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Nanningbob 60x90 EA

  • #101
  • Feb 3, 2009 9:05pm Feb 3, 2009 9:05pm
I have been following this and Nanningbob's earlier versions with passing interest. Decided to put this on an IBFX mini demo... OOTB 3-level

The results have been very impressive... I may have closed 4-6 trades manually, but very few.
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  • #102
  • Feb 3, 2009 10:49pm Feb 3, 2009 10:49pm
Quoting jthomas71
Bob,

Thank you for teaching me how to fish. Do you have a favorite charity? I'd like to make a contribution on your behalf.
Thank you, would like that very much. My favorite is:

Compassion International
Colorado Springs, Colorado
http://www.compassion.com

You can sponsor a child every month helping to clothe, feed, and educate them. They will send you a picture of the child you support and you can write letters back and forth to each other. They have translators who will translate their letters. The reason I like this one the best is because I know who my money is going to and how they are being helped. If you are subsidizing their schooling you are helping them fish for life not just a one time handout. Your help helps them for the rest of their lives. Very reputable charity. Thank you for your kindness and generosity.
  • #103
  • Feb 3, 2009 10:59pm Feb 3, 2009 10:59pm
Quoting mike5417
yes. not working on any of my Demos. been trading manual up 700 pips so far since sunday.
1. Is your company a 5 digit instead of a 4 digit company. In other words do they do fractional pricing. My EA is not set up for those, there are those who trade that can post EAs that work with them.

2. Also there are some companies you have to get permission to trade with EAs. See if your company is on of those.

3.Go into the programs and hit he compile button on top and try again.

4. Go into the program and change the Magic number and try another Magic number. If that works then you have to change all the EAs and recovery EAs to that number. Save them to the template and save the profiles after you made all the changes.

5. See if you can get one working first, if not send me an email and your company and I will download a demo and try.

6. For those of you that want to manually trade this system you could get a warning indicator every time price crosses a line. I am sure someone out there could do that.
  • #104
  • Feb 3, 2009 11:05pm Feb 3, 2009 11:05pm
Quoting valasindo
Hi Bob,

I just noticed that your EA is using MA 80 shifted 1. Why shifted? Is there any particular reason of doing so?

Thanks!

ps. I made my own EA based on your rules. So far its working very well. Thanks for sharing the system Bob! Appreciate it!
I like the shift, if freezes the line at that point, not much concern here with an 80 MA but some of my earlier EAs used smaller MAs so the lines would move more as price rose or fell. I want to enter the trade not have price chasing the line. Probably dont really need it with an 80 MA but I use it almost every system I trade with now. When you trade higher TF charts like the Daily or 4H you need that line to stay put. Again it probably doesnt affect this system that much, but visually it gives a nice cross at the entrance. You see price crossing a line not an edge.
  • #105
  • Feb 3, 2009 11:30pm Feb 3, 2009 11:30pm
Quoting whitegoodman
Hey i was just wondering if any of you programming whizzes no how to help regarding this EA and it working through an ECN mt4 platform as it wont open trades based on the current script...

refer to this thread i started: http://www.forexfactory.com/showthre...99#post2510499

thanks for any help
Try this company, they do bridges for MT4. Dont know if they are any good though.

www.bostontechnologies.com
  • #106
  • Edited 12:41am Feb 4, 2009 12:01am | Edited 12:41am
Quoting Archie
Hi,

I started out with all 22 currency pairs, but I want to continue with less risk. I am now trying with 7 pairs that bob mentioned a few posts back. So far I have good profits and low DD. One pair, EURUSD, reached 3 levels, but it turned into profit later today, and the other ones have kept themselves on one level, until just recently, when USDCHF reached the second level.

I have a question about the rescue EAs. How do they work? Do they work with different time frames? Should I just replace the other EA with the rescue EA when it is needed?...
Good question, wish I had a great answer but only have tested recovery EAs about 3 weeks. Been successful all 4 times I have used them. First I have put a 500 pip SL in the EA so I dont recommend going beyond that unless you are really experienced and know your support and resistance level really well. The real key is you never want to go that far so from my limited experience this is what I have learned so far. I like using them with the 3 level system because then I get to determine the 4th level, which means I want a wider entrance than 90 in most cases. That would be the yellow line. Here is one I used to enter the 4th level on the Eur/nzd and it worked great. It snucked up just past the yellow line and I put the EA on. Waited it out and was rewarded. I took out the profit line and reset it to 140. This currency retraces very well and regularly so I felt it was worth the risk. It worked. When the 4th level hit about 50 points profit I put in my SL close so I wouldnt lose my recovery. I had cut my loss in almost half by that point. Price kept moving and eventually I took my profit on this trade. Here is the pic.

Rule#1 if price is moving quickly I will use the recovery every time.
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  • #107
  • Feb 4, 2009 12:06am Feb 4, 2009 12:06am
That is easy to decide to use the recovery EA What goes up quickly will usually retrace quickly or will do it in the JPY session.

That is not the problem, here is the problem. I call this death by dripping water. It is like someone putting a clamp on your big toe and then turning it a 16th of an inch every hour until it twists off. This is the ugly trade for my system but it takes days to develop. Here is a USD/CHF trade that would be a night mare for my system. It dropped over 1700 pips over 9 days without any major retraces. First a look at the entire trade on the 4H chart.
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  • #108
  • Edited 5:57am Feb 4, 2009 12:10am | Edited 5:57am
Here is the first week of the drop on my system and what it would look like. Notice it just wouldnt retrace. The first day you probably wouldnt even notice the trade or consider it a problem. I am back on the 1H chart which to illustrate my point. There is no way of avoiding this trade, sometime during the year every currency will do this. But the commodity currencies do it more than the others. Even though it looks like it is retracing to the TP it is falling short by about 5-10 pips all the way through. So here is my second rule:

Rule #2: If price over a period of a day or 2 is not retracing to profit, grab the best retracement possible to minimize your loss and take the loss. Dont compound the loss by adding another level to it. From Wed. to Fri. you can see it just bounced between the 1st and 2nd red line. Just imagine your big toe being twisted every hour a 1/16 th of an inch or 1.5 mm for you metric countries. It only gets more painful over time.

Rule #3: See the double white line. That is where Friday ends for the weekend break. Never hold trades over the weekend. It only gets worse, especially the gaps. I try very hard never to hold trades over the weekend. I try to not trade the USA Friday session. Usually, but not always, what ever problem your facing only gets worse.
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  • #109
  • Feb 4, 2009 12:23am Feb 4, 2009 12:23am
New week and the USD/CHF continues twisting your toe by now you should have hit the 500 SL if you did not do it Friday, well Monday is going to kill you. Then on Tuesday, its do I use the recover EA or not and Wed. you hit your SL again and by Thursday you are ready to jump off the bridge, but you cant because both of your toes are gone.

Rule #4: Stay out of a bad trade until the currency snaps out of its funk. Dont reenter the trade Monday and get your other toe twisted off. This is a really, really ugly move for my system.

Rule #5: Never beat yourself up for taking a loss to protect your account. In the long run it is always better. In the next post I am going to make a confession. UGG.
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  • #110
  • Edited 12:54am Feb 4, 2009 12:38am | Edited 12:54am
Last Friday, I was coming up to the USA session, was in the hole about 5% of my account and had three currencies sitting at level 3. I looked at them and said to myself, self these currencies like to retrace so ride the boat. I did, they retraced and made 79 bucks. I was all smiles, except the Eur/gbp and the auds had caught up to me and were sitting on level 2 and 3 trades. I was 65 in the hole making it only a 14 buck day. I says to myself, self these currencies usually dont gap much on Monday so lets take the chance protect my profit. Well by the time the market closed I was over 150 down and was now losing my profit for the week. Monday I added 4th level trades and watched in horror as my account went almost 250 in the hole. The only thing starting to save me was other currencies were taking profits and finally by the EUR session the auds and eur/gbp started retracing. I protected my retracements and ended up with about 90 bucks in original loss but I gained some back as they returned to the 80 MA line. The rest of the day was profitable and by the end of the day my losing day had turned into a $14 profit day. The stupidity was I had that $14 profit day on Friday but I got cute and spent the weekend planning an exit strategy and spending my Monday in aggravation as my toe got halfway twisted off. I was lucky I got some retracements. Better yet, I should have taken the small Friday profit and I would have had a big day Monday of 120 bucks. (yes I know 120 is not big money but when your trading nickels that is darn good)

Rule# 6: TAKE THE SMALLER LOSS NOW AND TRADE ANOTHER DAY. DONT PUT YOURSELF IN THE POSITION OF TRYING TO SAVE YOUR ACCOUNT. Every one of those Aud, Eur/gbp trades later would have hit my TP and been very profitable trades. At the time I closed them I was just glad I got out alive. My demo accounts I let them ride and they look great, however, we all know we dont trade a demo the same as a live account. That is why I trade pennies on live accounts, they give the real feel of the EA. Start with .01 on a penny account. I use IBFX for this, (this is not an endorsement for them but they are the best penny account broker I know)

The lesson is don't beat yourself up for not hanging in there, They all could have done a USD/CHF and bye bye account.

Confessions of a Forex trader. May you not do what I did.
  • #111
  • Feb 4, 2009 3:00am Feb 4, 2009 3:00am
Hi,

Thanks for your answer and the very educating lesson. I laughed at your simile of the twisting toes, painful when one thinks about it. I will try to look more closely at my trades and watch them as often as I can. Most often I can watch my trades during the first hours of the day and in the afternoon/night. I like the semi-automatic type of trading, that can be done with this system. This, because of two reasons; I can't watch my trades during the whole day, and because it takes the edge of some of the emotions and errros of trading manually.

In almost all systems I have used, it is often recommended to not hold the trades during the weekend. I also have seen good or ok trades turn bad during the last couple of hours of the week or during the start on Sunday/Monday. So that recommendation I am going to follow closely

You mention that the best TF for USDCHF is 1H, but in the profile in your first post the selected TF for that currency is 15M, and for me it has worked out good so far. Is 15M good or is 1H better?

Regards

Archie


Quoting nanningbob
Last Friday, I was coming up to the USA session, was in the hole about 5% of my account and had three currencies sitting at level 3. I looked at them and said to myself, self these currencies like to retrace so ride the boat. I did, they retraced and made 79 bucks. I was all smiles, except the Eur/gbp and the auds had caught up to me and were sitting on level 2 and 3 trades. I was 65 in the hole making it only a 14 buck day. I says to myself, self these currencies usually dont gap much on Monday so lets take the chance protect my profit. Well by...
  • #112
  • Feb 4, 2009 4:10am Feb 4, 2009 4:10am
Quoting Archie
You mention that the best TF for USDCHF is 1H, but in the profile in your first post the selected TF for that currency is 15M, and for me it has worked out good so far. Is 15M good or is 1H better?
yes in the word it is 15minutes, id leave at 15mins atm cause USD pairs are quite erratic atm with all the news in the world, thats my thinking anyways...
Grabbing the bull by the horns!
  • #113
  • Feb 4, 2009 4:30am Feb 4, 2009 4:30am
Hi,

Perhaps it's a real newbie question, but how do you determine which TF to use with the different pairs? What should I look for?

Regards

Archie


Quoting whitegoodman
yes in the word it is 15minutes, id leave at 15mins atm cause USD pairs are quite erratic atm with all the news in the world, thats my thinking anyways...
  • #114
  • Feb 4, 2009 5:02am Feb 4, 2009 5:02am
dear mr. nanningbob,

I give them to me to give a recommendation --
if I start with 1500 usd which currencies and how many should I use.
1 pair or 19 pair ?
my broker activ trades is 0:01 = 10usdcent
Please help with setup
thank you
best regards
josef
  • #115
  • Feb 4, 2009 5:15am Feb 4, 2009 5:15am
Quoting vienna
dear mr. nanningbob,

I give them to me to give a recommendation --
if I start with 1500 usd which currencies and how many should I use.
1 pair or 19 pair ?
my broker activ trades is 0:01 = 10usdcent
Please help with setup
thank you
best regards
josef
based on that lot size id only use currencies with values less than 10cents a pip ie audnzd and audcad...

maby once u worked up to $2000USD think about adding ones with CHF at the end cos they are roughly 9cents a pip on micro lots...

currencies with gbp as the cross pair are 1.5 times those based in USD roughly or about 3 times the value of audnzd atm...

just make sure you look at the maths before hand...
Grabbing the bull by the horns!
  • #116
  • Feb 4, 2009 5:18am Feb 4, 2009 5:18am
Quoting Archie
Hi,

Perhaps it's a real newbie question, but how do you determine which TF to use with the different pairs? What should I look for?

Regards

Archie

you sorta gotta eyeball the charts to see how well they range on different TF's.. as bob said in the word document pairs that move quicker etc on lower TF's...

I personally jsut eyeball charts and see which TF handles the movement the best (by this i mean barely anything at level 3)
Grabbing the bull by the horns!
  • #117
  • Feb 4, 2009 5:57am Feb 4, 2009 5:57am
Quoting Archie
Hi,

Thanks for your answer and the very educating lesson. I laughed at your simile of the twisting toes, painful when one thinks about it. I will try to look more closely at my trades and watch them as often as I can. Most often I can watch my trades during the first hours of the day and in the afternoon/night. I like the semi-automatic type of trading, that can be done with this system. This, because of two reasons; I can't watch my trades during the whole day, and because it takes the edge of some of the emotions and errros of trading manually....
I am sorry my mistake. I used the one hour to make a point. Thanks for pointing that out.
  • #118
  • Feb 4, 2009 6:00am Feb 4, 2009 6:00am
Bob,

Thanks for a creative system. I'm going to load it up later in the day.

One question I had is how much do you monitor your trades during the day (and night)? As someone else mentioned this doesn't seem to be a set and forget system.

Thanks!
Sandy
  • #119
  • Feb 4, 2009 6:10am Feb 4, 2009 6:10am
Quoting vienna
dear mr. nanningbob,

I give them to me to give a recommendation --
if I start with 1500 usd which currencies and how many should I use.
1 pair or 19 pair ?
my broker activ trades is 0:01 = 10usdcent
Please help with setup
thank you
best regards
josef
I would start with 10 divergent pairs if you have to use ten cents. What I mean is dont have all GBP or any other. Also have pairs that will trade different sessions so if some move a lot during the Euro others are not. For instance the USA/JPY will move at the jpy and USA session but is quiet during the Euro. Eur/USD will quiet during the JPY session and so on. Make sure you have a couple of aud NZD for their sessions. Then as your account grows you can add others. I am testing a dime on 1000 dollars using only two currencies at 100:1. I want to see how much margin they use. So in reality my answer to you is a guess. I would demo for a while. You must understand we started this last December on one pair and my mid January these were the best numbers I came up with after one month. This is not a well tested system at his point but I think you can see it is based on sound reasoning. The biggest issue is your leverage. I use 1000 dollars but have 400:1 leverage. If you have 100:1 leverage you would need 4000 dollars to trade the same amount as me. So there are some variables I dont know to give you really good advice on this. Please demo awhile and watch your margin and DD. After a week or two you will get an idea. Here is a good idea.

This Friday is NFP and it should be a doozy. Lots and lots of people have been laid off so the numbers could come in much higher than expected. The market could literally blow the roof.

I DO NOT RECOMMEND AT ALL TRADING LIVE ON FRIDAY BUT EVERYONE SHOULD HAVE ONE OR MORE DEMOS RUNNING WITH DIFFERENT FORMULAS. THIS WILL GIVE YOU A GREAT IDEA OF WHAT THIS EA WILL DO IN A POSSIBLE RUNAWAY MARKET. I AM LOOKING FORWARD TO FRIDAY'S RESULTS. UNDER NO CONDITIONS WILL I BE TRADING IT LIVE. TOO MANY UNKNOWNS.

I bet you can get in some recovery EA practice.
  • #120
  • Feb 4, 2009 6:17am Feb 4, 2009 6:17am
Quoting nubchai
Bob,

Thanks for a creative system. I'm going to load it up later in the day.

One question I had is how much do you monitor your trades during the day (and night)? As someone else mentioned this doesn't seem to be a set and forget system.

Thanks!
Sandy
I am at work 10-12 hours a day so I do not monitor it very much. I also am not very aggressive with it so I will keep everything low key. In other threads I tell folks I rather trade 3 500 dollar accounts at .01 or .02 with different formulas than try one large account. If something goes bad the other two will resupply the blown account. I havent had to add funds to my acount in over two months. If I blow one I can transfer money from the two still going and recover that way instead of always feeding IBFX more money. I have one account at a 1000 trading pennies so it never gets blown. I try riskier stuff with the others and if I blow them out I just get some money from my main safe account. That is part of my money management.
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