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Nanningbob 4H trading system

  • #301
  • Edited 7:54pm Sep 9, 2009 7:05pm | Edited 7:54pm
Quoting nanningbob
Almost qualifies first, I did take and close
CLOSED
eur/chf closed +30
eur/nzd +131

I DIDNT take nzd/chf +30 or +40 or nzd/jpy +20 maybe
I did take nzd/usd -80 still in
THE OTHERS
aud/chf -8 hmmmmm keep or close hmmmmmmm????
aud/nzd -21 keeper
aud/usd...

TAKE PROFITS
aud/chf +42 blue and white lines are on the bottom
aud/nzd +1 I had entered a second trade at resistance for +60
eur/aud taking my best exit 2L +37 1L -143 and I am out. Yesterdays+50 left me with a -56 pip total loss on that trade but minus -106 for the day. Dont want to wait to see if it breaks resistance or not. Blue and white are at 100 and price is banging at resitance so I am taking it. Maybe a good decision, maybe a bad decision. You get your outs when you can.

OPEN TRADES
aud/jpy +2
aud/usd going nowhere right now same as yesterday. -111 1L -30 2L
chf/jpy -22
eur/cad -80
eur/jpy -36
eur/usd -48
gbp/usd could have taken an almost 0 trade when it hit Support earlier but I played for it to break, didnt do it so now I am back to yesterday. Going nowhere right now. L1 -217 L2 +11
nzd/usd -28 (should have TP like I did with the nzd/chf but I decided to close one and let the other ride, didnt work)
usd/chf -48
usd/sgd -92 added a 2L +8

TOTALS
-106 +103 = -3 for the day, +430 for the week. Notice how I took my profits from other pairs to help 0 out that eur/aud trade.
Carry over -485

NO NEW TRADES FOR TODAY.
  • #302
  • Sep 9, 2009 8:09pm Sep 9, 2009 8:09pm
I just wanted to share my logic on taking a losing trade where, when and why.
There are times when price may not get anywhere near your first level. As you know I have been sitting on this eur/aud trade for quite a while and it had gone 3 levels deep. To me it was time to look for my best exit and take it. Now I want to get as close to 0 as possible but sometimes that isnt possible. Using S/R lines and my STO lines helps in making these decisions. Yesterday I took the +50 L3 trade because I could bank my profit, white sto line was above 85 and it was at a resistance level. If price continues up, which it did, I banked a TP and then lower my debt. If price goes down I still have that 3rd level to play again in the future. So that is why for my yesterday's move.

Today, I see white and blue above 85 and my 2nd L is in profit. There are two ways to play this. I can bank my profit and then have 2L to come back with on this trade or with my other profits I can 0 out. I chose to zero out this trade because yesterday I did this with the GBP/USD and I got into trouble having to go back to a 2L trade and try to 0 out that trade. I already had it at -17 so now I have to do it again. So with the eur/aud I have white and blue above 85, price bouncing off of resistance and the 40MA (a very commone bounce point) but the big decider was I already have many other trades going and I dont need another one going into the hole again so I take the loss on that one.
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  • #303
  • Sep 9, 2009 8:14pm Sep 9, 2009 8:14pm
every once in a while I have people ask me about the 2.4.2 recovery system. In my Nanningbob 4H trading system thread I show a live trade over several days that eventually became a recovery trade. I never went to the 4th level but if you want to follow my logic and what I did go here:

If you want to see a live trade I used this with, got to p.21 post #302 and read the page or two before. You can see me dealing with the eur/aud trade day by day and how I handled it.

http://www.forexfactory.com/showthre...93#post3039393

There is a pic at post 302 so you can see the trade.
  • #304
  • Sep 9, 2009 9:14pm Sep 9, 2009 9:14pm
well there goes the eur/aud. DANG. It seems this week the trades I keep go nowhere and the trades I bail out on take off. Missed the CAD move, twice. NZD/CHF last night, now the eur/aud. Welcome to Forex trading.
  • #305
  • Sep 9, 2009 9:56pm Sep 9, 2009 9:56pm
兄弟中国人吧。为啥不能写个中文的。
  • #306
  • Sep 10, 2009 6:42pm Sep 10, 2009 6:42pm
Not much happening as prices stagnated yesterday
TAKE PROFITS
aud/jpy hit my TS at +17

OPEN TRADES
aud/usd gained a little didnt break support and bounced back. -105 1L -24 2L
chf/jpy -17
eur/cad +4
eur/jpy -8
eur/usd -48
gbp/usd L1 -333 L2 -91 (the decision not to close at -17 is looking worser and worser)
nzd/usd -84
usd/chf -92
usd/sgd -94 added a 2L +6

TOTALS
+17 for the day, +447 for the week.
Carry over -886

TRADES FOR TODAY.
SELLS gbp/jpy

Thats it. Maybe prices will move some today, they have been stuck for several days now. Really made a bad decision to hold onto that gbp/usd trade but will play it out. It is hitting a major daily resistance line so we will see what happens. I put a sell on that R line so now I am 3L deep. If it continues to go north I will probably drop my 1L entrance and just take the loss. That would really cut my carry over almost in half.
  • #307
  • Sep 10, 2009 7:56pm Sep 10, 2009 7:56pm
Well bob. It's been a slow week for me with this strat. Only opened a few trades. But been busy at work. Most pairs just don't seem to b in the right places maybe open up a few over this and London session before Friday gets here. Still looking at ending up positive for the week but like I said I haven't had tons of time.

Like you, lovng this strat. Hope to have more time have more time next week. Hope all your -'s turn around for ya!! Im sure they will
  • #308
  • Sep 10, 2009 10:03pm Sep 10, 2009 10:03pm
Quoting jtmoore007
Well bob. It's been a slow week for me with this strat. Only opened a few trades. But been busy at work. Most pairs just don't seem to b in the right places maybe open up a few over this and London session before Friday gets here. Still looking at ending up positive for the week but like I said I haven't had tons of time.

Like you, lovng this strat. Hope to have more time have more time next week. Hope all your -'s turn around for ya!! Im sure they will
This hasnt been a good week so far but cant expect every week to be a winner. See what happens. I have learned to trade small enough to keep my account out of trouble. May get a chance to practice my 2.4.2 recovery system here. The truth is except for the GBP/USD trade prices have just been stagnate which is common at turnaround time. If I had just taken that -17 loss I would not be having any problems. Just a dumb decision on my part. The thing about Forex trading is you get punished badly every time you make a mistake. Probably why many traders get killed in this cyber world. If I close that trade out, it only takes about 1/2 weeks profit so I just hate to give some of that back, thats all. Wont play around with it if it breaks that daily resistance line though. I will just eat the loss.
  • #309
  • Sep 11, 2009 7:11am Sep 11, 2009 7:11am
Hi Bob,

Can you write when exactly did you take this cable trade?

This week:
GBP/CHF 190pips
USD/CAD 110pips

Positions opened:
EUR/USD -60pips
AUD/JPY 80pips

Happy trading
Baniu
Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.
  • #310
  • Sep 11, 2009 11:55am Sep 11, 2009 11:55am
Quoting Baniu
Hi Bob,

Can you write when exactly did you take this cable trade?

This week:
GBP/CHF 190pips
USD/CAD 110pips

Positions opened:
EUR/USD -60pips
AUD/JPY 80pips

Happy trading
Baniu
I have posted every trade every day just before the JPY session. What I mean by that is I turn on the 3x3 EA on and it enters sometime when they cross. So put a 3MA median crossing a 3MA shift 1 and you will find the entry point on the 4H chart. Since you did not post what day you are talking about I need to know the date to get the actual trade. I have been posting this thread for several months now.
  • #311
  • Sep 11, 2009 11:49pm Sep 11, 2009 11:49pm
TAKE PROFITS
chf/jpy +56
eur/cad +37
eur/jpy +103
gbp/jpy +80

OPEN TRADES
aud/usd -111 1L -30 2L
eur/usd -96 added L2 +3
gbp/usd L1 -333 L2 -91 Added a L3 at resistance +30
nzd/usd -130 2L added at Resistance +10
usd/chf -102 manually added L2 Resistance -12
usd/sgd -130 added a 2L -24

TOTALS
+276 for the day, +723 for the week.
4 week total +2771
Carry over -1028

TRADES FOR MONDAY.
I see no new trades for Monday. USD/JPY is a possibility. This would be my first losing week if I closed my trades but since most of these currencies are sitting at a Daily Resistance level. I am going to hang in there and see if I can get a retrace. If the R levels dont hold next week I will have to eat some losses but it wont be the whole package at once. Just some of the deep ones and will go into 2.4.2 recovery mode. My TP on other currencies are keeping me in the ballgame and a short retrace would make last week a wash. Of course I dont want to do that, I want to keep my profit so we put up a fight. This should be fun and hopefully profitable. Remember I have locked in 723 in profit, if I can 0 out or get minimum losses I will have profitable week. If I cant then most or all my profit will go to cleaning it up. That is the plan. TUNE in next Tuesday to see what happened.
  • #312
  • Sep 12, 2009 12:00am Sep 12, 2009 12:00am
OK I posted all my trades for 1 month. The poll says 27 people found this profitable 29 think it isnt worth it hmmmmmmmmmmm. Total banked pips in 4 weeks +2771. Even if you closed all my carryover from this last week you would still be up +1743. Not bad for a system over 50% think isnt worth trading. Wonder what that +50% are using as a trading method that is working better than this one?? Sure would like to learn their systems.
  • #313
  • Sep 13, 2009 5:26am Sep 13, 2009 5:26am
Hi Bob,

Thanks for sharing this wonderful method. I tested this method on my demo account [Alpari - only legal Forex broker in India] last week and was quite happy with the resutls.

Could you kindly confirm whether the following are good possible trades for next week?

Long:
USD/JPY
AUD/NZD

Short:
GBP/USD
GBP/CHF

Regards,
-Sri

P.S: I am a newbie to Forex, with a decent experience in stocks and index futures.
  • #314
  • Sep 13, 2009 7:39am Sep 13, 2009 7:39am
Quoting Humble
Hi Bob,

Thanks for sharing this wonderful method. I tested this method on my demo account [Alpari - only legal Forex broker in India] last week and was quite happy with the resutls.

Could you kindly confirm whether the following are good possible trades for next week?

Long:
USD/JPY
AUD/NZD

Short:
GBP/USD
GBP/CHF

Regards,
-Sri

P.S: I am a newbie to Forex, with a decent experience in stocks and index futures.
YES on the GBP/USD short. Most definitely time for a retrace. The gbp/chf doesnt meet the primary conditions of my system. If you put a 40MA BB on it, it is bouncing off the 40MA line and that can be a good trade, however I dont like taking trades in the middle of the BB. If you want to play it put your stop loss on the other side of resistance and see if it will go. I definitely would not multiple level that trade. Comparing it with the gbp/jpy and gbp/nzd they have already gone south so the GBP/CHF off the 40MA maybe a good trade. I will not be taking that one however. I would take the USD/JPY long with the 3x3 EA on. It is at a S/R from Jan. 2009 or 9 months ago so it may go up now. aud/nzd almost meets my system criteria and is at a very strong S/R line so I would put the EA on that also. EUR/NZD is at S/R from OCT. 2008. So it has been in a long freefall here. May want to look at that one also. As far as my system goes the USD/JPY & GBP/USD would be a good trades. I have been in the gbp/usd for a while now. Good luck.
  • #315
  • Sep 13, 2009 7:52am Sep 13, 2009 7:52am
I decided I will take two trades Monday AUD/NZD and USD/JPY. The support levels are looking very strong.
  • #316
  • Edited 9:29am Sep 13, 2009 8:38am | Edited 9:29am
Hi Bob,

Thanks for the detailed reply .

When you say S/R levels, are these levels drawn by the "Support and Resistance" EA provided in your 60x90 thread?

If yes, when i drag this EA to the chart, it is does not get loaded, are you aware of any such problem?

Regards,
-Sri
  • #317
  • Sep 13, 2009 9:52am Sep 13, 2009 9:52am
Quoting Humble
Hi Bob,

Thanks for the detailed reply .

When you say S/R levels, are these levels drawn by the "Support and Resistance" EA provided in your 60x90 thread?

If yes, when i drag this EA to the chart, it is does not get loaded, are you aware of any such problem?

Regards,
-Sri
That is the one I use and I have never had any problems getting it to load. Drag it to the screen and then change TF and see if that helps. Let me know if you still have problems and what broker you use. I can download a demo and check it out. That is one valuable indicator, use it all the time.

I just saw you called the S/R an EA, the S/R is not an EA but an indicator. Make sure you have it in the indicator folder.
  • #318
  • Sep 13, 2009 10:29am Sep 13, 2009 10:29am
Quoting nanningbob
That is the one I use and I have never had any problems getting it to load. Drag it to the screen and then change TF and see if that helps. Let me know if you still have problems and what broker you use. I can download a demo and check it out. That is one valuable indicator, use it all the time.

I just saw you called the S/R an EA, the S/R is not an EA but an indicator. Make sure you have it in the indicator folder.
Hi Bob,

Sorry for that stupid mistake. [I never observed that i was dragging the indicator[again thanks for correcting me ] to the Stoch/Macd Chart instead of the price chart].

Regards,
-Sri
  • #319
  • Edited 7:44pm Sep 14, 2009 7:22pm | Edited 7:44pm
Today was get out of trouble day I closed several trades to lessen my debt. Some trades I kept, some I did not. My reasoning was to keep as much of last weeks profit I could but still try to ride some trades into profit. The ones I kept went nowhere, the ones I close most of them I got the best deal the day gave me. Here is what I did.

TAKE PROFITS errrrrrr losses today.
gbp/usd L1 -253 L2 -3 L3 +110
then added a trade for +40 total -100
I will talk about this trade in the next post.
nzd/usd -80 +60 total -20
usd/chf -74 L2 +16 total -58
usd/sgd -70 2L +36 total -34
usd/jpy +47

Total -165
And the best trade of the day was AUD/NZD at +60 and guess what, I didnt turn on my EA, so I missed that trade. Would have been at -105 if I had. If I kept the GBP/USD longer it would have made a small profit but I closed one support early and if I had closed the eur/usd instead of keeping it I would have broke even. I would not have had any loss. Oh well. That is trading.


OPEN TRADES
aud/usd -100 1L -19 2L Almost closed this at support but didnt. Maybe today?? Thought it would run, now back to where we were Friday.
eur/usd -147 added L2 -42 Added a L3 at Resistance line. Thought about closing this one at support but didnt.

Carry Over -308 so I have cut my deficit by 46% but both of these trades could use a good retracement. The aud/usd really didnt move but the eur/usd did move and I chose to close the gbp/usd and keep the eur/usd. If I had done the opposite I would have done better.
TOTALS
-165 for the day
Carry over -308

NEW TRADES
BUYS AUD/CHF USD/CHF USD/SGD (hey why not, same support line as Friday)
SELLS EUR/CAD
OTHER TRADES but not primary trades
SELL Eur/gbp because of the double top on a 4H chart and has been bouncing off this resistance line all month and the BB band.
BUY GBP/CHF for the same reasons as eur/gbp.

Looking for the USD to go up, the Eur to go down and the CHF to go down. Happy trading.
  • #320
  • Edited Sep 15, 2009 2:07am Sep 14, 2009 7:37pm | Edited Sep 15, 2009 2:07am
OK you are deep in the hole on a trade and you made a mistake in trading. Last week I had a profit on the gbp/usd and had decided to close one position for a profit and keep the other position at-17. Well, the trade went against me big time so I had to fight my way out. I ended up going 3L deep but Sunday night/Monday morning (Asian time) during the JPY session there was some good retracement activity. I made a decision to close some trades to lessen my losses and others I kept to see if price would run. Here is my logic on the the gpb/usd since that was the trade I was in the most trouble.

Price retraced to a support level, I marked it with a yellow line. Knowing this possibley could be my best out if the gbp/usd kept on its uptrend I went ahead and took my loss at the yellow line. However, I also knew it was possible that price could continue to run if it broke that support so I put a SellStop order at the white line. Price ran through and I picked up another 40 pips. I closed it out at the next support line which was also the 40MA.

SO this is how this particular trade went from beginning to end:
9-3 open trade gbp/usd post #287 P.20
9-4 carryover-72 added a 2L during the day.
9-7 closed +74 carryover -17 Post #296 p. 20
(here is where I make a mistake and not close both levels. I decided to ride the 2nd level out)
9-8 carryover -136 #300
9-9 carryover -206 #301
9-10 carryover -424 #306
9-12 carryover -394 #311
9-14 closed -100 #319 & 320
total with +74 profit -100 close total trade -26 pip loss.
That is how you can minimize your losses.
The distance from first entry of this group of trades until close of the last trade was just over -200 pips however the loss on the books is only -26. This is one of the benefits of multi-level trading.

So that is how I handled the gbp/usd bailout trade to minimize my loss.
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