Richard Hill Forex Net Trap

peterf1966 said:
Someone give me a slap, I'm letting it run...:rolleyes:

In fact someone come round with a cricket bat and twat some ****ing sense into me, out for nowt!
Click to expand...

Be Interesting how you get on with this, I should have closed for 20+, in the end was happy to have had profit!

Profit is Profit, espcially after the last few losers.........:D
 
thelurker1 said:
Be Interesting how you get on with this, I should have closed for 20+, in the end was happy to have had profit!

Profit is Profit, espcially after the last few losers.........:D
Click to expand...

Sure is, as I said, I got stopped at b/e. To punish myself, I transferred £12 from my bank account back to IG, just for being so stupid. My IG account will now match what Netrap should have brought me.

*hangs head in shame*

Actually, I did have a look quite early on, and saw +35...so tempting to take it, but it was too early, and too early for me to trail. I might invoke 'bird in the hand' variant..
 
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I can't remember which of the many mini versions of NT it may be called now, but, these days I always split my trade. So the initial trade is for just a 20 pip limit, then the second is for a 25 or 30 limit depending how the charts look, and it enters above my original limit with a one pip gap in-between. So if there are any early spikes going I have been lucky to bag a quick 20 pips often by soon after 7.00 a.m.

Why don't some of you lads try that and you may not have so many days like today where you have a disappointing 7 or 11 pips when you have seen the candles rise a good way above that level spiking?

Its nice to bank an early 100 quid even though the market may struggle in general over the early hours.

A thought anyway

mish
 
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I hope all those who were looking to go long either didn't trigger or cut their losses, it's been all downhill today.
 
peterf1966 said:
Another stop out with your small SL?
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Indeed. It did not matter much what stop you would have used - that was a proper bifurcation point. Sucks to be on the wrong side of it given that R4 at 15310 was rock-solid.

What a morning, I reckon my usual after-Monday fatigue is a serious factor I always need to consider.
 
peterf1966 said:
Sure is, as I said, I got stopped at b/e. To punish myself, I transferred £12 from my bank account back to IG, just for being so stupid. My IG account will now match what Netrap should have brought me.

*hangs head in shame*

Actually, I did have a look quite early on, and saw +35...so tempting to take it, but it was too early, and too early for me to trail. I might invoke 'bird in the hand' variant..
Click to expand...

:LOL:

I was on the cupboard job busy sawing out plasterboard to fit the frame, client arrived with a cuppa, so took a tea break around 11 and thought hmmm. Lets see how my T2W chums are getting on. Sparked up the Samsung via 3G (clients wifi was password protected grrrr) and popped into IG mobile to have a look.

Saw Cable @ 15184 and thought fook me, we entered @ 15272 this morning, thats a slide, Eur/USd was as bad.

So I thought of you guys going long and thought.......OOOOPPPPs.

M
 
missionary said:
I can't remember which of the many mini versions of NT it may be called now, but, these days I always split my trade. So the initial trade is for just a 20 pip limit, then the second is for a 25 or 30 limit depending how the charts look, and it enters above my original limit with a one pip gap in-between. So if there are any early spikes going I have been lucky to bag a quick 20 pips often by soon after 7.00 a.m.

Why don't some of you lads try that and you may not have so many days like today where you have a disappointing 7 or 11 pips when you have seen the candles rise a good way above that level spiking?

Its nice to bank an early 100 quid even though the market may struggle in general over the early hours.

A thought anyway

mish
Click to expand...

Hi Mish,

Thats how the variants were born,
INT (Instant Net Trap, by GF777) - straight in at market 6.30 price 30SL, 25 limit
MNT(mini Net Trap by Mark) - in normal NT entry rules, 30SL, 10 limit
MINT( mini instant net trap, I think Denman accidentally did this, and I named it MINT)- straight in at market 6.30 price 30SL, 10 limit

Running any two of the 3 at once is TNT (Two Net Trap) all three would be TNT as well..

This morning my trade this way would have been

INT - +25 pips
NT - + 12 pips

= 37pips, scaled by 0.5 = +18.5 pips (if I'd have closed on 8.30 of course!)

Your method was NT with a 20pip limit = +20 pips, entry at 15275, target 15295 = +20pips
Next one, NT with a entry at 15296, target say 30 pips, at 15326, assuming a 30SL again?

Market dropped to 15284 at 8.30, so assuming you kept to manually closing that would be -12.

So thats just 8pips profit, scaled to 4 pips - less dealers spread...not so good.:(

That's just for today of course, but I dont think entering a rising or falling market twice in the same direction is a good thing, even if it goes your way both times, you have 2x lots of spread.
 
sangfroidFX said:
I was looking at that myself, thinking around the 950 region.
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Nice one...

Do we not think that this is a retracement from the heady highs of last Thursday and Fridays big gain? Already started on Friday, with a fall of 100 pips or so, and so it continues - If we take the last Monday low of 14950 or so, as the bottom, and the top of Friday as the high, then the Fib 61.8% level will be hit at 15150, which is not far away now.

Your 950 takes us 100%...will I take it?
 
peterf1966 said:
Hi Mish,

Thats how the variants were born,
INT (Instant Net Trap, by GF777) - straight in at market 6.30 price 30SL, 25 limit
MNT(mini Net Trap by Mark) - in normal NT entry rules, 30SL, 10 limit
MINT( mini instant net trap, I think Denman accidentally did this, and I named it MINT)- straight in at market 6.30 price 30SL, 10 limit

Running any two of the 3 at once is TNT (Two Net Trap) all three would be TNT as well..

This morning my trade this way would have been

INT - +25 pips
NT - + 12 pips

= 37pips, scaled by 0.5 = +18.5 pips (if I'd have closed on 8.30 of course!)

Your method was NT with a 20pip limit = +20 pips, entry at 15275, target 15295 = +20pips
Next one, NT with a entry at 15296, target say 30 pips, at 15326, assuming a 30SL again?

Market dropped to 15284 at 8.30, so assuming you kept to manually closing that would be -12.

So thats just 8pips profit, scaled to 4 pips - less dealers spread...not so good.:(

That's just for today of course, but I dont think entering a rising or falling market twice in the same direction is a good thing, even if it goes your way both times, you have 2x lots of spread.
Click to expand...


Good observation Peter, but not quite so bad as you think ----

I have been berated before for 'managing' my trade. But it suits me. So when the second stage kicks-in, I watch it very carefully and pull it when I feel there is any hesitation ! I am happy to have a clear 20 pips rather than have those 20 and then risk losing most of them.

I have a cuppa beside me by 7.00 and sit and watch my screen thereafter till about 9.00, by which time it is all over, though some days I have pulled out by 7.10. I know it does not suit everyone's lifestyle, but fits in with my availability (you know, before morning bible class and converting a few more natives).

Yes, I know its not NT, but as I wrote before, its my cash and I want to preserve it. I learned the hard way on FTSE spreads.

By the way, as you are experienced in these things, where can I download a template for the parabolics please? Oh, and any advice on which is the best FOC charting website at present in your opinion? (I gave up on Sharescope a while ago but the low cost ADVFN looks a tad complicated).

mish
 
missionary said:
Good observation Peter, but not quite so bad as you think ----

I have been berated before for 'managing' my trade. But it suits me. So when the second stage kicks-in, I watch it very carefully and pull it when I feel there is any hesitation ! I am happy to have a clear 20 pips rather than have those 20 and then risk losing most of them.

I have a cuppa beside me by 7.00 and sit and watch my screen thereafter till about 9.00, by which time it is all over, though some days I have pulled out by 7.10. I know it does not suit everyone's lifestyle, but fits in with my availability (you know, before morning bible class and converting a few more natives).

Yes, I know its not NT, but as I wrote before, its my cash and I want to preserve it. I learned the hard way on FTSE spreads.

By the way, as you are experienced in these things, where can I download a template for the parabolics please? Oh, and any advice on which is the best FOC charting website at present in your opinion? (I gave up on Sharescope a while ago but the low cost ADVFN looks a tad complicated).

mish
Click to expand...

I'm not experienced enough sadly - see this mornings mistake for ample evidence of that point! If you mean parabolic SAR, this is already on IG anway, other than that I don't know, nor do I know better charting websites - Of ones Ive used IG and ETX both use IT finance ones, MT4 looks very complex. CMC markets have just launched a new platform apparently, though I have not see it yet, but the salesman was full of it, as salesmen are.

Unfortunatley I must watch screens all day, sometimes I make them move a bit too, but I don't really want to be looking at charts all morning, and soon wont be able to, so must stick with NT.

Now then, this retracement, just nearly got to 150 before rising again - if it follows pattern we may see 15215 again, before another drop - may go short if it does drop, say 200 to 140...dunno, any thoughts anyone?
 
peterf1966 said:
I'm not experienced enough sadly - see this mornings mistake for ample evidence of that point! If you mean parabolic SAR, this is already on IG anway, other than that I don't know, nor do I know better charting websites - Of ones Ive used IG and ETX both use IT finance ones, MT4 looks very complex. CMC markets have just launched a new platform apparently, though I have not see it yet, but the salesman was full of it, as salesmen are.

Unfortunatley I must watch screens all day, sometimes I make them move a bit too, but I don't really want to be looking at charts all morning, and soon wont be able to, so must stick with NT.

Now then, this retracement, just nearly got to 150 before rising again - if it follows pattern we may see 15215 again, before another drop - may go short if it does drop, say 200 to 140...dunno, any thoughts anyone?
Click to expand...

Moved over 180 points today, over its daily atr, so my advice would be leave well alone.

W.

www.cabletraderfx.blogspot.com
 
missionary said:
Good observation Peter, but not quite so bad as you think ----

I have been berated before for 'managing' my trade. But it suits me. So when the second stage kicks-in, I watch it very carefully and pull it when I feel there is any hesitation ! I am happy to have a clear 20 pips rather than have those 20 and then risk losing most of them.

I have a cuppa beside me by 7.00 and sit and watch my screen thereafter till about 9.00, by which time it is all over, though some days I have pulled out by 7.10. I know it does not suit everyone's lifestyle, but fits in with my availability (you know, before morning bible class and converting a few more natives).

Yes, I know its not NT, but as I wrote before, its my cash and I want to preserve it. I learned the hard way on FTSE spreads.

By the way, as you are experienced in these things, where can I download a template for the parabolics please? Oh, and any advice on which is the best FOC charting website at present in your opinion? (I gave up on Sharescope a while ago but the low cost ADVFN looks a tad complicated).

mish
Click to expand...

If your looking for good charts try http://www.fxsolutions.com/fxaccucharts/accucharts-download.asp you can just use the charts for as long as you want. It's a good charting package once you get used to it.
 
peterf1966 said:
I'm not experienced enough sadly - see this mornings mistake for ample evidence of that point! If you mean parabolic SAR, this is already on IG anway, other than that I don't know, nor do I know better charting websites - Of ones Ive used IG and ETX both use IT finance ones, MT4 looks very complex. CMC markets have just launched a new platform apparently, though I have not see it yet, but the salesman was full of it, as salesmen are.

Unfortunatley I must watch screens all day, sometimes I make them move a bit too, but I don't really want to be looking at charts all morning, and soon wont be able to, so must stick with NT.

Now then, this retracement, just nearly got to 150 before rising again - if it follows pattern we may see 15215 again, before another drop - may go short if it does drop, say 200 to 140...dunno, any thoughts anyone?
Click to expand...

Just to say MT4 is really pretty user friendly , not perfect , but in my opinion quite a bit more versatile than the IG platform . However in order to use it you do need a broker with an MT4 feed. I use Alpari for this and find that it never seems to lock up something
that IG seem to suffer from when the price action is seriously on the move , like today.
Although MT4 will be superseeded by MT5 , its thought that it will be quite a while before this happens ,and even when it does it will be just another free download .
 
The more I use the Stoch indicator the more I like it. I've been using it with RSI as well and when both indicators are in agreement it becomes a very strong indicator. It's just a matter of looking at price action etc as to when too enter the market.
For example between 12.30 and 1.15, 15m timeframe, the market bounced three times off 1.5150 and the Stoch and RSI indicators had both been bottomed out for some time. Entered long at 1.5167 and then used Fib Retracement from 7.30 high to 1.00 low for taking profits, it just depends on how confident you are in the market moving with you, bailed out when market reached 38.2% retracment, 1.5209, with the Stoch topping out close to 90.000.

Set both indicators up on your charts and watch it for a while to get an idea for how they react to different market conditions.
 
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