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Nb 10.0 trend trading system

  • #801
  • Dec 8, 2011 9:18am Dec 8, 2011 9:18am
Quoting cmeade2
where was you entry and exit?

It was a sell stop order with TP of 50 pips on the daily chart but i exit it manually.You can see it on charts.
  • #802
  • Dec 8, 2011 10:29am Dec 8, 2011 10:29am
ok I see it now. what was your criteria for the entry?

Quoting marcelms
It was a sell stop order with TP of 50 pips on the daily chart but i exit it manually.You can see it on charts.
  • #803
  • Edited 11:23am Dec 8, 2011 10:59am | Edited 11:23am
Quoting cmeade2
ok I see it now. what was your criteria for the entry?
Well,i started to look at the daily chart to look for the direction of the trend.I have to tell you that i have 3 TF charts on my screen(daily,4h,1h).Daily for direction and 4h and 1h TF are for entries.Im new to this myself but today i had this one trade that was succesfull.I guess you have to follow the rulles and you can make good trades.Im at the begining so to speak and im gone post again with other trades.I hope you understood my way of entry.When on daily chart the blue MA is under the red MA and the support line is broken i look for short trades and when the blue MA is above red MA and the ressistence line is broken i look for long trades,also i pay atention on stochastic indicators and MACD for oversold,overbought levels and divergences.
  • #804
  • Dec 9, 2011 6:18pm Dec 9, 2011 6:18pm
A trader asked me some personal questions about my trading so I thought I would post my answer here for others to learn also. I hope you find it helpful.

Bob,

I have been following your thread and am intrigued by your systems.

I have learned a lot from you. I would like to know if you are a professional trader who trades forex for a living or if you do this as a hobby.

I am not a FT trader, I am an administrator/teacher of a foreigners school in Nanning China. My wife and I started and operate the school. I trade as one of my investments, I have others. Because Forex is a very risky field I trade to pay off my credit cards and raise money for my vacations/plane tickets. The better I trade, the better my vacation and travel plans are. However, I think I am good enough now that I plan to have a percentage of my IRA used in trading. My long term goal is to supplement my retirement with trading. I have been asked to trade professionally but to do so would mean I would have to give up my school and I dont want to do that at this time.

What are your thoughts on everyday retail traders being able to follow good systems and proper money management being able to generate enough income from trading forex to live only off of trading ?
I look at trading as an ability to do that. I guess it depends on your life style but I am a simple man who doesnt care much about fancy women, cars, and houses. My goal would be to make 5-10% a month so to generate 5000 month (5%) I would need a minimum of 100,000 in the bank to trade fulltime. With a paid off house, 5000 a month would be a very comfortable income for me. Anything above 5% would allow the account to grow and help with income during losing months.


In essence, if one wants to live off of trading, is it possible with retail experience (ofcourse using discipline) or does it need experience in a big trading firm and loads of cash ?
Big loads of cash, hmmmmmmmmmm need realistic goals. Most people dont have realisitic goals. I mean to average 5% a month means you are really, really good. The best bank traders average 20-40% a year. I did not become a successful trader until I got my long term vision correct and realistic.I try to teach guys to be a winner year in and year out, you have to have realistic, attainable goals. Doubling your money every month is not. It is good that new traders realize I lost money in October and I do have losing months. Every trader does but I am one of the very few who will post my losing trades and talk about some of my failures. However, I have kept close to my 10% average per month for the year with my 10.0 systems.
Experience is everything in this business and you cant get experience without a commitment to pay your tuition to learn. Every professional person pays tuition to learn their trade or craft. The same thing with trading. You are going to lose money in your early career so play small lots and accounts until you get good. You cant shortcut the learning experience.



Thanks for your advice.
  • #805
  • Dec 10, 2011 2:27pm Dec 10, 2011 2:27pm
Hi guys,

could anyone be so kind and give me a hint what the learning sequence of Bob's system should be?

I mean: in the first post there are couple of zip files:
http://www.forexfactory.com/images/attach/zip.gif 10.0 #1 http://www.forexfactory.com/images/attach/zip.gif 10.0 #2 http://www.forexfactory.com/images/attach/zip.gif 10.0 #3 http://www.forexfactory.com/images/attach/zip.gif 10.1 complete

Which of them should I download in order to learn Bob's system completely and be able to start testing it on real charts? Is 10.1 complete enough with its screenshots explaining the system or should I also look into word docs of previous system?

Thanks for help.
  • #806
  • Dec 10, 2011 8:29pm Dec 10, 2011 8:29pm
Quoting thevenin
Hi guys,

could anyone be so kind and give me a hint what the learning sequence of Bob's system should be?

I mean: in the first post there are couple of zip files:
http://www.forexfactory.com/images/attach/zip.gif 10.0 #1 http://www.forexfactory.com/images/attach/zip.gif 10.0 #2 http://www.forexfactory.com/images/attach/zip.gif...
Well IMHO there are two major systems here. One that uses EA potentially and one that is more manual, however you can use the EA's of 10.0 in either version (10.0 or 10.1) depending on the situation. The EA's are labeled accordingly for their purpose and you use them in some cases when you might be underwater on a trade if you do not know how to effectively manage them manually. In each case some reading is necessary to understand when to use them but are well explained in NanningBob's thread and docs throughout his postings. In particular 10.1 is a manual trading system aimed at Breakouts (BO) to enter and exit positions. The 10.1 complete folder explains identifying the trend as well as how to enter and exit these trades quite nicely. I hope this helps. It has helped me and I have been through quite a few systems for as long as I have been on these forums.

Happy Pippin!
  • #807
  • Dec 10, 2011 9:01pm Dec 10, 2011 9:01pm
hi,bob:
I've downloaded the zip files on post 1, but I cannot seen to locate the 4H B Eas,where can i downloaded it??and what's the different from 10.1 enter EA 4D or 5D.i got confused~~~i am a chinese in HeBei .
Thanks again for all your hard work.
  • #808
  • Dec 10, 2011 9:27pm Dec 10, 2011 9:27pm
Quoting BruceLee
hi,bob:
I've downloaded the zip files on post 1, but I cannot seen to locate the 4H B Eas,where can i downloaded it??and what's the different from 10.1 enter EA 4D or 5D.i got confused~~~i am a chinese in HeBei .
Thanks again for all your hard work.

Hi BruceLee,

the 10.1 4D and 5D EA pertains to using with the 4digit and 5digit brokers respectively.

Cheers,
Lionsden
  • #809
  • Dec 11, 2011 8:27am Dec 11, 2011 8:27am
Quoting BruceLee
hi,bob:
I've downloaded the zip files on post 1, but I cannot seen to locate the 4H B Eas,where can i downloaded it??and what's the different from 10.1 enter EA 4D or 5D.i got confused~~~i am a chinese in HeBei .
Thanks again for all your hard work.
The 4HB are in the 10.0 #3 folder. 10.1 is a manual system and doesnt use EAs at this point. The reason is you are entering using pending orders instead of MA crosses. MA crosses EAs are very helpful. S/R lines are better handled manually using pending orders.

If you ever come to Nanning you are welcome to stay at my house. I have not yet gotten to HeBei but would like to visit one day.
  • #810
  • Dec 11, 2011 4:00pm Dec 11, 2011 4:00pm
Hi guys. When apply the template to my charts, very often I get an additional line. Do you know what it could be?

Attached Image (click to enlarge)
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  • #811
  • Dec 11, 2011 4:04pm Dec 11, 2011 4:04pm
Quoting thevenin
Hi guys. When apply the template to my charts, very often I get an additional line. Do you know what it could be?
It's the Ask line.

Right click on chart / Properties / Common Tab / Show Ask Line.
  • #812
  • Dec 11, 2011 4:14pm Dec 11, 2011 4:14pm
Quoting vbmark
It's the Ask line.

Right click on chart / Properties / Common Tab / Show Ask Line.
Thanks.
  • #813
  • Dec 12, 2011 7:38am Dec 12, 2011 7:38am
Quoting nanningbob
The 4HB are in the 10.0 #3 folder. 10.1 is a manual system and doesnt use EAs at this point. The reason is you are entering using pending orders instead of MA crosses. MA crosses EAs are very helpful. S/R lines are better handled manually using pending orders.

If you ever come to Nanning you are welcome to stay at my house. I have not yet gotten to HeBei but would like to visit one day.

Thank u so much,Bob,u konw,i have learned a lot from you,just like the 6×6 blank, 2.4.2 system...and now i live Xingtai City, Hebei Province.
欢迎你来做客，Bob.
谢谢。祝你一切顺利！

BruceLee
  • #814
  • Dec 12, 2011 2:58pm Dec 12, 2011 2:58pm
Some great action on the EURGBP, USDCHF, EURUSD, and the EURJPY. Over 150 pips in total. Wasn't able to trade today.

Just out of curiosity, is anyone closing half the position at 1:1 and letting the other half go on. I was wondering is there a point, as we are entering again if it breaches the trend line where we set our tp. Just curious has anyone used these methods.
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  • #815
  • Dec 12, 2011 4:58pm Dec 12, 2011 4:58pm
Quoting heebbyjeeby
Some great action on the EURGBP, USDCHF, EURUSD, and the EURJPY. Over 150 pips in total. Wasn't able to trade today.

Just out of curiosity, is anyone closing half the position at 1:1 and letting the other half go on. I was wondering is there a point, as we are entering again if it breaches the trend line where we set our tp. Just curious has anyone used these methods.
You can either do that or what I do is I just take the profit and then set the next trade below the next S/R lines. This way I can add if price retraces. However if it obviously breaks a major S line like your picture shows, going for the ride is a good decision also. December is a very tough month to trade but every year one or two currencies pairs will just run and run until after the new year. The problem is I never know which one that will be. Could be the one in your pic. The Euro is still in danger of going south and the Brits GBP is in better shape so the eur/gbp is one I am looking at running.
  • #816
  • Dec 12, 2011 9:53pm Dec 12, 2011 9:53pm
Quoting BruceLee
Thank u so much,Bob,u konw,i have learned a lot from you,just like the 6×6 blank, 2.4.2 system...and now i live Xingtai City, Hebei Province.
欢迎你来做客，Bob.
谢谢。祝你一切顺利！

BruceLee
Do you use a Chinese broker here in China??
  • #817
  • Dec 13, 2011 12:18am Dec 13, 2011 12:18am
Good morning guys. I set my pending order up in yesterday's evening and it was activated. However, shortly after new D1 candle was born, the price retraced.

I'm still in the learning process and that's why I'm posting this screenshot.
In my opinion, it went against me because the blue line was still above red and I shouldn't have entered the DownTrade trade (although D1 candle was very nice and bullish).

What do you think guys?

Attached Image (click to enlarge)
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  • #818
  • Dec 13, 2011 5:47am Dec 13, 2011 5:47am
Quoting thevenin
Good morning guys. I set my pending order up in yesterday's evening and it was activated. However, shortly after new D1 candle was born, the price retraced.

I'm still in the learning process and that's why I'm posting this screenshot.
In my opinion, it went against me because the blue line was still above red and I shouldn't have entered the DownTrade trade (although D1 candle was very nice and bullish).

What do you think guys?

Attachment
On a short term basis price action can do anything. Forex was not created for traders but was created so govt and businesses can do business. Exchange of one currency for another can happen at anytime. So no matter what you follow or trade PA can go against you at any time for thousands of reasons. My position on any AUD is they are basically overbought because of China economy. When it slows down the AUD will come down. Now for short term trading it depends on how you trade. I trade small lots and very flexible SL. I see this pic (weekly) and realize that the AUD/USD is in a range for over a year now with present price trend downward. I drew 2 lines showing the high and low (red) of the present range. The blue is a very significant resistance for any sell trades. I would play and sell below that blue line and hang onto it for the duration. However, you can only do that if you use small lot sizes. So depending on your risk tolerance and lot size to account size. I would hang in that trade as long as it stood below that blue line. For me as long as the Chinese economy is slowing down I am not worried about any sell trades on any AUD currency pairs. Sooner or later they will come back. If you dont share that fundamental view then the weekly blue line R line is a good place for a SL. If you are not into that big of a SL then pick your best spot but I am riding my sells on the AUD right now. This pair I am looking for my reentry sell spot so I will be in on it soon again.
Attached Image (click to enlarge)
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  • #819
  • Dec 13, 2011 6:13am Dec 13, 2011 6:13am
Quoting nanningbob
On a short term basis price action can do anything. Forex was not created for traders but was created so govt and businesses can do business. Exchange of one currency for another can happen at anytime. So no matter what you follow or trade PA can go against you at any time for thousands of reasons. My position on any AUD is they are basically overbought because of China economy. When it slows down the AUD will come down. Now for short term trading it depends on how you trade. I trade small lots and very flexible SL. I see this pic (weekly) and realize...
Thanks Bob. I think I'm lacking some fundamental knowledge of the market.
What is more I tend to enter the trades too early (5-10pips from D1 S/R lines) and very often the price goes against me. At leat I know my weak points.

Regards.
  • #820
  • Dec 13, 2011 7:55am Dec 13, 2011 7:55am
two comments.

First, it's clear there can be significant differences in the daily charts depending on the time zones. I use gmt +2 which is beneficial for a number of reasons (e.g., the day/week starts when the market opens on Sunday/Monday). That said, on my daily chart there was a downward slope on the blue (2 MA) line, when you made your trade. For me that would have put up a big flag about the trade.

Second if you look at the H4, there is clearly a significant downward slope on the MA 8. Again, this should limited your enthusiasm for a long trade.

Quoting thevenin
Good morning guys. I set my pending order up in yesterday's evening and it was activated. However, shortly after new D1 candle was born, the price retraced.

I'm still in the learning process and that's why I'm posting this screenshot.
In my opinion, it went against me because the blue line was still above red and I shouldn't have entered the DownTrade trade (although D1 candle was very nice and bullish).

What do you think guys?

Attachment
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