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Nanningbob 4H trading system

  • #741
  • Dec 7, 2009 12:28am Dec 7, 2009 12:28am
You only need it on if you want to trade with it, its not a fully automated EA. It helps you to see when to place and exit trades.
The greatest force on earth is compound interest.
  • #742
  • Dec 7, 2009 5:45am Dec 7, 2009 5:45am
blessed pips -

start by reading the word file, its got all the information on the system and indicators. Once you have your head around the methodology of the system, then start getting into the EA and traing aspects of it.

The EA is only used on this system once an entry has been spotted manually. You dont need the EA to trade the system. The EA is actually used so thast you DONT have to be at the computer all the time...plus, due to the 4hr time frame used on the system, setups occur a couple of times a day rather than every 15mins or something.

Read the word file a couple of times, and things will start to make more sense.
  • #743
  • Dec 7, 2009 6:10am Dec 7, 2009 6:10am
Thanks Bob for taking care of my suggestion

Maybe I do not make me clear, acutally I do not want you to predict the price action further than next session. I guess your primary/secondary trade part is the possible setups for coming sessions in your view. I just want to confirm that with you. It would be great if you can state it clearly in your jounal format so that other new comers would not be confused like me


And I share your pain, I live in Shanghai China, maybe I can visit you next year if you do not mind. . I get up at 8:00 to check possible setups and place orders. I just setup a remote control tool in my office PC so that I can logon to my Home PC to do trade at 12:00 and 17:00. I can share the tool with you if you need.

Best wishes. Thanks, Henry

Quoting nanningbob
Appreciate your suggestions. The matter maybe more of time than ability. I get up here in China in the morning just for the JPY session and I make my calls then go to work. I check again at lunch and also when I get home. If I have time the first suggestion maybe be able towork out but the second one will be more difficult to do. You are asking me to predict the future more than one day in advance and that is not something I do. I see the setups and let the EA do its thing. Secondary trades are entered by the EA or if I happent to be at the screen...
  • #744
  • Dec 7, 2009 7:08am Dec 7, 2009 7:08am
I'm really liking the idea of waiting for price to be in top or bottom 1/3 of the chart before turning EA on. Still going with a L1 TP setting of 50. L2 and L3 are then set at 120 and 165. Automatic re-entry after TP is shut off. Have grown a $50,000 demo to $52,424 in a little more than three weeks trading a dollar a pip. Worst DD I've seen was about 10% and lowest margin level was about 7000% (400:1 leverage). Figured out what was going on with Fx Sol.Aus.'s platform last week. I had EA up on my screen before market opened but it didn't kick in when the charts began to move. I had to shut down the platform and bring it up again after market open for it to begin trading for the week. Don't know why this is so but looks like I'll have to be here every sunday night to turn it on. No big deal but I'm wondering why this is happening.
  • #745
  • Dec 7, 2009 4:42pm Dec 7, 2009 4:42pm
the yen moved in my direction - here are my positions

aud/jpy: -46 +92
chf/jpy: +48
eur/jpy: +12 +164
gbp/jpy: +107

Closed AUd/nzd +6 (not moving)
eur/usd: -37
usd/chf - 36 (could have held both of these but dont like it right now)

will look to take some profit on the jpy trades today, and then let some ride.

edit: closed the second eur/jpy trade for +28
  • #746
  • Dec 7, 2009 4:59pm Dec 7, 2009 4:59pm
buy set ups on the eur/cad, sell on the eur/chf.

there are also a couple of set ups on the aud, but I dont really like the look of those ones just yet. Keen to see what you say bob
  • #747
  • Edited 6:39pm Dec 7, 2009 6:28pm | Edited 6:39pm
Take your profits, let your profits run, take your profits, let your profits run AAHHHGGGG. Me, I take my profits and look to see if you get secondary trades. Cant complain about yesterday +380. I also did the gbp/usd but I didnt call it, so not counting it now. I will be looking for price to move back up to secondary trades on all these pairs. You can also put pending orders underneath S/R to see if they will continue to run. See usd/chf post below. Sorry have to run, thanks for answering some of the questions of the new traders. I will try to answer some of them during my breaks. Looks like an aud, cad, chf day.

TAKE PROFITS
chf/jpy +54
eur/jpy +104 +37
eur/usd +50 -43
gbp/jpy +126
usd/jpy, +67
CLOSED FOR LOSS
 usd/chf +25 -40

OPEN TRADES
aud/nzd -3 zzzzzzzzzzzzzzzzzzzzz
aud/jpy, -17

BUYS


TOTALS
total for day +380
+707 for the week
+707 for the month
Carry over -20

primary trades
BUYS aud/cad, eur/cad

SELLS aud/chf, eur/chf

watch the USD pairs to see if they give you secondary trades today!
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. __________________
I no longer trade usd/sgd. It is going to 25:1 leverage, simply not worth using up that much margin for a slow mover like that.
[/quote]
  • #748
  • Dec 7, 2009 6:36pm Dec 7, 2009 6:36pm
quick note on the usd/chf. Like I said yesterday I would put a second trade looking for a retrace after a major run. ended up 0 out the trade well -15 loss, that is a good result. What I am looking for is for price to move back up above the 3 MA line so I can turn my EA back on and try again. This way if price continues to move up I wont be in the trade and if it continues to retrace I will get in.

The second thing I will look for is the support line at the 1.0130 mark (blue dotted line 2nd pic) I can place a pending order under it in case price decides to make a nice run south. This way I have a straddle plan for the USD/CHF. However, both of my trades will be sells. I do not do buys this high on the screen. The same story for the eur/usd and usd/jpy.
Attached Image(s) (click to enlarge)
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  • #749
  • Dec 7, 2009 6:46pm Dec 7, 2009 6:46pm
Here is my pending order for the usd/jpy. I set it just below the S line, see how it goes. You can see how in the past it was a very strong resistance line so there is a chance it wont break it now. It is one of the reasons I took my profit now on that pair rather than seeing if it would run. Take my TP now and set a pending order. This way I win both ways. If it retraces I dont lose my profit and then look for a secondary trade reenter. If it continues, I stay in the trade with a pening order.
Attached Image (click to enlarge)
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  • #750
  • Dec 7, 2009 6:51pm Dec 7, 2009 6:51pm
Quoting henryloving
Thanks Bob for taking care of my suggestion

Maybe I do not make me clear, acutally I do not want you to predict the price action further than next session. I guess your primary/secondary trade part is the possible setups for coming sessions in your view. I just want to confirm that with you. It would be great if you can state it clearly in your jounal format so that other new comers would not be confused like me


Best wishes. Thanks, Henry
Henry, my understanding of the system is that there is little to no mechanism for the prediction of a take/profit zone...mechanically speaking.

If you read the word file, you will see a section on when to take profits, and what bob thinks about certain situations.

Because each trade and pair are so vastly different in terms of volatility and movement, you have to use your brain and experience on when to TP (or just do that same and bob does!).

My strategy of late has been to take 50% profit once the price hits the 40MA line, and then let the rest run from there. This strategy, however, depends on how far the price has moved and if I'm happy with the pips that have been taken, and how the indicator lines are going.

As I said, this is dealt with in depth in the word file, to take a read again and it should help clear things up
  • #751
  • Dec 7, 2009 6:54pm Dec 7, 2009 6:54pm
Man I am late for work but this is just a great lesson here. I put a trend line on the screen. Another reason I took profit now and use a pending order. A fundamental or trend line trade might take a buy here but not me. Too high on the screen. This will help you understand different trading styles. They probably would laugh at an analysis like this. My analysis or prediction is price will bounce back up and continue the trend or go to a double top. Then I turn my EA on and take the retrace again.
Attached Image (click to enlarge)
Click to Enlarge Name: usd jpy 2.gif Size: 14 KB
  • #752
  • Dec 7, 2009 10:29pm Dec 7, 2009 10:29pm
Quoting scottik187
Henry, my understanding of the system is that there is little to no mechanism for the prediction of a take/profit zone...mechanically speaking.

If you read the word file, you will see a section on when to take profits, and what bob thinks about certain situations.

Because each trade and pair are so vastly different in terms of volatility and movement, you have to use your brain and experience on when to TP (or just do that same and bob does!).

My strategy of late has been to take 50% profit once the price hits the 40MA line, and then let...
Good explanation. I think I mentioned in my book several TP places.
1. S/R lines
2. Middle or opposite BB band line.
3. White line on Sto is on the opposite side of when the trade happened
4. Blue line on Sto is on the opposite side or when the white recrosses the blue line.

The most common one I use is when the white Sto Line has reached the opposite side or the next morning just before the start of the JPY session. By the end of the USA session currencies have made their run for the day and you can close or take 1/2 depending on what your info is on that pair. An exception to that rule are all AUD and NZD pairs since their markets open up near the end of the USA session. They will have a strong run there sometimes. So this comes with experience. AUD NZD pairs you will get around 50 pips, except for the gbp/nzd and eur/nzd they can run 100-300 in a day. Most other currencies you will get 50-150 in a day. As you can see I usually take my profit every day, I rarely hang on for more. That is because there are usually new pairs to trade and since we deal with retracements and price turnaround you can easily lose your profit the next day. When we trade we are getting the reversal of price exhaustion. Many times your profit will go away the next day because it will double, triple top, 1-2-3 swing trade or continue its trend. So price may reverse and take away your profit. My rule of thumb in trading is to never let a winning trade turn into a loser. I do not set my SL at 0 but put them at +10 when I move my SL up. I always want something for my effort. I cant comment on every trade but like Monday I will give you some tips once in a while. So time to learn.
  • #753
  • Dec 7, 2009 10:35pm Dec 7, 2009 10:35pm
Quoting scottik187
yep, gottcha.

My lot sizing was definitely to big for my balance here.

Will be moving to real money this week, or next...and then look forward to many pips in the new year.
Just some advice for trading live. Wait until the New Year. Price does some really funny stuff around the holidays and can get very unpredictable. That is because by the end of the month companies are doing their books, traders are taking time off, etc. I may not even trade the last two weeks, may take a vacation and sit on the sidelines. Havent decided yet.
  • #754
  • Dec 7, 2009 10:45pm Dec 7, 2009 10:45pm
Quoting nanningbob
Just some advice for trading live. Wait until the New Year. Price does some really funny stuff around the holidays and can get very unpredictable. That is because by the end of the month companies are doing their books, traders are taking time off, etc. I may not even trade the last two weeks, may take a vacation and sit on the sidelines. Havent decided yet.
Yeh i was actually thinking of doing that anyways...I was trading the SPI here in Australia last year around this time and had some difficulties...by "difficulties" I mean "losing my money"

No rush anyways...
  • #755
  • Dec 7, 2009 10:48pm Dec 7, 2009 10:48pm
Quoting henryloving
Thanks Bob for taking care of my suggestion

Maybe I do not make me clear, acutally I do not want you to predict the price action further than next session....
The EA will do the work of entering trades for you and you need your computer on to do that. I run mine 24 hours a day but once the EA enters the trade I put the blank template back on manually do the trade after that. So my day is like this. I set my ea's to on before the jpy session. I check at lunch time and put the blank EA for the trades that have entered. I come home from work and check just before the USA open 6-8 pm China time and again just before bed 10-12 pm China time. By then I know whether a trade is good or in trouble. In the morning when I get up before the JPY session I set my 2nd levels (some of these will be pending orders set at S/R levels) and close my profits. This way I dont over trade or let price craziness get me to enter too many trades. As I get better at my own system I try to pass on the things I learned, like the USD/CHF post earlier. Why I took my profit instead of letting it run. Why I used a pending order instead to stay in the trade if it kept going south. So that is my trading day. My actual trading time is very short, 5-10 minutes. Explaining my logic to you guys is an hour or two every day. LOL. You may ask why I do this at FF. Well, this is my real reason. SO I STAY DISCIPLINED. I will take trades I shouldnt unless I make them public. Then I will pass on some of my bad trading habits. So you guys help me stay profitable. thanks guys. Well, lunch is over, sorry I couldnt answer all your questions. I really appreciate some of you guys answering questions for me, this saves me a lot of time and also shows that you understand the system.
  • #756
  • Dec 7, 2009 11:29pm Dec 7, 2009 11:29pm
I'm more than happy to answer the questions bob...it actually helps me understand the system and learn it further.

As I've said before, this system really appeals to my own personal trading style and my 'view' on the markets. I've only been studying it for a month or so but I've made probably 500 pips in the meantime (inc yesterday excellent result).

It makes sense, and you definitely know your way around the markets.
  • #757
  • Dec 8, 2009 7:07am Dec 8, 2009 7:07am
Thanks Scott for your reply. I understand there are many ways to take profits. By reading Bob's recents trades, I almost understand his jounal format.

Quoting scottik187
Henry, my understanding of the system is that there is little to no mechanism for the prediction of a take/profit zone...mechanically speaking.

If you read the word file, you will see a section on when to take profits, and what bob thinks about certain situations.

Because each trade and pair are so vastly different in terms of volatility and movement, you have to use your brain and experience on when to TP (or just do that same and bob does!).

My strategy of late has been to take 50% profit once the price hits the 40MA line, and then let the...
  • #758
  • Dec 8, 2009 7:10am Dec 8, 2009 7:10am
Thanks Bob, I understand more about your trading style. It clear a lot of things up will follow you along

Quoting nanningbob
The EA will do the work of entering trades for you and you need your computer on to do that. I run mine 24 hours a day but once the EA enters the trade I put the blank template back on manually do the trade after that. So my day is like this. I set my ea's to on before the jpy session. I check at lunch time and put the blank EA for the trades that have entered. I come home from...
  • #759
  • Dec 8, 2009 5:48pm Dec 8, 2009 5:48pm
Not a particularly exciting day. Closed some trades because I felt the signal was lost. Mostly wanted a fresh start. Love the DD +-0 12-9 and already have 777 pips for the month. Good setups today for the USD keep an eye on some of the jpy pairs they may set up today but probably be ready tomorrow or Friday. I wont be taking the aud/usd but I put it there for some who like that pair.
TAKE PROFITS
aud/nzd +9
aud/jpy, +51
aud/chf +8
aud/cad +1
eur/cad +7

CLOSED FOR LOSS
 eur/chf -6

OPEN TRADES

BUYS


TOTALS
total for day +70
+777 for the week
+777 for the month
Carry over -0

primary trades
BUYS eur/usd, gbp/usd, aud/usd

SELLS usd/chf

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. __________________
I no longer trade usd/sgd. It is going to 25:1 leverage, simply not worth using up that much margin for a slow mover like that.
  • #760
  • Dec 8, 2009 7:29pm Dec 8, 2009 7:29pm
Quote:
Originally Posted by Toothman http://cdn.forexfactory.com/images/buttons/viewpost.gif
Abby,
Are you able to answer this for me? Thanks.

Hi Toothman,

Until our application in the UK is approved by the regulators, we won't have specific details on our offering but we expect U.K. accounts will be available to all interested customers and will include nano, micro, mini and standard lots as well as margin deposits being placed in segregated funds. 200:1 leverage seems to be common in the U.K. and we would expect to be able to offer something in that range.

Hope that helps! http://cdn.forexfactory.com/images/s.../yim/happy.gif
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