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Nanningbob 60x90 EA

  • #2,821
  • Nov 3, 2009 3:17am Nov 3, 2009 3:17am
Quoting guito2009
ok thanks!

for now i see that:

USD -> FOMC Statement
EUR -> Minimum Bid Rate
GBP -> Official Bank Rate
AUD ->Cash Rate & RBA Rate Statement

this is the only interest rate news (for that pairs) or it my be others?
There are two important things about interest rates. If they change, they fundamentally change the direction or continuation of a currency. This may affect a currencies movement for days or even weeks. As you may have noticed the last AUD change sent price up for 3 weeks straight with very little retracement.

Second there is associated news that comes out with it based on the interest rate change or non change. So even though the interest rate may not change, the currency will move based on associated news. Last year we had a change on the NZD rate that moved the market but several hours later, based on that change, the credit rating changed which made the NZD shoot hundreds of points. That secondary story caused me to take one of my biggest losses last year. That news story was not on the FF calendar but greatly affected price action. So that is why I am so cautious around interest rate changes, it affects many other areas that may not be readily seen or known as a trader.

So as you can see I am very cautious around these events. Even though most of the time the market does not move that much, it is when there is a surprise and you are on the wrong end, your account can be damaged very quickly.
  • #2,822
  • Nov 4, 2009 5:29pm Nov 4, 2009 5:29pm
What is your broker doing? Havent heard from IBFX? Here is some news for USA customers.


On November 30, 2009, the NFA will implement amendments to the Financial Requirements Sections 11 and 12. This amendment will limit leverage to 100:1 for U.S. held accounts, including all currencies and metals offered by FX Solutions.

FX Solutions is able to provide an alternative to the new NFA amendments reducing leverage. You have the option of continuing all current functionality by seamlessly opening an additional account with FX Solutions UK. This alternative would also allow
you to:

 

  1. http://content.mkt41.net/ra/2009/422.../checkmark.jpe Maintain leverage up to 400:1 on Forex and up to 200:1 on Spot Metals†
  2. http://content.mkt41.net/ra/2009/422.../checkmark.jpe Trade on a ticket-based system
  3. http://content.mkt41.net/ra/2009/422.../checkmark.jpe Place stop loss and limit orders on individual trades
  4. http://content.mkt41.net/ra/2009/422.../checkmark.jpe Utilize Hedging functionality††

  • #2,823
  • Nov 4, 2009 5:29pm Nov 4, 2009 5:29pm
There are two important things about interest rates. If they change, they fundamentally change the direction or continuation of a currency. This may affect a currencies movement for days or even weeks. As you may have noticed the last AUD change sent price up for 3 weeks straight with very little retracement.

Second there is associated news that comes out with it based on the interest rate change or non change. So even though the interest rate may not change, the currency will move based on associated news. Last year we had a change on the NZD rate that moved the market but several hours later, based on that change, the credit rating changed which made the NZD shoot hundreds of points. That secondary story caused me to take one of my biggest losses last year. That news story was not on the FF calendar but greatly affected price action. So that is why I am so cautious around interest rate changes, it affects many other areas that may not be readily seen or known as a trader.

So as you can see I am very cautious around these events. Even though most of the time the market does not move that much, it is when there is a surprise and you are on the wrong end, your account can be damaged very quickly.
  • #2,824
  • Nov 5, 2009 1:53am Nov 5, 2009 1:53am
thought id just share this with you

http://www.myfxbook.com/members/BenScoobert

i added my 7 month 60x90 account
  • #2,825
  • Nov 7, 2009 10:45am Nov 7, 2009 10:45am
Hi hi, had been doing a lot of backtesting. Has anyone found a good setting with this EA? IMHO, It has been a good profitable EA, just that need to find a way to counter spike and long trend.
  • #2,826
  • Nov 7, 2009 5:37pm Nov 7, 2009 5:37pm
Quoting gerald20000
Hi hi, had been doing a lot of backtesting. Has anyone found a good setting with this EA? IMHO, It has been a good profitable EA, just that need to find a way to counter spike and long trend.
This is the problem of every EA. Spikes (news stories) are just part of trading, we overcome these by having enough range to absorb the spike. Long trends are avoided by knowing what causes them (Fundamentals) or becoming skillful in exiting them with small losses (2.4.2 system). If you write an EA that follows the trend then it has serious problems with spikes and flat times.
  • #2,827
  • Nov 7, 2009 6:13pm Nov 7, 2009 6:13pm
Nanning,

Does your EA have fixed stops? For example a 15pip stop for entering on the 1hr on every trade? Also have you considered time duration? An example of that would be to close all trades at the end of the day?
  • #2,828
  • Nov 7, 2009 7:19pm Nov 7, 2009 7:19pm
Quoting Kas1
Nanning,

Does your EA have fixed stops? For example a 15pip stop for entering on the 1hr on every trade? Also have you considered time duration? An example of that would be to close all trades at the end of the day?

It is all there inside the EA you just have to go inside for the settings.
  • #2,829
  • Nov 8, 2009 2:29am Nov 8, 2009 2:29am
What settings do you personally use bob? and what pair do u trade on?
  • #2,830
  • Nov 8, 2009 2:56am Nov 8, 2009 2:56am
Quoting gerald20000
What settings do you personally use bob? and what pair do u trade on?
Seems like I answer this question almost every page. I have not changed my trading in the last 6 months. I trade the 180x100 and have been for the last 6 months.
  • #2,831
  • Nov 8, 2009 6:53am Nov 8, 2009 6:53am
Quoting Kas1
Nanning,

Does your EA have fixed stops? For example a 15pip stop for entering on the 1hr on every trade? Also have you considered time duration? An example of that would be to close all trades at the end of the day?

We are multi level trading, therefore, we do not use any of the things you mention.
  • #2,832
  • Nov 8, 2009 9:27am Nov 8, 2009 9:27am
Quoting nanningbob
This is the problem of every EA. Spikes (news stories) are just part of trading, we overcome these by having enough range to absorb the spike. Long trends are avoided by knowing what causes them (Fundamentals) or becoming skillful in exiting them with small losses (2.4.2 system). If you write an EA that follows the trend then it has serious problems with spikes and flat times.
Bob, I'm surprised you haven't changed ur 180/100 ea to pending trades instead of market. There is more profit and less dd, it also helps in those spike conditions. Best to u and ur's.....Dan
  • #2,833
  • Nov 8, 2009 1:56pm Nov 8, 2009 1:56pm
Quoting qz10cq
Bob, I'm surprised you haven't changed ur 180/100 ea to pending trades instead of market. There is more profit and less dd, it also helps in those spike conditions. Best to u and ur's.....Dan
what are the benefits of a pending trade instead of a market trade? Pending trade for what? 1st level?
  • #2,834
  • Nov 8, 2009 2:40pm Nov 8, 2009 2:40pm
With a pending order you get filled at the exact price, with a market order you can get slipped a few pips.
  • #2,835
  • Nov 8, 2009 7:23pm Nov 8, 2009 7:23pm
just that? that don´t seem to lower that much the DD...
  • #2,836
  • Edited 7:00pm Nov 9, 2009 12:53am | Edited 7:00pm
Quoting guito2009
what are the benefits of a pending trade instead of a market trade? Pending trade for what? 1st level?
On a market order, let's say 1300 on an up move, when price reaches 1300 ur in the trade now hoping it will turn and go down. On a pending order price would have to go to say 1325 before it would put a pending order to sell at 1300, and the only way u would be trading is if price falls back to 1300.

If price spikes it can blow right thru some of the steps without a trade taking place. If it spiked up 200 pips to 1500 you would be -200 pips on the market order which triggered at 1300 and in the pending order u may not even be trading yet. All the pending orders would be waiting for the down move. I hope that makes sense to u guys....Dan
  • #2,837
  • Nov 9, 2009 3:14am Nov 9, 2009 3:14am
Quoting qz10cq
On a market order, let's say 1300 on an up move, when price reaches 1300 ur in the trade now hopeing it will turn and go down....
I think what I said many pages back, if you ever got a final version that had been tested, I would be willing to publish it on the first page. I have tested it some but not enough to change at this point. I like the concept and I think the reasoning is sound but I have been busy testing other things for the upcomin changes. So if you have a final version ready I would like to see it.
  • #2,838
  • Nov 9, 2009 8:35am Nov 9, 2009 8:35am
HI

I just found your concept and the EA last week and I am using your 3x3 template with warning. I have a problem in so far as I seem to get opposite buy and sell warnings within 30 to 90 minutes of each other. Any idea which is which.

Many thanks
  • #2,839
  • Nov 9, 2009 5:58pm Nov 9, 2009 5:58pm
Quoting astral77
HI

I just found your concept and the EA last week and I am using your 3x3 template with warning. I have a problem in so far as I seem to get opposite buy and sell warnings within 30 to 90 minutes of each other. Any idea which is which.

Many thanks
I have no idea what you are talking about. What TF are you using, what currency pair etc etc.
  • #2,840
  • Nov 9, 2009 7:37pm Nov 9, 2009 7:37pm
sorry I should had been more specific. h4 time frame USDCAD.
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