Nanningbob 4H trading system

Interesting the Cads moved 150+ points in 2 hours over the news that there was no news over interest rate change. Wonder what it would have done if they had changed it. Fundamental traders are getting bored, they are having a hard time finding trades so jump on no news.

TAKE PROFITS
eur/aud +70
eur/nzd +93
eur/usd +44
gbp/jpy +77
nzd/jpy +37
CLOSED FOR LOSS


OPEN TRADES
aud/jpy, 3L -280 4l +40 set SL at +10
aud/usd, -290 2L +68 Set SL at +10
chf/jpy -190 2L -34
eur/aud, 2L -145
eur/jpy -299 2L -45
gbp/usd -27
nzd/jpy -295 2L -92
usd/chf, +10
TOTALS
total for day +321
+63for the week
+603 for the month
Carry over -1579

Good to see my DD getting back to a more normal range. No such thing as 100% win ratio but if the jpy will retrace and the aud comes down some we are out of the long trend trades and it looks like we survived with a profit intact. This is not easy trading folks. I hope you are learning something.

primary trades
BUYS Eur/chf
SELLS Aud/Cad, eur/cad (bet your glad you didnt take these yesterday )

Secondary trades
BUYS
SELLS gbp/jpy (third times a charm) Eur/usd (if it goes back up to resistance again)

Interesting the Cads moved 150+ points in 2 hours over the news that there was no news over interest rate change. Wonder what it would have done if they had changed it.
I got out of my 2L USD/CAD trade today with a modest profit and won't be trading that one again as was advised. I'm at +555 for the week and a half that I've been trading this EA but I'm carrying a DD of -1400 at the moment. Won't be too agressive with new trades until I get that DD more under control.

This is clearly the most difficult month since I have posted this system. The pairs are on long trends and I have made some mistakes along the way. Once we get back to bouncing mode we can quickly make up any losses we may get. So far I feel I have been doing well being caught up in too many long trending currencies. I am just glad I have finally learned my lesson (I hope) about committing too much margin to a group of trades. As you can see I will also limit the number of pairs traded, but I will still watch some of the pairs even though I may not trade them. Never turn down a truly great trade. If GBP/NZD is sitting on the top or bottom of the screen, it will be very hard for me not too touch it, especially if all the other GBP are in the same situation. Back to work.

www.fxpro.com news

Lorraine: Existing clients residing in the US will be given sufficient time to manage their positions and portfolios, and further notice will be provided to them soon.
Lorraine: The Company has decided to concentrate on the EU and emerging markets where it has a niche. In light of this strategic decision, the Company is not accepting new clients that reside in the US.
Lorraine: Sorry we do not as yet have any details on when this will happen

Lorraine: you will receive details on this sir
Lorraine: to provide you with sufficient time

What is with foreign brokers not wanting to do with USA traders? I bet our govt. is strong arming them to give them financial information. They dont want our govt. controling their business. Just my best guess do not know if accurate.

The US. gov. hasn't been able to strong arm Australia yet apparently. I'll be moving my account to FX Solutions AUS. before the new leverage limitations kick in. Will be more expensive to trade with them but they still have the 400:1. I don't like their floating margin use either. The higher the EUR/USD ( the only pair I trade with the 100/40) moves, the more margin it uses on my initial trade and every level after.

Sorry I have not posted today but I do not have internet connection at my house here in China. I will try to post later today if I can get service restored. Sorry about the delay.

Two days ago during the jpy session the currencies made a retrace and I set my +10. Boy am I glad I did that or I would be in big doo doo now. I am setting my TS for 30 on the slow currencies and 40 for the volatile ones and seeing how that goes. Seems to be working so far. Finally got out of the AUD trades with some minor damage this month but wiggled my way out. Kind of proud of myself The Cads which were my biggest enemy two weeks ago are starting to kick some profits into the bank so am happy with that. However, the JPY is now giving me fits. This is a long trending month and each currency seems to be taking its turns. So far we have survived the AUD run, the CAD run and now am facing JPY run. I maybe forced to close some of these 1st level jpy trades here but am hanging in there. I will be glad when this month is over, this is turning into too much work.

TAKE PROFITS
Aud/Cad +10
aud/jpy +10
eur/cad +52 hit my TS
eur/chf +10
eur/usd +38
gbp/jpy +10
gbp/usd +10
usd/chf +10

CLOSED FOR LOSS
aud/usd -246 +150 = -96 (took this as my best exit)
eur/aud, 2L -55
(managed to get out of the final aud trades, now get to face the JPY trend sheesh.) Two of these will no longer be on my list after I close out these series of trades. I may rethink the eur/jpy and use the aud/jpy instead, we will see.)

OPEN TRADES

aud/jpy, 3L -381 4l -40 (hit my+10 then reentered)
chf/jpy -314 2L -158
eur/jpy -504 2L -250 3L -76
nzd/jpy -451 2L -248 3L 0

TOTALS
total for day -1
+62 for the week
+602 for the month
Carry over -2422

primary trades
BUYS aud/nzd, Eur/chf, usd/chf
SELLS Eur/cad, gbp/jpy, gbp/usd, usd/jpy

Secondary trades
BUYS
SELLS Aud/Cad, Eur/usd,

Looking for the EUR and GBP to pull me out of the jpy trades. Dang and I was so proud of my self in getting out of that AUD mess.

Just to let you know I took out my L1 eur/jpy when it broke the R level this morning at the JPY session. So add -550 to my figures. I will put it in tomorrow's session. I will add a 4L when price quits its run.

You trade and trade and once in a while you walk into the jackpot. Way to go GBP, will ride this one for a while. JPY continues to trend in one direction, looking for the correction. Still keeping a profit for the month even though its been a tough battle. I see guys are giving me more negative votes. I just assume they dont understand that there are going to be DD however, in the middle of one of my worst runs ever I am still keeping profit. Other currencies help with the deficit on these long runs and keep you from being overun. I am definitely thinking of using the less volatile aud/jpy instead of the eur/jpy in my final 11.
TAKE PROFITS
aud/nzd, +10
Eur/chf,+ 20
gbp/jpy +152
gbp/usd +252

CLOSED FOR LOSS
Eur/jpy -550

OPEN TRADES
Aud/Cad, +19
aud/jpy, 3L -405 4l -65
chf/jpy -353 2L -197 L3 0
Eur/cad, 1L -57
eur/jpy -349 3L -175 4L 0
Eur/usd, +36
gbp/jpy +22 (see note gbp/usd)
gbp/usd, +52 I put a limit order under support and reentered the trade I have done the same with GBP/JPY. The GBP is going down for a while so don't do any buy trades even though your indicators may say so.
nzd/jpy -451 2L -248 3L 0
usd/chf +41 set SL at +10 with 30 TS
usd/jpy -74

TOTALS
total for day -116
- 54 for the week
+ 548 for the month
Carry over -2194

primary trades
BUYS NO new trades for monday.
SELLS

Secondary trades
BUYS
SELLS

Hi Bob :

I too agree that this week also being very tough as like euro, aud, nz, are trending very well.

So now I setup one platform for trending and the other for ranging,

Do you agree that your 4H system is more for ranging becos I feel that for the trending you will keep adding levels till the pair reverse could be quite disastrous.

I still feel your system is good becos it works.

Like you say CAD move and now the GBP move unexpectedly more than 200 pips wow.

I am with you and happy trading .

I posted this on my other thread but it shows why the 40MA BB trading system should be very successful. It also shows you how you survive with the 2.4.2 system on the 4 runners. This obviously would apply to any currency pair.

There is one part of my system that if you can handle the runners, you will be very successful. Here is the eur/jpy for the last 5 months. There are 28 potential trades you could have gotten if you just played the BB band. Enter sell on top and buy on the bottom. Of the 28 24 were immediate winners and 4 were runners. I marked the 4 runners with an x and the # of pips on each run. If you can grasp this one thought, understand it, learn to trade it, this system will be very successful for you. If you can zero out or minimize the loss of the 4 runners you can see very good profits.

Two of the runners were easy to handle -223 which is two levels, no problem, -342 which would be 2 or 3 levels. They bounced back nicely and would be easily 0 out or minimally profitable. Now the other two. If you follow my recovery system. You would take a L1 loss on each one and then 0 out the rest. The last one is the one I am in now and I have taken a level 1 loss and now am waiting to 0 out the other 3 levels. That is the plan so if this last one follows form this is what your trading could look like on the Eur/Jpy.
28 trades, 24 winners, 2 losing trades with 3L break evens and 2 trades that may or not be minimal winners or losers. I like those odds.

What looks ugly right now is when one pair is running like this, all the pairs of that group will run. The JPY is running across the board but the eur/jpy is in the worst shape right now. The others are still only 2 or 3 levels or already had a retrace. So that is something you will see and learn over time. My solution to that problem is two fold. Either use enough money to not have margin problems or use a limited number of mixed currencies to cover your trading.

So if you can learn this one thing you can be very successful with this system. Do you have the patience and margin to ride out the band runs? Do you have the trading skill to do this? If you do you can see how your losses can be minimal and your winners very successful, you will love this system

I also marked two retraces on this last run in yellow and I could have gotten out. I did think about it at the time but I chanced the change of direction and it was the wrong decision. It is not that I didnt have opportunity to escape this run I just didnt think the retraces were going to be that small. These are decisions you make that sometimes work and sometimes dont. Either way price will not keep going up forever, I am guaranteed a retrace again but this time I will take it and go for the smallest loss I can get. So if you can grasp what you see here and understand how it works you can be profitable.

In the pic above to the very far left this is one more run of 347 pips which is easily survivable. Another 2 or 3 level trade that recovered nicely. I see I did not mark it on my screen.

Hi Bob

Thanks for the detail illustration. I have yet to fully grasp the system. I like the system and will continue to work on it.

Many thanks again for your remarkable system. It is great.

You have a nice weekend.

Hi Bob,

I'm using this system live since beginning of this month. Then I got trapped by the reversal of GBPUSD, it is the biggest I ever had sofar, more than 700 pips. Thanks to your 2.4.2 recovery (350 pips distance), yesterday when the pair fell I got out with smaller loss. But then I think I may have closed it too early because the pair is still continuing go down. Weekend close at IBFx was 1.6305 while my 2L was at 1.6273, only 32 pips away from the break-even.

What do you think?

P.S: Oops incorrect labeling, in my chart: 1L is my entry (0.01 lot), 2L is my 1st recovery (0.02 lot) and 3L is my 2nd recovery (0.01 lot).

I think I posted this before but this will help with zeroing out multi level trades - http://cdn.forexfactory.com/images/attach/mq4.gif i-Breakeven.mq4

Check the news section and you will find out that the gbp had some very bad economic news. I suspect it will downslide for quite a while so we should not be doing any buys on it right now. I am going to ride it down and stay in some of my trades. I like taking TP at Support and putting pending order on the other side. That way I dont lose my maximum profit with a bounce back. If price keeps sagging then I am back in it again. The Fundamentals will be strong on this one. Very Strong Fundamentals always overide indicators. That is why I am so wary of interest rate news.

You know, minimum losses are what they are. -32 is not a bad escape. It is a very livable loss. The only thing is when you see price suddenly jump, go to the news section and see what is causing it. The gbp had a big news story so I closed out the profitable ones and kept the losers. Put new entrances below support and will play it that way. I am doing that because of the news report. Now if you dont know that, then you did the right thing and got out with a minimum loss. I read the news story, knew it was big, guaranteed my profit and held onto the losers because I think the gbp going down has just got started. I will play this going down no matter what my indicators say. Sell and hang on, this doesnt happen too often. I expect some big gaps Monday as more traders jump in. Gaps are caused by banks unloading first before they allow traders to trade so there should be some real drops. That is my read on the GBP market right now. Hopefully I will be right. If it drops real big then move your SL with price action in case some bargain hunters decide to buy. Every time you TP put a pending order on the other side of support so you can stay with the drop. When price quits dropping you will no longer be in.

Thanks.

NZD interest rate Wed. If they change it follow the trend on that one. Market has shown strong volatility on any change or even non change recently.

In post #555 I have the http://cdn.forexfactory.com/images/attach/mq4.gif i-Breakeven.mq4 indicator. How hard would it be to mesh it with this EA ? What I'd like it to do is calculate break even on level 2 and 3 trades and automatically set TP on all open trades to a desired price. What I've been doing is getting the break even price and adding 20-30 pips past BE to all levels. Example: Buy E/U at 1.5000, price falls to 1.4800, EA kicks in Level 2 trade, BE is automatically calculated , x number of pips added to BE, EA then resets TP on both levels. Price falls to 1.4600, EA kicks in L3, calculates BE + desired number of pips past BE and resets TP on all three levels. I think this would make a nice addition to the strategy. Also, I'd really appreciate it if someone could add language or change language to keep EA from reentering after a TP occurs.