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Nanningbob 4H trading system

  • #801
  • Dec 15, 2009 7:39am Dec 15, 2009 7:39am
It is important to read this information. It will explain why certain pairs dont retrace this time of the year and you may just enter a trade and follow the trend.

If you look at previous years in most pairs there is some kind of a retracement in December.

Aha! I found it: http://www.forexfactory.com/showpost...stcount=163806
  • #802
  • Dec 15, 2009 8:18am Dec 15, 2009 8:18am
HI again Bob...Hope I don't become a bother, if I do just tell me too cool it..here are the actions..
at 08:44 this AM got an alert MA cross buy..loaded buy 150 2L4,.01 loaded, @ 08:45 the ea opened a buy order @ 89.59 SL 79.59..
The price was between the mid BB and top BB, and was @ -1.34..I think I should have initialized the sell 150 template, or EA? any way I removed the order..any helpful comments from anyone??
  • #803
  • Dec 15, 2009 8:53am Dec 15, 2009 8:53am
Quoting sfg7th
HI again Bob...Hope I don't become a bother, if I do just tell me too cool it..here are the actions..
at 08:44 this AM got an alert MA cross buy..loaded buy 150 2L4,.01 loaded, @ 08:45 the ea opened a buy order @ 89.59 SL 79.59..
The price was between the mid BB and top BB, and was @ -1.34..I think I should have initialized the sell 150 template, or EA? any way I removed the order..any helpful comments from anyone??
Not quite sure what you are referring to but in my system if price is in the upper third of the Chart, which usd/jpy is now entering you would only be looking to sell. I do not use the alert system anymore because I make almost all my decisions just before the jpy session. Make sure the alert was on the 4H chart but I dont know why you would get a buy alert then. However, my best guess is when you turn on MT4 or you change your TF it will give you the last alert but that wouldnt be the time to trade it. In other words, too late. So probably what you got was a sound letting you know what the last alert was which would have been many hours earlier. According to my chart the real alert was actually given the day before almost 24 hours earlier. REMEMBER the alert system is not a a signal to trade but an alert that a trade is possible. That alert would not be a trade because price is in the middle of the screen and I try not to trade there anymore. I hope I understood your question.
  • #804
  • Dec 15, 2009 2:23pm Dec 15, 2009 2:23pm
thanks for the reply Bob..I now understand what happened ..I had changed the chart from 1h to 4 hrs..I gave up on all the lower time frames below 4h/daily long time ago..

Happy Pipping
  • #805
  • Dec 15, 2009 3:08pm Dec 15, 2009 3:08pm
Hey Nanningbob

Thank you for the info will have a good look and return shortly

Many thanks

Cloudbasher
  • #806
  • Dec 15, 2009 6:07pm Dec 15, 2009 6:07pm
I once described this as someone twisting off your big toe by turning it 1mm at a time every 4 hours. Patience, patience. Wonder if this is one of these long drawn out trend thingys or quiet before the storm of tonight's USA interest rate statement. I took the aud/chf because it was high on the screen but not the aud/cad because it was lower. Well the aud/cad moved down but the aud/chf continues to float high in the air. hmmmmmmm. Right now currencies are showing what people are expecting at tonights new story, so they are almost all overbought or oversold. However, if they move back to the middle by the USA open, we will be in profit and we are out. If they dont move, that means the market it prepared for tonights move which we will be sitting very pretty. If the market has a big surprise tonight ...................... yuck. I have too many currencies I am in.
TAKE PROFITS
gbp/nzd +57 Yeah profit
aud/cad +90 I didnt take this trade but it made profit
CLOSED FOR LOSS

OPEN TRADES
aud/chf -42
eur/aud -56
eur/cad -131 2L 0 couldnt resist the double bottom 2L entrance.
 eur/chf - 10 for the last 2 weeks this pair has stayed in a range of 48 pips Sheesh
eur/nzd -146 2L -14
eur/usd, -193 -73 2nd time this week I didnt take a profit or set my +10
gbp/chf -119
gbp/usd, -49
nzd/chf -33
nzd/jpy -42
usd/chf -125 2l -58
BUYS,
SELLS
TOTALS
total for day +57
+57 for the week
+839 for the month
Carry over -1091

primary trades
BUYS eur/gbp (I didnt take this trade yesterday but will today)

SELLS

Secondary trades
BUYS aud/nzd SELLS usd/jpy

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.
  • #807
  • Dec 15, 2009 6:44pm Dec 15, 2009 6:44pm
Quoting sfg7th
thanks for the reply Bob..I now understand what happened ..I had changed the chart from 1h to 4 hrs..I gave up on all the lower time frames below 4h/daily long time ago..

Happy Pipping
Me too. Occasionally visit the 1H chart for TP points and reentries.
  • #808
  • Dec 16, 2009 1:44am Dec 16, 2009 1:44am
Here is your future guys. Two words is all it takes for the market to move. Thrilling HUH??? Traders are going to move the market based on whether two words are in or out. Dont you just love trading the forex, study your charts, learn them fundamentals and it all comes down to two words. SHEEEEEEESH......... and we trade because ???????????

The main dish for today is the FOMC Statement: While Ben Bernanke and his colleagues aren't expected to raise the Federal Funds Rate, there are high expectations to change the wording of the FOMC Statement.
The focus will be on the specific words about the “extended period” of low rates. Following the excellent Non-Farm Payrolls and the good retail sales, he might omit these words – this will push the dollar higher. Copy-pasting the same statement will be dollar negative.
  • #809
  • Dec 16, 2009 5:56am Dec 16, 2009 5:56am
Hi again...I wasn't confused as whether to use a buy or sell order I was confused between the 60/90 or 180/90 ea's...I think I've got it figured out now..
  • #810
  • Dec 16, 2009 5:18pm Dec 16, 2009 5:18pm
zzzzzzzzzzzzzzzzzz gonna start closing up my trades for the year. As they go to profit or get to break even I am going to start closing out. Been a good run the last three months so cant complain. Actually for a day when price basically drifted did pick up a couple of nice trades. Eur/nzd kind of made my day. I wonder if I should have closed both levels but we will see. gbp/chf still kicking myself for not putting my TP at +10 or +50. I could have had a great 2nd entrance plus pocketed some profit. Still make basic mistakes. Not worried though still in good shape on that one. I was expecting price to move around some but didnt happen. I want to try to close out all my trades by Friday win or lose. Looking for my best exits.
TAKE PROFITS
aud/chf +39
eur/aud +83
eur/chf +25
eur/nzd +110
gbp/usd, +53
CLOSED FOR LOSS
 nzd/chf -7 even though high on the chart I felt it lost its signal so closed it.

OPEN TRADES
aud/cad -2
aud/nzd -14
eur/cad -133 2L -8
 eur/nzd -109
eur/usd, -202 -60
gbp/chf -161 2L -2
nzd/jpy -49
usd/chf -118 2l -51
usd/jpy -32

TOTALS
total for day +310
+367 for the week
+1149 for the month
Carry over -941

primary trades
BUYS eur/gbp (did not enter, turned EA off not taking it.)
aud/usd (I am not taking this one either)
SELLS gbp/jpy ( Iwill take this one though)

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.
  • #811
  • Dec 17, 2009 6:04am Dec 17, 2009 6:04am
Hi Bob..can you explain the attached chart and order that was input while I was sleeping..the EA was turned on when the price was at top BB
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 22 KB
  • #812
  • Dec 17, 2009 6:29am Dec 17, 2009 6:29am
Hi Bob

Could I ask what your lowest margin level has been since going to 100:1 leverage and where does it stand now with your open trades? thanks
  • #813
  • Dec 17, 2009 6:42am Dec 17, 2009 6:42am
Quoting Toothman
Hi Bob

Could I ask what your lowest margin level has been since going to 100:1 leverage and where does it stand now with your open trades? thanks
I am committed at 20% of my account right now. 465% margin. Eur/usd, usd/chf are just not retracing, reminds of last year when the usd/chf went 9 days straight without a retrace. It is in its 9th day now. The difference is I am only 2 levels deep this year instead of getting killed like I did last year. With the 2.4.2 recovery system I am not too worried about it. The problem is the 100:1 leverage prevents me from doing multiple recoveries so I must be more careful in committing to too many trades. I have closed some trades early with profit to make room for recovery. I am glad the gbp/chf finally gave some relief. I have a third account I keep in reserve to transfer money to my two trading accounts if the leverage cause me some trouble. The bottom line is I have to double the amount of money I would normally trade. Class is resuming will write more later.
  • #814
  • Dec 17, 2009 7:17am Dec 17, 2009 7:17am
Last year's run is what lead me to find some way to recover from bad trades other than more levels and more funds. That run last year eventually got me to the 2.4.2 recovery system which finally put a cap of where I was going to take my loss. It gave me a rule other than making emotional judgement call and closing out the whole trade. Now I close out a losing trade one level at a time and that has greatly helped me keep losses under control. So this year I am ready but still feeling my way around the 100:1 issue. IBFX is opening an office in England so I will wait to see how that goes and then make a decision on a broker.
  • #815
  • Dec 17, 2009 7:23am Dec 17, 2009 7:23am
Quoting sfg7th
Hi Bob..can you explain the attached chart and order that was input while I was sleeping..the EA was turned on when the price was at top BB
Do you mean the EA did not enter until the line you have on now?? If that was your entrance something is wrong. Check the last tab and see if it was trying to place orders or it just did one time. It should have been hours earlier that is for sure. You need to find out if it is a broker, EA, internet connection, etc. issue. I am assuming you used the 3x3 sell EA?? Dang that would have been a nice trade too.
  • #816
  • Dec 17, 2009 4:13pm Dec 17, 2009 4:13pm
Quoting nanningbob
I am committed at 20% of my account right now. 465% margin. Eur/usd, usd/chf are just not retracing, reminds of last year when the usd/chf went 9 days straight without a retrace. It is in its 9th day now. The difference is I am only 2 levels deep this year instead of getting killed like I did last year. With the 2.4.2 recovery system I am not too worried about it. The problem is the 100:1 leverage prevents me from doing multiple recoveries so I must be more careful in committing to too many trades. I have closed some trades early with profit to...
465% margin level would be pretty scary for me. IBFX margin calls at 100% I think. Anyway, hope you find some good exits on retraces before the holidays.
  • #817
  • Dec 17, 2009 6:05pm Dec 17, 2009 6:05pm
Day 11 for the eur/usd and usd/chf run. So far this is the longest run of a currency without a decent retrace I have seen. I thought the 9 day usd/chf run last year was bad. Dang thing, what is nice though is since I have switched to top of screen/bottom of screen, I am not in deep like I was last year. I think it is finally running out of steam. I would think some guys either today or Monday will say 'time to take our profit' and get a retrace out of this. If not I have built up over 500 pips this week to get out of the trade if I need to drop the first level an go to my 2.4.2 recovery. Hopefully the Euro Bulls will show up again and not have to worry about it. Other than that, looks like gbp/chf has broken its run but if it continues I have pocketed some profit on the thing. So hopefully will be able to clear out the rest of my trades and end the month in good shape today. I think I have my ratios right for trading at 100:1. I passed the -1700 barrier and still have room to manuever so that is good.
TAKE PROFITS
gbp/chf 2L + 42
gbp/jpy +100
nzd/jpy + 18
Eur/gbp been a quick 35-45 pips if you took it but I didnt take it. It is a secondary trade for today if you want it. I am not adding any more trades for the year.
CLOSED FOR LOSS

OPEN TRADES
aud/cad -86
aud/nzd -51
eur/cad -195 2L -73
 eur/nzd - 67
eur/usd, -398 -278 -90
gbp/chf -102
usd/chf -191 2l -130 3L -34
usd/jpy -15

TOTALS
total for day +160
+527 for the week
+1309 for the month
Carry over -1710

primary trades
BUYS eur/gbp aud/usd
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. __________________
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.
  • #818
  • Dec 17, 2009 6:13pm Dec 17, 2009 6:13pm
Quoting Toothman
465% margin level would be pretty scary for me. IBFX margin calls at 100% I think. Anyway, hope you find some good exits on retraces before the holidays.

But i keep a third account with a large amount of cash to cover any moves if I need it. I like keeping small balances in case someone drops a bomb and my account gets hit hard. That is my ultimate stop loss. That is why I think people are idiots for arguing against 400:1 leverage. I keep my amount of money at a much lower risk. In my opinion, risk is the amount of money you have with the broker not how much you are putting into a trade versus the amount you have with the broker. If I have 500 bucks in an account and someone drops a bomb I may lose my 500 bucks but I am financially solvent as a person. They argue I lost 100% of my account, I am dumb. BUT, If you have 5-10,000 in an account and someone drops a bomb and they lose 20% of their account they think they did better than me because their loss is only 10% or 20% etc. But they lost 2-4 times the money. I live to trade another day and I can recoop my losses faster than they can. I think they are dumb.
  • #819
  • Dec 18, 2009 12:20pm Dec 18, 2009 12:20pm
More toe twisting today. This run has to end soon I would think. I have two pairs at level 3, three pairs at level 2, and eight pairs at level 1. Margin level is still at 9500% though. DD is at about 5%. I feel like I'm cheating with the 400:1 leverage. FXSolutions Australia demo platform has been no problem to this point.
  • #820
  • Dec 18, 2009 2:57pm Dec 18, 2009 2:57pm
Quoting Toothman
More toe twisting today. This run has to end soon I would think. I have two pairs at level 3, three pairs at level 2, and eight pairs at level 1. Margin level is still at 9500% though. DD is at about 5%. I feel like I'm cheating with the 400:1 leverage. FXSolutions Australia demo platform has been no problem to this point.
Yeah well, got out of the gbp/chf trade today in good shape and missed the usd/jpy. Thought that one would take a nice run was +80 at one time. I have got to quit missing my +10 +50. Not in bad shape but sheesh. day 12 of eur/usd and usd/chf. They now have a quad divergance and I have never seen one of those on a 4 hour chart before!!!! Will post results later. Still took a couple of profits and closed out some trades but I expected to be in better shape after today.
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