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Nanningbob 4H trading system

  • #421
  • Oct 5, 2009 7:50am Oct 5, 2009 7:50am
Hi Bob :

First I like to thanks you for a beautiful system. I just started to use it .

Market now quite quiet but manage to get some trade. Now I got short

the euro/dlr hope it goes well. Maybe all waiting for ISM news to get moving.

I also like your recovery plan hope I got chance to use it.

Many thanks again.
  • #422
  • Oct 5, 2009 8:31am Oct 5, 2009 8:31am
Quoting forexbull
Now I got short

the euro/dlr hope it goes well.
I'm not sure where you see this setup.

Nothing lines up except the 3 cross.
  • #423
  • Oct 5, 2009 9:40am Oct 5, 2009 9:40am
Hi Ben :

Thanks for being around to response. Or I be talking to myself.

Yes I attach a pic to let you see sorry I unable to add circle or arrow on the pic. Its around 5th Oct 1600 near bottom of pic you see the cross of W and B so I short it. Am I doing the correct way.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: eurodlrs.gif Size: 16 KB
  • #424
  • Oct 5, 2009 10:04am Oct 5, 2009 10:04am
Quoting forexbull
Hi Ben :

Thanks for being around to response. Or I be talking to myself.

Yes I attach a pic to let you see sorry I unable to add circle or arrow on the pic. Its around 5th Oct 1600 near bottom of pic you see the cross of W and B so I short it. Am I doing the correct way.

Thanks

although bouncing off BB pretty good and it seems to be in pretty good downtrend. I personally didn't take this trade because all not all are in overbought area. I like to see all stoch lines above or below to buy or sell like in the below pic.
Attached Image
  • #425
  • Oct 5, 2009 10:05am Oct 5, 2009 10:05am
Quoting forexbull
Hi Ben :

Thanks for being around to response. Or I be talking to myself.

Yes I attach a pic to let you see sorry I unable to add circle or arrow on the pic. Its around 5th Oct 1600 near bottom of pic you see the cross of W and B so I short it. Am I doing the correct way.

Thanks
I'm new to the system myself, but as I understand it.......

The price is "in no man's land" as Bob calls it, as well as the bottom chart lines above 85, the top half of the chart also has to be touching the Bollinger lines.
  • #426
  • Edited 6:26pm Oct 5, 2009 5:06pm | Edited 6:26pm
Agree with both Ben and jtmoore, if you take the trade when the price is at the middle of the BB bands, then you must accept that it would NOT be the safest trade that the system can offer you.

I entered a sell trade trade on that same pair a few hours later as you can see in the attached chart below. By that time, both the white AND blue stoch lines have risen above the 85 line, and the price is closer to the upper bollinger band so there is now a better chance of the price reversing direction.

However, even at this point, it is still not a primary trade signal, as the red line is not at the top together with the white+blue lines. It is not even a secondary signal by the original manual's definitions, as that would require the red line to be almost in the middle around the 50 line.

So, I know I was taking a risk when I placed my sell order because of the above factors. Hope this makes things clearer.

Bob, please correct me if I am wrong in any way. Thanks!


Quoting forexbull
Hi Ben :

Thanks for being around to response. Or I be talking to myself.

Yes I attach a pic to let you see sorry I unable to add circle or arrow on the pic. Its around 5th Oct 1600 near bottom of pic you see the cross of W and B so I short it. Am I doing the correct way.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.png Size: 29 KB
  • #427
  • Edited 8:23pm Oct 5, 2009 5:22pm | Edited 8:23pm
Open trades:
BUY
AUDCAD - I still hoping for a retrace, even though it seems more and more unlikely. I currently have 2 negative trades on this one.

SELL
EURUSD - I am counting on the R line and upper BB to knock price back down


EA is on for the following pairs:
SELL
NZDUSD - looks like it might be bouncing off the daily R of 22/09
AUDJPY - possible secondary trade
AUDCHF,AUDUSD - I am counting on a few daily R lines around the current price, in combination with the white stoch in the overbought territory
EURCHF - Although it appears the pair is in no-man's land, I've turned on the EA as I am hoping it will bounce off the R line that has held since 25/09.

BUY
EURNZD - approaching primary trade signal
EURAUD - downward movement losing momentum and white stoch is under 15. It is also near a previous daily support line which might have turned into an R line, so am guesssing it might reverse in price soon
USDSGD - white+blue stochs under 15, price close to lower BB and S lines
AUDNZD - approaching primary trade signal
USDCAD - white+blue stochs in the right place and price is close to S lines

Bob, if you have time, please do comment on any of my trades that you see lacking sufficient justification
Thanks!
  • #428
  • Oct 5, 2009 6:01pm Oct 5, 2009 6:01pm
Quoting silv3r4sh
Agree with both Ben and jtmoore, if you take the trade when the price is at the middle of the BB bands, then you must accept that it would NOT the safest trade that the system can offer you.

I entered a sell trade trade on that pair a few hours later as you can see in the attached chart below. At that time, the white AND blue stoch lines have risen above the 85 line, and the price has (almost) reached the upper bollinger band so there is now a better chance of the price reversing direction.

However, even at this point, it is still not a primary...
Your logic is sound. The only reason you would take this trade is if your a fundamental trader and you believe the dollar is strengthening and the Euro is weakening, which is the view of some fundamental traders right now. There have been so many primary trades the last 10 days that when they dry up we start looking for trades that arent quite there yet. Again, when we start taking trades in the middle it could get sticky. Price has just made a major slide up or down on major currencies and the new High/Low has not been fully established yet. If that is the new high the trade will be fine, if it is not, well, we will see where it goes.
  • #429
  • Edited 7:06pm Oct 5, 2009 6:29pm | Edited 7:06pm
Nice day but a different one. Almost all the action happened right out of the box during the jpy session. Once that happened price sat on a stool and waited all day. Waiting can be tough. I brought all my SL up and price retraced and hit them. A couple kept running but there are days like this.
TAKE PROFITS
aud/cad, +11 once back in profit put my SL up and TS, hit my TS
aud/chf, +13 same as above
aud/jpy, +73 same as above
aud/usd, +22 closed this too early bad move on my part.
eur/aud, +42 same as above
usd/sgd, +11 closed this morning

CLOSED FOR LOSS
gbp/jpy +160 +68 - 230 for a -2 I am out of that one without a scratch

OPEN TRADES
all my trades were closed in profit yesterday. I have no open trades with this system.

TOTALS
total for day +170
+1498 for the week
Carry over 0

NEW TRADES
primary trades
none
Secondary trades
BUYS usd/sgd, usd/cad, aud/nzd
SELLS nzd/usd, nzd/chf
  • #430
  • Oct 5, 2009 6:32pm Oct 5, 2009 6:32pm
OK secondary trades Eur/USD versus NZD/USD. Why I chose one and not the other. The NZD/USD is at a strong resistance line and is at the top of your screen. The chances of it going down here is very strong. The EUR/USD is in the middle and could go either way. Not as good of a trade. So even thought the R,W,B, lines are identical for both pairs, I choose one over the other. See the pics below. Does that mean the eur/usd is a bad trade, maybe not because if it has established its new high, it is a great trade, if not then it will continue to go up. The NZD/USD however, is hitting its previous recent high. I stand a good chance of it bouncing here. If the USD has continued weakness both trades will be bad. If the USD strengthens both trades will be good. If price is just going to bounce around, drifting then the nzd/usd will be good. So that is my choice. Same with NZD/CHF and USD/SGD.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eur usd.gif Size: 21 KB
  • #431
  • Edited 7:20pm Oct 5, 2009 6:58pm | Edited 7:20pm
Open trades:
BUY
AUDCAD - I still hoping for a retrace, even though it seems more and more unlikely. I currently have 2 negative trades on this one.
Probably should have closed when it hit the middle BB. That is what I did with that trade. When price got back to profit I tightened up my SL and took it. Made only +11 but I felt that was the best I may get and it was.
SELL
EURUSD - I am counting on the R line and upper BB to hit price back down
See my debate in the nzd/usd vs. eur/usd. It may or may not be a good trade.


EA is on for the following pairs:
SELL
NZDUSD - looks like it might be bouncing off the daily R of 22/09
YUP
AUDJPY - possible secondary trade
Near the middle of BB, I dont like those trades anymore unless I know the fundamentals are strong. I dont like trying to keep up on the fundamentals of so many currencies.
AUDCHF,AUDUSD - I am counting on a few daily R lines around the current price, in combination with the white stoch in the overbought territory
I sometimes will take a secondary trade near the BB center but not a whole currencies worth. If the AUD continues a run up, you will be in trouble on all of them. Choose the best one and go with it but leave the others alone.
EURCHF - Although it appears the pair is in no-man's land, I've turned on the EA as I am hoping it will bounce off the R line that has held since 25/09.
If you want to be a traditional S/R trader, your reasoning is sound. But to multi level these trades may not be the best move. Put on traditional SL on them on the other side so you dont have a bunch of trades going into the hole. You then can keep a couple and not end up committing a lot of margin into the trades. If the EA never enters the trades then you will be OK. I have never tried S/R trading using my EA like this. Certainly would be an interesting study.

BUY
EURNZD - approaching primary trade signal
EURAUD - downward movement losing momentum and white stoch is under 15. It is also near a previous daily support line which might have turned into an R line, so am guesssing it might reverse in price soon
USDSGD - white+blue stochs under 15, price close to lower BB and S lines
AUDNZD - approaching primary trade signal
USDCAD - white+blue stochs in the right place and price is close to S lines
Before I began using an EA with this system, I always got into trouble by getting in too early manually trading. I will wait for a little stronger confirmation. I almost called the USD/CAD this morning since I had called the others also. That one is a good trade possibility. I may take that one later before the EUR session if it still looks good. Awwwwwwww, you convinced my on that one. I will take the USD/CAD and AUD/NZD also. So for me its a NZD, USD day.
Bob, if you have time, please do comment on any of my trades that you see lacking sufficient justification
Thanks!
  • #432
  • Oct 5, 2009 7:12pm Oct 5, 2009 7:12pm
aud/jpy why it maybe good/why it maybe bad. The AUD/JPY has a lot of secondary trade signals. Strong R/S area (see white line) white crossing blue potential. EA wont enter unless strong move down. Eur is showing weakness lately.
Why it maybe bad. There is still room to go to top of BB band. It is in the middle of chart.
Attached Image (click to enlarge)
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  • #433
  • Oct 5, 2009 7:18pm Oct 5, 2009 7:18pm
USD/CAD near the recent lows. Took this trade earlier around the same spot for nice profit. Nice secondary trade. Same with AUD/NZD. I would consider the USD/CAD and AUD/NZD much better secondary trades over the eur/usd and aud/jpy. Hope this makes sense.
Attached Image (click to enlarge)
Click to Enlarge Name: usd cad.gif Size: 23 KB
  • #434
  • Oct 5, 2009 7:34pm Oct 5, 2009 7:34pm
Quoting nico28
Hi Bob,

Dun understand your 242 recovery system especially number of lots to re-enter to recover the loss. For example, if i trade the 2L150 with each level entered with 0.2 lot. So how many lots should I apply when use 242 recovery ?

If i use 3L200 with 0.2 lot each level, how many lots again to apply 242 recovery ? Thankyou
I understand your confusion. All levels are the same in the 4H system but in my other systems the lots increase. When you get to the 4th level in the 4H system you can keep the lot size the same or increase it. Depends what you are comfotable with. I have been increasing the lot size at level 4 so I can recover a little more quickly but it is not double. I have been trading .05 lots and have increased to .07 or .08 on the 4th level. If you use the 150 that is for the slower currencies, I wouldnt use it on the more volatile ones. So that is why you maybe confused on the recovery system.
  • #435
  • Oct 5, 2009 8:16pm Oct 5, 2009 8:16pm
Quoting nanningbob
I understand your confusion. All levels are the same in the 4H system but in my other systems the lots increase. When you get to the 4th level in the 4H system you can keep the lot size the same or increase it. Depends what you are comfotable with. I have been increasing the lot size at level 4 so I can recover a little more quickly but it is not double. I have been trading .05 lots and have increased to .07 or .08 on the 4th level. If you use the 150 that is for the slower currencies, I wouldnt use it on the more volatile ones. So that is why you...
Thankyou bob.
ook like EZ is going to offer up an opportunity to long today .
Attached Image (click to enlarge)
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  • #436
  • Oct 5, 2009 8:41pm Oct 5, 2009 8:41pm
Quoting nico28
Thankyou bob.
ook like EZ is going to offer up an opportunity to long today .
Yes it looks good. The one thing I really like about the Eur/nzd is when it bounces back, it bounces strong so that will be worth looking at. Also change the 20MA on your BB to a 40 MA. I think it gives a much better read on a currency. I like it better anyway. I hope to update my currency book soon into a second edition. Some of the changes will be switching the BB to a 40 MA, better rules on taking secondary trades, dividing currencies into slow, medium, volatile, very volatile ratings and putting the 2.4.2 recovery system in.
  • #437
  • Oct 5, 2009 9:19pm Oct 5, 2009 9:19pm
Quoting nico28
Thankyou bob.
ook like EZ is going to offer up an opportunity to long today .
One thing nice about this system is you can see a future trade coming. You know when this one turns around it most likely will be good. However, it sometimes will take days for it to do this, sometimes not. I was talking to a trader last night and he talked about how he is used to trading the 15M chart. He told me watching a 4H chart is like watching paint dry. A 4H chart is great for watching what price is doing for the week and seeing what it has done for the last month (last 4 weeks plus this week) so enjoy watching paint dry .
  • #438
  • Oct 5, 2009 10:19pm Oct 5, 2009 10:19pm
Bob, I used to think I could not trade on the 4H chart either. But now I am a convert

Quoting nanningbob
One thing nice about this system is you can see a future trade coming. You know when this one turns around it most likely will be good. However, it sometimes will take days for it to do this, sometimes not. I was talking to a trader last night and he talked about how he is used to trading the 15M chart. He told me watching a 4H chart is like watching paint dry. A 4H chart is great for watching what price is doing for the week and seeing what it has done for the last month (last 4 weeks plus this week) so enjoy watching paint dry .
  • #439
  • Edited 10:41pm Oct 5, 2009 10:23pm | Edited 10:41pm
Bob, your assessment of the EURUSD is turning out to be accurate. I should not have jumped into the short trade so soon.

Let this be a warning to everyone!!

UPDATE:
Just great, I should not have gone into the trade on those AUD pairs. Something has obviously happened and all my trades around the zero mark or in profit are now nice fat negatives with the recent spike - EURAUD, AUDUSD and AUDCHF.

Grrreat.. I'm preparing to pull out 2L on these trades once a R line or S line forms...
  • #440
  • Oct 5, 2009 11:37pm Oct 5, 2009 11:37pm
I should have mentioned there was the AUD interest rate story today. They raised it a quarter point. That makes the AUD & NZD market move but not enough to go outside the range of the EAs. I post those notices in the 60x90 thread but not here. The reason I dont is because I end up entering after the news when the dust has settled. The news sends a currency to its extremes and then my indicators show it is time for a retacement. Probably in the next day or two the AUD pairs will show up as trades. The news stories push price out of the middle to the top or bottom of the BB bands, (probably happen today) The next day or day after price will retrace and we take advantage of it. If a story is very very strong then it will run up the BB bands and we try to survive the move. When it finally retraces we get out with a small loss or profit. The currency then establishes new highs and lows and we trade it again. Most of the time the market is bouncing between two points and then spurts to the new level. There are traders who love to trade the breakouts. There are those who try to pick the trend but I like to trade the rebounds back to center. So, stay out of the center.
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