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Nanningbob 4H trading system

  • #1,801
  • Jun 8, 2010 5:25pm Jun 8, 2010 5:25pm
Quoting nanningbob
Great post, you are starting to think like me. I will be using the 200 MA and using my new EA for trend following trades. How did you know I would do that. Hmmmmmmmmm.
Bob, on hedging...

This is something I thought about doing, or have actually been doing a little of in one of my live accounts:

L1 trade entered, market continues against me for another 200 pips (.01 lots)
L2 trade entered, market continues down against me for another 100 pips (.02 lots)
S1 trade entered (hedge of L1), market continues down against me for another 100 pips (.01 lot to counter the L1 trade)
L3 trade entered at -400 pips (or whatever market says) (.04 lots)
Market retraces + 200 pips (50% fib) and I exit all positions for healthy profit.

So, my thinking I guess is if the market does continue against you, why not negate the first couple trades as they move against you more quickly. You have probably already said this, but my thinking is to hedge 1.5 times my entries. If the indy says to enter every 200 pips, then my hedge for that entry is 300 pips later.

If you get a big 1500 pip move like early May, than it wouldn't be nearly as bad and you don't close your trades. You could go more levels due to less draw down and hopefully climb your way out of it...

What do you think?
We are our own best indicator.
  • #1,802
  • Jun 8, 2010 5:46pm Jun 8, 2010 5:46pm
Quoting bluemele
Bob, on hedging...

This is something I thought about doing, or have actually been doing a little of in one of my live accounts:

L1 trade entered, market continues against me for another 200 pips (.01 lots)
L2 trade entered, market continues down against me for another 100 pips (.02 lots)
S1 trade entered (hedge of L1), market continues down against me for another 100 pips (.01 lot to counter the L1 trade)
L3 trade entered at -400 pips (or whatever market says) (.04 lots)
Market retraces + 200 pips (50% fib) and I exit all positions for healthy...
There are several ways to control risk. Hedging is one way of doing it. Instead of extra levels you can just hedge and wait for price to come back the other way and then unhedge your trade. Or hedge your trade and use future profits to get rid of the hedge. If you 1.5 the hedge then it needs to continue to go against you for it to work. If it doesnt then you have two losing trades you need to deal with instead of one. So 1.5 works if price continues against you and doesnt if price reverses and goes against your hedge.
  • #1,803
  • Jun 8, 2010 6:34pm Jun 8, 2010 6:34pm
Quoting Toothman
I like Bob's system and trade it when I see divergence. Just thought I'd share something I've added to Bob's counter trading system to give me some trades with the trend. I figure instead of being afraid of only getting small retraces when trend is strong why not go with the flow....
I meant to say Stoch. not RSI as a filter but RSI would work in the same way. Bob, I'm anxious to see you're new trend following ideas.
  • #1,804
  • Jun 8, 2010 6:52pm Jun 8, 2010 6:52pm
Quoting astral77
Thanks for sharing toothman. Your contribution is always valued. I would be most grateful if you could have a look at this indicator and give us your opinion. I found it in another thread here at FF and it seems to be smoother than RSI.

Although Bobs system has proven itself through thick and thin, there is no reason not to look for improvements. Bob is constantly refining his system. I know what pidgeon says regarding large -ve balances and in such instances Bob advocates the use of the Hedge. Although I used his method few times I am still not...
I put that indicator on my chart but the indicator window is blank. Don't know what's going on with that. I like RSI for divergence because it's easier to see the trade entry point compared to using Stoch. or Macd. I'm not real familiar with the VSA trading system but some will tell you it doesn't work well in forex.
  • #1,805
  • Jun 8, 2010 7:22pm Jun 8, 2010 7:22pm
Quoting Toothman
I meant to say Stoch. not RSI as a filter but RSI would work in the same way. Bob, I'm anxious to see you're new trend following ideas.
You know it came down to something simple. Of all the thousands of threads here at FF and probably millions of posts, dozens of books, thousands of articles, on and on and on, I have never seen anyone define what a trend is. Once I gave it a definition (as per a 4H chart) you then could trade it. Sounds really dumb but that solved some of my issues and problems of following a trend. DUH!!!!!!!!! You cant successfully trade something that isn't defined. The reason my counter trade system is successful is I defined a counter trade and then did it. Now I am going to try to add to the counter trade system by following it after it reverses into a trend. I think it will be understandable but I wont know until I get it all written down and sent out to you guys for understanding. Iron out the rough spots and I think it will work. But I have been wrong before but defining a trend may be my best contribution to the subject.
  • #1,806
  • Jun 8, 2010 9:01pm Jun 8, 2010 9:01pm
Quoting nanningbob
There are several ways to control risk. Hedging is one way of doing it. Instead of extra levels you can just hedge and wait for price to come back the other way and then unhedge your trade. Or hedge your trade and use future profits to get rid of the hedge. If you 1.5 the hedge then it needs to continue to go against you for it to work. If it doesnt then you have two losing trades you need to deal with instead of one. So 1.5 works if price continues against you and doesnt if price reverses and goes against your hedge.
Hey Bob,

Thanks for the response. I guess I don't understand why I would have two losing trades at this point.

If L1 is -300 pips (-30.00), basically S1, now cancels it out and it is a stinker, but I will not be letting it go to -600 before I exit or hedge.

Now, when I enter L2 at a Multiplier, then it can either go another 300 pips (worst loss, -60.00) || OR it goes back and hit TP which I have to make up now 300 pips on the L1 for profit (instead of the shrinking drawdown)

So, The only bad part is if it hangs out between -300 pips and -400 pips or basically where I add my hedge and where the next entry would be in the same direction AND I have an additional (50%)/100 pips to recover in my next level. I wonder which is safer or it is probably moot... Change one thing, you have to change two others... haha
We are our own best indicator.
  • #1,807
  • Edited 3:38am Jun 9, 2010 2:05am | Edited 3:38am
Quoting Toothman
I put that indicator on my chart but the indicator window is blank. Don't know what's going on with that. I like RSI for divergence because it's easier to see the trade entry point compared to using Stoch. or Macd. I'm not real familiar with the VSA trading system but some will tell you it doesn't work well in forex.
Thanks for your reply. I had found the indicator at http://www.forexfactory.com/showpost...stcount=175863 . I just had a look at the instructions and there are three mhq files which need to go into the include folder, the files can be found at the above post. PLEASE FORGIVE ME I FEEL RIGHT FOOL for this cock up. Picture of the inidcator is attached, basicaly this indicator identifies and draws divergences.

Kind regards
Attached Image (click to enlarge)
Click to Enlarge Name: rsx divergance.jpg Size: 168 KB
  • #1,808
  • Jun 9, 2010 7:12am Jun 9, 2010 7:12am
Quoting nanningbob
You know it came down to something simple. Of all the thousands of threads here at FF and probably millions of posts, dozens of books, thousands of articles, on and on and on, I have never seen anyone define what a trend is. Once I gave it a definition (as per a 4H chart) you then could trade it. Sounds really dumb but that solved some of my issues and problems of following a trend. DUH!!!!!!!!! You cant successfully trade something that isn't defined. The reason my counter trade system is successful is I defined a counter trade and then did it....

Maybe this is what your looking for Bob...Dan
Attached File(s)
File Type: ex4 #Signal_Bars_v7.ex4   43 KB | 354 downloads
  • #1,809
  • Jun 9, 2010 5:12pm Jun 9, 2010 5:12pm
I wonder what is worse, kissing your sister or trading this market. A 0 day. Cant remember when I had one of those but nothing right now is lining up so we sit and wait for a MA cross. :) Have two pairs for today. Think I will take my wife out to dinner, go to a movie, play badminton, not a trading day for me today.
RESULTS


Sells


Buys
eur/cad PR
eru/gbp PR
STILL IN

TOTALS
total for day +0
for the week +495
for the month +495
Carry over 0

PR=primary, 2nd=secondary[/quote]
  • #1,810
  • Jun 9, 2010 8:30pm Jun 9, 2010 8:30pm
Looking at page 1, I was wondering where the downloads are? Trying to find them in all the posts.....exhausting. Anyway, just trying to get back into things and catch up with yall. Thanks so much.
soonerdkm
  • #1,811
  • Jun 9, 2010 8:35pm Jun 9, 2010 8:35pm
I know these exist somewhere but if anyone can write or find an indicator that will paint an arrow on the screen or a side box on the screen. It would be a very simple one that basically will do.

If bid is above MA 1 MA 2 MA 3 green arrow
If bid is below MA 1 MA 2 MA 3 Red arrow
If bid is between MA1 MA 3 but higher than MA 3 Yellow arrow
If bid is between MA1 MA3 but lower than MA3 Pink arrow.

This will be a filter indicator to clear up the signals. I will enter the exact numbers. I would like something like this not this weekend but the next weekend. I hope to have my booklet written and EAs fully tested by then. I have already partially tested the system and it works fairly well so far. Very little DD and no 2nd L trades. It has clear SL areas for those that dont want to ML trade.

I also will need a couple of guys to proof read the manual who already know my trading style. Need guys that understand my system to see if what I am saying is understandable. Send me a message via FF if you want a copy with your Email address. You must be able to not forward this to anyone else and realize I will makes changes before the final edition comes out.

Thanks,

Bob
  • #1,812
  • Jun 9, 2010 11:12pm Jun 9, 2010 11:12pm
Quoting soonerdkm
Looking at page 1, I was wondering where the downloads are? Trying to find them in all the posts.....exhausting. Anyway, just trying to get back into things and catch up with yall. Thanks so much.
soonerdkm

Page 1 Post 1 Second sentence.

A note from a fellow trader p. 83 #1242: After a very very long time reading different threads and trying a number of different systems (Paid and unpaid), at long last I am making some profit by following the threads of two people in FF. One being your good self and other is Steve Hopwoods. It is interesting to note that both of you are Educators by profession.
I have posted the 4th editon Page. 93 post 1394. 977 people download the 2nd edition. We actally never posted version 3 because version 4 popped up very quickly so we went straight to that one.
  • #1,813
  • Jun 10, 2010 3:33am Jun 10, 2010 3:33am
I want to apoligize for not getting a 5D version up or the MBT working but my school closes this week and my wife and daughter are leaving back to the USA on Monday. I promise I will get to both of these as soon as I have a free moment. Just wanted you to know I havent forgotten.
  • #1,814
  • Jun 10, 2010 3:34am Jun 10, 2010 3:34am
Hi

I have a problem with trades being closed when a 2nd or 3rd trade which has hit its SL after breakeven +10 pips. I called forex.com and they told me that the EA has closed these trade. Now as far as I know 6x6 EA does not close trades and mptm is set to move SL to BE+10. Does anyone have any ideas what is going on here? This account is hosted by forex.com and was opened 2 weeks ago, so far I have had 5 trades closed in this fashion which has been very costly since almost all of them moved to +ve territory few hours later.



Closed Transactions:TicketOpen TimeTypeSizeItemPriceS / LT / PClose TimePriceCommissionR/O SwapTrade P/L
1717798 2010.06.09 15:08sell0.06nzdjpyfxf61.6961.590.00 2010.06.09 16:1261.590.000.006.56
1701014 2010.06.08 14:57sell0.04nzdjpyfxf60.1970.190.00 2010.06.09 16:1261.590.00-0.31-61.17
  • #1,815
  • Jun 10, 2010 4:36am Jun 10, 2010 4:36am
Quoting astral77
Hi

I have a problem with trades being closed when a 2nd or 3rd trade which has hit its SL after breakeven +10 pips. I called forex.com and they told me that the EA has closed these trade. Now as far as I know 6x6 EA does not close trades and mptm is set to move SL to BE+10. Does anyone have any ideas what is going on here? This account is hosted by forex.com and was opened 2 weeks ago, so far I have had 5 trades closed in this fashion which has been very costly since almost all of them moved to +ve territory few hours later.



[b][size=1]Closed...
If the EA is used for all the same levels all the levels will have the same magic number。So if one trade is closed the EA will then close all three. The MPTM does not close trades it just sets the SL, that is all it does. If price hits the SL then the EA will close all the trades with the same Magic number. If they are different magic numbers then they will not close. If you get into multiple levels you should take the EA off the screen then you wont have this issue. I use seperate EA crosses so each level is entered with a different magic number. That way you wont have that problem.
  • #1,816
  • Jun 10, 2010 4:40am Jun 10, 2010 4:40am
Quoting nanningbob
I want to apoligize for not getting a 5D version up or the MBT working but my school closes this week and my wife and daughter are leaving back to the USA on Monday. I promise I will get to both of these as soon as I have a free moment. Just wanted you to know I havent forgotten.
No need to apologize. It is your good will to share with us and we are not in position to demand anything.
I wish You a safe trip to USA and will be waiting patiently.
Thx
  • #1,817
  • Jun 10, 2010 5:29am Jun 10, 2010 5:29am
Quoting nanningbob
If the EA is used for all the same levels all the levels will have the same magic number。So if one trade is closed the EA will then close all three. The MPTM does not close trades it just sets the SL, that is all it does. If price hits the SL then the EA will close all the trades with the same Magic number. If they are different magic numbers then they will not close. If you get into multiple levels you should take the EA off the screen then you wont have this issue. I use seperate EA crosses so each level is entered with a different magic...
Thanks for the clarification BOB. I knew if I closed a trade the EA would open another one but I had overlooked this, because I was relying on repeated mptm pips to compensate for the dd.

I opened a new account 2 weeks ago dedicated to this system only, due to balance of over $5k I have it hosted free with the broker and got a $200 promotional as well. Last week had a fantastic week and nearly 10% increase on the account. This week had large dd due to bad EUR trades (due to overconfidence and arrogance despite your warnings), but I was using hedge and additional trades to compensate. The only thing which has thrown a spanner in the works is automatically closed -ve trades of over $300.

Thanks to you and your system I am very cool and relaxed regarding the dd and know would recoup it somehow in the days to come. Just need to put in more work.

Kind regards
Attached File(s)
File Type: xls gain capital new ac.xls   77 KB | 300 downloads
  • #1,818
  • Jun 10, 2010 6:30am Jun 10, 2010 6:30am
Quoting astral77
Thanks for the clarification BOB. I knew if I closed a trade the EA would open another one but I had overlooked this, because I was relying on repeated mptm pips to compensate for the dd.

I opened a new account 2 weeks ago dedicated to this system only, due to balance of over $5k I have it hosted free with the broker and got a $200 promotional as well. Last week had a fantastic week and nearly 10% increase on the account. This week had large dd due to bad EUR trades (due to overconfidence and arrogance despite your warnings), but I was using hedge...

I　ｈａｄ　ａ　ｇｏｏｄ　ｗｅｅｋ　ａｌｓｏ．　Ｉ　ａｍ　ｕｓｉｎｇ　
ｌａｒgｅｒ　ｌｏｔｓ　ａｎｄ　ｆｅｗｅｒ　ｍｏｒｅ　ｃａｒｅｆｕｌ　
ｔｒａｄｅｓ　ａｎｄ　Ｉｎｃｒｅａｓｅｄ　ｍｙ　ａｃｃｏｕｎｔ　ｏｖｅｒ　
１０％　ｓｏ　ｆａｒ　ｔｈｉｓ　ｍｏｎｔｈ．
  • #1,819
  • Jun 10, 2010 7:57am Jun 10, 2010 7:57am
Quoting nanningbob
I　ｈａｄ　ａ　ｇｏｏｄ　ｗｅｅｋ　ａｌｓｏ．　Ｉ　ａｍ　ｕｓｉｎｇ　
ｌａｒgｅｒ　ｌｏｔｓ　ａｎｄ　ｆｅｗｅｒ　ｍｏｒｅ　ｃａｒｅｆｕｌ　
ｔｒａｄｅｓ　ａｎｄ　Ｉｎｃｒｅａｓｅｄ　ｍｙ　ａｃｃｏｕｎｔ　ｏｖｅｒ　
１０％　ｓｏ　ｆａｒ　ｔｈｉｓ　ｍｏｎｔｈ．...
I suppose this is the way to move forward. It is funny I was looking at my numerous trades and thinking the same thing. It is our evolution as traders which is of utmost importance and without a shadow of doubt we are our own worst enemy.

I am now convinced that DISCIPLINE, DISICIPLINE and DISICIPLINE, is the key. However, I read your writings and watch "BORIS SCHLOSSBERG`s videos and think if very experienced and informed traders have this nagging problem what hope is there for me. Boris Schlossberg has a motto that he repeats every single week and that is "DO AS I SAY AND NOT AS I DO".

Kind Regards
  • #1,820
  • Jun 10, 2010 8:20am Jun 10, 2010 8:20am
Quoting nanningbob
If the EA is used for all the same levels all the levels will have the same magic number。So if one trade is closed the EA will then close all three. The MPTM does not close trades it just sets the SL, that is all it does. If price hits the SL then the EA will close all the trades with the same Magic number. If they are different magic numbers then they will not close. If you get into multiple levels you should take the EA off the screen then you wont have this issue. I use seperate EA crosses so each level is entered with a different magic...
Bob nailed it. I was having the same issue.

Long 1 EA Magic Number = 1
Long 2 EA Magic Number = 12
Long 3 EA Magic Number = 13

Short 1 EA Magic Number = 1
Short 2 EA Magic Number = 12
Short 3 EA Magic Number = 13

Set MPTM to manage by magic number, this means 3 different screens w/ MTPM for each magic number.

I really screwed up today on my live account too....

I was trying out another version and put MPTM on another MT4 instance and it goes by account, not by MT4 instance (which I didn't know) and it closed out most of my trades. Down 1/3 of my profit for the month which isn't a whole lot as I am still testing!

Won't make that mistake again!
We are our own best indicator.
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