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Nanningbob 4H trading system

  • #221
  • Jul 12, 2009 4:21am Jul 12, 2009 4:21am
Quoting kof91
The "2,4,2" rescue system seems interesting concept, I've been reading a up on it.

For example I have the following trade:
L1 0.02
L2 0.04
L3 0.08

- For 2,4,2 rescue at what lot size should I start with for 1st entry?

- any recommended tp for each rescue level?

the moment the 1st entry for 2,4,2 trade is made the first trade will be closed to maintain limited number of trades.

I want to sort out the logic and attempt to code a "2,4,2" rescue EA.
Ok the L1 trade is closed because you are just taking a loss on that. You then enter your level 4 trade but it now becomes a level 3 because you closed out your first level. You now match the size of the old level 2 trade which is .04. If it retraces to the level 3 entrance the .08 is now at 0 and the profit from the second .04 matches the loss of the other .04 and you have 0 out your trade. Your only loss is the .02 which you took earlier. This is to help you minimize your loss.

If the trade goes against you again to another level you would then close out the first .04 trade (your original 2nd level) and then enter a .08 and try to 0 out the trade again but this time you would have 2 losing trades. Clear as a dirty river I hope.

In using this system I have only gone one level at a loss because I have always gotten a retrace on the 4th level entrance. A couple of trades I took a loss but reduced my losses with the retrace and a couple of others it went farther and the whole thing took a small profit. One time I tried to just take a profit on each level because I felt price had not just retraced but actually turned around. So I closed the trades down in profit as price moved back to my original entrance point. I only did this once and I did it because fundamental news seem to favor such a strategy. So that is a variation of the 242 system.
  • #222
  • Jul 12, 2009 5:30am Jul 12, 2009 5:30am
Quoting kof91
The "2,4,2" rescue system seems interesting concept, I've been reading a up on it.

For example I have the following trade:
L1 0.02
L2 0.04
L3 0.08

- For 2,4,2 rescue at what lot size should I start with for 1st entry?

- any recommended tp for each rescue level?

the moment the 1st entry for 2,4,2 trade is made the first trade will be closed to maintain limited number of trades.

I want to sort out the logic and attempt to code a "2,4,2" rescue EA.
Rescue EA would be great but how will you code it to conform to new FIFO rules?
  • #223
  • Jul 12, 2009 6:26am Jul 12, 2009 6:26am
  •  kof91
  • | Joined Apr 2009 | Status: You only lose what you cling to. | 13 Posts
Quoting nanningbob
If the trade goes against you again to another level you would then close out the first .04 trade (your original 2nd level) and then enter a .08 and try to 0 out the trade again but this time you would have 2 losing trades. Clear as a dirty river I hope.
Thanks for showing how to fish in dirty river.

Time to make some fishing tools. I will post 242 rescue EA for everyone to test/comment hopefully before end of this week.
  • #224
  • Jul 12, 2009 6:37am Jul 12, 2009 6:37am
  •  kof91
  • | Joined Apr 2009 | Status: You only lose what you cling to. | 13 Posts
Quoting Toothman
Rescue EA would be great but how will you code it to conform to new FIFO rules?
I still have no idea how IBFX going to implement the FIFO rules. No harm coding first as to get the 242 system base up first.

FIFO is one thing, some upcoming NFA ruling also doesn't look too good. I'll probably be heading for alternative broker.
  • #225
  • Jul 13, 2009 2:12am Jul 13, 2009 2:12am
Hello NanningBob and thank you for this simple and easy to implement system. I plan to demo try it in the coming few weeks but I am having difficulty using the EA as my demo account will only allow standard lots @ 10$/pip and my live account will allow 0.1 lots but at 1$/pip. Is it possible to modify the EA to fit my broker's limitation? if not then how can I place my entry manually without being too early or too late? the other problem I faced was using the profiles because it tries to open currency pairs with an m at the end (e.g. EURUSDm), whereas my broker has the standard nomenclature (EURUSD). so I opened my charts manually, applied the template and then saved them as a new profile. Thanks again for this method and hope you will keep posting example trades with entry and exits.
  • #226
  • Jul 13, 2009 5:43am Jul 13, 2009 5:43am
Quoting kof91
I still have no idea how IBFX going to implement the FIFO rules. No harm coding first as to get the 242 system base up first.

FIFO is one thing, some upcoming NFA ruling also doesn't look too good. I'll probably be heading for alternative broker.
Rescue would have to be different lot sizes right? Maybe something like 24354, dropping the 2 to add the 5 and then dropping the first 4 to add the second 4.

As for an alternative broker, I'm not having much luck so I'm really hoping IBFX (Singapore) keeps everything the same as the US. branch. Maybe NFA won't impose leverage limitations. Every MT4 broker I've found that offers a penny a pip(and there aren't many) with high leverage looks shady to me or don't take US. citizens. They're either unregulated or based on some island and have horrible reviews.
  • #227
  • Jul 13, 2009 7:35pm Jul 13, 2009 7:35pm
NanningBob,


First, would like to say thanks.

Your system work very well tested on demo account and I would try in live account -- I am a loser in trading. Make money for a while but loose more at the end

I had simple question since I am not the expert with EA's...
The template (to buy/sell) works well on forex.com system but not working with Alpari --- I need to double click the EA. What is the problem...?

I still really confuse about dime & penny (I knew about 4 digits & 5 digits).
If you can help what broker shall use (dime/penny) for IBFX, FXDD, Alpari & Forex.com? and what will happen when I copy wrongly (dime/penny)?

I still read and read again your document to be more expert....

Read your statement on people vote bad event before try...
In life there is always people either a joker or just did not want to please other. Just leave it...

Appreciate your effort and all sharing...
  • #228
  • Jul 14, 2009 11:43am Jul 14, 2009 11:43am
Quoting jopie
NanningBob,


First, would like to say thanks.

Your system work very well tested on demo account and I would try in live account -- I am a loser in trading. Make money for a while but loose more at the end

I had simple question since I am not the expert with EA's...
The template (to buy/sell) works well on forex.com system but not working with Alpari --- I need to double click the EA. What is the problem...?

I still really confuse about dime & penny (I knew about 4 digits & 5 digits).
If you can help what broker shall use (dime/penny)...
Since I dont use Alpari this is a difficult question for me to answer, however, what ever works on the demo will work the same on a live account. Or should anyway. So if IBFX .01 is a penny maybe Alpari its ten cents in stead of a a penny. If it doesnt work at all then you may have to use .10 which then should be a dime but with some brokers it could be a dollar. It also depends on what kind of account you have with them. Some brokers have a Micro account in which .10 equals a dime and then on a regular account .10 equals a dollar. So you need to ask them what is what. So give them a call and ask what does .01 lot equal in a micro account and so forth. Happy trading.
  • #229
  • Jul 14, 2009 11:49am Jul 14, 2009 11:49am
Quoting Toothman
Rescue would have to be different lot sizes right? Maybe something like 24354, dropping the 2 to add the 5 and then dropping the first 4 to add the second 4.

As for an alternative broker, I'm not having much luck so I'm really hoping IBFX (Singapore) keeps everything the same as the US. branch. Maybe NFA won't impose leverage limitations. Every MT4 broker I've found that offers a penny a pip(and there aren't many) with high leverage looks shady to me or don't take US. citizens. They're either unregulated or based on some island and have horrible...
I fear the worse for NFA because the orginization is not controled by Forex traders but by future traders and the rules coming down is the rules they use. Dont know how true that is but that is from an article I read last week. I will look at IBFX Singapore. I am getting so many mixed signals. IBFX reports as long as lots are different size it wont matter but FX Solutions is saying first in first out always. FX solutions is setting up MT4 in Australia so I will look at that. I left them because I love the MT4 platform and theirs sucked. So if they offer MT4 and the same service and rates in Australia as USA they maybe a better company than IBFX. Only time will tell.

I am staying at a friends house with no internet connection, so I will be doing no trading this week. I come to the library and use their WiFI toget on the internet once a day. Oh well.
  • #230
  • Jul 14, 2009 11:55am Jul 14, 2009 11:55am
Quoting nanningbob
Since I dont use Alpari this is a difficult question for me to answer, however, what ever works on the demo will work the same on a live account. Or should anyway. So if IBFX .01 is a penny maybe Alpari its ten cents in stead of a a penny. If it doesnt work at all then you may have to use .10 which then should be a dime but with some brokers it could be a dollar. It also depends on what kind of account you have with them. Some brokers have a Micro account in which .10 equals a dime and then on a regular account .10 equals a dollar. So you need to...
just to let you know: 0.1 is a dollar at alpari; 0.01 therefore 10 cents.
meine augen sind die sterne
  • #231
  • Jul 14, 2009 11:01pm Jul 14, 2009 11:01pm
NanningBob & All,

When put-up template (per instruction to activate EA) to buy/sell; on this example is sell. I noticed the Red MACD become different e.g. drop below 85.

Image1 is cropping right before change template to sell and image 2 is taking right after convert the template into Sell.

I browsed the whole thread and did not found explanation why but probably many of traders knowing well but wasn't me. I put red circle on what I meant...

Hope someone really can help me to learn... With many thanks.

PS: Thx to reply my previous email and happy trading... (hope I will be there soon..)

Attached Images
  • #232
  • Jul 15, 2009 9:38am Jul 15, 2009 9:38am
Quoting jopie
NanningBob & All,

When put-up template (per instruction to activate EA) to buy/sell; on this example is sell. I noticed the Red MACD become different e.g. drop below 85.

Image1 is cropping right before change template to sell and image 2 is taking right after convert the template into Sell.

I browsed the whole thread and did not found explanation why but probably many of traders knowing well but wasn't me. I put red circle on what I meant...

Hope someone really can help me to learn... With many thanks.

PS: Thx to reply my previous email and...
Make sure you have the same MACD on both charts. There is the MACD of MT4 and the MACD True which is the one I like. However, there maybe some screens I did not get the same MACD on each screen. Hit Control I and check which MACD you are using. You probably will find two different ones. I like the MACD TRUE it reacts a little faster than the MACD of MT4. Sorry if I made a mistake in the charts.
  • #233
  • Jul 15, 2009 10:18am Jul 15, 2009 10:18am
NanningBob,

The template with warning & no warning are using MACD True but the template to buy/sell both 150 & 200 using MACD.

Thank you for clarification and my previous question is not intend to complain but I am a newbie with thousand confusion only

I can delete and put MACD True but could not locate on same Indicator window 1 but shown inside new Indicator window 2. Anyway, no such big deal....

Let me learning and practice... practice makes perfect

Cheers
  • #234
  • Jul 16, 2009 11:36am Jul 16, 2009 11:36am
Quoting jopie
NanningBob,

The template with warning & no warning are using MACD True but the template to buy/sell both 150 & 200 using MACD.

Thank you for clarification and my previous question is not intend to complain but I am a newbie with thousand confusion only

I can delete and put MACD True but could not locate on same Indicator window 1 but shown inside new Indicator window 2. Anyway, no such big deal....

Let me learning and practice... practice makes perfect

Cheers
I understood your question. Unless you go on an negative attack we try to be patient here. Ask questions that is how I learned.
  • #235
  • Edited 3:21pm Jul 18, 2009 10:59am | Edited 3:21pm
News for the week:

Canada Interest rate, probably wont change. Tuesday
Wed. Bernanke testifies before congress. Beware of this one.
  • #236
  • Jul 21, 2009 3:13pm Jul 21, 2009 3:13pm
i RECEIVED THIS TODAY

SALT LAKE CITY— July 20, 2009—Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, announced today a solution for NFA Compliance Rule 2-43 affecting all NFA regulated Forex brokers.

Using our proprietary backoffice solutions, Interbank FX will allow our Meta Trader 4 platform to remain 100 percent compliant, while retaining order functionality and flexibility for customers trading. The MT4 platform will continue to function as our customers have experienced over the last several years. This includes the ability for customers to use fully functional Expert Advisors, Stops Losses, Take Profits, Trailing Stops and Limit Orders without making any needed adjustments.

“Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant,” said Todd Crosland, Chairman and President of Interbank FX. “At Interbank FX, we have embraced the NFA’s efforts to help protect customers and provide a seamless solution without any changes to their current trading strategies.”

The only modification for customers will be their daily and monthly account statements, coming directly from the proprietary Interbank FX backoffice system using NFA FIFO offsetting procedures. The FIFO rule takes effect beginning July 31/August 1, 2009.

Interbank FX is currently working on a step-by-step video which will be available shortly on our web site, www.ibfx.com.
  • #237
  • Aug 16, 2009 5:53pm Aug 16, 2009 5:53pm
ok I am back and trading live again. My Sun night(USA)/Monday morning (Asia) AUD/JPY session open trades for this morning are:

BUYS
AUD/NZD
EUR/CHF
EUR/JPY
GBP/JPY
USD/JPY

When I say I took these trades it means I turned on my 3x3 ea in the buy position. Here are the pics of the eur/chf and usd/jpy trades. All three lines have converged below the 85 line making it a primary buy trade. All the others look the same. Happy trading.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur chf.gif Size: 23 KB
Click to Enlarge Name: usd jpy.gif Size: 22 KB
  • #238
  • Aug 17, 2009 6:19pm Aug 17, 2009 6:19pm
BUYS
AUD/NZD-- trade is in profit--brought my SL to +10 and see what happens.
EUR/CHF-- trade is -55 or now, will wait on it.
EUR/JPY-- the 3x3 has just crossed and entered
GBP/JPY-- the 3x3 has just crossed and entered
USD/JPY -- trade is at -22 and just floating for now, will wait on it.

LOTS and LOTS of primary trades out there so pick and choose
AUD all

SELLS
USD/SGD
USD/CAD

BUYS
all NZD except Eur/NZD
GBP/USD
GBP/CHF
EUR/USD

ALL CHF pairs are buys or sells right now
Looks like a great week.
  • #239
  • Aug 18, 2009 5:27pm Aug 18, 2009 5:27pm
Aud/chf entered +25 set SL at +10 and see what happens
aud/nzd came back and hit my +10 reset my EA back to buy
aud/jpy came back and hit my +10 no call now
aud/usd came back and hit my +10 no call now
chf/jpy came back and hit my +10 no call now
eur/cad came back and hit my +10 no call now
eur/chf sitting in mud at -32
eur/jpy took profit at +100
eur/usd came back and hit my +10 no call now
gbp/chf +180 profit
gbp/jpy +200 profit
all NZD trades took 30-40 pip profits
USD/CAD sitting on +50 put SL at +10 and will let it ride.
USD/SGD took my +10
USD/JPY came back and hit my +10 no call now

New trades for today
buy aud/nzd try again on this one.

still in
aud/chf
eur/chf
usd/cad

I am happy with the day, lot of trades retraced and went no where but enough did to make it a nice day about 500 pips. Only one trade in the negative. Probably could have rode the GBP for more or taken half and let the rest ride. But always happy with a profitable day.
  • #240
  • Aug 18, 2009 5:54pm Aug 18, 2009 5:54pm
you have gone thru a great deal of effort in explaining your system but it seems like magic to someone like me a newbie trader especially when it relates to supprot and resistance, but nevertheless thumbs up great effort.
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