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Nanningbob 60x90 EA

  • #3,281
  • Apr 21, 2010 8:32am Apr 21, 2010 8:32am
Can someone pleasee list the pairs that are used for only type 1 trades, and the pairs that are used for type 1 and type 2 trades? I have read most of the thread and I am still not clear on this. There are a lot of pages of information and if soeone could post their list I would be greatful. Thx.
  • #3,282
  • Apr 21, 2010 9:39am Apr 21, 2010 9:39am
Quoting Pipenjoyer

Dear Toothman,
Thank you!

May I ask some more question? Or would you (or someone) tell me which post is explaining them?

In filling EA properties,do we give ticks to all items of the "common" page?
I don't really understand the following:
"Ask manual confirmation"
"Allow DLL imports"
"Confirm DLL function calls"

Do we tick all them?Some reasons...Please.

Many thanks!

Regards,

Pipenjoyer


Pipenjoyer,

No need to tick any of the above boxes, the EA will work without them, some time on a demo account will show how the EA works.

Kind regards,

Pipernet.
  • #3,283
  • Apr 21, 2010 11:38am Apr 21, 2010 11:38am
Quoting panamamike
Can someone pleasee list the pairs that are used for only type 1 trades, and the pairs that are used for type 1 and type 2 trades? I have read most of the thread and I am still not clear on this. There are a lot of pages of information and if soeone could post their list I would be greatful. Thx.
This particular EA started here, so you dont need to read much before that. Before will teach you more of how we got to here.

My most updated version is found on page 213 post# 3184 to 3192. Uses one indicator and one EA. Very simple.
  • #3,284
  • Apr 21, 2010 6:29pm Apr 21, 2010 6:29pm
Quoting panamamike
Can someone pleasee list the pairs that are used for only type 1 trades, and the pairs that are used for type 1 and type 2 trades? I have read most of the thread and I am still not clear on this. There are a lot of pages of information and if soeone could post their list I would be greatful. Thx.
I echo what bob said, but I'll add that there's certainly no hard and fast rule. Put on the indicator and scroll through the couple years to see how many times the currency bumps each level on a month per month basis. Ask yourself, are you comfortable with the EA executing 6-7 trades per month? Or only a few? You'll have to take into account how many currencies you plan to trade and your lot size/money management to get a sense of your risk and decide accordingly.
  • #3,285
  • Apr 22, 2010 6:32am Apr 22, 2010 6:32am
Quoting jay320
I echo what bob said, but I'll add that there's certainly no hard and fast rule. Put on the indicator and scroll through the couple years to see how many times the currency bumps each level on a month per month basis. Ask yourself, are you comfortable with the EA executing 6-7 trades per month? Or only a few? You'll have to take into account how many currencies you plan to trade and your lot size/money management to get a sense of your risk and decide accordingly.
It is hard to set hard and fast rules because trading is really discretionary. It has more to do with ones personality and ones ability to handle risk. I am not a good guy to ask that question because I am a risk taker. To me I love to trade low lot levels and then I can go several levels of trades. Other people cant stand to trade that way. What is nice about this sytem is you choose your risk. A line or B line or you could even calculate a line in between or above or below and use it if you wanted to. You could choose a line between the B line and the top/bottom and be really conservative. Get on or two trades a month maybe. So once you find what you are comfortable with you can trade. This is very flexible for different kinds of traders.
  • #3,286
  • Apr 22, 2010 7:16am Apr 22, 2010 7:16am
So what is the strategy for sitting on trades through the weekend? That EURGPB trade I posted about earlier has continued since it entered, and the EA has now placed a second order at 1.2344. So now I'm looking at -98 and -16 PiPs respectively. I dont have a lot of hope this trend will reverse before market close on friday, so should I close them out before the market closes or hold them through the weekend?

I'm guessing some other folks probably have a similar trade happening right now as they posted that thier EA had taken that trade.
  • #3,287
  • Apr 22, 2010 7:54am Apr 22, 2010 7:54am
Hello,
first off, Kudos for all the great work you've done! EAs found in this and your other thread are really impressive and are the best I ever saw!

Same goes to 6x6 system (and EA). I just backtested EA with little modifications of mine, so it would be fully automated, without the need to manually enter take profit, buy and sell levels. I must say that results are impressive when it works, but for almost every pair I tested, there is one show stopper per year, which pretty much voids all the profits.

EURUSD/2009:
http://img717.imageshack.us/img717/7027/6theurusd.gif
GBPUSD/2009:
http://img15.imageshack.us/img15/6840/6thgbpusd.gif
USDCHF/2009:
http://img153.imageshack.us/img153/7185/6thusdchf.gif
USDJPY/2009:
http://img690.imageshack.us/img690/9283/6thusdjpy.gif
GBPJPY/2009:
http://img219.imageshack.us/img219/1317/6thgbpjpy.gif
  • #3,288
  • Edited 9:00am Apr 22, 2010 7:54am | Edited 9:00am
The problem described in previous post is illustrated here (I don't know why there is no arrow on the chart, but BUY order was placed when price went below blue line).
http://img689.imageshack.us/img689/8936/6thproblem1.png

As you can see, the price never pulled back, so it was generating loss for about a month until it hit stoploss (1000 pips away, which resulted in $2800 loss for both orders with 0.1 initial lot).
http://img245.imageshack.us/img245/1692/6thproblem2.png

Do you have any idea how such situations could have been mitigated?
  • #3,289
  • Apr 22, 2010 9:16am Apr 22, 2010 9:16am
Well I think that sh*t happens
I don't know what Bob would do, but I think: Kill the monster befor it's to big!
EA is set to 2 levels by default, so if I see that price goes beyond what would be a 3rd level - it's time to use Holy Hand Grenade

"First shalt thou take out the Holy Pin, then shalt thou count to three, no more, no less..."

ps. sorry for that
  • #3,290
  • Apr 22, 2010 9:44am Apr 22, 2010 9:44am
Quoting Patreze
Well I think that sh*t happens
I don't know what Bob would do, but I think: Kill the monster befor it's to big!
EA is set to 2 levels by default, so if I see that price goes beyond what would be a 3rd level - it's time to use Holy Hand Grenade
Hehe, that's what I thought as well, but I run some tests and:
- closing trade when it reaches 3rd level is a suicide (it cuts so many trades that would have been otherwise profitable, that it's just ridiculous),
- closing trade when it reaches 4th level seems reasonable, but it also closes too many trades and it makes this system break-even in the long run,
- closing trade when it reaches 5th (or even 6th) level means closing only few trades, but in the end such approach generates less profit than run with single 1000 pips failure.

What do you think about launching hedge trade with doubled lot size when losing trade is passing 4th, 5th, 6th levels?
I'm not looking how to make this transaction overall profitable, but how to break-even
  • #3,291
  • Apr 22, 2010 11:55am Apr 22, 2010 11:55am
Quoting piotrek_FX
What do you think about launching hedge trade with doubled lot size when losing trade is passing 4th, 5th, 6th levels?
I'm not looking how to make this transaction overall profitable, but how to break-even
May I suggest a couple of things:

1. If a trade goes that deep from the A-lines without a retrace I would have to think that some huge news story is involved, possibly one that could have been anticipated and avoided. You're talking about a currency suddenly hitting a high or low that's hundreds of pips more extreme than anything seen during the last month.

2. Are you familiar with Bob's 2.4.2 recovery system? It abandons profit and focuses on breaking even and taking incremental losses. A three-level trade would break even, a four-level trade would be equal to the loss of the first level, etc.

Again, I feel like a buy/sell stop system rather than limit would really help here. If you place your stop gaps correctly, you're more often than not just deleting stops instead of closing orders for loss.
  • #3,292
  • Apr 22, 2010 12:34pm Apr 22, 2010 12:34pm
Quoting Zurathustra
So what is the strategy for sitting on trades through the weekend? That EURGPB trade I posted about earlier has continued since it entered, and the EA has now placed a second order at 1.2344. So now I'm looking at -98 and -16 PiPs respectively. I dont have a lot of hope this trend will reverse before market close on friday, so should I close them out before the market closes or hold them through the weekend?

I'm guessing some other folks probably have a similar trade happening right now as they posted that thier EA had taken that trade.
Personally, I will hedge the trade a few minutes before my broker shuts down for the weekend. Helped me last week with the other system.
  • #3,293
  • Apr 22, 2010 1:27pm Apr 22, 2010 1:27pm
Hehe, that's what I thought as well, but I run some tests and:
- closing trade when it reaches 3rd level is a suicide (it cuts so many trades that would have been otherwise profitable, that it's just ridiculous),
- closing trade when it reaches 4th level seems reasonable, but it also closes too many trades and it makes this system break-even in the long run,
- closing trade when it reaches 5th (or even 6th) level means closing only few trades, but in the end such approach generates less profit than run with single 1000 pips failure.

What do you think about launching hedge trade with doubled lot size when losing trade is passing 4th, 5th, 6th levels?
I'm not looking how to make this transaction overall profitable, but how to break-even http://cdn.forexfactory.com/images/s...im/winking.gif

piotrek_FX,

My suggestion (and I have said this in the past), is to buy an option. If you use Saxo or IG, you can purchase a call or put option pretty darn cheap - especially if the strike price is 200-300 pips out from the current forex price.

For example, if you find a trade going past the second or third level, I would buy a put or call option (depending on the direction of the trade) 200-300 pips away from the current price. This will help hedge some of the further loss of this trade. If people are trading at .01 pips, this shouldn't be a life changing event.

Most likely, the trade will revert back to the mean, and the option will expire worthless - and your trade will become profitable. If not, at least you have the insurance in place to try to make some loss reducing moves in the future.

I know many others will have a different opinion of this... I just thought I share my two cents.

Trade & Pray
  • #3,294
  • Apr 22, 2010 3:13pm Apr 22, 2010 3:13pm
Quoting Zurathustra
So what is the strategy for sitting on trades through the weekend? That EURGPB trade I posted about earlier has continued since it entered, and the EA has now placed a second order at 1.2344. So now I'm looking at -98 and -16 PiPs respectively. I dont have a lot of hope this trend will reverse before market close on friday, so should I close them out before the market closes or hold them through the weekend?

I'm guessing some other folks probably have a similar trade happening right now as they posted that thier EA had taken that trade.
Zura,
This system is designed to hold trades over the weekend. It looks like your trades are spaced too closely. I like to give mine at least 200 pips spacing. I for one like to see RSI or MACD divergence ( after price has reached extremes) before manually jumping into a trade. Hoping that will keep me out of that once a year death trade.
  • #3,295
  • Edited 4:05pm Apr 22, 2010 3:32pm | Edited 4:05pm
Ok this is what I am doing on the EUR/GBP. Turn off the EA and close the level 1 trade, it is a losing trade. Take the EA off of the EUR/GBP screen, you will go without the EA on this pair for now. I then add a 4th level and will try to 0 out the other three. That is how the 2.4.2 system works. Close one level at a time. For now you will be doing this manuallly. So 1st level Eur/gbp becomes our first losing trade. The other 3 levels are still in play. We avoid the monster loss this way by taking incremental losses. We avoid the martingale wipeout by not increasing our lot sizes. This is how we avoid the perfect storm. So my 1st level was a .03 lot, I closed this for a loss. My second level is .05, My third level is .08 and my new 4th level is .05. It matches my 2nd level lot size. So now I have 3 levels, I NEVER CARRY MORE THAN 3 LEVELS ON ANY TRADE. If I add a 4th level I remove the 1st. I will not turn the EA back on this pair until I have closed all my trades. If you turn the EA back on it will close all the trades and then you have a bigger loss. That is how it works.
  • #3,296
  • Apr 22, 2010 3:35pm Apr 22, 2010 3:35pm
Quoting Toothman
Zura,
This system is designed to hold trades over the weekend. It looks like your trades are spaced too closely. I like to give mine at least 200 pips spacing. I for one like to see RSI or MACD divergence ( after price has reached extremes) before manually jumping into a trade. Hoping that will keep me out of that once a year death trade.
In the 4H trading system we do that. With this we will go with the numbers on the screen which are based on the last month's price movements. So each currency will have its own distance spread. We will be going with smaller spacing on the less volatile currencies.
  • #3,297
  • Apr 22, 2010 4:07pm Apr 22, 2010 4:07pm
I added more to the post two back so please reread it.
  • #3,298
  • Apr 22, 2010 4:20pm Apr 22, 2010 4:20pm
Hey Bob are you still using the 60X90 EA it has been great to me, just have noticed to take off the big volatile pairs like GBPJPY and USDJPY but besides that it has tripled one of my smaller accounts in two months
  • #3,299
  • Apr 22, 2010 6:33pm Apr 22, 2010 6:33pm
Thanks for the new EA will be going live in a small dime account to see how ti goes, would save me a lot of time if it works like it is for everyone else.
  • #3,300
  • Apr 22, 2010 8:35pm Apr 22, 2010 8:35pm
Quoting gustav213
Hey Bob are you still using the 60X90 EA it has been great to me, just have noticed to take off the big volatile pairs like GBPJPY and USDJPY but besides that it has tripled one of my smaller accounts in two months
I quit using the 60x90 and have used the 100x180 most of the time. I have always wanted a system that matched a currencies movement and I think this will do it best of all of them. However, as we all know live testing will tell us best. The 60x90, 180x100, BB and the sixths EA are all variations of the same concept. Just a matter of which one you like best and master as a trader.

Instead of using TF to change for each currency I will use an adjustable EA which uses figures from the last month of price action. It is what I wanted concept wise for a long time. Anyways I put 900 bucks into a live account and am trading nickels. So far in less than two weeks my account is up almost 5%. I will take that if it can continue to crank out pips. That 5% includes this mornings loss I took on level1 eur/gbp trade.
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