Richard Hill Forex Net Trap

If you look at a IG 15min chart you will see a trend line that started forming at the low of 8th June and the low of the 17th June draw a line between these two points and see whats been happening to the price movement along this line. And now put in daily highs and lows and you get a good idea for where the market is likely to bounce and a good place to take profits.

You can see, this morning, that the trend line was acting as resistance which was another good reason to stay out of a sell position.

I think on days like today you have to use other information to decide wether to enter a trade or not.

Out of interest does anyone else bother putting in daily high and lows etc.?
 
Gregus83 said:
It would be easier to discuss on, say, a private forum. :D

Anyway, if you were to take the MA movement over the stipulated period alone, it will have indicated a trade but supplementary checks which RH states in the manual declared it as a negative.
Click to expand...

Not in my manual. Page 21..." If there were more than...". So, yesterday was a no trade, today was, to quote Mark 'it's NT law'!

Good tip from Pseudo Straddle for this afternoon.(y)
 
gbdru2 said:
Today is a no trade day
page 23, and page 57,
down by "x" (P57) which is good, up for y bars (p23) which is bad = no trade

yes?
Click to expand...

gb, I thank you for your reminder (page 23). If I had reminded myself of the point made on page 23, I would not have traded. I did & was stopped out. I need to keep the manual next to me to clarify uncertain days.

You were spot on - a no trade day

Max
 
FxMax said:
gb, I thank you for your reminder (page 23). If I had reminded myself of the point made on page 23, I would not have traded. I did & was stopped out. I need to keep the manual next to me to clarify uncertain days.

You were spot on - a no trade day

Max
Click to expand...

No worries, its actually p59 and p23, not 57

Which brings me to a comment. (this is probably one for the private forum, but it might give the non buyers some thought :)

Q1 on P59 talks about reading the MA when its quoted at 5 decimal places.

it isnt.

Check out the chart pictures in the book, and then look at the current charts on IG. The MA is only given to 1 decimal place. The charts are different (at lest they are on my screen)

So this should/may need to be taken in consideration when rounding. I leave it ambiguous . It wont make a difference on days when there is a clear trend but night do on days like today when some are not sure if its an up or down day

I'll email Richard and ask his opinion
 
FxMax said:
gb, I thank you for your reminder (page 23). If I had reminded myself of the point made on page 23, I would not have traded. I did & was stopped out. I need to keep the manual next to me to clarify uncertain days.

You were spot on - a no trade day

Max
Click to expand...

What are you guys on? Page 23 is a Trade Signal Example for a good buy order, nothing to do with No Trade day rules at all, and Page 57 is to do with a three day period in August 09 with the chart examples. What have these got to do with todays situation?

M
 
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peterf1966 said:
It's actually page 21 and 59, unless you have a differently page numbered manual. Taking both relevant bits, today was a trade according to system rules.
Click to expand...

it does mention it on P21 but I was looking at p23 examples and checking the direction etc "make sure it has not ....."

p21, yes says the same thing

p59, yes, typo - I have a Japanese keyboard and things aren't always in the same place

Taking what it says on p21 and 23, the MA (unrounded) rose for 4 candles which is what kept me out.
 
stevepatt said:
If you look at a IG 15min chart you will see a trend line that started forming at the low of 8th June and the low of the 17th June draw a line between these two points and see whats been happening to the price movement along this line. And now put in daily highs and lows and you get a good idea for where the market is likely to bounce and a good place to take profits.

You can see, this morning, that the trend line was acting as resistance which was another good reason to stay out of a sell position.

I think on days like today you have to use other information to decide wether to enter a trade or not.

Out of interest does anyone else bother putting in daily high and lows etc.?
Click to expand...


Would refer you to my post 2157 earlier today , on days like today I do a kind of straddle
when the xxxx is inconclusive and the price is looking range bound- the odds are it will
break out one way or the other - why not be ready for it ? :cool:


ps the most difficult part of this is setting entry levels so as not to get hit by a false breakout that then goes into reverse.
 
mark120169 said:
What are you guys on? Page 23 is a Trade Signal Example for a good buy order, nothing to do with No Trade day rules at all, and Page 57 is to do with a three day period in August 09 with the chart examples. What have these got to do with todays situation?

M
Click to expand...

Mark, I'm refering to the last line on page 23 "Make sure it has not...". This is what I missed this morning.
 
Claviceps said:
Would refer you to my post 2157 earlier today , on days like today I do a kind of straddle
when the xxxx is inconclusive and the price is looking range bound- the odds are it will
break out one way or the other - why not be ready for it ? :cool:


ps the most difficult part of this is setting entry levels so as not to get hit by a false breakout that then goes into reverse.
Click to expand...

I find a good entry point in a ranging market is at the daily high plus 2 pips on a 5min chart, it's been working pretty well, and then target yesterdays high.
 
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To all of you guys posting during the England game. WHAT'S THE MATTER WITH YOU! THIS IS THE WORLD CUP FOR GOD SAKE! AND YOU WERE ON THE FORUM! Ahem.... glad to get that off my chest.

As for NT, I fail to see how it was a sell trade according to the 'rules'. At best a very weak sell.
 
mark120169 said:
Waiting for RH to confirm it was a trade day before I update MNT. However if it was then today was a day INT would have got you into a loss of -30 pips.

INT did this a fair bit the last two weeks of May. I wonder did Goldfinger777 trade INT today? Come on big boy fess up if you took a loss.

M
Click to expand...

Mark you're right INT bagged a -30 pt loss today, although still +260 points up for June :cheesy:

As it happened, I made a profit today because when the MA spread is only 1, I trade modified INT with a limit of 10 pts. So I just about grabbed 10 pts before the market turned. :clap:
 
goldfinger777 said:
As it happened, I made a profit today because when the MA spread is only 1, I trade modified INT with a limit of 10 pts. So I just about grabbed 10 pts before the market turned. :clap:
Click to expand...

Ah-ha. You mean you did MINT , as we discussed the other day. INT with the MNT 10 pip limit. (Denmans & PeterF1966 creation)

M
 
Trader333 said:
I expect that it will be too much to expect Graeme to list all those who he wants to have prior access. So you will need to apply by selecting "Group Memberships" which is found in your "User Control Panel" or by clicking this link:

http://www.trade2win.com/boards/profile.php?do=editusergroups

Graeme will then have a list of people who have applied and will have the option to allow or disallow.

I would suggest to Graeme that he asks people who want to join to prove they are members of FNT in their application by making them state something from one of the pages of the manual which should be included in the application to join. It can be something quite simple and if not included then don't permit membership. It cannot be the responsibility of Graeme to chase people for this and if they don't include it then they don't get in.


Paul
Click to expand...

Hey what's happened to SA trader. Did not see him today. Anyone PM'ed him about getting this set up asap? If not I will.

M
 
Just to continue the argument... If yesterday was a no trade day, so was today according to my interpretation. But...as i always do, i make my decision, place or don't place my order, then read on here to see what the general thoughts and feelings are.

I thought we were going to hear something about the private forum last night! Must be the nice weather, etc. I'd rather be in the beer garden than potching about making a forum...

Until 2moro gents! Fingers crossed for a nice incline/decline in the XXXX!
 
Bottom of page 20 fitted my graph description
"No Trade Rules" on page 21:first two lines did not fit my graph and took advise of the 5th sentence down Hence I traded
 
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