Nanningbob 4H trading system

Thanks for all the positive feedback. My Straddle trade yesterday worked perfect so I am going to do it again today. Exact same setup. See pic below. I really didnt see any new trades I liked so gbp/usd and eur/usd is it for me today. Happy trading. I did think of staying in the aud/cad trade though. If you think it will run more put in your +10 and see what happens.
TAKE PROFITS
Aud/Cad, +40
eur/cad, +85
STRADDLE TRADE
Eur/usd +51 I put a TS of 25 on this after it entered. Nice straddle trade.
CLOSED FOR LOSS

OPEN TRADES

gbp/usd 1L -122 2L +6 I added manually at R line
BUYS
SELLS


TOTALS
total for day +176
for the week +442
for the month +442
Carry over -116

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.
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]

No it is part of the method, we multi level trade because there is no 100% certainty price will change at the signals. What you want to do now is ride your second level and try to break even or get a small profit on this trade. When the trade is equalized put in SL so you dont lose the break even or minimal loss and then see if the trade continues into profit. The difference between my system and others is, instead of taking SL we try to break even on losing trades so our equity curve will keep moving up over time. It takes time to grasp this concept in trading when you have been hammered with USE A STOP LOSS all your trading life. My philosophy is only take a SL in extreme cases and always try to break even. December was the only time I took an extreme loss but that was a very rare exception in price movement. Prices moved for 3-4 weeks without retracing which is something I had not seen before. So it was good I had quit trading in December. So that is the basic philosophy behind this system. Also I usually do not reenter on less than 150 pips but we are so high up on the screen I went ahead and did at the R line. If you reenter too early it can also cause problems.

If you're using the EA to enter,it uses the average of the last three candles. I've been playing around with entering manually when red, white and blue are at extremes, price is in top or bottom third of chart and RSI(8) is showing divergence.

Thanks for the comments bob and toothman.

Open positions:

gbp/usd: -193, -61. Still set up for a sell. Will be looking to zero out on this trade (hopefully).

Set-ups:

sell: aud/usd. We could be seeing a double top for the week, which is at a resistance level established a few weeks ago.

quiet day, I am keeping my eur/usd straddle trade. Moved down the top line because of the new R line.
TAKE PROFITS

STRADDLE TRADE

CLOSED FOR LOSS

OPEN TRADES

gbp/usd 1L -186 2L -58 I added manually at R line
BUYS
SELLS


TOTALS
total for day +0
for the week +442
for the month +442
Carry over -244

primary trades
BUYS eur/gbp (use a smaller lot because this uses a lot of margin)
SELLS gbp/chf,

Secondary trades
BUYS eur/aud, usd/jpy
SELLS aud/chf, aud/usd, nzd/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.
I no longer trade usd/sgd. It is going to 25:1 leverage, simply not worth using up that

I had a good day so I closed out and went to bed. No carryover. Though I show negative pips for the gbp/usd I made a profit because my second level was a higher lot than my first level. My Eur/Usd straddle trade went great. OK good first week, I am happy. See you Monday.
TAKE PROFITS
aud/chf, 0
aud/usd, +65
eur/gbp +17
gbp/chf, +55
nzd/usd, +61
usd/jpy did not enter

STRADDLE TRADE
eur/usd +67
CLOSED FOR LOSS
eur/aud, -8
gbp/usd 1L -83 2L +45 = -38
OPEN TRADES



TOTALS
total for day +219
for the week +661
for the month +661
Carry over 0

primary trades
BUYS chf/jpy eur/cad, eur/gbp, eur/jpy, usd/jpy
SELLS gbp/chf

Secondary trades
BUYS eur/aud
SELLS nzd/chf

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

Bob,

I had requested sangmane for break-even stop loss modification of your EA in the programming section. He is yet do this modification, but I have found couple of EAs there which might help. I have not tested them yet. We should be able to use them separately from a chart, till we find a method to incorporate in your EA.

Thank you. I will use these with some others I have found. I am trying to put together my own EA that does some things I want. I will also need some other tools in my new EA. When its done the EA will babysit your trades more helping to prevent going back into deficit once it has gone into profit. In other words I am looking for more than an adjustment in this EA. I need a programmer willing to do some work here. I finish finals this week and then have several weeks off for this project.

100:1 is still bearable but this one?

http://www.cftc.gov/newsroom/general...pr5772-10.html

i still have the GBP/USD trade open - waiting for it to move closer to break even to close it out!!! Bit annoying -

closed aud/usd trade out for +98.

That looks like a "death to retail forex" type bill.

Hi Bob...I'm re-reading the pdf trading manual..on page 9 (GBP/JPY chart)paragraph d, week 1 has all ind. together at 85 so turn on buy EA, shouldn't that read turn on sell EA since the price is in top 3rd and bouncing off the upper BB??

Yes that is correct, sorry for the mistake.

an update:

Goodbye US Forex industry: Part 2

 

1. Posted by Michael Greenberg in Brokers, Traders
2. 0 Comments

Continuing my post from last Friday about the CFTC’s anti-Forex regulations (I dear you to fathom this 193 pages document) there are couple more points we should discuss:
1. First one is the “Foreign Exchange Dealers Coalition” manifest first published by fxstreet’s Francesc. It’s an interesting piece of paper, not solely because of its content, but also by the first ever appearance of a US retail forex brokers’ alliance – and this is a revolution, no less. It seems that in fear of the worst even forex brokers can unite. This is highly important because brokers unity is perhaps US industry’s last chance and because for the first time the brokers collectively realized the danger. This however is probably too late.
CFTC is all but done introducing the new requirements, and this Comment Period is just a bureaucratic procedure. US brokers should realize that the window to fend off this attack is long gone, and it’s time to adapt to a whole new reality – the US government doesn’t want you there, it prefers you to move to offshore locations. Unfortunately for you, these offshore locations are already pretty well inhabited by other brokers so the rules of game are much more different now.
The Foreign Exchange Dealers Coalition summarizes their stand with the following:
“The case against the 10 to 1 leverage rule is clear. The rule will be a boon to foreign forex dealers (both regulated and unregulated) who will grow entirely at the expense of retail forex dealers in the United States. Thousands of high paying jobs will be lost and the potential for tens of thousands of more jobs will forever vanish as well. Consumers will be hurt and more vulnerable to fraud. And the United States will toss away one of the most promising export industries that it has, all in the midst of 10% unemployment. There is no good reason that this should be so.”
They are spot on, but nobody in the CFTC cares.
2. The second point that most is overlooked while focusing on the 10-to-1 leverage requirement (which is crucial by itself) is that CFTC ‘proposed’ not only the reduction in leverage but also 193 pages of other requirements. In fact, it’s a whole new book of how the retail forex industry should look like. For instance:
Subject to certain exceptions (e.g., for certain regulated financial intermediaries not under the Commission’s jurisdiction as established in the CRA), the Proposal would require persons offering to be or acting as counterparties to retail forex transactions but not primarily or substantially engaged in the exchange traded futures business, to register as retail foreign exchange dealers (“RFEDs”) with the CFTC. Registered futures commission merchants (“FCMs”) that are “primarily or substantially” (as defined in the Proposal) engaged in the activities set forth in the Act’s definition of an FCM would be permitted to engage in retail forex transactions without also registering as RFEDs.
Do they mean SEC registered retail forex brokers (there are a few which are not primarily futures brokers summerstreetfx.com for instance)?
The Proposal would further require certain entities other than RFEDs and FCMs that intermediate retail forex transactions to register with the Commission as introducing brokers (“IBs”), commodity trading advisors (“CTAs”), commodity pool operators (“CPOs”), or associated persons (“APs”) of such entities, as appropriate, and to be subject to the Act and regulations applicable to that registrant category. In addition, the Proposal would require any IB that introduces retail forex transactions to an RFED or FCM to be guaranteed by that RFED or FCM.
Ouch.
The Proposal would also implement the $20 million minimum net capital standard established in the CRA for registering as an RFED or offering retail forex transactions as an FCM; propose an additional volume-based minimum capital threshold calculated on the amount an FCM or RFED owes as counterparty to retail forex transactions.
So where do US brokers go from here? Offshore.

Here is a letter I sent to my Senators from Florida. You may want to send letters to your Senators. Time to get involved guys, but probably too late.

Senator Bill Nelson
Washington, D.C.
United States Senate
716 Senate Hart Office Building
Washington, DC 20510

Senator George LeMieux
United States Senate
356 Russell Senate Office Building
Washington, DC 20510

Dear Senator,

I have been a Forex trader for 3 years now. Even though my winnings have been modest I have enjoyed being a trader. However, due to new regulations Forex dealers and small time traders like myself are being forced out of the market. Please read the following and understand I am tired of govt. regulators joining forces with big time companies and wiping out the little guy. Please read the following story and let me know if there is anything that can be done. Otherwise I have to do my trading overseas in England or Australia where they dont punish the little guy. Why export more business and jobs when we need them here in the USA. I consider these men dangerous to this industry and they only want a small group of traders and companies to enjoy trading.


Goodbye US Forex industry

* Posted by Michael Greenberg in Brokers, Traders

So what do you when someone is constantly bullying and harassing you at your neighbourhood? Do you call the police, try to take a stand yourself or just run? Well, sometimes when nothing else helps and the situation is escalating, and this has been going on for ages it’s better just to find a new home. You tried your best and it’s not surrendering rather it’s an understanding that if someone powerful doesn’t want you there you can find better places where you can have your old quality of life back.

And my US Forex trading friends, the CFTC doesn’t want you there.

It doesn’t want you trading Forex with the US brokers who will gradually shift their operations to offshore locations where the regulator doesn’t have a conflict of interest or a powerful futures lobby forcing it to make all the wrong decisions.

Latest from CFTC is that it is “seeking public comment” on proposed leverage reduction to 10-to-1. We all know what this means: the rule is all but finalized and they just let you feel as if you are important to their decision making process. Whether you are a large broker or a small time retail trader, this will probably make no difference to these guys with a very clear agenda.

Now, I’m sure i’ll surprise you here but I’m actually a fan of a lower leverage. HOWEVER, I don’t think it should be forced on ALL forex traders. High leverage is a number one reason that newbie forex traders lose all their money. However, many professional traders as well as money managers, hedge funds, etc use high leverage in order to achieve better returns or just because their strategies require that. Some also use high leverage in order to cheaply hedge their exposure in other forex transactions.


(These are my comments not the authors. I disagree with the author on this point. High leverage is the best way to learn this industry. WHY? Because I risk less money to learn. For example, If I use 500 dollars at 400:1 leverage. My maximum loss would be 500 dollars. I will need to risk 2000 dollars to trade the same way at 100:1. My maximum loss would be 2000 dollars. With the new laws I will need to risk 20,000 at 10:1. When you are learning to be a trader which is better for you. Risk 500 dollars or 20K. This is obvious. Leverage is not my enemy it is my friend and the friend of every new trader. It allows us to lose small sums of money in the hopes of one day learning to trade larger sums. I would never have wanted to learn to trade FOREX if my minimum investment was 20K dollars. However, learning at 500 dollars was worth the price of training. The men who are writing the regulations are not protecting the small time investor they are killing them so that only a few big boys can trade. This is not an American concept. I want the freedom to trade, to learn, to lose or gain money in a free and open market. These regulators are not protecting the small investor they are wiping them out so only a privileged few can trade. Please protect my freedom to trade as I wish. I wish to trade with USA brokers but if govt. regulators wipe them out then I will be forced to use a foreign broker.)

Limiting leverage to novice traders is a great thing. Limiting leverage to ALL traders is horrible. I would recommend the CFTC to differentiate in their requirements and instead of imposing rules on all traders as if they were all identical set some kind of proficiency/experience test which will determine whether the trader can you use the leverage of his choice or be subject to a low leverage. Such test can be that trader’s testament to years of experience in trading or something of this nature.

I’ll send them this note, but I doubt it’ll make any difference. If anyone else would like to comment on that they are welcomed to send a note to: [email protected] with “Regulation of Retail Forex” as the subject line. People, be nice or they will just throw your emails to garbage and ignore all other more balanced emails.

CFTC also oversees the vast Futures industry where many high leveraged products are present. Some are as leveraged as the spot forex right now. So why are these products aren’t limited to 10-to-1 leverage ratio? Why is it only the spot forex that is dealt with regulatory blows over and over again?

CFTC should have long time ago required all brokers to switch to ECN trading model and reduce leverage to novice traders. That’s it. That would have been so much better to the whole US forex industry, but I guess CFTC has it’s own considerations here…

Unfortunately as far as I know other regulators like FSA (UK) and FINMA (Switzerland) may take a similar approach as they look to work closely with the CFTC/NFA. Let’s hope they don’t but time will tell.

So my US forex friends, I suggest you don’t wait 60 days till the comment period is over or till the requirements are imposed – and they will be imposed as-is, find yourself a nice cosy offshore home and forget about all the problems you had at your old place.

Sincerely,

Robert Villmow

Since yesterday was a bank holiday and the markets had minimum movement and it is my first day off in ages, I am going to sleep in late today and will post my results late. Sorry guys but I am tired be back later.

Open Positions:

gpb/usd: -203, -71. Still holding, looking to get out asap! If I was awake a couple of days ago I could have gotten close to zero'ing out...however that wasn't the case.

gbp/chf: -4. Will look to take small profit on this soon. Price is bouncing around.

Signals.

BUY: eur/aud. RSI making higher lows while price bounces off support. My issue with this is that I dont see the eur making a run against the Aussie, esp as aus interest rates will probably go up again soon. May look for a small profit.

https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'Robert'
Robert: Welcome to the FX Solutions Australia on line chat service. How may I assist you?
Robert: hi
Rich Delaney: Hi Robert, I've been told by several of your staff in the past that a U.S. citizen can open an account with your Australia branch as long as I use the MT4 platform. I was told tonight FX Sol Aus. doesn't accept US citizens. Can you enlighten me?
Robert: that is correct..at one time you could however now you cannot
Robert: BUT
Robert: you can have a MT acct with FX Solutions UK
Robert: FX Solutions UK, FX Solutions Australia and FX Solutions LLC are owned by City Index Limited, which is a UK based firm regulated for the conduct of investment business in the UK by the Financial Services Authority (FSA)
Rich Delaney: When did this change occur. Was talking to someone about doing this a month ago
Robert: around that time
Robert: shall i assist with the UK process--
Robert: its the same
Rich Delaney: I have an account several months old (demo- fx solutions Aus.) why wouldn't they email me and let me know ahead of time they were changing the rules on real money accounts
Robert: rules?
Robert: can you expand upon your question please
Rich Delaney: The new rule that US citizens no longer able to open australian account
Robert: for further inquiries or explanation regarding this matter email:… [email protected]
Robert: you can have a MT acct with FX Solutions UK
Robert: it is the same process
Rich Delaney: The reason I wanted to open in Australia is that I think the UK will cave into pressure from the US. down the road when it comes to leverage and hedging
Robert: you can have a MT acct with FX Solutions UK... it is the same process
Robert: shall i explain the process?
Rich Delaney: Can you get 400:1 leverage through the UK branch
Robert: yes
Rich Delaney: Are there plans or talk of lowering that leverage in the future
Robert: for further inquiries or explanation regarding this matter email:… [email protected]
Rich Delaney: Robert - Can you enter my last question and then Ill let you go
Robert: i did answer your question--i directed you to the proper party for a reply
Robert: Thank you for your patience
Robert: you can have a MT acct with FX Solutions UK... it is the same process... shall i explain the process?
Rich Delaney: Ok
https://server.iad.liveperson.net/hc...o/chatinfo.gifPlease wait while I transfer the chat to the best suited site operator.
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Robert: For an individual account, please complete the MetaTrader Online Application
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a. Government Issued Photo ID such as a Drivers License, Passport or National ID card
b. Proof of Address such as a utility bill, bank statement or lease agreement

Please note that applications may require up to two (2) business days to process.
Robert:
The minimum deposit required to activate a trading account is $250.

Robert: FX Solutions UK offers 2 funding methods: Credit Card and Wire Transfer. For more information on each funding method, please visit our Deposit Funds page.

Please be sure to include your name and account number on any deposits sent to FX Solutions UK. All funds must come from an account in the same name as the account holder.
Rich Delaney: Can I establish the account and fund it later
Robert: yes you can
Rich Delaney: Will I have to download MT4 again or use the demo I have going now. Would be nice if I can use the FX Sol AUS.MT4 platform I'm using now since I have it set up just the way I want it.
Robert: you can use the same one you have now
Robert: To switch from Demo to Live or from Live to Demo, click File, click Login. Type your Login ID and password for the account you want to log into. Click the Dropdown in the server box and choose the server you want to log into.
Check the Save Information box to save the details for the next time you login.
Rich Delaney: Ok, I'll start the process tomorrow. Thank you
Robert: You're welcome
Rich Delaney: Still think it would have been nice to get an email ahead of time alerting me about Aus not allowing Us citizens anymore.
Robert: i understand
Robert: Thank you for your patience
Robert: Is there anything else I can help you with today?
Rich Delaney: thank you and good night
Robert: You're welcome
Robert: thanks-- you too have a good evening

That's quite the conversation, haha.