Tenapenny
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Not sure if it's "live" yet. http://www.trade2win.com/boards/members-private-forums/97304-forex-net-trap.html
Not sure if it's "live" yet. http://www.trade2win.com/boards/members-private-forums/97304-forex-net-trap.html
MikesDirect
Member
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G'day Sirs,
Although I'll be sorry to see you guys go into your private forum, here's a couple of "tips" for you (after trading 12 years on the Forex) if I may. When I started out, there was a camaraderie between "us Forex guys" when everyone helped each other regardless of who had paid for this that and the other system. In fact we openly shared each others' systems. I learned so much for "free" in those early days, so I am always willing to help "fellow traders" if I can.
Firstly, it is essential to use some kind of "pivot points" indicating support and resistance. They are only "indicators" mind you, but an invaluable tool in my experience. I personally use "Camarilla Equations" to chart support & resistance based on the previous day's high/low. They are Incredibly accurate to forecast "breakout or retracement levels" once a Camarilla point is hit. I personally never trade without them and never cease to be amazed at their accuracy ('tho like everything, they have their "off" days)!
Secondly (a point I have raised before with surprisingly zero feedback): always have the FTSE 100 chart open alongside your GBP/USD chart (this will only help those who are able to watch the charts at 8.00am). The FTSE 100 opens bang on 8.00am and almost always "kicks off" dramatically! Today was yet another classic example when at 8.00am precisely, the FTSE 100 began a nosedive of -97pips. If you were in a BUY trade on NT (like today), the GBP/USD will almost always follow the FTSE 100 and today it began to fall, being an indication to "get out" and cut your losses. Conversely, if the FTSE 100 is headed in the direction of NT's signal, then you can "relax" a little and maybe hang in for some big pips profit. This "may be" (as I've said before), a flaw in RH's strategy as it fails to take into account the effect of the FTSE 100 on the NT strategy – the FTSE 100 WILL almost always have an effect; if it’s headed in NT’s direction all well and good; if it’s headed in the opposite direction, BEWARE! 8.00am is when it all kicks off!
Lastly, and mainly for the benefit of newbies to Forex (and possibly some old timers), RH's strategy is nothing new (no offence intended to RH, but £247 is a bit steep to say the least). It's a "take" on many other "early bird" systems (take a look for yourselves) where the market tends to move "predictably" with minimum volatility at that time of the morning.
Anyhow, hope the above is of use to some people. Hopefully, those of us remaining in the Public forum can continue to bounce ideas around, and indeed it will be good to keep in touch with those in the Private forum too!
Good day Sirs,
Mike
ps: As I've said previously, go back-check the FTSE 100 charts at 8.00am and you'll see what I mean.
pps: A great site for general info, education, chat, forums, systems, reviews etc http://www.forexpeacearmy.com
Although I'll be sorry to see you guys go into your private forum, here's a couple of "tips" for you (after trading 12 years on the Forex) if I may. When I started out, there was a camaraderie between "us Forex guys" when everyone helped each other regardless of who had paid for this that and the other system. In fact we openly shared each others' systems. I learned so much for "free" in those early days, so I am always willing to help "fellow traders" if I can.
Firstly, it is essential to use some kind of "pivot points" indicating support and resistance. They are only "indicators" mind you, but an invaluable tool in my experience. I personally use "Camarilla Equations" to chart support & resistance based on the previous day's high/low. They are Incredibly accurate to forecast "breakout or retracement levels" once a Camarilla point is hit. I personally never trade without them and never cease to be amazed at their accuracy ('tho like everything, they have their "off" days)!
Secondly (a point I have raised before with surprisingly zero feedback): always have the FTSE 100 chart open alongside your GBP/USD chart (this will only help those who are able to watch the charts at 8.00am). The FTSE 100 opens bang on 8.00am and almost always "kicks off" dramatically! Today was yet another classic example when at 8.00am precisely, the FTSE 100 began a nosedive of -97pips. If you were in a BUY trade on NT (like today), the GBP/USD will almost always follow the FTSE 100 and today it began to fall, being an indication to "get out" and cut your losses. Conversely, if the FTSE 100 is headed in the direction of NT's signal, then you can "relax" a little and maybe hang in for some big pips profit. This "may be" (as I've said before), a flaw in RH's strategy as it fails to take into account the effect of the FTSE 100 on the NT strategy – the FTSE 100 WILL almost always have an effect; if it’s headed in NT’s direction all well and good; if it’s headed in the opposite direction, BEWARE! 8.00am is when it all kicks off!
Lastly, and mainly for the benefit of newbies to Forex (and possibly some old timers), RH's strategy is nothing new (no offence intended to RH, but £247 is a bit steep to say the least). It's a "take" on many other "early bird" systems (take a look for yourselves) where the market tends to move "predictably" with minimum volatility at that time of the morning.
Anyhow, hope the above is of use to some people. Hopefully, those of us remaining in the Public forum can continue to bounce ideas around, and indeed it will be good to keep in touch with those in the Private forum too!
Good day Sirs,
Mike
ps: As I've said previously, go back-check the FTSE 100 charts at 8.00am and you'll see what I mean.
pps: A great site for general info, education, chat, forums, systems, reviews etc http://www.forexpeacearmy.com
Last edited:
peterf1966
Experienced member
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Guys, treat this as a long term stratergy. Unless you get major drawdowns, don't panic and make sure you stick to your MM. Psycholgy is a major part of trading and I know it's difficult, but try to leave your emotions out of your trading psyche.
Agree entirely, further back someone mentioned a run of 5 consecutive -30 lossses. If that's happened before it can happen again. I also realise that my little MINT punt was a lucky one today, and so I am going to try to stick to Vanilla, apart from managing the stop loss later in the trade, if I happen to be at the pooter.
everydaytrader
Well-known member
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Interesting post Mike, I was not aware of any strong correlation between cable and the footsie, will
definitely have a closer look at this.
definitely have a closer look at this.
mark120169
Senior member
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Okay RH has just replied. Wednesday was a trade day and he got stopped out too. So to confirm it was an official trade day. Well done if you took caution and stayed out though. Will update MNT now for the last two days.
M
mark120169
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Mini Net Trap MNT lost the last two days. This has now taken MNT into negative teritory for June.
June TD -40 (Wins x 11 +110 loss x 5 -150)
If anyone is now worried then don't trade MNT or switch to MNT33S. Also though not an official update until Monday but will be very close RH Vanilla NT is running @ -43.5 pips as of today. So MNT is still beating it in June............just!
M
p.s For those that could have avoided Monday 7/6/10 and thursday 17/6/10 unfortunate losses due to tighter spreads than IG 3 pips or running a 33 stop limit on a sell order MNT would be +37 for June to date.
June TD -40 (Wins x 11 +110 loss x 5 -150)
If anyone is now worried then don't trade MNT or switch to MNT33S. Also though not an official update until Monday but will be very close RH Vanilla NT is running @ -43.5 pips as of today. So MNT is still beating it in June............just!
M
p.s For those that could have avoided Monday 7/6/10 and thursday 17/6/10 unfortunate losses due to tighter spreads than IG 3 pips or running a 33 stop limit on a sell order MNT would be +37 for June to date.
greenraiderskee
Junior member
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-30 for me today, oh well one of those days! pat
stevepatt
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Hi Mikers,
Thanks for the post personally I find support and resistance levels invaluble, can you tell me where you get your calculations for the Camarilla Equations.
Thanks
sarnia cherie
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Well shows what I know. I thought there was in inverse correlation between the FTSE 100 & Cable. That would explain why I struggle to make money in this game.
Hi, My name is Taypot and I'm a NT LURKER. hello to other lurkers... yes, I know you are reading this.
First time I have posted but I have followed this thread since RH sent me an email one day saying I had 'till midnight to buy Net Trap! ' I was intrigued, but not about to part with any money, and started to look at Forex trading. Have only just opened an IG account (but have broken my platform already and the software developers are mending it which is going to be another day). So with free time I have checked up on you guys again. Sad you are all off to a private forum. I feel I know you all. Glad Mike has a good attitude and may stick around. I am pretty sure that I know how the system works as there has been enough info, revealing questions, and entry figures to work most of it out. I had worked out that in addition to the RULES the resistance and support and FTSE were important, which I may not have done if I was just reading the manual. I am sure there are others like me. Its also been good not having paid the money as I would feel I had to follow the rules and today the 1.5 resistance was too close. As RH would say ‘if in doubt stay out’
Its great to read Mikes suggestions about the calculations as that is totally new and I will be following that up. I intend to have a go with Net Trap when I'm in France in the summer and get up an hour later as my brain doesn't work at 6.15. I may have something sensible to contribute to the board then, if there are still any NT LURKERS like me here. In the meanwhile, thanks Mike for your generous post and link to http://www.forexpeacearmy.com.
BTW If any NT LURKERS want to read another forum based on Net Trap there is one and the link was given on this site earlier today. The testers have set up a mechanical system which looks good and I am off to research it now.
Another point... Isn't it better to have more people doing this on an obvious trend day as the increased volume during the quieter period must increase the likelihood of success? So why worry about us lurkers who either missed the boat or couldn’t afford £250. Isn't it a case of 'the more the merrier'.
Yet another point... RH is clever. I have seen him in another video on UTUBE dealing in currency and affecting the market. It’s great he is helping you guys and being paid for it. He is big clever enough not to worry.
Final point (promise) …… Maybe a daft question/idea. As pure NT people open and close roughly at same point doesn’t that mean that the market reverses when you close and if that is in a quieter time wouldn't it be worth taking an opposite trade straight away for a few pips. Has anyone back tested that idea?
As Mike would say
Good day Sirs,
Shame you are off…
Taypot
pseudo straddle
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Hi, My name is Taypot and Have only just opened an IG account (but have broken my platform already and the software developers are mending it which is going to be another day).
In the meanwhile, thanks Mike for your generous post and link to http://www.forexpeacearmy.com.
FPA and its owner seem to have a bit of a chequered history if you Google about!
BTW If any NT LURKERS want to read another forum based on Net Trap there is one and the link was given on this site earlier today. The testers have set up a mechanical system which looks good and I am off to research it now.
If your brain isn't functioning too well at 6:15 am not sure if combinations of U & D are going to make things any easier
Another point... Isn't it better to have more people doing this on an obvious trend day as the increased volume during the quieter period must increase the likelihood of success? So why worry about us lurkers who either missed the boat or couldn’t afford £250. Isn't it a case of 'the more the merrier'.
I don't think even 100k Trappers betting with Bookies is going to move the market - It's my understanding that it is Governments and Banks that do that in the real market.
Yet another point... RH is clever. I have seen him in another video on UTUBE dealing in currency and affecting the market. It’s great he is helping you guys and being paid for it. He is big clever enough not to worry.
If that is the video from the 1980's he referred to in one of his round up emails, then he denied it was he
Final point (promise) …… Maybe a daft question/idea. As pure NT people open and close roughly at same point doesn’t that mean that the market reverses when you close and if that is in a quieter time wouldn't it be worth taking an opposite trade straight away for a few pips. Has anyone back tested that idea?
As Mike would say
Good day Sirs,
Shame you are off…
Taypot
Cheers and welcome.
Trader333
Moderator
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For those of you who may be interested in pivot points, I attach a screen shot of the three that are of interest to me. These are calculated automatically and include Floor, De-mark and Camarilla with timeframes of daily and weekly. When price is close to any of the pivot prices I get alerted. If the background is green then price is approaching a support level and if magenta then it is approaching a resistance level. If yellow then it is approaching a pivot point level (used for D-Mark and Floor pivots only). When you get confluence the reliability improves.
Paul
Paul
Attachments
Cheers and welcome.
Thanks for the welcome, and yes, the letters do look strange but I do get their significance. It can be set up on IG Advanced charts to show the trend. Its easy to look at an array of 10 letters instead of candles and to find 3 Ds for down (a short) in a sequence of DDFFFDFFUF and to be able to check that there are not 2 Us (for up). Its easier than peering at MA values on tiny charts.
I am not even going to try this till in France when up at 7.15 so my brain should have cleared.
In any case the software developers are in control of my IG platform at the moment. It was blank the last time I saw it.
Cheers and G'day Sirs (in honour of Mike)
Taypot
NT LURKERS.....come out of the woodwork!!!! Your contributions needed!!!! We are being abandonned!!!!
Good post Mike please keep them coming .
NT/Forex Newbies like me need all the help and information we can get from people like yourself with the years of trading experience , this is something you can't buy from a book .
K
missionary
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is the new forum open yet?
mish
mish
Spoke to Support at 'Trade2win' and they said only once everyhting has been satisfied with regards to the requirements for this Forum will it be 'LIVE', so we just have to wait now - should be LIVE tomorrow they say.
I will notify you when it is live & how to access it.
Cheers
Graeme
cheers for the support Mike
