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Nanningbob 4H trading system

  • #141
  • May 28, 2009 3:09am May 28, 2009 3:09am
I like your 242424 strategy...

... BUT WHY CLOSE OUT ...if you have the multiplier effect?

if you use the multiplier of 1.5 or 2, does it not warrant the same effect? I understand your concept, i think, but when in 3L deep, to close 1st level will create a huge loss? Are saying close out level 1 when you hit level 2 already before level 3?

ps. thanks for sharing this awesome system, starting to understand it and gain plenty of PIPS per day. Just hanging on to long...for the retrace as per 180 system?
  • #142
  • May 28, 2009 4:19am May 28, 2009 4:19am
Quoting cx007
I like your 242424 strategy...

... BUT WHY CLOSE OUT ...if you have the multiplier effect?

if you use the multiplier of 1.5 or 2, does it not warrant the same effect? I understand your concept, i think, but when in 3L deep, to close 1st level will create a huge loss? Are saying close out level 1 when you hit level 2 already before level 3?

ps. thanks for sharing this awesome system, starting to understand it and gain plenty of PIPS per day. Just hanging on to long...for the retrace as per 180 system?
The purpose is to close out a losing situation by getting as close to break even as possible. If you let the early level keep running with the loss then you need bigger lots or a bigger retrace to recover the loss. That is Martingale philosophy. What happens is sooner or later the perfect storm comes and wipes you out. This limits the loss to a size where you have a chance to break even on the trade and then keep your profits in the bank. That is the philosophy behind the system. It also makes it manageable as to when to open and close the trades. If you have ever used a martingale system you know as the debt gets bigger you wonder, will I get the retrace or will I wipe out my account. IN this you take the scheduled loss and then when the retrace happens you stand a good chance of getting back to even. Believe me your mental framework is so much better when you see that your balance has not been damaged. You take the philosophy that I will have my winners and I am going to limit my losers. If you are getting beat up by price for several days in a row but your balance has stayed stable, you know the profits will come.
  • #143
  • May 28, 2009 4:43am May 28, 2009 4:43am
I like the sound of it nanningbob. Any chance of giving us a worked example so i can get my simple brain around it more?

With the system as it stands are you talking about using the EA to enter the trade initially, but when in, taking off the EA and entering the rest of the levels manually with the desired lot size?

P.S. I've been wondering if it's possible to get the system to send an email notification for a possible entry, instead of the sound alert?
  • #144
  • May 28, 2009 7:17am May 28, 2009 7:17am
Quoting nutsford
I like the sound of it nanningbob. Any chance of giving us a worked example so i can get my simple brain around it more?

With the system as it stands are you talking about using the EA to enter the trade initially, but when in, taking off the EA and entering the rest of the levels manually with the desired lot size?

P.S. I've been wondering if it's possible to get the system to send an email notification for a possible entry, instead of the sound alert?
yeah there is a way to have an email alert. I have never tried programming that but I am sure there are guys here that can do that. MT4 is set for such a thing so we will need a real expert for that one. If we dont get one soon we can ask in the Programming section of FF.

This idea came to me last night when I was at the doctors office. I have been playing around with the idea of letting trades go so you dont need such a big retrace to get back to even. I am sure we can refine it some as we work with it. I also am playing with these support and resistance lines like Whitegoodman suggested so we will see what comes of it. I mean you see the B&W lines above 85 and a fairly major resistance area on a 4H or 1D chart, I dont see why not put your sell in there, instead of waiting for the EA but then again I will probably get myself into trouble doing that.
  • #145
  • May 28, 2009 12:50pm May 28, 2009 12:50pm
did i understand this right?
if 4th level open i close level 1. and if 5th level is reached i close level 2. at this point i have a 0.2 lot with 600 pips loss and a 0.4 lot loss with also 600 pips. right?

this means the price have to return a long distance to recover the losses. or will you never recover them?

or will you close level 1 if level 3 was opened?

and if i use 2 4 2 6 4 6 i will recover the lossing trades how will the series continue if not? 2 4 2 6 4 6 ... 4 8 4 10 6 10?
  • #146
  • May 28, 2009 4:20pm May 28, 2009 4:20pm
current trades:

BUY

USDCHF

EURCAD

SELL

USDJPY

EURJPY

GBPJPY

CHFJPY

CADJPY


i need some advice guys. should i be worried about the correlation between the yen crosses on the sell side? i could get hit hard if the jpy continues to lose ground...
change the future, not the past
  • #147
  • May 28, 2009 5:31pm May 28, 2009 5:31pm
Quoting 137
current trades:

BUY

USDCHF

EURCAD

SELL

USDJPY

EURJPY

GBPJPY

CHFJPY

CADJPY


i need some advice guys. should i be worried about the correlation between the yen crosses on the sell side? i could get hit hard if the jpy continues to lose ground...
I have the same trades going, all the JPY trades are at a strong resistance point and I am looking at retraces on each of them. Even though the JPY currencies have been having steady moves in one direction they have been retracing nicely along the way, so I am not too worried. I went in this morning/(evening USA time) and put trades on manually at the resistance line so JPY session retrace you have been my hero many many times. Friday is usually a good retrace day because some traders like closing out at the end of the week and businesses like closing out their books at the end of the month. So we will see.
  • #148
  • May 28, 2009 5:43pm May 28, 2009 5:43pm
I dont know if I will add trades today or not. I want to clean out many of my trades today and not carry many into the weekend. I see chf/jpy as the only primary trade.

You can pick and choose but there are a lot of secondary trades out there. If the market keeps ranging they are great but if they break out ugly :
aud/jpy, eur/jpy, gbp/nzd, all nzd pairs. All are sells except the gbp/nzd.

Here are some TC trending continuing trades. They bounce off the 20 MA of the BB and can be great trades. Then again they may not so be tight with your stop losses on these if you do them:

aud/cad, eur/cad, eur/gbp, eur/usd, gbp/chf,

Happy trading,
  • #149
  • May 28, 2009 6:05pm May 28, 2009 6:05pm
Quoting 137
current trades:

BUY

USDCHF

EURCAD

SELL

USDJPY

EURJPY

GBPJPY

CHFJPY

CADJPY


i need some advice guys. should i be worried about the correlation between the yen crosses on the sell side? i could get hit hard if the jpy continues to lose ground...
im generally only using 2 of the same currency ie if ive got EURJPY and GBPJPY i wont do any more pairs with JPY in them... id advise to have a look at the correlation tables for each currency...

also if say you have a signal on EURJPY, GBPJPY and CHFJPY go to the GBPCHF, EURCHF and EURGBP to see which 2 of the 3 are strongest...
Grabbing the bull by the horns!
  • #150
  • May 28, 2009 6:37pm May 28, 2009 6:37pm
Quoting whitegoodman
im generally only using 2 of the same currency ie if ive got EURJPY and GBPJPY i wont do any more pairs with JPY in them... id advise to have a look at the correlation tables for each currency...

also if say you have a signal on EURJPY, GBPJPY and CHFJPY go to the GBPCHF, EURCHF and EURGBP to see which 2 of the 3 are strongest...
Good advice
  • #151
  • May 28, 2009 6:41pm May 28, 2009 6:41pm
Quoting nanningbob
Good advice
no worries im here all week
Grabbing the bull by the horns!
  • #152
  • May 28, 2009 11:11pm May 28, 2009 11:11pm
Quoting nanningbob
If price goes against you, you drop the first level entrance and that is a losing trade. The 4th level now you enter .40 if price reverses back to the level .20 entrance you are back at break even again.
I can't see why anyone would do this, so must be missing something.

When you get to L4 you'd be down $240 from 3 positions (120,80,40). You close the first 0.2 trade and take the $120 hit. You then open a 0.4 trade, so your position is down $240 (120 closed 120 open) and Long 1.0 (0.4+0.2+0.4).

You'd be in the same position if you left the 0.2 open and just opened a further 0.2 (ie. 0.2+0.4+0.2+0.2). You'd be down $240 (all open) and Long 1.0. No matter where the trade heads, up or down, the resulting profit or loss will be the same. Buying 0.2 you'd incur one third the spread of closing 0.2 and opening 0.4.

Leaving positions open and using 2,4,2,2,-2,2,-2 is the same as having only 3 positions open with 2,4,2,4,2,4,2.

Beyond higher spreads, a problem I see with 2,4,2,4 scheme is that psychologically you could think you're doing better than you are. An open position of -120 with the other -120 taken feels better than an open position of -240. It's like when being eaten by a piranha thinking 'I need to protect 100% of what is remaining of me' rather than 'I need to protect the 90% of me that's remaining'.

Cheers
Knoxy
Aspice, officio fungeris sine spe honoris amplioris
  • #153
  • May 29, 2009 2:56am May 29, 2009 2:56am
Quoting whitegoodman
im generally only using 2 of the same currency ie if ive got EURJPY and GBPJPY i wont do any more pairs with JPY in them... id advise to have a look at the correlation tables for each currency...

also if say you have a signal on EURJPY, GBPJPY and CHFJPY go to the GBPCHF, EURCHF and EURGBP to see which 2 of the 3 are strongest...
thanks bro
change the future, not the past
  • #154
  • May 29, 2009 3:02am May 29, 2009 3:02am
Quoting nanningbob
I have the same trades going, all the JPY trades are at a strong resistance point and I am looking at retraces on each of them. Even though the JPY currencies have been having steady moves in one direction they have been retracing nicely along the way, so I am not too worried. I went in this morning/(evening USA time) and put trades on manually at the resistance line so JPY session retrace you have been my hero many many times. Friday is usually a good retrace day because some traders like closing out at the end of the week and businesses like closing...
thanks for the insight
change the future, not the past
  • #155
  • May 29, 2009 4:23am May 29, 2009 4:23am
Quoting Knoxy
I can't see why anyone would do this, so must be missing something.

When you get to L4 you'd be down $240 from 3 positions (120,80,40). You close the first 0.2 trade and take the $120 hit. You then open a 0.4 trade, so your position is down $240 (120 closed 120 open) and Long 1.0 (0.4+0.2+0.4).

You'd be in the same position if you left the 0.2 open and just opened a further 0.2 (ie. 0.2+0.4+0.2+0.2). You'd be down $240 (all open) and Long 1.0. No matter where the trade heads, up or down, the resulting profit or loss will be the same. Buying...
I will reply in detail more this weekend but those of us who have experienced the perfect storm and death trades know exactly what I am talking about and I think understood the system quickly. It will be better understood when I post some pics of its usage.
  • #156
  • May 29, 2009 11:04am May 29, 2009 11:04am
just closed out USDJPY for +120.

what a waste of my time! LOL
change the future, not the past
  • #157
  • May 29, 2009 12:13pm May 29, 2009 12:13pm
does anyone have the indicator that displays the total open position of a particular currency pair? thanks kindly for any help
change the future, not the past
  • #158
  • May 29, 2009 12:40pm May 29, 2009 12:40pm
i've just added these indicators to my charts and i think the study of monthly and weekly pivots could bring a really useful dynamic to this system.
Attached File(s)
File Type: mq4 WeeklyPivot.mq4   5 KB | 361 downloads
File Type: mq4 MonthlyPivot.mq4   5 KB | 310 downloads
change the future, not the past
  • #159
  • Edited 6:46pm May 29, 2009 5:57pm | Edited 6:46pm
Quoting 137
just closed out USDJPY for +120.

what a waste of my time! LOL
+120 is a waste of time ???? Not bad in a market that went nowhere this week. I mean the difference between the high and the low is 280 pips and you squeezed a trade for +120. Hey you did good. That primary trade on Friday was the only good trade of the week for that pair.
Attached Image (click to enlarge)
Click to Enlarge Name: usd jpy.gif Size: 16 KB
  • #160
  • May 29, 2009 7:12pm May 29, 2009 7:12pm
http://www.forexfactory.com/showthre...50#post2766650

If you go to post # 2036 you will see the difference in my equity line of taking a loss of all levels and then taking out just the worst level trade and keeping the trade going. You will notice you can keep the equity about even through rough patches in trading instead of a bigger loss dip. You can study the first pic for my trading in May.
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