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Nb 10.0 range trading system

  • #121
  • Aug 24, 2011 9:02am Aug 24, 2011 9:02am
Quoting whitegoodman
but i dont want it to re-enter at a fix pip amount, i want it to re-enter under the same conditions but make a minimum pip difference between first entry.

heres what i mean...
Put the same EA on the chart with a different magic number and change the pips. I do that all the time. OR have a second chart and run both EAs but each EA must have a different magic number. You could run the 1H CTR on one chart and the 4H CTR on another.
  • #122
  • Aug 24, 2011 9:10am Aug 24, 2011 9:10am
Hello nanning..What would be your advise to people who don't want to use the EA but rather trade manually? Also can you confirm if I am following you clearly:
After getting a confirmation from the daily chart (I only trade range, not trend), I go to the 1 hour chart and look for signals. (both stoch lines above-below the 90-10 lines, price hits outer BB bands). Then I enter the trade with 1 lot. If it goes against me 100 pips, I go to Level 2 with the same lot and same direction. Another 100 pips against me I enter my last lot which is 3.
I know every detail is written but there is so much information I came to a point where I am confused.
Cheers,
  • #123
  • Aug 24, 2011 9:19am Aug 24, 2011 9:19am
Quoting The7
Hello nanning..What would be your advise to people who don't want to use the EA but rather trade manually? Also can you confirm if I am following you clearly:
After getting a confirmation from the daily chart (I only trade range, not trend), I go to the 1 hour chart and look for signals. (both stoch lines above-below the 90-10 lines, price hits outer BB bands). Then I enter the trade with 1 lot. If it goes against me 100 pips, I go to Level 2 with the same lot and same direction. Another 100 pips against me I enter my last lot which is 3.
I know...
Reentering every 100 pips is dangerous. A good run and you have some pretty stiff negatives to overcome. Better to use 200 or more, but 10.0 you reenter when it crosses back on the Daily thereby giving you a better chance without a run against you and getting better separation between trades. Yes you understand the 1.1.3 formula which is my favorite formula in recovery. However, if the distance is great between levels, then I might go 1,2,3 or 1,2,4

If you are going to manually trade then use some kind of warning system. It lets you know there is a cross in price so you can check on it.
  • #124
  • Aug 24, 2011 9:35am Aug 24, 2011 9:35am
Quoting nanningbob
Put the same EA on the chart with a different magic number and change the pips. I do that all the time. OR have a second chart and run both EAs but each EA must have a different magic number. You could run the 1H CTR on one chart and the 4H CTR on another.
if i put another 1hr EA on the same chart with a different magic number ill still get the same entrance even if i change SL and TP (i assume this is what you mean by change the pips)... we cant always be at our computer on the 1hr to place an EA on for a 2nd entry...
Grabbing the bull by the horns!
  • #125
  • Aug 24, 2011 11:32am Aug 24, 2011 11:32am
Quoting yaniv_av
Hi George,

Thanks for this explanation. Although, I think I missed something very basic here - as far as I understood from nanningbob's booklets, the heart of 10.0 is that when the market changes behavior (based on daily chart) - we must change immediately our trading style to the new behavior. Meaning, if the market was ranging, but now switched to UT, we should stop range trading and start trend trading. it stated many times by nanningbob in his booklets.
So my question is simple - as the euraud changed to UP, why trying to recover instead...
I think that depends on your trading style and whether or not you choose to use stop losses. Personally, I am a counter trend trader and I choose not to use SL's and recover. I am a below average trend trader and it comes difficult for me, however with the 10.0 philosophy I am working on improving that. That philosophy you mention above I follow prior to entry. Once I am in a trade, based on my selection of recovery vs. stop loss, it is BE or profit, then move on to the next set-up. (at least a very large percentage of the time).

Let me show you what I have difficulty with on trend trading and applying what you suggested above. Below is the 1h chart of the EUR/CAD starting on Aug 3-10. So, there I am sitting at 1.3773 and the pair is just consolidating around that level. The green circle is where I was asleep at the wheel and for a brief moment this pair went 50 pips into profit. (probably one reason I need to test out MPTM, which I have not used in the past). Then, on August 4 at the blue box, you see where this pair takes off on a 400 pip run and the recovery process has begun. The area I really stuggled with these trending trades (after I was in and decided to change directions) is where do you enter and where do you put the stop loss and shift gears. I was very poor at this and a vast majority of the time, it would come back on me. So, it seemed like I was always on the wrong side of the trade. I am sure there are traders who are very good at this, combining it with fundamentals and get it right most of the time. I like Bob's method of looking at trend vs. counter trend, prior to entry and trading that way through exit.

Also, you mentioned the buy EA after using the SL. It would not have entered during the uptrend of Aug 4, so you would have been looking at entering around the 1.4000 level on Aug 8, if the 1H Buy was used.

I hope that makes sense....

Best of trading to you.

George
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad 1h.gif Size: 39 KB
  • #126
  • Aug 24, 2011 2:37pm Aug 24, 2011 2:37pm
lot size 0.02 on £1,000 demo

Today - 14.10% up - dd 9.04%

Yesterday ended at 17.13% (was at 16.35% when i wrote update)


Total since last Monday a monster 100.89% up


I have 1 trade in hedge fixed at -102 pips


Take care and good luck[/quote]
Quoting censura
Another good day - Update is a bit earlier than normal butI need to go out

lot size 0.02 on £1,000 demo

Today - 16.35% up - dd 3.04%

Yesterday ended at 16.04% (was at 13.14% when i wrote update)

Total since last Monday a monster 86.79%

No trades required hedge placement today

Take care and good luck
  • #127
  • Aug 24, 2011 4:03pm Aug 24, 2011 4:03pm
Quoting George Adams
I think that depends on your trading style and whether or not you choose to use stop losses. Personally, I am a counter trend trader and I choose not to use SL's and recover. I am a below average trend trader and it comes difficult for me, however with the 10.0 philosophy I am working on improving that. That philosophy you mention above I follow prior to entry. Once I am in a trade, based on my selection of recovery vs. stop loss, it is BE or profit, then move on to the next set-up. (at least a very large percentage of the time).

Let me show...
Well, that indeed make sense, but I thing I still have to learn how I deal emotionally with different scenarios like you show.
For now, I also wait for a pullback/recovery on the eurcad. Let's see what will happen...

Thanks!
  • #128
  • Aug 24, 2011 4:13pm Aug 24, 2011 4:13pm
Quoting nanningbob
Thank you for your note. I dont know why but FOREX seems to be a different animal when it comes to trading rules. I finally believed them to be mostly garbage......
.
Yes Yes Yes.
What you said above is correct! Thanks for the reply. I do like to note about some of your trading philosophy though. I couldnt agree more,you had said a profit banked in wouldnt hurt/keeps the bank at bay something like that? Breath in breath out comment? I had unconsciously used that very same thing you tought in about a 2 - 3 months experiment in a small account, guess what it,has grown >20 percent since.Profits are banked in ,even in deep drawdown, what happened was when the prices kept trending the profit are banked in ,kinda hedged. Positions are reloaded(breath in ,breath out) and before long the drawdown disappeared.
The price came back to close in overall profits! All that using micro/ nanolots using a single pair. I thought about your pdf's and manuals , it is about the same thing that i did! The idea must have merits after all. I just had to know the long term direction and thats it.
In my opinion, the key that allowed the experiment to survive is to keep booking those profits and reloading position. Thats the crucial step to overcome drawdown during that period.Not forgetting diversification,multiple level/ trades even when trading 1 or 2 pairs. Note that I also did hedge both ways long/short so cannot use this in criminals brooker.
Things that you said are not taught anywhere in the web, so i consider your philosophy ,ideas, thoughts as gold! even though i didnt trade your system it feels very similar.Very helpful and provided me with insight. You could even construct many systems using your ideas alone, its not that difficult but also simple.
Thank you again,it feels like i had been reinforced knowing youre not alone trading this kind of stuffs.
  • #129
  • Aug 25, 2011 2:08am Aug 25, 2011 2:08am
Quoting censura
lot size 0.02 on £1,000 demo

Today - 14.10% up - dd 9.04%

Yesterday ended at 17.13% (was at 16.35% when i wrote update)


Total since last Monday a monster 100.89% up


I have 1 trade in hedge fixed at -102 pips


Take care and good luck
Sorry Censura but can you overview your trading method?

I mean how are you trading? Trading times? Pairs? After you hedge at 100 pips what you do? You keep an eye on daily trend?

It seems that i trade a method similar to yours, but im not having that big success..
Needless to say i'm totally newbie with hedging, recovering and trading with EAs, so that can be a good cause

Thanks in advance.
  • #130
  • Aug 25, 2011 2:38am Aug 25, 2011 2:38am
Quoting SteMag
Sorry Censura but can you overview your trading method?

I mean how are you trading? Trading times? Pairs? After you hedge at 100 pips what you do? You keep an eye on daily trend?

It seems that i trade a method similar to yours, but im not having that big success..
Needless to say i'm totally newbie with hedging, recovering and trading with EAs, so that can be a good cause

Thanks in advance.
more to that, if you are hedging at 100pips drawdown, when do you decide to release one of the 'legs'/trades? when criteria set up for another trade?
Grabbing the bull by the horns!
  • #131
  • Aug 25, 2011 4:14am Aug 25, 2011 4:14am
I tade NB10 ctr on 1hr timeframe as per NB rules and template

I have a tp of 40 pips

I have NO Stop Loss - (This will kill your account)



I traded NB5 for 1 year and made money from it - My issue was always the scalling of positions level 2 , l3 etc 1.1.2.4 step

When to get in to l2 l3 etc i tried MA 200, 500 i tried fixed 200 , 500 etc but could not decide on what was best and i didnt work for me

After a lot of thought and trys i have decided on
If a trade goes to -100 pips i place a counter trade to the same value
(currently 0.02 lot size) to hedge / Fix my dd

I then match out the losses ie the 2 pairs with winners eg

On Monday i had GBPNZD go bad on me for -100 i hedged it fixed at about $18 loss i then waited until winners came along to close and match the trade i didnt have towait long here an hour later GBPCAD trade and CADJPY trade winners which gave me $18 profit so then clossed the GBPNZD 2 trades the first and the hedge.

To my mind this is simple alot less risk and alot less worry. Obviously you need more winners than losers but the system is doing this.

Cautionary Note - My account is over leaveraged (i explained this before)
I had trades set at 0.02 by mistake rather than 0.01 this has meant at one point i was 24% in dd When i go live on 5th Sept i will use 0.01 lot size for each $1,000 , this would effectivly have halved my returns on my demo account which is what i am reporting on.

Also the markets are ranging ok and i have not encountered a huge trend break out . My hope is that i can add an automatic hedge function into the ea bob had produced with variable hedge_at as a user defined parameter. I am not a coader so doing so learning to see if i can ammend the ctr to suit. (Obviously if there are coders out there who can do this great)

Hope this helps



Quoting whitegoodman
more to that, if you are hedging at 100pips drawdown, when do you decide to release one of the 'legs'/trades? when criteria set up for another trade?
  • #132
  • Aug 25, 2011 4:37am Aug 25, 2011 4:37am
Quoting whitegoodman
more to that, if you are hedging at 100pips drawdown, when do you decide to release one of the 'legs'/trades? when criteria set up for another trade?

Good strategy but my idea would be to hang onto the trade until you get the recovery cross of the 2MA. close the profit trade and counter with equal pips. 50 pips later the loss trade is breakeven. You then can ride it further to see if you can make a profit on the trade. In other words you are looking for a 50 pip retracement. I cant hedge so dont know, but I bet I could do it.

Also you may really want to consider doing any buys on Euros. See article below, a bit sensational but the basic truth behind it does exist.

http://www.forexfactory.com/news.php?do=news&id=311347
  • #133
  • Aug 25, 2011 4:59am Aug 25, 2011 4:59am
  •  Ckp
  • | Joined Aug 2010 | Status: Master ur EXIT. Entry is secondary. | 29 Posts
Hi Bob. An observation. When using 10.0 H1 CTR BOTH on a H1 chart you definitely want to wacth out for extremely quiet periods lasting longer than 8-12 hours at a time. The BB narrows as a result and the trade could enter much sooner than you might expect. See attached. GBPUSD in the last 24 hrs. Best you can do here is suppose is remove the EA until volume returns... Any thoughts on that?
Attached File(s)
File Type: pdf 10.0 H1 CTR Both Image.pdf   252 KB | 526 downloads
  • #134
  • Aug 25, 2011 5:16am Aug 25, 2011 5:16am
Today I decided to try out this hedging idea. I'm using mptm set to hedge at 100. Currently hedging gbp/cad. If price just stays where it is, I think I will match winners with losers and close out the trade. Otherwise if price runs I will wait for cross of the 2ma with buy/sell ea, then counter trade the 50 needed pips.
  • #135
  • Aug 25, 2011 6:10am Aug 25, 2011 6:10am
This was my origional thought also but i found 2/3 trades i did this reveresed on me and compounded my losses. Now 2/3 is a very poor sample and i may come back to it later. Thanks Bob

Quoting nanningbob
Good strategy but my idea would be to hang onto the trade until you get the recovery cross of the 2MA. close the profit trade and counter with equal pips. 50 pips later the loss trade is breakeven. You then can ride it further to see if you can make a profit on the trade. In other words you are looking for a 50 pip retracement. I cant hedge so dont know, but I bet I could do it.

Also you may really want to consider doing any buys on Euros. See article below, a bit sensational but the basic truth behind it does exist.

http://www.forexfactory.com/news.php?do=news&id=311347...
  • #136
  • Aug 25, 2011 8:36am Aug 25, 2011 8:36am
Quoting censura
I tade NB10 ctr on 1hr timeframe as per NB rules and template

I have a tp of 40 pips

I have NO Stop Loss - (This will kill your account)



I traded NB5 for 1 year and made money from it - My issue was always the scalling of positions level 2 , l3 etc 1.1.2.4 step

When to get in to l2 l3 etc i tried MA 200, 500 i tried fixed 200 , 500 etc but could not decide on what was best and i didnt work for me

After a lot of thought and trys i have decided on
If a trade goes to -100 pips i place a counter trade to the same value
(currently...
Ok really thanks for the response!

BTW.. just got an I.O. on the GBPCAD.. cool story!
  • #137
  • Aug 25, 2011 9:03am Aug 25, 2011 9:03am
The EUR/CAD has come back and given us the L3 entry I have been waiting on and looks like a good day so far with a strong candle. So, the L3 entry was at 1.4231. As you can see from the chart, I have re-calculated my breakeven, which is now at 1.4080. Now we sit back and wait again to see if it can reach the BE level in the next couple days. I would not be surprised if the pair came back up to test the 1.4200 level before making the move to our BE point, since this has been a strong day.

George
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad daily 8-25-11.gif Size: 27 KB
  • #138
  • Aug 25, 2011 11:59am Aug 25, 2011 11:59am
Today was a difficult day i have had 6 x -100 hedge trades to close out with winners and thus the day stands at +1.63 % dd is 5,24%

Total to date since Monday 22nd - 102.52%

I have 1 more hedge to close out awating corresponding winners to allow me to do this.

I try and do this as quickly as possible as there is the opportunity cost of having a pair fixed in a hedge ie i cant get any winners from it while it sits there.

So was today a success ! i believe so as there are going to be 20% of the trading days when the mkt trends and if i can break even or even have to take a small loss it does not matter in the grand scheme of things

take care and keep trading

Quoting censura
lot size 0.02 on £1,000 demo

Today - 14.10% up - dd 9.04%

Yesterday ended at 17.13% (was at 16.35% when i wrote update)


Total since last Monday a monster 100.89% up


I have 1 trade in hedge fixed at -102 pips


Take care and good luck
[/quote]
  • #139
  • Aug 25, 2011 2:59pm Aug 25, 2011 2:59pm
Hi Censura,

Great trading results, can I ask how many pairs you trade, do you stick to Bobs suggestion of lower/medium volatility ?

And also are you using the 1H CTR Both or manual entering on you trades


Best of luck
  • #140
  • Aug 26, 2011 2:08am Aug 26, 2011 2:08am
Hello,

What is your experience with MPTM 25+10? MPTM closes my recovery trade based on settings as it goes in my favour and let the first one in loss. Both trades together were far from BE. MPTM manages trades individualy even more position of a pair opened.
How to manage recovery if I want to yous MPTM on other pairs?
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