Richard Hill Forex Net Trap

[Claviceps]

G'day Sirs and Ladies,
just lurked in to see how you all got on. Not a net trap nor LFO owner myself but think I have a pretty good idea how they work. Saw the sell set up today (and on LFO) but checked the front of the IG index page (bottom right) and saw how strong Australia and Asia were. Also FTSE to open up 50. Put me off a sell. Also MA had turned up fairly decisively Nearly bought instead but was too chicken. Too chicken to sell as well. Glad you guys fared okish.

See my attached chart how my UDF indicater spells it all out. Up to green line means buy, down to red means sell. There are 4 sells showing for NT and no buys. (of course I could be wrong) (London Open works on diff time frame so ignore). The Asian session looks strong on my UDF indicator but the bottom indictor shows a different story.

So, lesson learnt for me, if overnight trends are bullish, be wary of sells and don't buy if my UDF indicators show a sell. On the other hand if they were bearish...its all go.....

Now must get back to my Lloyds short (must be mad) but its in profit just:clover:. Lurking here is the equivalent of hiding behind the settee when Quatermass used to be on telly, too scared to watch. (showing my age).
G'day all,
Taypot

Hi just to iron out something here- NT was a sell signal - but LFO was a NO trade.

 

[Wagtail]

Hi Hogs,
Forex NT 40MA was pointing downward @ 6:15 candle but 50MA was relatively flat.
Forex NT SELL entry @ 6:30 15182 but Pivot points at 15163 & 15159 so even if the market had gone that way possibly only 20pips might have been achieved(also daily low @ 15174).Triple top visible on the four hourly charts with entry point @ 15205 - long
both 5 & 10 EMA running upwards and parallel. Daily high was 15228, but resistance @ 15237 Target set @ 15230 (even number) just slightly above daily high but below resistance @ 15237 (25pips, not trying to be too greedy). Stop set at low of 6:55 (5min green candle 15190 (R/R: 25/15 which is the same as Forex NT).
Trade opened @ 07:25 and closed @ 07:26 because the market shot up for some reason,
Gain of 25 pips. I do not always use chart patterns as I'm not great at identifying them, but sometimes they are useful when you get it right. Saying that there was head and shoulders pattern that occurred across most indices in April/May followed by the 50 crossing the 200 SMA quite recently. This is an ominous sign for the markets to say the least - especially equities. I prefer to use a couple of moving averages 20, 10, 5 and a SAR with daily pivot points which you can calculate or get from pivot farm every day, and sometimes RSI and stochastics depending on what mood I'm in. You should really try and develop your own system as education, testing and actual trading with small lots is the key. NT did eventually trigger today and the 8:40 candle went down to 16163 which was the pivot point I mentioned earlier (everybody would have been out of the trade by this time). The Frankfurt traders pile in at 7:00 and the London mob @ 08:00, this can sometimes change the direction of the market quite quickly.
Hope all this nonsense helps a little.

So, it's a system that uses 10 indicators?? 5,10,20emas,pivots, chat patterns, 50 and 200sma, sar, rsi and stochastics. And you make a regular 20-30 pips every day. Wow.

 

[Hogs]

Hi Hogs,
Forex NT 40MA was pointing downward @ 6:15 candle but 50MA was relatively flat.
Forex NT SELL entry @ 6:30 15182 but Pivot points at 15163 & 15159 so even if the market had gone that way possibly only 20pips might have been achieved(also daily low @ 15174).Triple top visible on the four hourly charts with entry point @ 15205 - long
both 5 & 10 EMA running upwards and parallel. Daily high was 15228, but resistance @ 15237 Target set @ 15230 (even number) just slightly above daily high but below resistance @ 15237 (25pips, not trying to be too greedy). Stop set at low of 6:55 (5min green candle 15190 (R/R: 25/15 which is the same as Forex NT).
Trade opened @ 07:25 and closed @ 07:26 because the market shot up for some reason,
Gain of 25 pips. I do not always use chart patterns as I'm not great at identifying them, but sometimes they are useful when you get it right. Saying that there was head and shoulders pattern that occurred across most indices in April/May followed by the 50 crossing the 200 SMA quite recently. This is an ominous sign for the markets to say the least - especially equities. I prefer to use a couple of moving averages 20, 10, 5 and a SAR with daily pivot points which you can calculate or get from pivot farm every day, and sometimes RSI and stochastics depending on what mood I'm in. You should really try and develop your own system as education, testing and actual trading with small lots is the key. NT did eventually trigger today and the 8:40 candle went down to 16163 which was the pivot point I mentioned earlier (everybody would have been out of the trade by this time). The Frankfurt traders pile in at 7:00 and the London mob @ 08:00, this can sometimes change the direction of the market quite quickly.
Hope all this nonsense helps a little.

Just so I understand your signal:

• the 40 SMA is down but the 50 is flat
• Pivot points at 15163 & 15159
• Triple top visible on the four hourly charts with entry point @ 15205 - long
• 4 hour both 5 & 10 EMA running upwards and parallel
• Daily high was 15228, but resistance @ 15237 Target set @ 15230 (even number)
• head and shoulders pattern that occurred across most indices in April/May
• 50 crossing the 200 SMA quite recently
• couple of moving averages 20, 10, 5
• SAR
• sometimes RSI and stochastics depending on what mood you are in

Love it.

 

[pseudo straddle]

Hi Hogs,
Forex NT 40MA was pointing downward @ 6:15 candle but 50MA was relatively flat.
Forex NT SELL entry @ 6:30 15182 but Pivot points at 15163 & 15159 so even if the market had gone that way possibly only 20pips might have been achieved(also daily low @ 15174).Triple top visible on the four hourly charts with entry point @ 15205 - long
both 5 & 10 EMA running upwards and parallel. Daily high was 15228, but resistance @ 15237 Target set @ 15230 (even number) just slightly above daily high but below resistance @ 15237 (25pips, not trying to be too greedy). Stop set at low of 6:55 (5min green candle 15190 (R/R: 25/15 which is the same as Forex NT).
Trade opened @ 07:25 and closed @ 07:26 because the market shot up for some reason,
Gain of 25 pips. I do not always use chart patterns as I'm not great at identifying them, but sometimes they are useful when you get it right. Saying that there was head and shoulders pattern that occurred across most indices in April/May followed by the 50 crossing the 200 SMA quite recently. This is an ominous sign for the markets to say the least - especially equities. I prefer to use a couple of moving averages 20, 10, 5 and a SAR with daily pivot points which you can calculate or get from pivot farm every day, and sometimes RSI and stochastics depending on what mood I'm in. You should really try and develop your own system as education, testing and actual trading with small lots is the key. NT did eventually trigger today and the 8:40 candle went down to 16163 which was the pivot point I mentioned earlier (everybody would have been out of the trade by this time). The Frankfurt traders pile in at 7:00 and the London mob @ 08:00, this can sometimes change the direction of the market quite quickly.
Hope all this nonsense helps a little.

SIMPLES!

:whistling

 

[mark120169]

MNT33S Mini Net Trap 33S triggered but flat today for July 2010

Trade opened @ 81 and closed manually @ 81 for +/- 0.

MNT33S +40 Wins x 4 loss None. Bank Rate July 100%

Sell 15181 Limit 15171 Stop 15114

M

 

[rob the bank]

I normally use 2MA's a Parabolic SAR and pivots I was trying to illustrate some of the other indicators you could use.

 

[Wagtail]

I normally use 2MA's a Parabolic SAR and pivots I was trying to illustrate some of the other indicators you could use.

Sounds like ATM strategy then?

 

[mark120169]

I normally use 2MA's a Parabolic SAR and pivots I was trying to illustrate some of the other indicators you could use.

I like a pivot point and a coin method. When the price reaches the pivot point toss the coin, heads you buy, tails you sell.

Only works 50% of the time though

M

 

[pseudo straddle]

Sounds like ATM strategy then?

Wagga, wash your mouth out!

 

[Wagtail]

Does anyone who trades MNT, MINT or INT consistantly every day fancy mirroring their trades on a metatrader platform and linking the account to www.myfxbook.com so we can all follow their performance in real time relative to NT?

 

[Taypot]

Hi just to iron out something here- NT was a sell signal - but LFO was a NO trade.

Yes you are right, sorry, LFO was a no trade not a sell. I hadn't closely enough as decided not to trade anyway. I only started trying to work out LFO yesterday. Its becoming clearer. LFO looks quite reliable at moment and suits my timeframe more than NT (till I'm abroad and an hour in front). Trying to understand these systems is making me learn a lot but trade less! (I am more successful now though).

T

 

[thelurker1]

Whats LFO?

 

[everydaytrader]

Whats LFO?

I think its London Forex Open another trading system that uses the 8am London
opening and gives a buy, sell or no trade signal at this time.

 

[MikesDirect]

Hi Mike, I notice you've only ever posted on this forum on this site. What's the interest in us? Surely there are loads of system forums you could comment on too here?

Not tempted to trade NT (or variant) yet either?

M

G'day Mark,

I'm contemplating dipping a toe in the pond with MNT33s. If that can bag +10pips a day consistently, I'll take it and never mind what I might have lost out with other NT variants!

Of course, it is very easy to excited if MNT33s wins every day for 2 weeks (+100 pips) but brought down to earth if it makes just 3 losing trades in the 3rd week (+1 pip profit remaining). Naturally a scenario common to any kind of system. I'm much more interested in smaller consistent pips with higher stakes than chasing up to +50 pips and getting stopped out!

Can't see why you didn't bag +10 pips today with MNT33s???

Good day Sir,
Mike

 

[mark120169]

G'day Mark,


out!

Can't see why you didn't bag +10 pips today with MNT33s???

Good day Sir,
Mike

Becasue the market turned up very quickly after 6.30am and moved miles away from the sell order price of 15181. Then the market dropped like a stone after peaking @ 15242ish but did not drop to fill the order until 8.10am. It then never dropped the 10 pips needed on the ask price to 15171 by 8.30 when NT / MNT orders are closed.

The lowest it got was 15174.9.

Simples!

Also all INT /MINT sell orders got dragged straight up to beging stopped out as they entered around 15193.

M

 

[MikesDirect]

Becasue the market turned up very quickly after 6.30am and moved miles away from the sell order price of 15181. Then the market dropped like a stone after peaking @ 15242ish but did not drop to fill the order until 8.10am. It then never dropped the 10 pips needed on the ask price to 15171 by 8.30 when NT / MNT orders are closed.

The lowest it got was 15174.9.

Simples!

Also all INT /MINT sell orders got dragged straight up to beging stopped out as they entered around 15193.

M

My Ig charts must look very different to yours Sir!

I placed a sell @ 1.5182 and hung around until it triggered at 8.00am and +10 pips was made between 8.15am and 8.30am depending on your charts. If you wanted to stay in the trade, then around +60 pips was available at 11.30am (according to my charts)!

Regarding IG slippage:

I used to always get slippage when using my Laptop, which although a fairly speedy machine (without getting too techy) was much slower in comparisson to my desktop PC. My desktop PC is lightening fast, orders are executed MUCH faster and slippage is indeed extremely rare. Just an observation that might be helpful.

Good day Sir(s),
Mike

 

[mark120169]

My Ig charts must look very different to yours Sir!

I placed a sell @ 1.5182 and hung around until it triggered at 8.00am and +10 pips was made between 8.15am and 8.30am depending on your charts. If you wanted to stay in the trade, then around +60 pips was available at 11.30am (according to my charts)!

Regarding IG slippage:

I used to always get slippage when using my Laptop, which although a fairly speedy machine (without getting too techy) was much slower in comparisson to my desktop PC. My desktop PC is lightening fast, orders are executed MUCH faster and slippage is indeed extremely rare. Just an observation that might be helpful.

Good day Sir(s),
Mike

Not sure how you did that Mike? My 15181 was deliberate not slippage and just checked my IG account was not filled until 8.09am.

Like I said between 8.09am and 8.30am the price never reached 15171 or even 15172 on IG ask or bid price either needed to trigger the limit order on MNT?

Also how could you have an order @ 15182 triggered @ 8am?? The market price at 8am was 15191.7 and rising?

Something odd here mike...........too much cheese before bedtime?

M

 

[everydaytrader]

Not sure how you did that Mike? My 15181 was deliberate not slippage and just checked my IG account was not filled until 8.09am.

Like I said between 8.09am and 8.30am the price never reached 15171 or even 15172 on IG ask or bid price either needed to trigger the limit order on MNT?

Also how could you have an order @ 15182 triggered @ 8am?? The market price at 8am was 15191.7 and rising?

Something odd here mike...........too much cheese before bedtime?

M

Yes very strange, Mike's either not trading cable, in a different time zone or maybe
has access to some secret IG charts.

 

[Mr Index]

Does anyone who trades MNT, MINT or INT consistantly every day fancy mirroring their trades on a metatrader platform and linking the account to www.myfxbook.com so we can all follow their performance in real time relative to NT?

Sounds a great idea for the traders of the variants to show their worth. I have a couple of accounts on there myself.

 

[MikesDirect]

Yes very strange, Mike's either not trading cable, in a different time zone or maybe
has access to some secret IG charts.

Hmmm something indeed is strange but my chart is attached! Are we singing from the same hymn sheet or has the cheese & wine got to me?

Good day Sirs,
Mike