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Nanningbob 4H trading system

  • #461
  • Edited Oct 8, 2009 2:19am Oct 7, 2009 11:17pm | Edited Oct 8, 2009 2:19am
Note to all (including self), remember:

 

  1. Do not open 1L trades in the middle BB band unless you have a damn good reason to.
  2. Do not open 2L and 3L trades too close to each other and avoid opening deeper than 3L trades.

  • #462
  • Oct 8, 2009 4:44am Oct 8, 2009 4:44am
Hi silv3r4sh :

Yes I very aware and remind myself not to take entry at mid BB even if its secondary trade.

I now only do primary trade even that at time I still need 2L or 3L but I got patient that it will turn around. If prepare for 3L then you will know how big placing the lots as to able withstand the crush.

Now I got many open positions wait for the retrace oh dear.

Happy trading to all
  • #463
  • Oct 8, 2009 7:00am Oct 8, 2009 7:00am
Thought I'd revisit this EA since you're doing so well with it. Couple questions for you. I put the 3 linear weighted open and close on my charts to see the actual crossover trigger. Does the EA kick in at close of candle or crossover? I'm assuming at the cross. And will the EA initiate a trade if you turn it on after the cross has occurred? I started the EA this morning and didn't get a trade on the NZD/USD crossover. I'm trying to figure out why it didn't trigger . Cross had just occurred before I turned EA on. I've got the smiley face on the chart. thanks.
  • #464
  • Oct 8, 2009 10:07am Oct 8, 2009 10:07am
Quoting Toothman
Thought I'd revisit this EA since you're doing so well with it. Couple questions for you. I put the 3 linear weighted open and...
OK The EA kicks in at the cross however price must be below the cross for the cross to trigger. Its a 3MA So it is the average of the last 3 candles. The bigger the MA the longer you go below the line before it triggers the trade. It is not when price crosses the line but the average crosses the line. Sometimes that happens at the new candle formation, sometimes before the new candle forms. Hope you understand that.
If you are with IBFX make sure you are using the 4 digit ea if you are live and the 5 digit if you are on a demo. If you are not with IBFX you need to make sure you are using the right EAs. Also make sure you have 4H charts on your screen.

Yes the EA will trigger a trade after the cross, in fact, if you take profit it will reenter the trade immediately as long as the 3 is less than the 3.
  • #465
  • Oct 8, 2009 10:41am Oct 8, 2009 10:41am
Im seeing GBPUSD as a sell opportunity
  • #466
  • Oct 8, 2009 12:01pm Oct 8, 2009 12:01pm
EA is making trades now so everything looks good. Yes I'm using an IBFX demo so I'm running the 5 digit version. By the way, IBFX says they"ll have no work around for the leverage limitations after nov.30th. They say they're working on a UK branch but don't know if US.citizens will be allowed to open an account.
  • #467
  • Oct 8, 2009 12:39pm Oct 8, 2009 12:39pm
Hi Nanningbob !

What settings do you recommend for trading the 15 min time frame ?

Greetings and happy trading

Bernhard
  • #468
  • Oct 8, 2009 2:31pm Oct 8, 2009 2:31pm
I'm sure this question is in the wrong thread!!
Are you sure you didn't mean to ask your question here? http://www.forexfactory.com/showthread.php?t=150293

Unrelated posts can only clutter up a thread...

Quoting behof
Hi Nanningbob !

What settings do you recommend for trading the 15 min time frame ?

Greetings and happy trading

Bernhard
  • #469
  • Oct 8, 2009 6:04pm Oct 8, 2009 6:04pm
Quoting Toothman
EA is making trades now so everything looks good. Yes I'm using an IBFX demo so I'm running the 5 digit version. By the way, IBFX says they"ll have no work around for the leverage limitations after nov.30th. They say they're working on a UK branch but don't know if US.citizens will be allowed to open an account.
They have also opened an office in S Korea of all places, so we will see. NFA is not my friend. I wanted them to make brokers more responsible and honest and instead they are forcing me to use only a certain type of trading method. Sounds like they want to control the market.
  • #470
  • Oct 8, 2009 6:04pm Oct 8, 2009 6:04pm
Quoting behof
Hi Nanningbob !

What settings do you recommend for trading the 15 min time frame ?

Greetings and happy trading

Bernhard
I dont use the 15M TF that is why this thread is called the 4H trading system
  • #471
  • Oct 8, 2009 6:21pm Oct 8, 2009 6:21pm
Quoting silv3r4sh
Note to all (including self), remember:

 

  1. Do not open 1L trades in the middle BB band unless you have a damn good reason to.
  2. Do not open 2L and 3L trades too close to each other and avoid opening deeper than 3L trades.

Spent some time with you on Skype. If you are going to manually trade your levels you still must keep the 150-200+ spread on the retraces. Cant get them too close or you are martingaling and then you cant recover because your in too deep or you commit too much margin and you cant maneuver. REMEMBER there are times you just have to take a loss on a trade and go on. In fact I teach, take a loss on a level and stay only 3, maybe only 4 levels deep. If you want to enter a 4th level, turn your EA off (go to a screen with no EA) and close out your first level. (if you close the first level with the EA on, the EA will close all the levels) Just accept that as your losing trade and go on. Hopefully we can use the new level to zero out levels 2 and 3 and go on. We are not there yet though. There is no such thing as never losing trading. That is our mental SL when we have to use L4 we accept the fact L1 is our losing trade. Also, try to reenter once a day, dont multiply your problem. Look at a daily chart of any currency and you will see that candles are usually full. The body of the candle is almost always bigger than the wicks or stems. That means once price starts heading in a direction it stays in that direction all day. So dont fight it with multiple reentries. I enter most of my retraces at the end of the day before the jpy session or before the euro open. Once a day on those reentries guys/gals. So choose it wisely or just let the EA handle it. There is a 150 for the slow currencies and a 200 for the more volatile ones. I am experimenting with a 300 reentry on the gbp/nzd. Let you know how the tests go.
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  • #472
  • Oct 8, 2009 6:56pm Oct 8, 2009 6:56pm
OK I declare today retracement Friday. Anyway, hopefully that will happen. Price action seems to be crowning on the AUD currencies, maybe a burst and then reversal but hopefully just a reversal.
TAKE PROFITS
no profits today
CLOSED FOR LOSS
I read my speech and then began closing some extra levels I had took. I am going to limit myself to one a day or let the EA handle it. If price continued to go against me today. I would be using more margin than I would want. So that total was -342. I tell you about this to show I make mistakes and misjudgements too. So I corrected the problem now so it doesnt become a bigger problem later. I used my profits for the week to cover my own stupic mistakes. So if I am going to make a profit this week today is the day. My new rule: 1 reentry a day, keeps the margin collectors at bay. Cute huh.

OPEN TRADES
aud/chf -4 EA just entered that is good news same with aud/cad
aud/jpy, -132 2L Just added now
aud/usd, -223 2L just added now
eur/aud, -233 2L just added now
eur/chf -23
eur/nzd, -33
gbp/nzd -51
nzd/chf -84 2L added
nzd/usd, -84 2L added
usd/sgd, -190 2L -65 I had made the mistake on this one by adding too many levels. I closed two of them because my spacing was all wrong.

TOTALS
total for day -342
+ 1 for the week
+1329 for the month
Carry over -1122

NEW TRADES
primary trades
BUYS eur/cad, usd/cad
SELLS aud/cad, aud/nzd, gbp/usd, nzd/jpy
Secondary trades
BUYS
SELLS

I love it when almost every currency is overbought or oversold usually means a big day is coming soon. Somthing has to give and when it does BANG prices will reverse all across the board. It maybe today, or Monday.
  • #473
  • Oct 8, 2009 9:34pm Oct 8, 2009 9:34pm
Quoting nanningbob
OK I declare today retracement Friday. Anyway, hopefully that will happen. Price action seems to be crowning on the AUD currencies, maybe a burst and then reversal but hopefully just a reversal.
TAKE PROFITS
no profits today
CLOSED FOR LOSS
I read my speech and then began closing some extra levels I had took. I am going to limit myself to one a day or let the EA handle it. If price continued to go against me today. I would be using more margin than I would want. So that total was -342. I tell you about this to...
I think the level of re-entery is the key to recover from any lossing trade. We cant fix at 150 pip or 200 pip because many times, price will start to reverse after go against us by say 95 pip and our re-entry is waiting at 150 pip away from 1st entry. Just wondering is there any better way to access where to re-enter our 2nd or 3rd position ?
  • #474
  • Oct 8, 2009 9:36pm Oct 8, 2009 9:36pm
Quoting nanningbob
OK I declare today retracement Friday. Anyway, hopefully that will happen. Price action seems to be crowning on the AUD currencies, maybe a burst and then reversal but hopefully just a reversal.
TAKE PROFITS
no profits today
CLOSED FOR LOSS
I read my speech and then began closing some extra levels I had took. I am going to limit myself to one a day or let the EA handle it. If price continued to go against me today. I would be using more margin than I would want. So that total was -342. I tell you about this to...
This week, i have booked 8% profit but i have few pairs which has big DD. I can only say I made 8% if i can closed the rest of the lossing trades at breakeven. A big headach
  • #475
  • Oct 8, 2009 11:45pm Oct 8, 2009 11:45pm
Hi nico28,

I understand where you're coming from in your last 2 posts. Regarding re-entry points, nanningbob did once mention using S/R lines as possible good points to open up the next level trade.

And like you, my account has grown nicely from this system, but will be giving it all back to FOREX world if my massive DD does not clear up! Oh, let's hope this happens in the next few days...
  • #476
  • Oct 8, 2009 11:56pm Oct 8, 2009 11:56pm
Quoting silv3r4sh
Hi nico28,

I understand where you're coming from in your last 2 posts. Regarding re-entry points, nanningbob did once mention using S/R lines as possible good points to open up the next level trade.

And like you, my account has grown nicely from this system, but will be giving it all back to FOREX world if my massive DD does not clear up! Oh, let's hope this happens in the next few days...
Haha... we all in the same boat... I believe there are more
  • #477
  • Oct 9, 2009 12:52am Oct 9, 2009 12:52am
Quoting nico28
I think the level of re-entery is the key to recover from any lossing trade. We cant fix at 150 pip or 200 pip because many times, price will start to reverse after go against us by say 95 pip and our re-entry is waiting at 150 pip away from 1st entry. Just wondering is there any better way to access where to re-enter our 2nd or 3rd position ?
From experience 150 for the slower currencies and 200 for the volatile ones are good numbers. I am only saying if you see the S/R near these levels, like 189 you dont enter at 150 or wait for the 200. You can take the EA off of the screen and put a limit order there instead or wait until it hits and put your order there. Because I am such an impatient trader at times I am going to try waiting until the next day to reenter and see how that works or just let the 200 EA do that because I am not home that much. I am gone 10-12 hours a day from home so I can't always babysit my trades.
  • #478
  • Oct 9, 2009 1:10am Oct 9, 2009 1:10am
Just to give you guys some hope Here is a weekly chart and you can compare with any currency what I am about to say. Just like I pointed out on the daily charts that candles are mainly full bodied, almost every candle on the weekly has a wick on it. Which means that it retraces almost every week at the end. If it does not then you can see that the next week you will see a retracement at the beginning of that week. So check the currency you are worried about and see if it has lots of wicks near its closing price for the week. You will see most of the time there is a wick.
If it doesnt what happens the next week at the open. Does it form a wick? that means it retraces on Monday for you or goes in the opposite direction. You will see this is the majority of the cases. check the chart below and notice all the wicks at the weekly close. If they dont then what happens the next week? I put blue checks where you can see the wicks and yellow arrows where you can see retraces at the beginning of the week. Just wanted you to know where I get the info for my theories. USD/JPY is at a weekly support so that looks good to me to hang onto the buys. If you are in a sell OH MY. You may have trouble brewing.
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  • #479
  • Oct 9, 2009 1:44am Oct 9, 2009 1:44am
Hi Bob :

Appreciate your advice very much. Your system indeed give me very good
confident in trading the forex. First the direction tho not exact but somewhere there. Second got space to allow price to move but one must be prepare for it esp the trending one. Third got the recovery plan just in case the worse scenario .

This week tho pile up quite alot open position due to many hits 3X3 to short but now I already close all with a small loss. Have learn some of my mistakes.

So everyone have a nice weekend.
  • #480
  • Oct 9, 2009 2:43am Oct 9, 2009 2:43am
Hi guys,

Like Bob, I am not around much to keep an eye on my trades, which is a good thing most of the time, but sometimes it is problematic. So I was wondering if anybody has come across a trailing stop EA of sorts? What I mean by that is that you can add the EA to your chart and tell it when to start trailing ie. if you're up by 100 pips start trailing 25 pips sort of thing. It cold be a very useful thing.

Thanks.
"The market giveth and the market taketh away"
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