Richard Hill Forex Net Trap

I don’t believe the rules were there to trade.
Here’s why, remember the rule that if there are more than 2 consecutive candles in the previous 10 candles going in the opposite direction from the MA, don’t trade!
That day there were 3 within the previous 10 candles, that's why I didn't trade!

Regards

DS

Well..Richard Hills e-mail the other day confirmed 2 wins, 1 no signal and 1 loss...but I do take your point here, cos this is exactly what happened to me in my first week. if you look back to around March 3rd on this thread.
 
Ok here we go. My first post with just a few questions.
Someone mentioned recently that this system may stop working at some point, how likely is that? I am about to purchase it, with MBG and paper trading, what have i got to lose? Apart from some sleep! Also if i am paper trading, do i still have to trade at 6.30 am or can i test it at a more humane hour?

Really finding this thread very helpful but also confusing at the moment as i dont yet have a clue what some of the things mean, but a few people have mentioned that it is an easy system to understand, so wish me luck and i will start posting my results when i start it. Thanks everyone.
 
Peter/Dsinclair - if its a no trade and it regular stops you out by 30 pips why dont you trade it down!!!!!!! Just an idea, appreciate your feed back.

Explain that because I'm not sure what you are getting at. If it's a no trade, there's no stop out at -30 pips, as ...there's no trade?
 
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I don’t believe the rules were there to trade.
Here’s why, remember the rule that if there are more than 2 consecutive candles in the previous 10 candles going in the opposite direction from the MA, don’t trade!
That day there were 3 within the previous 10 candles, that's why I didn't trade!

Regards

DS

I hadn't noticed that rule before, thanks for pointing it out DS.
 
Wow! That's impressive.

Can you give an example of this for us, please? Can you show us how a 70% loss rate, leads the Trader to "exceptional" status - without having to sit around and wait for trades that net a Carl Sagan 1 Billion pips net profit on the exit?

I'm a total Nube and I'm without a clue. I've got 10 trades done. 7 of them were losers. 3 of them were Winner-Winner-Chicken-Dinner. I'm a Newbie, so I opened my account with Bucket Shop that offers me shallow liquidity and portfolio counter-party deals. I've heard a lot about the EURUSD from my Broker, so I traded that, 10 times in a row. My opening balance was $10,000.00.

In order to walk away from 7 total losers and be "exceptional":

a) What would my leverage need to be?
b) What would my cost basis per trade (on average) need to be?
c) What would my Stop need to be on each trade?
d) What would my Limit level need to be on each trade or How many pips do the three Amigos need to net/net in order to reach "exceptional" status as a Trader?

I'd like to see what "exceptional" means - help me define exceptional, please. :smart:

Dear oh dear, you're now stalking, trolling, dissemebling and talking general 5hite...glad to see you've fooked off for now you tiresome windbag tw@t, maybe Rampton has taken away web access for the worst inmates, but before you go back in your cell try this for size;
you take 9 trades, 3 winners, 3 losers, 3 break even. The winners are twice as *rewarding* as the losers...and?
Now you reply if you want, if you do try and keep it to one para. there's a good lad...
 
Well..Richard Hills e-mail the other day confirmed 2 wins, 1 no signal and 1 loss...but I do take your point here, cos this is exactly what happened to me in my first week. if you look back to around March 3rd on this thread.

Hi peterf1966, yes I noticed his email, but don't understand how he traded on that day!! Probably me not understanding something!!

Regards

DS
 
I hadn't noticed that rule before, thanks for pointing it out DS.

DS RT - I think the book is a bit ambiguous on this.

In my first week me and RT had this discussion, when I didn't trade. Because there was a clear rising MA, but some downward candles within the last 10, I did not trade.

However, I think the book (p20-21)means that you look at the MA on each candle, and if there are some changes in the MA against the general direction, then you don't trade, it's not a few actual 15minute candles going in the opposite direction within the last 10. I might be totally wrong, but I dont think so seeing Richard Hill traded the same last week, for -30 on Thursday.

Have a re-read and see what you think.
 
DS RT - I think the book is a bit ambiguous on this.

In my first week me and RT had this discussion, when I didn't trade. Because there was a clear rising MA, but some downward candles within the last 10, I did not trade.

However, I think the book (p20-21)means that you look at the MA on each candle, and if there are some changes in the MA against the general direction, then you don't trade, it's not a few actual 15minute candles going in the opposite direction within the last 10. I might be totally wrong, but I dont think so seeing Richard Hill traded the same last week, for -30 on Thursday.

Have a re-read and see what you think.

Quite right peterf1966, I misunderstood the paragraph!!
 
My latest results.

Mon 29th Mar – 56 pips (broke the rules a little)
Tue 30th Mar – 38 pips (didn’t close trade until after 8.30, but would have been 36 pips about 10 secs earlier)
Wed 31st Mar – No trade - following the rules!
Thu 1st Apr - No trade - following the rules! (If I had traded I would have been stopped out)
Fri 2nd Apr – 4 pips (should have been about 4-5 more, but Capital won’t let you set a limit order if the price is only 2 pips away, has to be about 6-7 away!) Probably shouldn’t have traded today anyway being a holiday.
Mon 5th Apr – Holiday – No trade
Tue 6th Apr – Stopped out for 30 Pips (Just took out my stop, then retraced back for about 54 pips, seems a bit coincidental, but probably just bad luck!)


Regards

DS
 
Tue 6th Apr – Stopped out for 30 Pips (Just took out my stop, then retraced back for about 54 pips, seems a bit coincidental, but probably just bad luck!)

So-you are not actually using the system recomendations then?:confused:
By the rules, it was +27ish this morning.
 
Hi Peter

I got stopped out for -30 this morning.

what was your entry level? Mine was at 15217.

Is that the same as yours?
 
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Hi Peter<

I got stopped out for -30 this morning.

what was your entry level? Mine was at 15217.

Is that the same as yours?

Bid price on IG, low of the 6.15 was 15221.5 so -2 off this = 15219.5

It did get near stop out, but dropped back at 8ish, and I got 27.3 - would have got more 10 mins earlier and later than 8.30 but hey ho.
 
Hi

I never traded today due to a screw up - blame it on lack of sleep :) However I examined the chart, anc calculate you should have entered at approx 15219.5 (chart set to bid price.)

If you entered at the point, I don't see how some were stopped out during the alloted time frame - the high was 15241.7 during the 8am candlestick.

Could this be due to using the chart on 'mid price' as opposed to 'bid price.' Why should 'bid price' be used, as stated by some posters on here?
 
Could this be due to using the chart on 'mid price' as opposed to 'bid price.' Why should 'bid price' be used, as stated by some posters on here?[/QUOTE]

Should chart not be Bid for market going up and Ask for market going down? That was my interpretation.
 
Hi

I never traded today due to a screw up - blame it on lack of sleep :) However I examined the chart, anc calculate you should have entered at approx 15219.5 (chart set to bid price.)

If you entered at the point, I don't see how some were stopped out during the alloted time frame - the high was 15241.7 during the 8am candlestick.

Could this be due to using the chart on 'mid price' as opposed to 'bid price.' Why should 'bid price' be used, as stated by some posters on here?

no, it's because i'm an idiot, i took off 5 points when i should have taken off 2. I got it the wrong way round.
 
So-you are not actually using the system recomendations then?:confused:
By the rules, it was +27ish this morning.

Hi peterf1966,

No, I've been holding to the rules, must be the difference between brokers prices!!
Here's what I did:
On my chart he 6.15am candle closed at 15217.
So my sell order was triggered at 15219 (spread is 2 pips) with a stop of 15249, which got triggered, I don’t understand why, as according to the charts it only went as high as 15247!!!
After yesterday I’m going to keep a close eye on things as a change in broker may be warranted, but we'll see!

Regards

DS
 
Hi

I never traded today due to a screw up - blame it on lack of sleep :) However I examined the chart, anc calculate you should have entered at approx 15219.5 (chart set to bid price.)

If you entered at the point, I don't see how some were stopped out during the alloted time frame - the high was 15241.7 during the 8am candlestick.

Could this be due to using the chart on 'mid price' as opposed to 'bid price.' Why should 'bid price' be used, as stated by some posters on here?

Hi Winnerman,

No idea why the bid price is used, but that's what Richard told me to use when I emailed him a while back.

Regards

DS
 
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