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Nanningbob 4h trading system ver. 5.0

  • #2,101
  • Sep 21, 2010 9:21am Sep 21, 2010 9:21am
please don't be angry if it's been asked and answered...

i noticed on my uk fxcm a/c. there is gold. i am very bullish on gold overall... but i tried to put up a 4 hour chart of yours for it. it does fluctuate obviously...

do you reckon your method would work?
  • #2,102
  • Sep 21, 2010 9:27am Sep 21, 2010 9:27am
Quoting chiba_san
please don't be angry if it's been asked and answered...

i noticed on my uk fxcm a/c. there is gold. i am very bullish on gold overall... but i tried to put up a 4 hour chart of yours for it. it does fluctuate obviously...

do you reckon your method would work?
There are other factors at play which drive the price of Gold, Silver, Oil etc. So, yes you do get retraces but you could get a 5 YEAR Gold high before such a retrace occurs for you to return to BE. You would need one hell of a recovery system and balance to survive trading commodities in the same manner.

Anyway, i will let Bob answer this more as it is his thread/system.

Scoobs.
  • #2,103
  • Sep 21, 2010 9:32am Sep 21, 2010 9:32am
hey wait....
actually, i don't even know why i asked that question, your right. i remember the year i bought corn on futures. around the 5.50 mark. and it went all the way to almost 8.0 before crashing.

yeah, this whole rwb, stoch & macd i am sure would not work for gold and oil just the same as corn and beans wouldn't... dumb question....

Quoting scooby-doo
There are other factors at play which drive the price of Gold, Silver, Oil etc. So, yes you do get retraces but you could get a 5 YEAR Gold high before such a retrace occurs for you to return to BE. You would need one hell of a recovery system and balance to survive trading commodities in the same manner.

Anyway, i will let Bob answer this more as it is his thread/system.

Scoobs.
  • #2,104
  • Edited 9:41am Sep 21, 2010 9:38am | Edited 9:41am
Quoting Vissie
Currently in a audcad trade at -350. For some really obscure reason I never entered L2 when I should have.......too late now for this pair??
It seems that RWB is converging for later retracement... DD not an issue so I have room to adjust...or cut my losses.
Six of one and half a dozen of the other I presume
It is very comforting to know I am not the only one who makes daft mistakes. IMHO in such situations you have two choices. First one is to close the trade and take the loss, knowing you will make it up with other trades. The second one and more risky one is to enter L3. If you want to take the second option, then do more in depth research and decide what to do in case the trade goes more in -ve and at what point you have to close L1. If you think this is going to consume too much of your time just close it.

Kind regards

P.S. CHIBA SAN, some time ago I asked BOB if he had tried this method for stocks and futures. He strongly advised against using this or any system designed for forex for other markets.
  • #2,105
  • Sep 21, 2010 9:40am Sep 21, 2010 9:40am
Quoting astral77
It is very comforting to know I am not the only one who makes daft mistakes. IMHO in such situations you have two choices. First one is to close the trade and take the loss, knowing you will make it up with other trades. The second one and more risky one is to enter L3. If you want to take the second option, then do more in depth research and decide what to do in case the trade goes more in -ve and at what point you have to close L1. If you think this is going to consume too much of your time just close it.

Kind regards
take a L2/L3 trade, use *2.4 lotsize (L1 = 0.1 , now= 0.24), wait for ~100 pips profit,then u r a almost BE
Hero calls followed by margin calls...
  • #2,106
  • Sep 21, 2010 9:43am Sep 21, 2010 9:43am
Quoting nanningbob
To me this is sad because experienced traders are posting some incredible stuff and I simply dont have time to study it all. If you could post pics of live trades like here is a trade I wont enter because ..................... or here is a trade i will enter because ..................... I think are the most helpful.
Sure will. Attached is one that I would be taking if: I were not already in it; the trade I am in needed recovering. I am, and it isn't so I am not. Taking it, I mean. Got a headache yet?

All the 'normal' conditions are met. The 5/200 Atr is showing that I am not selling into a spike; that is all it does. If this were, say, the gbpjpy last week during The Great Intervention, the 5 (red) Atr would be above the yellow (200) and I would be staying out. As soon as an example of trade prevention arises I will post a screenshot.

Quote
I try to do that every week but guys are developing stuff faster than I can keep up with it. So pretend you need to teach me. Maybe I can ask a dumb question. I want to do a 5.4 update but things are moving faster than I can put it together.
Take your time, Bob. There is no hurry. We deeply appreciate everything you do for us. Besides, we have got enough to be going on with as it is.

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 21 KB
  • #2,107
  • Sep 21, 2010 10:11am Sep 21, 2010 10:11am
Quoting SteveHopwood
Sure will. Attached is one that I would be taking if: I were not already in it; the trade I am in needed recovering. I am, and it isn't so I am not. Taking it, I mean. Got a headache yet?

All the 'normal' conditions are met. The 5/200 Atr is showing that I am not selling into a spike; that is all it does. If this were, say, the gbpjpy last week during The Great Intervention, the 5 (red) Atr would be above the yellow (200) and I would be staying out. As soon as an example of trade prevention arises I will post a screenshot.


Take your time,...
Steve, you are a very naughty boy. I did say that if it closed above 84 that the bulls would take it UP.

Where did i put my cane.

Scoobs.
  • #2,108
  • Sep 21, 2010 10:16am Sep 21, 2010 10:16am
Quoting scooby-doo
Steve, you are a very naughty boy. I did say that if it closed above 84 that the bulls would take it UP.

Where did i put my cane.

Scoobs.
Stoppit. You are turning me on.

Hehe. I would have taken notice, scoobs, but I already had the ea on and forgot. Hey ho.

  • #2,109
  • Sep 21, 2010 10:18am Sep 21, 2010 10:18am
astral, thanks and noted
  • #2,110
  • Sep 21, 2010 10:23am Sep 21, 2010 10:23am
Quoting SteveHopwood
Stoppit. You are turning me on.

Hehe. I would have taken notice, scoobs, but I already had the ea on and forgot. Hey ho.

Do you want the address in Surrey ?

I built into my EA the ability to just put it on a single chart and it trades all forex instruments your broker offers automatically without having to tell it which ones you want to trade.

I was so happy until i realised i should have told it which ones i didnt want it to trade and it opened USDDKK and USDSEK and then straight into recovery mode due to their fcuking ENORMOUS spreads and weird daily ATR's.

Good job Alpari reversed my trades out because of another reason otherwise I would be flying back to the UK and selling the big issue outside Canary Wharf with my previous colleagues chucking 2p at me.



Scoobs.
  • #2,111
  • Sep 21, 2010 10:38am Sep 21, 2010 10:38am
  • #2,112
  • Sep 21, 2010 10:43am Sep 21, 2010 10:43am
Quoting Pippopotamus
Are we all free to post our innovations? Or just the celebs??...
Guys, guys, guys. Can we please stop getting personal, I beg of you. This is a fantastic thread and many many people are learning a lot and making some profit at long last. So I beg of you, can we call time out, on this personal things.

Pipo, thanks very much for your post, I will study it in detail once I finish this post. Steve and Scoobs have thought us a lot and have opened our eyes to many new dimensions in forex. I am sure we will learn even more from there in the future. Ok, maybe scoobs was a bit over the top with his reply to a post which showed the questioner had not done his research.

This is Bob`s thread, if he wanted to stop such posts he would have placed some restrictions. The fact that he has not done that means he does not mind such posts. So lets respect his decision and lets make a rule that we ignore any new trader posting unresearched question and leave BOB to deal with it.

I hate to see BOB, Scoobs, Steve, Toothman, Macman, etc, STOP posting. I am eager to keep learning more and more (hell, I need to). So please, please, please, stop the unpleasant posts and get on with the main business. Lets forget previous posts and get on with it.

Kind regards
  • #2,113
  • Sep 21, 2010 10:50am Sep 21, 2010 10:50am
Quoting Pippopotamus
Are we all free to post our innovations? Or just the celebs?? I scored nearly 1500 pips last week with this set up with no pesky overhang and can prove it. Beware of the silent (dumb?) majority. They may be beating many of you pompous asses at your own game. Thanks Toothman for digging up the Sixths indicator. Thanks MagnumFreak for producing it. With TL break, wonderful entries(tight SLs vs TPs). My best trade last week, Eur/Nzd, from endzone to endzone...
We all come to the table with our own experiences. Why do I use the RWB lines ............. because I was trained in using MACD and I fell in love with the STO indicator. Does that mean you cant come to the table with indicators you are familiar with? Of course you can. I know how to read RWB lines because I invented it and I have been using them for about 4 years. Can someone come with RSI and be successful, Toothman is. Can someone use ATR ............... yup ............ how about RENKO ........... sure can. What is the difference .............. experience using them. I am not good at reading RSI, ATR, Renko (wish I was) or some of the other indicators and I dont really want to go through another learning curve. I do want to learn Renko though, that is one interesting indicator just havent had the time to dig into it. Good luck and let us know how consistent your setup is. The ones that aggravate me are the ones who post and have no data to back up their talk. You can back up what you posted. That is a good post. Thanks.
  • #2,114
  • Sep 21, 2010 10:53am Sep 21, 2010 10:53am
Please save a few pennies for the little guys. I have deleted my post...Clearly out of place here. Best Wishes, Pippo
Vincit qui se vincit.
  • #2,115
  • Sep 21, 2010 10:54am Sep 21, 2010 10:54am
Quoting astral77
It is very comforting to know I am not the only one who makes daft mistakes. IMHO in such situations you have two choices. First one is to close the trade and take the loss, knowing you will make it up with other trades. The second one and more risky one is to enter L3. If you want to take the second option, then do more in depth research and decide what to do in case the trade goes more in -ve and at what point you have to close L1. If you think this is going to consume too much of your time just close it.

Kind regards

[b]P.S. CHIBA SAN,...
Don't feel bad my friend. I am down almost 300 pips at a time when I started switched from .05 to .10 lots. It seems like i was a bit too early on commodity pairs and the RBA Gov made some statement and sent it flying and I was further in the hole. No worries since now I get to practice the recovery method but my comfort zone is using a traditional stop loss. Thanks goodness for demo accounts to practice these ideas.
  • #2,116
  • Sep 21, 2010 10:59am Sep 21, 2010 10:59am
Quoting chiba_san
please don't be angry if it's been asked and answered...

i noticed on my uk fxcm a/c. there is gold. i am very bullish on gold overall... but i tried to put up a 4 hour chart of yours for it. it does fluctuate obviously...

do you reckon your method would work?
The difference between FOREX and other markets is FOREX is driven by exchanging funds through trade between countries, businesses and governments. Traders are only a very small part of FOREX. Price retraces because business still flows between two countries and therefore exchanges happen. This causes FOREX to bounce up and down, back and forth and you may not get this type of action in trader dominated markets like Stocks, futures etc. So I really cant recommend that the same truths would apply in other markets. FOREX is a uniquely different kind of market. The Bass brothers may have controled the silver market at one time but they have no chance of controling the Forex market. Just way too big.

China has the world's second largest economy but they dont want to float the RMB because they know they cant control it. They want to control the exchange rate of their currency.
  • #2,117
  • Sep 21, 2010 11:14am Sep 21, 2010 11:14am
Hey if any of you guys really want a challenge in coding try this one. RENKO bars idea. Take the last high and the last low of a currency. Measure the distance between the two. Divide that number by 10 or even 20 and make that your RENKO bar. The RENKO bars then would self adjust to each currencies volatility. So lets say EUR/CHF from last high to low was 560. That would produce a RENKO bar of 56 if divided by 10 or 28 if divided by 20. That would give us a currency specific RENKO bar based on its most recent volatility. GBP/NZD may have a dinstance of 2200, giving us a RENKO bar of 220 or 110. Just another idea that may go nowhere or ????????????????? Any takers ??
  • #2,118
  • Sep 21, 2010 11:30am Sep 21, 2010 11:30am
Great idea
I already run the auto trading bot on renko charts. No bad so far.
  • #2,119
  • Sep 21, 2010 12:08pm Sep 21, 2010 12:08pm
Speaking of alternate charts to spot trend reversals.

Notice how the Heiken Ashi chart would have prevented the recent eur/gbp fiasco.

http://img693.imageshack.us/img693/3223/hachart.gif
  • #2,120
  • Sep 21, 2010 1:46pm Sep 21, 2010 1:46pm
i'm stuck in two aud pairs one l2 and the other l1 but dd is increasing rapidly I just passed 6% unrealised dd on my a/c (demo of course). Just took a sell on the EU (secondary trade setup) hoping i could make some gains to lower the dd but it shot to -95

anyone in a similar situation, should i start recovery if EU goes deeper in the hole or just cut my loss on EU and let the recovery run for the aud pairs?
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