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Nanningbob 4H trading system

  • #101
  • May 22, 2009 12:58am May 22, 2009 12:58am
Here is a possible trend continuation trade. These look great after the fact but are really hard to predict in real time. The only reason I post it is because the other AUD currencies pairs look to be going south so that is the only confirmation I have that this is possible. I am not going to play it at this time but I showed the pick to show how one looks at the time you may want to try and entry. If you play this go with a fairly short SL on the other side of the 20 BB MA. They make a lot of pips when you get one but like I said tricky to predict exactly. Anyway here is one I think has a chance to be one.
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  • #102
  • May 22, 2009 1:01am May 22, 2009 1:01am
Here are a couple of secondary trades. I hope they do . Again these are easier to see after the fact. Seeing these bouncing off of S/R is the best predictor and then SL on the other side of the S/R line I think is the best play. The EUR/JPY and EUR/CAD have a really strong resistance here so I think it is a good trade. With other EUR currencies at Primary trades this all gives good confirmation that the EURO may go south for a while. The flat red line shows we are in an area of ranging so is looks like a good trade to me.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eur jpy sec.gif Size: 19 KB
  • #103
  • May 22, 2009 5:45am May 22, 2009 5:45am
If you are entering trades on friday will you let them open over the weekend? Monday may see some high spreads. Seems like with this strategy it's safer to hold over the weekend and would alot of times be required to avoid drawdowns by closing negative open trades at the end of each week. I know it's best to start getting out near the end of the week and be completely out by friday but what if your floating loss is high on friday?
  • #104
  • Edited 9:26am May 22, 2009 9:06am | Edited 9:26am
Quoting Toothman
If you are entering trades on friday will you let them open over the weekend? Monday may see some high spreads. Seems like with this strategy it's safer to hold over the weekend and would alot of times be required to avoid drawdowns by closing negative open trades at the end of each week. I know it's best to start getting out near the end of the week and be completely out by friday but what if your floating loss is high on friday?
Yes you can hold onto trades over the weekend because I only enter two levels deep and then decide to do something with the trade. That is the beauty of the 180-200 reentry. It is like this Eur/USD trade that just wont retrace right now. I am three levels deep with it so I am not really in any serious trouble as long as I get some retracement soon. If it doesnt retrace, I will take out the earliest entrance and be back to a two level trade. I like the flexibility that gives me. I hope to keep my losses smaller that way as compared with my other systems where that wouldnt work as well with the multiple reentries and larger reentries. So if price breaks north I will take a loss on one trade but still hope to salvage the other two. You can call it my stop loss area. That is my new rule, my stop loss is at the third entrance area if price continues to go against you. I did this earlier on the GBP/USD and it seemed like a good idea. If I dont get my retrace soon I will just close the one trade and play like I have two entrances and go for a small profit or break even. The first trade I close will be one of my rare losses. At least that is what I am hoping for. I think that is a major major impovement over some of my other systems. I posted the multiplication at 1.0 but I am using 1.5. So if you start with .02, then .03. then .05 and get rid of the .02 if you dont get the retrace and just take that as a losing trade. Try to break even with the .03 and . 05 trades and when they do. You still are near the top and you start a fresh trade at .02 and see if it will run. You also can go another 3 levels deep or 4-500 pips in the hole. with the red, white and blue still at the top, price has to give a some point of time. I hope I explained that in a way that is understandable but that, to me anyways, stops the big loss, death trade, that would occasionally happen. Does that make sense to you??

The gbp/usd has retraced two times in the last two days and broke above even the first time but the second time was a nice profit. Now I am looking at a third since it has gone up to hit that resistance line a third time. I have made up for the loss I took earlier when I closed the losing trade and I still have the potential of the break south for a nice profit. So that worked very well the first time I tried that. I still am waiting for price direction change and I am not at a loss on the currency.

What is mildly frustrating is the Eur/usd usually moves in a similar pattern with the gbp/usd and it hasnt this time. But again so far not a problem at this point. Now if it moves up all the way to closing and then gaps on me on Monday then it may become a problem but at this point it is liveable. If price continues to move against me I will close that first trade and leave the others running to deal with like I did above with the gbp/usd. This will keep my losses to a minimum if I do it right. If you look at the charts price seems to keep moving in the same direction for a while after the weekend. That is difficult for a non trend following system but works better with a trend following system.

The 180x200 is doing good this week but I have changed it some since I posted it. I will post about that this weekend and why the change.
  • #105
  • May 23, 2009 4:05pm May 23, 2009 4:05pm
Mr Nanningbob,

I have downloaded the files and moved them to where you say in your instructions but I am getting the dreaded "waiting for update". I have deleted and done it again on alpari and even opened an demo acct with your broker but still no luck. Can you shed any light on what I may be doing incorrectly? Thanks

DJ
  • #106
  • May 23, 2009 5:11pm May 23, 2009 5:11pm
Quoting nanningbob
Arnyboy and Adsanders thanks for the input. Thought I had discovered something but Oh well. Just one of those wild guesses. Actually I wish FF published news like that. I dont know if those announcement, credit ratings, are planned or they come out of the blue. I was lucky this time. I got clobbered when they downgraded NZD several months ago but I find nowhere where that info. is known in advance. Is that possible or is that news dropped like a bomb out of nowhere???
Hi Nanningbob,

I am sure you are already probably aware but if not... for future refernce... FF does have the entire coming weeks news schedule listed including the NZD news on the news tab above. I am not sure how acurate the different signs are (red yellow, etc.) but I have already experienced two different crazy movements close to or right after one of the news breaks when they had flagged them red. So I am making it a point to check their news page every day so I will at least have some idea of what could happen and at what time.

Keep up the good work!

adsanders
  • #107
  • May 23, 2009 5:45pm May 23, 2009 5:45pm
Quoting nanningbob
Yes you can hold onto trades over the weekend because I only enter two levels deep and then decide to do something with the trade. That is the beauty of the 180-200 reentry. It is like this Eur/USD trade that just wont retrace right now. I am three levels deep with it so I am not really in any serious trouble as long as I get some retracement soon. If it doesnt retrace, I will take out the earliest entrance and be back to a two level trade. I like the flexibility that gives me. I hope to keep my losses smaller that way as compared with my other...
This makes perfect sense to me Bob. I like this idea. Price has to retrace sooner or later and you're controlling margin used while you're waiting. On the multiple entries I'm using a mult. of 2.0 with a $2000 account so maybe I should back that down to 1.5.
  • #108
  • May 23, 2009 7:39pm May 23, 2009 7:39pm
Quoting yourchef51
Mr Nanningbob,

I have downloaded the files and moved them to where you say in your instructions but I am getting the dreaded "waiting for update". I have deleted and done it again on alpari and even opened an demo acct with your broker but still no luck. Can you shed any light on what I may be doing incorrectly? Thanks

DJ
Go to Market watch. It will open a side bar on the left side of your screen. Right click on the screen and click on Show all. Then drag each currency over to its individual screen. That should fix the problem. Save the Profile and you are ready to go.
  • #109
  • May 23, 2009 7:46pm May 23, 2009 7:46pm
Quoting Toothman
This makes perfect sense to me Bob. I like this idea. Price has to retrace sooner or later and you're controlling margin used while you're waiting. On the multiple entries I'm using a mult. of 2.0 with a $2000 account so maybe I should back that down to 1.5.
I dial back the multiplication because I only use 2-300 dollars in my account for now so with this new way of keeping atrade 1.5 or somewhere in that area should keep losses to a minimum I think. This maybe the one thing we have been missing in my systems, controlling losses during a perfect storm. Also, manually putting in your reentries at the S/R lines instead of a set figure may give you your maximum profit. We can now add pending orders to the system to get our best entrances. The buy limit and sell limit seem to be the best ones for my system unless you are playing that price will break the S/R then you want to use Buy Stop and Sell Stop. On the Buy orders is there anyway you can get it to go on the Bid price instead of the Ask??

Pending Order
Pending order is the client's commitment to the brokerage company to buy or sell a security at a pre-defined price in the future. This type of orders is used for opening of a trade position provided the future quotes reach the pre-defined level. There are four types of pending orders available in the terminal:

  1. Buy Limit — buy provided the future "ASK" price is equal to the pre-defined value. The current price level is higher than the value of the placed order. Orders of this type are usually placed in anticipation of that the security price, having fallen to a certain level, will increase;
  2. Buy Stop — buy provided the future "ASK" price is equal to the pre-defined value. The current price level is lower than the value of the placed order. Orders of this type are usually placed in anticipation of that the security price, having reached a certain level, will keep on increasing;
  3. Sell Limit — sell provided the future "BID" price is equal to the pre-defined value. The current price level is lower than the value of the placed order. Orders of this type are usually placed in anticipation of that the security price, having increased to a certain level, will fall;
  4. Sell Stop — sell provided the future "BID" price is equal to the pre-defined value. The current price level is higher than the value of the placed order. Orders of this type are usually placed in anticipation of that the security price, having reached a certain level, will keep on falling.

  • #110
  • May 23, 2009 8:57pm May 23, 2009 8:57pm
Quoting adsanders
Hi Nanningbob,

I am sure you are already probably aware but if not... for future refernce... FF does have the entire coming weeks news schedule listed including the NZD news on the news tab above. I am not sure how acurate the different signs are (red yellow, etc.) but I have already experienced two different crazy movements close to or right after one of the news breaks when they had flagged them red. So I am making it a point to check their news page every day so I will at least have some idea of what could happen and at what time.

Keep up...
What I want to know is the specific time and dates for upgrading or downgrading a currencies credit rating. This news has a big effect on currencies and it would be nice to know when they are happening.
  • #111
  • May 23, 2009 9:13pm May 23, 2009 9:13pm
Quoting nanningbob
What I want to know is the specific time and dates for upgrading or downgrading a currencies credit rating. This news has a big effect on currencies and it would be nice to know when they are happening.
Hmmm.... I have no idea. Oh well at least maybe someone else will learn something about the news page and how the news effects movement. I just know I am going to be paying attention to it from now on.
  • #112
  • May 23, 2009 11:42pm May 23, 2009 11:42pm
There are not many news stories that will go beyond the range of my EAs but Interest rates are one and changes in a currencies debt rating is another. But I do not know where to find that 2nd piece of info. The first time I ran into that news stories I got beat up pretty bad. this time I was blessed. I would prefer to know about those ahead of time though.
  • #113
  • May 24, 2009 5:23am May 24, 2009 5:23am
I'm going to alter the 3/3 cross trigger to a 1/1 this week and see how it goes.
  • #114
  • May 24, 2009 10:24pm May 24, 2009 10:24pm
Quoting Toothman
I'm going to alter the 3/3 cross trigger to a 1/1 this week and see how it goes.
im currently using the 3/3 for the 4hr chart and a 2/2 for the daily chart.... signal on both 4hr chart and daily are quite powerful... and i find the daily signal slightly better than 4hr atm... we will see in time however...

Bob what sorta of settings are you using for re-entries, whats your SL, or are you manging the trade so you effectively have no SL?

im currently doing 500SL, 3 entries 200pips apart. 1.5x. I was using a 300SL but was too small in hindsight. In my simulations ive been running on weekends a 400SL will usually keep you out of most trouble.... however this was when the markets were less volatile...
Grabbing the bull by the horns!
  • #115
  • May 24, 2009 11:49pm May 24, 2009 11:49pm
Quoting whitegoodman
im currently using the 3/3 for the 4hr chart and a 2/2 for the daily chart.......
I have a 1000 SL which is like no stop loss. I am trying reentries at S/R lines instead of fixed numbers and I am exiting trades at the 3rd reentry. I either take out the 1st entrance or if there is a retrace I close them all and start over.
  • #116
  • May 24, 2009 11:51pm May 24, 2009 11:51pm
It sure would be nice if the Eur/usd would finally retrace. It basically has gone a whole week without one, which is very unusual and very rare. So far I have not had to take a loss with it yet but I am close to taking out my first level trade. Hopefully we will see some kind of meaningful retrace and I can get out with very little damage.
  • #117
  • May 25, 2009 2:51am May 25, 2009 2:51am
Quoting nanningbob
It sure would be nice if the Eur/usd would finally retrace. It basically has gone a whole week without one, which is very unusual and very rare. So far I have not had to take a loss with it yet but I am close to taking out my first level trade. Hopefully we will see some kind of meaningful retrace and I can get out with very little damage.
i'm also looking for EURUSD to drop. thankfully i just got in a first level trade so i can go another 600 pips or so higher..
change the future, not the past
  • #118
  • May 25, 2009 3:05am May 25, 2009 3:05am
does anyone think USDCAD will go up this week?
change the future, not the past
  • #119
  • May 25, 2009 4:31am May 25, 2009 4:31am
Quoting 137
does anyone think USDCAD will go up this week?
ive already moved my stop loss to break even
Grabbing the bull by the horns!
  • #120
  • May 25, 2009 4:36am May 25, 2009 4:36am
Quoting whitegoodman
ive already moved my stop loss to break even
nice
change the future, not the past
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