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Nanningbob 4H trading system

  • #621
  • Nov 12, 2009 6:12pm Nov 12, 2009 6:12pm
Dont see a whole lot happening so will go play baseball today. If you want to trade something the AUD/CHF is the only trade I see.
TAKE PROFITS

CLOSED FOR LOSS
OPEN TRADES
eur/cad -11

TOTALS
total for day +0
+816 for the week
+816 for the month
Carry over 0

primary trades
BUYS
SELLS


Secondary trades
BUYS

SELLS

OK my top 11 pairs and alternates:
This gives me 2 of each: aud, cad, chf, gbp, nzd,
4 of each eur, usd, jpy

aud/cad - aud/nzd this matches minor or commodity currencies together. As I have stated before minor currencies can get squashed by the larger currencies.

chf/jpy - eur/jpy - eur/usd - eur/cad - eur/nzd

gbp/jpy - gbp/usd - usd/chf - usd/jpy

Alternatives: the aud/jpy, eur/jpy, are all similiar so choose one. The Aud/jpy is not as volatile as the gbp/jpy if you want less movement but still like some volatility but it will do long trends more. The most important thing is you dont want to be heavily investment into any one currency. If the EUR/NZD is too volatile for your tastes you can replace it with nzd/chf or nzd/jpy. I just happen to like the eur/nzd pair and the way it flies around the chart.

Most volatile pairs: eur/nzd and gbp/jpy can be replaced with aud/jpy nzd/jpy nzd/chf for less volatility. __________________
GIVE A MAN A FISH, YOU FEED HIM FOR A DAY; TEACH A MAN TO FISH, YOU FEED HIM FOR A LIFETIME.
  • #622
  • Nov 12, 2009 9:22pm Nov 12, 2009 9:22pm
Quoting nanningbob
The problem I have is an internet problem China has a country wide firewall. Sometimes I cannot get out. Close half means to close 1/2 of the trade and keep the other half going. Place your SL so you still will keep a profit and follow price to the bottom of the BB. You can then decide to close all or keep it going. Reset your SL as you go keeping as much profit as possible.
bob is still in nanning,guangxi province? or nanjing in jiangsu?
i think this systerm is great,through the nbmacd is not so nb.realy good
  • #623
  • Nov 13, 2009 5:03am Nov 13, 2009 5:03am
Quoting nanchinos
bob is still in nanning,guangxi province? or nanjing in jiangsu?
i think this systerm is great,through the nbmacd is not so nb.realy good
I am in Guangxi Province just north of Vietnam.
  • #624
  • Nov 13, 2009 6:52am Nov 13, 2009 6:52am
Is there no possibilites for USA citicens to have a brooker outside USA?

Elovv
  • #625
  • Nov 13, 2009 3:09pm Nov 13, 2009 3:09pm
Quoting Elovv
Is there no possibilites for USA citicens to have a brooker outside USA?

Elovv
yes there are several companies that will accept USA traders. There are several in Australia with MT4 and I am sure there are others. So far I have not decided to move outside the country yet. I will probably decide to go with less volatile pairs and smaller lots for now until I see traders are comfortable with some foreign brokers. I will wait to see if IBFX will have a foreign office first and if they dont then I will look at my options.
  • #626
  • Nov 13, 2009 3:48pm Nov 13, 2009 3:48pm
I felt the eur/cad had lost its signal and it was in the middle of the chart so I closed it for a loss. Was bored so I took the aud/chf. The trade doesnt look bad so keeping it. Placed a couple of trades from currencies not on my list for Monday. I wont be heavily invested in any one currency group so I felt it was ok to violate that rule for now. The NZD/USD is also a secondary trade signal but I felt the NZD/CHF was a stronger signal if you want to compare the two and see how I decided. Basically a weak week with not much happening. I noticed I hadnt change my weekly update properly and I adjusted that. I also accidentally wiped out one days results. Sorry. Everything is up to date and accurate now.
TAKE PROFITS

CLOSED FOR LOSS
 eur/cad -15
OPEN TRADES
aud/chf -51

TOTALS
total for day -15
+314 for the week
+801 for the month
Carry over -51

primary trades
BUYS
SELLS nzd/chf


Secondary trades
BUYS usd/jpy

SELLS aud/usd

OK my top 11 pairs and alternates:
This gives me 2 of each: aud, cad, chf, gbp, nzd,
4 of each eur, usd, jpy

aud/cad - aud/nzd this matches minor or commodity currencies together. As I have stated before minor currencies can get squashed by the larger currencies.

chf/jpy - eur/jpy - eur/usd - eur/cad - eur/nzd

gbp/jpy - gbp/usd - usd/chf - usd/jpy

Alternatives: the aud/jpy, eur/jpy, are all similiar so choose one. The Aud/jpy is not as volatile as the gbp/jpy if you want less movement but still like some volatility but it will do long trends more. The most important thing is you dont want to be heavily investment into any one currency. If the EUR/NZD is too volatile for your tastes you can replace it with nzd/chf or nzd/jpy. I just happen to like the eur/nzd pair and the way it flies around the chart.

Most volatile pairs: eur/nzd and gbp/jpy can be replaced with aud/jpy nzd/jpy nzd/chf for less volatility. __________________
GIVE A MAN A FISH, YOU FEED HIM FOR A DAY; TEACH A MAN TO FISH, YOU FEED HIM FOR A LIFETIME.[/quote]
  • #627
  • Nov 13, 2009 3:59pm Nov 13, 2009 3:59pm
I see I gave you a reason to violate the rules on reentering and then price continued going down. Stupid me, I should know better. Well I reentered another level on the EUR/AUD. Now you can see why I dont have it on my recommended trading list. Dang thing. If you are not in the trade, it is giving a good buy signal for now but those runs along the BB band always worry me.
  • #628
  • Nov 13, 2009 7:45pm Nov 13, 2009 7:45pm
Quoting Elovv
Is there no possibilites for USA citicens to have a brooker outside USA?

Elovv
FX Solutions Australia accepts U.S. citizens. 400:1 leverage and hedging allowed but spreads and swap are more and you have to trade 10 cents per pip. I'm moving my money there and will let you know how it goes. So far I've had no problems with their demo account.
  • #629
  • Nov 13, 2009 8:21pm Nov 13, 2009 8:21pm
Quoting Toothman
FX Solutions Australia accepts U.S. citizens. 400:1 leverage and hedging allowed but spreads and swap are more and you have to trade 10 cents per pip. I'm moving my money there and will let you know how it goes. So far I've had no problems with their demo account.
Yeah but IBFX almost always requotes so its spreads are wider than advertised, in fact many of the low spread brokers do that, that is one of the disadvantages of variable spreads also. Be nice to have a non swap broker also. I notice over time swaps take a nice chunk of change from your profits.
  • #630
  • Nov 14, 2009 6:24pm Nov 14, 2009 6:24pm
Even though FX Solutions Aus. has higher spreads, at least they're fixed. The way I deal with the swap, is to add a pip or two to my TP if I have to hold a trade for awhile. Adds a little more risk but so far hasn't burnt me.
  • #631
  • Edited 2:11pm Nov 15, 2009 9:17am | Edited 2:11pm
This only happens about once a month per pair but I think it's an easy 50 pips when it does. It would be a manual trade along side the EA. Flip to the daily and look for the 7,3,3 (white line) to go OB or OS. When the line first changes direction after going OB or OS take the manual trade at the close of the daily candle. You could then set up a limit order to reenter if price goes too far against you. Might be something to use on slow trading days.
  • #632
  • Nov 15, 2009 4:37pm Nov 15, 2009 4:37pm
Quoting Toothman
This only happens about once a month per pair but I think it's an easy 50 pips when it does. It would be a manual trade along side the EA. Flip to the daily and look for the 7,3,3 (white line) to go OB or OS. When the line first changes direction after going OB or OS take the manual trade at the close of the daily candle. You could then set up a limit order to reenter if price goes too far against you. Might be something to use on slow trading days.
Occasionally if flip to the daily chart but it is usually to check on the S/R lines. Would be interesting to investigate the idea though.
  • #633
  • Nov 15, 2009 9:34pm Nov 15, 2009 9:34pm
Hey nanningbob,

I've just set up MT4 with all your indicators after reading your notes/guide over the weekend.

The system seems quite good on paper, and it appeals to my personal style.

I'll be trading it with a demo account to see how I go over the next month or so...and will definately be keeping an eye on this thread!

Thanks for sharing and providing all the info that you have.
  • #634
  • Nov 16, 2009 12:19am Nov 16, 2009 12:19am
Quoting nanningbob
I see I gave you a reason to violate the rules on reentering and then price continued going down. Stupid me, I should know better. Well I reentered another level on the EUR/AUD. Now you can see why I dont have it on my recommended trading list. Dang thing. If you are not in the trade, it is giving a good buy signal for now but those runs along the BB band always worry me.
Hi Bob, Are you referring to my question on EURAUD ? I didnt re-enter. I see if we enter trade against trend. usually those trades give many problem and not easy to make pip, like the EURAUD, price never even retrace back to middle of BB.
  • #635
  • Nov 16, 2009 12:54am Nov 16, 2009 12:54am
Quoting nanningbob
Once IBFX switches to 100:1 from 400:1 it is going to be very hard for me to stay in that 15-20% range. I am going to have to greatly increase my funds and not do as many trades at one time. I will have to play with the numbers and adjust. I will answer the other part of your question when I get home but I look at my total funds commited or my total in the lower right and compare that with my total funds in the account. So if I have 500 dollars in my account I would not want to have over 100 dollars as my DD. Once it gets past the 20% I start looking...
Hi Bob,

I am still not clear on the risk control. Appreciate if your attention again.

I read your PDF and it say, if you have $10000 account size, you trade 1 lot, is that standard lot ?
For all the trades open, usually the default SL is about 600 pip away, I understand usually we will not let the trade run negative 600 pip and get stop out. When trade go againts us, we try to min the lost my reenter and try to get out at breakeven or small loss.

This is the problem, since we never know what is the exact risk we took for every position, (we can't use 600 pip, as that fig is not realistic.) How can we make sure the position we put in for every trade is not too big ? Moreover, we tend to have few difference pairs open at the same time, this make risk control even more difficult.

If anyone has a good solution on the the risk control, would you kindly share with the group, thankyou.
  • #636
  • Nov 16, 2009 3:57am Nov 16, 2009 3:57am
Quoting scottik187
Hey nanningbob,

I've just set up MT4 with all your indicators after reading your notes/guide over the weekend.

The system seems quite good on paper, and it appeals to my personal style.

I'll be trading it with a demo account to see how I go over the next month or so...and will definately be keeping an eye on this thread!

Thanks for sharing and providing all the info that you have.
Well good luck, I have been using versions of this for about two years now but I think I have it down to a fairly final version. The success rate has been very high with the only drawback is getting caught in a long unretracing trend on occasion. Once you learn and get experienced in the 2.4.2 recovery system and minimizing losing trades, I think you will find this system profitable.
  • #637
  • Edited 4:22am Nov 16, 2009 4:09am | Edited 4:22am
Quoting nico28
Hi Bob,

I am still not clear on the risk control. Appreciate if your attention again.

I read your PDF and it say, if you have $10000 account size, you trade 1 lot, is that standard lot ?
For all the trades open, usually the default SL is about 600 pip away, I understand usually we will not let the trade run negative 600 pip and get stop out. When trade go againts us, we try to min the lost my reenter and try to get out at breakeven or small loss.

This is the problem, since we never know what is the exact risk we took for every position, (we...
Whenever I refer to a lot, I am referring to how IBFX defines a lot. So 1 lot equals 1 USD. 0.10 is one US dime and .01 is one US penny. If you use other currencies or brokers you will have to readjust your thinking and figures to that.

If you are trained in traditional thought on Stop losses you will have a hard time swallowing my concept of trading. In reality I dont use stop losses. I only put them in my EAs to keep beginners from wiping out their accounts because they just wont close a losing trade. I space my reeentries apart 150-250 pips apart, depending on the pair traded and the nearest S/R line. I then wait for the bounce off of S/R lines and let the retrace reduce my loss to as close to 0 as I can get it and then am done with the trade. In reality I no longer ever take a stop loss except to close a 1st level trade so I can add a new 4th level. I highly recommend not ever trading more than 3 levels at one time. From my day by day trades you can watch and see how I reduce my DD and eliminate it with very little damage to my account. It is a trading skill, I dont think I have ever seen anywhere else. The bottom line is you will either understand and learn it, (you can use it with any trading system) or you will think it is non sense to trade without a defined stop loss. I have hung onto trades for as long as 3 weeks reducing the DD until I have gotten rid of it. The AUD/USD trade in Sept. is one example and the GBP/CHF in Oct. is the other. Both of those trades took around 3 weeks to reduce to almost 0 but it worked. So if you cant ever get your mind around not using well defined SL then this will be a very difficult system for you to understand and use. From the time I started trying to trade like this to really getting a recovery to work was about a year and a half. What I posted is my final results and system, you dont have to go through the long learning curve I did. But to finish this off and I am sorry if I took so long. Once a trade is 3 levels deep and the first level is around -400 pips you would drop that first level trade before taking on 4th level. That is what I call a losing trade. They dont happen very often but they do. I think in the last 3 months I might have 4 or 5 of those. Also understand the 400 pips is a guide not a hard fast rule. I see a major S/R line at the -425 or -450 mark I wont close that trade but hang onto it to see if it breaks that line first before closing it. Then I will close the 1st level and wait for a good entrance on my 4th level.
  • #638
  • Nov 16, 2009 4:27am Nov 16, 2009 4:27am
How can we make sure the position we put in for every trade is not too big ? Moreover, we tend to have few difference pairs open at the same time, this make risk control even more difficult.

Again we are not out to break too many trading rules. Staying in that 20% max of your account is the goal. If all your trades are at the 3 level area then the amount traded should be within 20% of your account. If you go higher than that then changes must be made. One of the reasons I changed to a group of 12 currencies is because I went way over in Oct. of my goal to stay in the 15- 20% range. So now I think it is doable. The problem now is what changes do I need to make when all the USA brokers go to 100:1. I may have to cut out some more pairs or to do less trades. I am not sure which way I will go yet.
  • #639
  • Nov 16, 2009 4:30am Nov 16, 2009 4:30am
Quoting nico28
Hi Bob, Are you referring to my question on EURAUD ? I didnt re-enter. I see if we enter trade against trend. usually those trades give many problem and not easy to make pip, like the EURAUD, price never even retrace back to middle of BB.
Well the eur/aud is off my list but I got hung on it using another trading system so now I am using my 2.4.2 system to get out.
  • #640
  • Nov 16, 2009 4:31am Nov 16, 2009 4:31am
I think the best bet is to cut the highly correlated ones.

Quoting nanningbob
[color=DarkRed]How can we make sure the position we put in for every trade is not too big ? Moreover, we tend to have few difference pairs open at the same time, this make risk control even more difficult.

[color=Black]Again we are not out to break too many trading rules. Staying in that 20% max of your account is the goal. If all your trades are at the 3 level area then the amount traded should be within 20% of your account. If you go higher than that then changes must be made. One of the reasons I changed to a group of 12 currencies is because...
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