Nanningbob 4H trading system | Page 78 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Nanningbob 4h trading system ver. 5.0 4,432 replies

Nanningbob 60x90 EA 3,920 replies

NanningBob's 4H Sellhigh BUYLOW 158 replies

Help regarding NanningBob EA 27 replies

Help to improve profitable EA - 1H NanningBob 40MA 200 BB 10 replies

Attachments: Nanningbob 4H trading system
Exit Attachments

Nanningbob 4H trading system

  • #1,541
  • May 4, 2010 2:46am May 4, 2010 2:46am
Quoting Xaron
Ah ok, thanks for that!

The numbers up in the left are more for the 60x90 thread than this one. I am more interested in just the lines here. Gotta go and visit the doctor be back.
  • #1,542
  • May 4, 2010 3:47am May 4, 2010 3:47am
Ok , I had a feel of the system and these are finer things that like about the system

1. The GOLD Lines
2. The support & resistance lines

These two help in taking a trade with lot of safety , you feel safe when u know that if the trade goes wrong still u have a very good chance of breaking even if you hang around.

Things that I do not like is the RWB indicator which is not so good and also the 6x 6 buy or sell EA, the entries are taken so late by which time it becomes too late lol .

I prefer the 1H time period but to check for the gold line area and confirmation I refer to the 4H period .

I think the trade entry needs to be refined then we will have a system which is more powerful that what it is as of now

Regards

Unimak
  • #1,543
  • May 4, 2010 4:11am May 4, 2010 4:11am
Quoting silv3r4sh
Xaron, I'm pretty sure we are meant to use the height of 1/6th of the chart height as the spacing. That's what I'm using anyway.

If you look at my previous screenshot, it's in the top left corner of the chart called 'Distance between the lines' and is provided by the indicator called 'NB sixths'
I use 2/6ths for spacing levels. It matches more closely Bob's spacings.
  • #1,544
  • May 4, 2010 4:34am May 4, 2010 4:34am
ok I have done one minor modifications, I have dumped the RWB indicator all to gether, instead I have a Simple SO with 14 7 3 settings and have modified the levels from 85,15 to 80, 20 . Now things seems to be ok .

Testing it will revert back . For Trend Analysis AO indicator seems to be better for me rather than the macd

Regards

Unimak
  • #1,545
  • May 4, 2010 4:56am May 4, 2010 4:56am
Quoting unimak
Ok , I had a feel of the system and these are finer things that like about the system

1. The GOLD Lines
2. The support & resistance lines

These two help in taking a trade with lot of safety , you feel safe when u know that if the trade goes wrong still u have a very good chance of breaking even if you hang around.

Things that I do not like is the RWB indicator which is not so good and also the 6x 6 buy or sell EA, the entries are taken so late by which time it becomes too late lol .

I prefer the 1H time period but to check for the gold line...
Each person brings their own experiences to the table. So things that they are comfortable with you use with the system. I have used the RWB for many years and I can read signals off of it that you probably are not familiar with. Still I use it less now that I have the sixths EA. However, there are conditions I see on it that would stop me from making a trade. Anyway good luck the sixths system is supposed to be basically simple. You will learn later under certain market conditions the 6x6 keeps you out of runners. However, so many trades are above/below the gold lines right now that it is not being used as much but later when prices are ranging tighter you will see it working much better. Right now price is bouncing very well, except for the nzd.
  • #1,546
  • May 4, 2010 5:01am May 4, 2010 5:01am
Sorry Xaron/Bob,

Xaron, so you might want to follow what Bob's doing instead of my suggestion (:


Quoting nanningbob
The numbers up in the left are more for the 60x90 thread than this one. I am more interested in just the lines here. Gotta go and visit the doctor be back.
  • #1,547
  • Edited 7:48am May 4, 2010 5:58am | Edited 7:48am
PRIMARY TRADES
CLOSED SELL:
audcad +18
CLOSED BUY:
gbpnzd 0 (Closed at breakeven by MPTM EA)
audnzd -70 (Ate this loss cos I have no faith in the NZD)


SECONDARY/OTHER TRADES
CLOSED SELL:
eurcad +110 (W line was at the top and RB lines near top, so expected a reversal)
CLOSED BUY:
gbpjpy +25 (W line was close to bottom, so expected reversal)
gbpchf +10 (RWB lines were close to bottom & this pair had been ranging for a while - trade was closed by MPTM EA)

OPEN BUY:
gbpusd L1 -80, L2 -7 (WB lines at bottom and touched bottom sixth of chart, so expected reversal) - Ouch looks like i got in too early for this one!
audcad L1 -29, L2 -3 (W line was close to bottom & recent trend for this pair appeared to be upward, so i expected a reversal to happen soon) - Think I entered this one too soon as well
OPEN SELL:
chfjpy +70 (W line was close to the top & price was close to prev R line, expected a reversal)
gbpjpy -8 (This trade got opened by the EA cos I left it on.. DOH!!)
usdjpy -3 (WB lines at the top and price at top sixth of chart, so expected a reversal)

P.S. Bob you're right, this is hard work
  • #1,548
  • May 4, 2010 9:25am May 4, 2010 9:25am
Quoting nanningbob
Originally Posted by roachroach http://cdn.forexfactory.com/images/buttons/viewpost.gif
Well, well, well. Still deeeeep in DD. My balance is near 3000$ and my DD near 1600$, trading 0,1 lots. If this kind of heavy trends with no retracements occur every month, I will definitly change system. I really don't need a heart-attack.
But I still really want to believe in Bob's system....

FOR ALL THE PEOPLE WHO ARE UNSURE of lot sizing with this system. As a general rule NORMALLY you should use 1/50000 to determine your lot size (e.g. if you have $1000 divide by 50000 you get 0.02 as lot size). This is for lower time frames with Stop loss of around 25 pips.

HOWEVER, and this is very important, with higher Time Frames such as daily and 4 hour this should be 1/500,000 to 1/200,000. For instance BOB is using $1,000 divided by 200,000 = 0.005, which is 5 cents a pip. Unless you are willing and able to top up your account anything more is pointless.

If you read BOB`s instruction book regarding 2-4-2 recovery you can see that you may need around 1200 pips for one trade, now imagine there are 3 trades at the same time. That is 3600 pips down plus you have to have a balance to cover your margin. The maths does not add up. As BOB says this is not a get rich quick but a slow and steady system.

Good LUCK
  • #1,549
  • May 4, 2010 9:38am May 4, 2010 9:38am
phew managed to get out of the njpy trade , went to -120 pips but held on , had faith in the gold line of bob and it paid , eventually waited and got out with a 20 pip profit.

but at the same time some lessons learnt and tweaked this system to make it more powerful

Thank you BoB for the gold lines

Regards

Unimak
  • #1,550
  • May 4, 2010 10:47am May 4, 2010 10:47am
P.S. Bob you're right, this is hard work http://cdn.forexfactory.com/images/s...im/whew%21.gif

Yeah but not as bad as playing a 5M chart with a 20 pip SL. I love going to the doctor, dinner, class and come home to close several reversals. 19 MPTMs so far today, so we seem to be back to moving around. Looks likes its the CHF turn to make a run. USD/CHF and NZD/CHF look ugly now. Oh well.
  • #1,551
  • May 4, 2010 10:48am May 4, 2010 10:48am
Quoting astral77
FOR ALL THE PEOPLE WHO ARE UNSURE of lot sizing with this system. As a general rule NORMALLY you should use 1/50000 to determine your lot size (e.g. if you have $1000 divide by 50000 you get 0.02 as lot size). This is for lower time frames with Stop loss of around 25 pips....
Great comment. Never had a formula before but that sounds really good. Thanks. I do have backup funds if I need them so I feel safe at .05
  • #1,552
  • May 4, 2010 10:49am May 4, 2010 10:49am
Quoting silv3r4sh
PRIMARY TRADES
CLOSED SELL:...
You should also keep a running total. That really helps.
  • #1,553
  • May 4, 2010 1:32pm May 4, 2010 1:32pm
Quoting nanningbob
Great comment. Never had a formula before but that sounds really good. Thanks. I do have backup funds if I need them so I feel safe at .05
I go with a more traditional 2-3% risked on each trade. However I'm not currently using the 2.4.2 reversal system, I'm just using a SL placed above the entry, always above a gold line by about 60-80 pips. My R/R on these trades has been about 1:4 so far. I've been stopped out once. As this system is new for me, I'm being very conservative with my trade selection, only taking those trades that exactly fit all the criteria.

Just an aside - I've been trading live on micro lots for about 18 months now. I managed to increase my account by 24% and then lose it all back, using trend following systems. I'm basically at break even now. This is the first system I've tried that makes both entries and exits very clear. It also allows you to automate it (using the EAs) or trade it manually. I'll be trading this for a minimum of 60 days, after which I'll be happy to vote on it. Its a great system, but in order to take full advantage of the EAs, I think I might have to move to a MT4 broker. As long as stops / TP can't be seen by the broker (using the MPTM EA) I think this will work.

Bob, Silverfish, Roach - what is your experience with your MT4 broker, if you don't mind me asking? Do you use more than one? I only use MT4 for charts.
Disregard all prognostications.
  • #1,554
  • May 4, 2010 1:36pm May 4, 2010 1:36pm
Wow, EUR/USD is at 1.30 now. Are you trading it Bob? It looks like 1.24 could definitely be a possibility. This would match the bottom seen in Nov 2008 and Mar 2009.
Disregard all prognostications.
  • #1,555
  • May 4, 2010 1:54pm May 4, 2010 1:54pm
Quoting Toothman
roach,
Are you trading a dollar a pip with $3000? I personally wouldn't trade more than 10 cents a pip with that much money.
Just to mention - he's trading a demo account. So, he's not really risking anything! That said, its good to form good habits, so your point is still valid, trade as small as the broker will let ya.
Disregard all prognostications.
  • #1,556
  • Edited 3:25pm May 4, 2010 2:25pm | Edited 3:25pm
Ok, I read through the 'right manual' and the system sounds like a good fit for me considering the hours! I trade futures during 9am to 11am EST, so I want to be available and focused on that as it is my bread and butter.

So if I understand right:

1. Download the zip file, do the usual indicator ea positioning and chart opening. Charts open 4H using the blank template. I am using fxopen ECN and they don't have all the same currencies, but close enough. In addition, open a chart using the 6X6 BE template set up for EUR/GBP or any other one you are not using to place trades.

2. Then, go through the blank template and save a copy of each template w/ a separate EA for 1st Entry, 2nd Entry, 3rd Entry and save each separate template. This is so MPTM (stop ea) can manage them separately. (Set up EA to accommodate my taste-buds). Verify MPTM is loaded onto each chart.

3. When loading EA's, verified live trading and also in options, live trading is enabled. Face is smiling on top right corner.

3. Review your charts for a Primary or Secondary entry and when one occurs, I switch my template from 'blank' which has no EA's to the 1st Entry EA of either Buy or short.

4. If trade goes against you, follow 2.4.2 recovery plan or whatever you feel is appropriate. Personally I have been a cut the losers approach, but interested in this to see what BE can do for me.

5. If Trade is for you, MPTM will jump or go to be+10 automatically if you have it open on any chart.

Ok, I did that last night, but I forgot to put the 'allow live trading' global on my MT4 w/ the new demo account and so I believe I missed some beautiful trades/crosses.

Still have it open in some currencies, but nothing yet. No crosses on 6ma/6ma.

Times to trade are pre-open on asian/eur/us market hours as well as every few hours after just to make sure.

My question is this all? Am I missing anything big?

So far no EA trades, so I may have a beginner question on the EA as my journal says nada except loaded successfully but it just might not have triggered yet since the nice run.

Thanks!

Oh, and I set it up @ myfxbook.com (it would be great if more people could do that as it is a great way to visually see it!)
http://www.myfxbook.com/members/blue...f-system/29729 (just getting set up now)
We are our own best indicator.
  • #1,557
  • May 4, 2010 5:08pm May 4, 2010 5:08pm
Hi Bob, not sure if you misunderstood me - I meant writing up the summary is hard work. Not trading your system, which is a fantastic one (:

I don't know how you do it.. I'm get confused as I am writing it hehe
I need to check out your format a bit more later, but not now as I gotta go to work soon.

As for running total, you are right, I'll keep that too.

Week ending 16/4 -78 pips (before following your system)
Week ending 23/4 +954 pips
Week ending 30/4 -697 pips (due to massive losses on eurnzd trades)
This week so far +274 pips

Quoting nanningbob

Yeah but not as bad as playing a 5M chart with a 20 pip SL. I love going to the doctor, dinner, class and come home to close several reversals. 19 MPTMs so far today, so we seem to be back to moving around. Looks likes its the CHF turn to make a run. USD/CHF and NZD/CHF look ugly now. Oh well.
  • #1,558
  • May 4, 2010 6:13pm May 4, 2010 6:13pm
Quoting bluemele
Ok, I read through the 'right manual' and the system sounds like a good fit for me considering the hours!...
The MPTM will only need to be on one chart for it will manage all trades from one chart. I use the eur/chf since I dont trade it. You can change the settings for the MPTM to handle one currency at a time but it is set to handle all trades from only one chart. Forex trading is around 70-80% bouncing between two points which my system is dynamite. 20%-30% taking Break even trades and 5-10% trying to survive the runners.
  • #1,559
  • May 4, 2010 6:27pm May 4, 2010 6:27pm
Quoting Xaron
Oh and another question. As your spacing might be variable, do you use the same position size for all pairs or smaller sizes for more volatile pairs?
I will normally use the same lot sizes but will reduce sizes for volatile pairs during heavy news times. Like the AUD Interest rate announcement. Ended up a dud but did it anyway. You get on the wrong side of a news announcement and then you have to work your way out of trouble.
  • #1,560
  • May 4, 2010 6:54pm May 4, 2010 6:54pm
I only have one broker, Go Markets in Australia.. they're no where near as big as say, IBFX.

Quoting Pidgeon
I go with a more traditional 2-3% risked on each trade....
0 traders viewing now