your loss.
  • #1,155
  • Jan 27, 2009 10:45pm Jan 27, 2009 10:45pm
Quoting nanningbob
Actually the opposite you lower your multiplication and increase your TP. The farther away you are from your median the better your chance of price moving more pips back. Besides there comes a point you are not looking for profit you just want to minimize your loss.
ahhh very crever grasshopper... i like forward to reading this new literature...
Grabbing the bull by the horns!
  • #1,156
  • Jan 28, 2009 2:41am Jan 28, 2009 2:41am
Quoting nanningbob
This new system of trading above and below a median is turning out real well. If I keep this up I can make a small profit this month. I started with 22 currencies but now have dropped it down to 19. The only currency I had to do a recovery on was the gbp/nzd and that should have been a 3 trade profit if it wasnt for that spread. That would make 3 out of 4 months. I may actually be able to make a living trading if I can stay away from the 50 pip spread currencies. I want to fine tune this recovery sequence and then I may start a new thread. The margin...
If i understand correctly, the recovery trades is not trigger by the EA and based on own discretion we decide when will be the good time to start the recovery ?
  • #1,157
  • Jan 28, 2009 3:49am Jan 28, 2009 3:49am
Quoting forexisfx
If i understand correctly, the recovery trades is not trigger by the EA and based on own discretion we decide when will be the good time to start the recovery ?
It is a 2nd ea you use and turn on at your digression. You could also do it manually. When I have used it I was willing to go for two more levels so I used an EA. You can also do it manually by using support or resistance lines. You see you have gone past your ea range, you look at the next support or resistance line and put in a buy/sell at that point. This gives you a new higher TP line. If price never goes to the new support or resistance line you dont take the new entrance and maybe price retraces to the old TP line for you. Not too complicated really. I have used it 3 times and one ended up in a small profit and the other two cut my intended loss by about 2/3 than just trying to hang in there where I was. Instead of hanging in a trade for hours or days waiting for the retrace. I grab the next retrace and close out the loss. It is a lot less agonizing and I am back with a new trade again. The interesting thing is all three trades did come back the next day and hit the profit TP but that would have been sitting on a trade agonizing over whether to take the loss, hold the position, etc. I think you know what I am talking about. Both of those losing trades ended up taking another profit trade on the way back to the median so they were pretty close to being a wash. Much better on my sanity than sitting in a heavy DD position wandering if this was the trade that was going to kill me or not.

My new system is set for either 3 or 4 levels and then its your disgression whether you want to continue or not. If you bow out the trade is not a killer loss. For example one day on a demo I had banked 116 dollars for the day. A level 3 trade had just entered and was at about a 18 dollar loss. It was a NZD/CHF trade so I turned on the rescue EA and knocked it down to a 6.00 loss. Another time I was sitting on a gbp/jpy trade and I didnt like how rapidly it was moving against me so I just took the 22 dollar loss. It later reenetered with this new system and took two 60 pip wins on its way back to the median and the overall loss was very minimal.

Yes sometimes you cut yourself out of an eventual winning trade but I am not ever in a big DD position and I am not ever close to a death trade. Dont even smell a sick trade. When I post this thing I want to show several weeks of decent gains. I have one account I start at 7 dollars, yes that was 7 real USD dollars and now it is up to 17. 2.5 times the account but that is how low I have kept the DD very low with this system. I know it could get knocked out at any time with this little money but hey I am trading this amount with 5 currencies and only 3 levels.
  • #1,158
  • Jan 28, 2009 4:13am Jan 28, 2009 4:13am
bob are you going to start a new thread on this soon... im really eager to see your testing results and parameters for different currencies...

say i set an EA to max 4 levels, it goes 4 levels, then i decide manually where my 5th level will be... if it hits that new 5th level TP does it still close out all the other trades?
Grabbing the bull by the horns!
  • #1,159
  • Jan 28, 2009 6:13am Jan 28, 2009 6:13am
Quoting whitegoodman
bob are you going to start a new thread on this soon... im really eager to see your testing results and parameters for different currencies...

say i set an EA to max 4 levels, it goes 4 levels, then i decide manually where my 5th level will be... if it hits that new 5th level TP does it still close out all the other trades?
Yes if you keep the magic number on the new ea the same it closes all the other trades in that pair.
  • #1,160
  • Jan 28, 2009 8:14am Jan 28, 2009 8:14am
I've been out of the loop for here for over a week. Had to move which took up a whole week to get the family moved across town. So much has happened on this thread it's hard to keep up.

It's very exciting to watch the evolution of Nanningbobs ea's.

I think your Ea's should bear your name. such as Nanning 30x20.
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