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Nanningbob 4h trading system ver. 5.0

  • #1,861
  • Sep 15, 2010 7:34am Sep 15, 2010 7:34am
Quoting SteveHopwood
No 2 is my favourite. Anyone who had devised a trading system based solely on its use would have made a lot of friends.

I totally agree, number 2 is a great EA on it's own, i tend to use this the most
  • #1,862
  • Sep 15, 2010 9:23am Sep 15, 2010 9:23am
Toothman, the answer to your question is yes, maybe. Will test an idea next week, best way to describe it is a reverse of the #2EA. I will go live trading 1 penny on my IBFX account. If I turn a nice profit I will let you know. If it bombs it will be back to the drawing board. Without Steve's EAs and MPTM it would be tough but with his safety features, I think it would work. As we used to say, if you cant beat them join them so I will try to develop a system that follows the new rules and will handle just about any kind of market. Steve sent me a base EA last week and now I will tweak it into the system. I will then send it back to him for final adjustments and then ......................... well see how it goes.
  • #1,863
  • Sep 15, 2010 11:11am Sep 15, 2010 11:11am
Bob,

Your system is too good to be true and trading against the trend is NOT what you should be doing. How can you sincerely tell people to do something that is counter-intuitive? As evidence that this system makes no sense I downloaded and installed everything last Friday, including Phovey's dashboard. I read and reread the rules and started on 1k demo on 9-12-2010. Here is a link to the myFxbook account. The first two losses were due to me accidentally reversing buy/sell ea. The other results are due to your too-good-to-be-true method of trading.

http://www.myfxbook.com/members/sebr...asket-4h/50082



Cheers,
Wann
  • #1,864
  • Sep 15, 2010 11:14am Sep 15, 2010 11:14am
Quoting sebring001
Bob,

Your system is too good to be true and trading against the trend is NOT what you should be doing. How can you sincerely tell people to do something that is counter-intuitive? As evidence that this system makes no sense I downloaded and installed everything last Friday, including Phovey's dashboard. I read and reread the rules and started on 1k demo on 9-12-2010. Here is a link to the myFxbook account. The first two losses were due to me accidentally reversing buy/sell ea. The other results are due to your too-good-to-be-true method...
Hero calls followed by margin calls...
  • #1,865
  • Sep 15, 2010 11:50am Sep 15, 2010 11:50am
since 6 sept I have earned my demo on 1900usd. start was 10k, trading lot 0,1
DD in present time 630usd.
Thank you Bob for the good system!

prepeare for short #2 CHFJPY?
  • #1,866
  • Sep 15, 2010 11:52am Sep 15, 2010 11:52am
Quoting Jollyroger
I noted with interest your comments after your extensive 3 day test of this system. Hopefully those of us who have been following this thread and the previous threads and trading for the most part successfully with this system will not offend you if we continue to do so.
Do not get upset my friend. Our friend SEBRING was being a bit sarcastic. Have a look at his results and he is up $9 or 2% in 3 days and that is despite losses of $1.50 due to his mistake (he has done better than me). Not to mention that last week was not a nanningbob friendly week in forex markets. Today has been a very good day and markets are finally behaving themselves a bit. I do hope AUD goes the same way as JPY during the next two days to wrap up a good week.

SEBRING, I See you have more than 5 years trading experience, I would be grateful if you could post some of your charts with a brief explanation from time to time for the benefit of others in "nanningbob Study Club" Thread.

Kind regards
  • #1,867
  • Sep 15, 2010 12:07pm Sep 15, 2010 12:07pm
Quoting sebring001
Bob,

Your system is too good to be true and trading against the trend is NOT what you should be doing. How can you sincerely tell people to do something that is counter-intuitive? As evidence that this system makes no sense I downloaded and installed everything last Friday, including Phovey's dashboard. I read and reread the rules and started on 1k demo on 9-12-2010. Here is a link to the myFxbook account. The first two losses were due to me accidentally reversing buy/sell ea. The other results are due to your too-good-to-be-true method...

I had previously posted a comment to what I regarded as an unwarranted display of arrogance. I apologize since another member pointed out that the post was "tongue in cheek". I am glad that you too have had good results.
  • #1,868
  • Sep 15, 2010 12:56pm Sep 15, 2010 12:56pm
quote=Jollyroger;4024643]I had previously posted a comment to what I regarded as an unwarranted display of arrogance. I apologize since another member pointed out that the post was "tongue in cheek". I am glad that you too have had good results.[/quote]

No worries my friend! I know this is my first post here and since no one knows me it would be hard to know that it was a tongue-in-cheek post. Actually, I am blown away by the results after a mere 3 days. I didn't even use the 1c per 100; I used 1c per $200 and picked up 375 pips, 2% gain and a 4:1 reward/risk ratio. It took me all of one day to read and set up the system, but I will admit that initially the thread was a bit confusing but made sense as I re-read certain sections. I would advise that this system may not be suitable for newbies if this is their very first system.

It is incredible what a group of determined collaborators can do to contribute to the betterment of all. It makes me laugh at all the $1k, $149, $97 EA's out there when profitable methods exist right here, right now and require only your effort and a demo account.

The idea of counter-trend trading never occured to me because we have always been taught to follow the trend. Now there is nothing wrong with trend-following systems, however, people need to be open to other methods like this one. This is yet one more tool to add to the arsenal. The beauty is that it fits my temperment and the 4H time frame allows me to work my day job(technical support) while doing what I love(forex markets).

Although I have been in forex for almost seven years, I haven't been a particularly successful trader. Heck, I didn't start getting into a good groove until the last two years. Part of that groove is knowing and understanding what type of trader you are. If you can't define yourself then you cannot possibly know what type of trader you are and what type of system suits you. It all boils down to your psychology.

Anyways, I'll be sticking around here and will continue to learn and hopefully contribute to this wonderful thread. A special thanks to all once again.

Cheers,

Wann aka Sebring001[
  • #1,869
  • Sep 15, 2010 1:37pm Sep 15, 2010 1:37pm
You will see some more BOJ intervention during the Asian session, although not on the same scale as the last 24 hours. So expect to see some decent retraces towards the end of the Asian trading session when London opens tomorrow.

Good luck.

Scoobs.
  • #1,870
  • Sep 15, 2010 1:46pm Sep 15, 2010 1:46pm
Thanks Scoobs .... after the initial shock, I jumped on the train and have been riding it fer some serious pips, minor retraces so far, but not worrying. Will monitor closely
  • #1,871
  • Sep 15, 2010 2:06pm Sep 15, 2010 2:06pm
Quoting scooby-doo
You will see some more BOJ intervention during the Asian session, although not on the same scale as the last 24 hours. So expect to see some decent retraces towards the end of the Asian trading session when London opens tomorrow.

Good luck.

Scoobs.
In any indicator based system, like this one, you cannot ignore the major fundamentals. It is good to know major news and what is causing the behavior behind it. Because of this kind of information we know to just sit a couple of days until the initial excitement dies out and then we can trade by the indicators again. Like when interest rate changes, especially unexpected ones, we just sit on our hands for a bit and wait for price to settle back down and get back to its up and down movement. It is good to have some basic fundamental trading background.
  • #1,872
  • Sep 15, 2010 2:40pm Sep 15, 2010 2:40pm
I know this is may be common knowledge if you've been around for a while but I just want to add a note of caution.

Be mindful of the number of entries, especially if you are L3 on existing trades. A lot of the upcoming setups are JPY-based so you may want to consider some of the following: limiting the number of JPY-based pairs, reducing lot size or restricting your entry to less volatile pairs. The loss recovery method can only work if their is room to navigate. Being in too many correlated pairs only increases risk and further compounded if the pair is volitile whilest still L3 in other trades.

Cheers,
sebring001
  • #1,873
  • Sep 15, 2010 2:52pm Sep 15, 2010 2:52pm
Quoting nanningbob
In any indicator based system, like this one, you cannot ignore the major fundamentals. It is good to know major news and what is causing the behavior behind it. Because of this kind of information we know to just sit a couple of days until the initial excitement dies out and then we can trade by the indicators again. Like when interest rate changes, especially unexpected ones, we just sit on our hands for a bit and wait for price to settle back down and get back to its up and down movement. It is good to have some basic fundamental trading background....
NB.

While I am against adding another indicator for the sake of it, maybe useful to have some way of automatically identifying when to stay out of a particular trade if say the volatility has increased dramatically over a period or bar or bars. While I, you and others can tend to spot these situations i am guessing others cannot especially if they are running SB autotrader etc and are not sitting at the workstation 24/5.

Anyway, good work.

Scoobs.
  • #1,874
  • Sep 15, 2010 3:35pm Sep 15, 2010 3:35pm
Quoting scooby-doo
NB.

While I am against adding another indicator for the sake of it, maybe useful to have some way of automatically identifying when to stay out of a particular trade if say the volatility has increased dramatically over a period or bar or bars. While I, you and others can tend to spot these situations i am guessing others cannot especially if they are running SB autotrader etc and are not sitting at the workstation 24/5.

Anyway, good work.

Scoobs.
Thanks once again scoobs. I know NB system already uses 6 indicators, however, I think we would be very much interested to know what you had in mind. You had already mentioned the use of 200EMA to filter out some trades.

Kind Regards
  • #1,875
  • Sep 15, 2010 7:04pm Sep 15, 2010 7:04pm
Everytime we go through a rough stretch people clamor for something more. To me it is just part of trading. 30% of the time there will be a bb run less than 5% of the time you will get to a L3. 1-3 times a month you will have to close a L3 trade and take on a L4. Since those odds stack everything so strong in your favor I see no reason to change. I have not been reporting simply because I am teaching two FT jobs and simply dont have the time. In fact, I am going to take a 1 or 2 week break from posting and maybe even trading.

However, this week I have taken 3 L3 losses but my week is very close to a BE week. In other words I have kept my profits and when price finally settles into its new highs and lows I will be back to banking pips again. If you dont understand this concept and really get a hold of it you are going to have a very rough FOREX career. It makes no difference what you do, it matters not what system you use, you are going to have losing trades. Accept that fact and move on. It is that simple.
  • #1,876
  • Sep 15, 2010 7:13pm Sep 15, 2010 7:13pm
Quoting nanningbob
Everytime we go through a rough stretch people clamor for something more. To me it is just part of trading. 30% of the time there will be a bb run less than 5% of the time you will get to a L3. 1-3 times a month you will have to close a L3 trade and take on a L4. Since those odds stack everything so strong in your favor I see no reason to change. I have not been reporting simply because I am teaching two FT jobs and simply dont have the time. In fact, I am going to take a 1 or 2 week break from posting and maybe even trading.

However, this week...
Well said Sir,

I spent a lifetime on other threads explaining to people why they will lose sometimes and to just accept it and move on to other potential trade setups.

You need a certain mindset when trading forex or any other financial instruments and that is the hardest thing to teach to some individuals that expect to open a $500 account and make a living out of it without doing any homework themselves.

Cheers.

Scoobs.
  • #1,877
  • Sep 15, 2010 7:38pm Sep 15, 2010 7:38pm
Quoting nanningbob
Everytime we go through a rough stretch people clamor for something more. To me it is just part of trading. 30% of the time there will be a bb run less than 5% of the time you will get to a L3. 1-3 times a month you will have to close a L3 trade and take on a L4...It makes no difference what you do, it matters not what system you use, you are going to have losing trades. Accept that fact and move on. It is that simple.
BOB

You have revolutionized my trading mentality and I guess many many other people as well. I have been trading your system since March and prior to that I had second thoughts and thinking of giving up forex trading altogether. I have been in profit for months of May, June, July and August. September has been a bit rough and last week was not too good which coupled with some mistakes on my part is a bit on the negative side for me. I am sure this week and the rest of the month would make up for it.

You have conducted extensive and in depth research over the years leading to the creation of this unique system. We are not questioning the system and I think only a fool would expect a system which does not suffer from losses from time to time. The evolution of your system has been phenomenal during the last one year and it is evident that your Research and Development is ongoing (I think version 5.4 is in the pipe works). Your ingenuity and drive is very much admired, not many people are capable of your achievements and your generosity is beyond words.

Your experience enables you to make sound trading judgments, for some of us who are less experienced and not as focused as you additional aids in making some decisions would be handy. I work 60 hours a week and this coupled with family commitments and trading is slowly exhausting me and I do not design systems, simply use what has been kindly offered by you and steve. You are working 80 hours a week and doing this as well. No wonder you need a break, just working 80 hours a week is bad enough, not to mention forex and worst still dealing with fools such as me. Please forgive me if I have caused any inconvenience what so ever, it was the last thing I intended.

Kind regards
  • #1,878
  • Sep 15, 2010 9:31pm Sep 15, 2010 9:31pm
Quoting nanningbob
Everytime we go through a rough stretch people clamor for something more. To me it is just part of trading. 30% of the time there will be a bb run less than 5% of the time you will get to a L3. 1-3 times a month you will have to close a L3 trade and take on a L4. Since those odds stack everything so strong in your favor I see no reason to change. I have not been reporting simply because I am teaching two FT jobs and simply dont have the time. In fact, I am going to take a 1 or 2 week break from posting and maybe even trading.

However, this...
Bob,

When you say L3 losses, do you mean L1 (.01 lets say) = dead, L2 (.02) = dead, L3 (.03) = dead and it took you L4 (.02), L5 (.03) & L6 (.02) to recover? Just verifying your terminology as I could see an L1 blowing up, but didn't see any L3's..
We are our own best indicator.
  • #1,879
  • Sep 15, 2010 9:34pm Sep 15, 2010 9:34pm
Quoting Magnat
since 6 sept I have earned my demo on 1900usd. start was 10k, trading lot 0,1
DD in present time 630usd.
Thank you Bob for the good system!

prepeare for short #2 CHFJPY?
Now, the question is, can you keep that in pips and not think about the DD in dollars and be OK when you need to keep entering and your drawdown is at 20% etc...

CONVERSATION YOU MAY HAVE WITH YOURSELF
=================================
-2,000.00.... Oh no.. Is this xxx/xxx ever going to retrace! What does Bob think? What do my indicators say... Scooby...?

2K, that's my mortgage payment...geeez...

Hmmm... Man, I just need a break...

<Breaktime>

Man, I wonder what my charts are doing... I hope it retraced... Oh, wouldn't that be great!!! ...hmmmm.... I hope I don't get more drawdown... hmmmm....

Maybe I should consider being more safe... what did I do wrong... why me... =================================

Is this just me...hahahahaha...
We are our own best indicator.
  • #1,880
  • Sep 15, 2010 10:13pm Sep 15, 2010 10:13pm
Quoting bluemele
Bob,

When you say L3 losses, do you mean L1 (.01 lets say) = dead, L2 (.02) = dead, L3 (.03) = dead and it took you L4 (.02), L5 (.03) & L6 (.02) to recover? Just verifying your terminology as I could see an L1 blowing up, but didn't see any L3's..
No that is L1 close out at 4-500 pips. I did that with gbp/nzd, eur/aud and ?????? cant remember the rest. I then entered at L4 trade and when they retraced ( L2, L3, L4) I broke even or made a small profit. L1 is just a plain old loss and the other 3 are BE. That is how the 2.4.2 recovery works.
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