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Nanningbob 4h trading system ver. 5.0

  • #4,221
  • Jul 13, 2011 10:53am Jul 13, 2011 10:53am
Quoting Ckp
Hi Bob

V5 is really great. There is a level of confidence that comes with trading on H4 & D1. Sharp price moves that freak you out on M15 just doesn't have the same impact anymore. "Storm in a teacup" is the analogy that comes to mind. In any event its a great system and well done for sharing it with everyone who is willing to learn. You clearly are a teacher at heart!

Important question: I have fine tuned the system to suit my needs however i am still having difficulty with choosing a suitable pip target for a "hard stop". 10.0 Recovery...
Your 120 pips TP on a countertrade system is overly optimistic. I seldom get profits of over 100. Most of my profits are in the 30-60 range. A counter trend trade seldom lasts very long since it may reverse and continue to trend.
  • #4,222
  • Jul 13, 2011 2:26pm Jul 13, 2011 2:26pm
Quoting Ckp
Important question: I have fine tuned the system to suit my needs however i am still having difficulty with choosing a suitable pip target for a "hard stop". 10.0 Recovery is very useful however with my current trade setup and risk management, I require the use of a hard stop. And "YES" i am trading 0.01 lots (i hear you asking). Were I live we are prone to power failures and internet interruptions. Hard stops do the job very well when you loose power for 3 days non stop.


Question 1: Barring recovery trades, what do you estimate...
Have you considered using a vps service? That way you can use a trade management ea to set stops based on different scenarios. A vps would also make it possible to log in from other places like work, school or a library (if you trust the connection that is).

I agree wtih Bob that 100+ pip profits are optimistic. The way I trade it I get lots of little winners and very few big ones. In hindsight I could have let some of those trades run for more profit but I think in the end I would make less profit in total and have a lot more drawdown to deal with.

Since I haven't tried using hard stops with this system I can't give you any advice on that. If I were you I would try different things on demo first and see what works best.
  • #4,223
  • Jul 13, 2011 6:00pm Jul 13, 2011 6:00pm
Quoting MorningMania
Have you considered using a vps service? ...If I were you I would try different things on demo first and see what works best.
excellent advice. If you live in Europe, N America or Japan where there is super fast reliable internet then you do not need VPS. But if you live somewhere where power cuts are numerous and internet is not reliable then VPS is a good option at around $20 per month.

As for SL and TP, I do not use TP but I have the mptm set to BE point of 50 with BE profit of 35 and Jumping stops of 35. This way I lock in 35 pips of profit whilst allowing some room for larger profits. Sometimes it works sometimes it does not. I suppose we each have our own preferences.

Kind Regards
  • #4,224
  • Jul 13, 2011 7:33pm Jul 13, 2011 7:33pm
Can someone explain this to me?????

New Zealand’s economy expanded in the first quarter more than twice as much as the central bank forecast, boosting the local currency to a record on prospects policy makers will raise interest rates this year. Gross domestic product rose 0.8 percent in the three months ended March 31 from the previous quarter

I am happy that the NZ economy rose a whole .8% over 3 months. WOW!!! 8 tenths of a percent. Good for them, now can anybody explain the logic of NZD/USD moving over 300 pips in one day because the economy rose 8 tenths of a percent instead of 5 tenths of a percent. I mean if that happened in the USA we would want OBAMA to be president another 8 years. Gotta love them fundamentals. I mean that really makes sense to me. Does it to you???
  • #4,225
  • Jul 13, 2011 7:51pm Jul 13, 2011 7:51pm
Quoting nanningbob
Can someone explain this to me?????... I mean that really makes sense to me. Does it to you???
Oh, Yes, Of Course!!!

Around 1 hour ago I checked my trades before going to BED (now is 01:45 in London). I noticed that during the last 4 hours nearly all the pairs have moved more than 200 to 300 pips. It can only mean one thing. The major banks and financial instituations have got wind of NB VER10.0 and they are trying to dissuade traders in using this system and making a fortune at their expense.

If anyone got a better explanation please let us know. I am off to bed before talking more nonsense!

Kind Regards
  • #4,226
  • Jul 14, 2011 12:50am Jul 14, 2011 12:50am
Quoting nanningbob
Can someone explain this to me?????

New Zealand’s economy expanded in the first quarter more than twice as much as the central bank forecast, boosting the local currency to a record on prospects policy makers will raise interest rates this year. Gross domestic product rose 0.8 percent in the three months ended March 31 from the previous quarter

I am happy that the NZ economy rose a whole .8% over 3 months. WOW!!! 8 tenths of a percent. Good for them, now can anybody explain the logic of NZD/USD moving...
Part of it may have to do with Moody's consideration of downgrading the US's credit rating. That's just a guess though. Most of the time I don't understand the fundamentals either. Sometimes I think it will move a currency one way and it will go the other.
  • #4,227
  • Jul 14, 2011 10:10pm Jul 14, 2011 10:10pm
Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
  • #4,228
  • Jul 15, 2011 12:12am Jul 15, 2011 12:12am
  •  Ckp
  • | Joined Aug 2010 | Status: Master ur EXIT. Entry is secondary. | 29 Posts
Quoting nanningbob
Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

Tell me about it! Markets are Comatose... i imagine traders are sitting on the sidelines waiting for the EURO BANK STRESS TESTS. I think im gonna watch some golf today...
  • #4,229
  • Jul 15, 2011 3:52am Jul 15, 2011 3:52am
Quoting astral77
excellent advice. If you live in Europe, N America or Japan where there is super fast reliable internet then you do not need VPS. But if you live somewhere where power cuts are numerous and internet is not reliable then VPS is a good option at around $20 per month. .......

Kind Regards
Sorry, but have to disagree strongly with this view.

IMHO as soon as you are trading 'real' money it is essential to pay for a good quality VPS.

As an example, I live in the UK and a couple of weeks ago thieves cut and stole a long section of glass fibre cable, shutting down Internet connections to a large part of the south of England.

You pay for redundancy with a good VPS service - also it is often false economy to go for the cheapest VPS option, as you get what you pay for generally. The cost of a MS licence is the same for the ultra cheap as the more expensive providers, so the cheap guys are making savings somewhere else ....
  • #4,230
  • Jul 15, 2011 4:27am Jul 15, 2011 4:27am
Quoting macman
Sorry, but have to disagree strongly with this view...
HI MacMan

You certainly have a point there. People seem to have very strong opinions for and against VPS. Your points are valid and I can certainly vouch for the point regarding "cheap" VPS. I used to use a company which charged around $20pcm for VPS whereas others were charging around $50 pcm. However, these people seem to be only working 9 to 5 (Midwest USA), despite advertising 24/7 support. Whenever there was an issue if I sent them an email 9-5 US time then it was resolved straight away, however, if a problem occurred 01:00 GMT I had to wait till around 14:00 for it to be resolved.

I have had experience with so called "Free" broker`s VPS as well and I strongly advise people to avoid this option. First of all you do not know if you can trust them or not and secondly, the memory they allocate to your account is minimal, for instance if I had more than dozen charts open at any time it would freeze.

Kind Regards
  • #4,231
  • Jul 15, 2011 4:51am Jul 15, 2011 4:51am
Quoting astral77
HI MacMan

You certainly have a point there. People seem to have very strong opinions for and against VPS. Your points are valid and I can certainly vouch for the point regarding "cheap" VPS. I used to use a company which charged around $20pcm for VPS whereas others were charging around $50 pcm. However, these people seem to be only working 9 to 5 (Midwest USA), despite advertising 24/7 support. Whenever there was an issue if I sent them an email 9-5 US time then it was resolved straight away, however, if a problem occurred 01:00 GMT I had to...
Hi Astral,

Things move fast in this area, have a look here
http://en.wikipedia.org/wiki/ElasticHosts

Cloud computing where you only pay for the resources you actually need is a powerful concept and works surprising well.

  • #4,232
  • Jul 15, 2011 9:17am Jul 15, 2011 9:17am
Quoting macman
Things move fast in this area, have a look here
http://en.wikipedia.org/wiki/ElasticHosts

Cloud computing where you only pay for the resources you actually need is a powerful concept and works surprising well.

Thanks very much Macman. As Steve says you do not post often but when you do the quality is of the highest caliber. I think soon VPS sites would become redundant since the big boys (e.g. yahoo, Google, amazon,etc) are getting involved with better reliability, security, customer service and pricing.

I strongly advise everyone to investigate the option of Cloud hosting.

Kind Regards
  • #4,233
  • Jul 15, 2011 9:39am Jul 15, 2011 9:39am
Every once in a while a fundamental trader will jump in and say," you should follow the fundamentals." Well, I just thought I would publish the fundamentals on the Euro to help you guys out. Here is the forecast, the winner is??

- The EUR/USD could be done with a correction after testing 1.41 and finding support.
- Note in the 1H chart that we reached 38.2% retracement level and a previous resistance in the 1H chart, and an earlier support spotted in the 4H chart, so this 1.41 level is indeed becoming an important pivot. The RSI reading is pushed to 40, a support level for a bullish trend.
- Structurally, a bullish impulse wave count is still valid until a break below 1.4035, which is the close of wave (1), and therefore should be not be overlapped by wave (4).
- Support at 1.41 psychological whole level is appropriate getting into the European session and gearing up for the last US session of the week.
- As Bernanke has put the prospect of QE3 on the back of inflation data, US CPI data this morning is going to be important.
Fundamental Factor : CPI directs Prospect of QE3.
- Core CPI is forecast to have been 0.2% in June after a 0.3% in May. The headline CPI is forecast to have been -0.1% after a 0.2% May. If the numbers come out subdued as expected or even flatter, EUR/USD has a good chance to rally towards 1.430 today, with a more aggressive bullish target towards the 1.4440-1.4450 pivot zone as shown in the 4H chart.
- With the EUR side of the coin, the market has a negative expectation of events out of the eurozone, so any signs of relief from the stress tests can give the EUR/USD a chance to rally as well.
- Below 1.4050, then 1.4035 however, if the fundamental factors appear to be on the flip side, the EUR/USD can slide towards 1.3950 and back to 1.3850.
- With the EUR/USD at the crossroads and these two risk events to come out today, expect some volatility this Friday.

So fundamental masters, what is it going to be BUY?? SELL?? HMMMMMMMMMMMMMMMMMMM.Stayed tuned because the bell strikes at noon.
  • #4,234
  • Jul 16, 2011 8:30pm Jul 16, 2011 8:30pm
BEWARE OF EURO TRADES!! This is just an opinion from one man but I do understand his argument. Beware of buying into the Euro.

“ In the past 24 hours, we have seen the Greek deputy finance minister announce that Athens would fall far short of planned asset sales (this can only come as a surprise to investors born yesterday) and the Greek prime minister publish an open letter to Eurogroup Chairman Juncker warning that Greece has done all that it could. Mr Panandreaou went on to say that the onus is now on European policymakers to meet in a closed forum, with no damaging press leaks, and emerge with a strong, unambiguous message – we have to assume that the irony of asking for more secrecy through an open letter to the general media was perhaps lost on the Greek PM. Diplomacy aside, it seems that Greece is placing an ultimatum on Europe and this for a very simple reason: the end game for the EMU is approaching much faster than most investors had expected. Indeed, the choice between fiscal union or disintegration may well have to be faced this very summer.
“In his eloquent letter, Papandreou boldly stated that, in essence, Greece is no longer prepared to make further concessions and will thus blow up Europe's financial system if it is subjected to any more pressure. In other words, it is now time for all additional concessions to come from the side of Germany, the ECB and the EU. The willingness of Papandreou to speak so boldly is hugely important since it marks a recognition by the debtors that they now have the whip-hand in these negotiations. The Greeks (and Irish) for some reason failed to realize their power last year, but they do now. This transforms the balance of power in the negotiations. As a result, Germany and the ECB have reached the moment of truth – either they comply with the debtor countries' demands or they abandon the euro. This ultimatum probably helps explain why the euro has been so weak and why it should be heading even lower.”
  • #4,235
  • Jul 16, 2011 9:26pm Jul 16, 2011 9:26pm
  •  damo
  • | Joined Aug 2010 | Status: Chart Pattern & Trend Trader | 217 Posts
.
Trade what you see, not what you think.
  • #4,236
  • Jul 17, 2011 8:04am Jul 17, 2011 8:04am
Here is the 10.0 CTR counter/range trading system. I think you will find it helpful. At the present moment this is just the bare bones of the system. I also published a trend system on the 1.0 section. Let me know what you think.
Attached File(s)
File Type: zip 10.0 NB CTR.zip   605 KB | 796 downloads
  • #4,237
  • Jul 17, 2011 3:43pm Jul 17, 2011 3:43pm
Quoting nanningbob
Here is the 10.0 CTR counter/range trading system. I think you will find it helpful. At the present moment this is just the bare bones of the system. I also published a trend system on the 1.0 section. Let me know what you think.
Thanks for your hard work Bob! I've got tomorrow off so I'll start reading then. Knowing me I'll probably have to re-read it several times to get to grips with it and to form an opinion. Thanks for sharing this with us. I hope I will be able to contribute at some point in the future.
  • #4,238
  • Jul 17, 2011 11:42pm Jul 17, 2011 11:42pm
Quoting nanningbob
Here is the 10.0 CTR counter/range trading system. I think you will find it helpful. At the present moment this is just the bare bones of the system. I also published a trend system on the 1.0 section. Let me know what you think.
Thanks Bob, you are a star in FF.
  • #4,239
  • Jul 18, 2011 5:41am Jul 18, 2011 5:41am
Quoting nanningbob
Here is the 10.0 CTR counter/range trading system. I think you will find it helpful. At the present moment this is just the bare bones of the system. I also published a trend system on the 1.0 section. Let me know what you think.
Thanks for your hard work. Very universal aproach to trading.
BTW could you show an example of a CTR entry with BB on 4H TF which was more zoomed in just for clarity. Thanks a lot.
  • #4,240
  • Jul 18, 2011 6:08am Jul 18, 2011 6:08am
Great read! Now I'll need some time to digest it and play around with it on a demo account.

Thanks for the education!
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