Richard Hill Forex Net Trap

[Tanguero]

Hey Tang,

Just a quick question for you, you seem to be getting stopped out quite a bit these days, can I ask what your entry criteria is? How do you decide when to enter the market?

I first form an opinion about the current trend. NT is one of the tools I currently use. Then I gage how much steam it still has to go and decide whether to go along with it entering on retracements or against, be it a sizeable retracement or a complete reversal.

I do quite a few studies on the charts at the same time. Apart from different levels, I draw pitchforks and channels in all timeframes that I use. So there are a lot of lines to watch. Once I decided which direction I am taking, I wait for the price to react in a certain way to those lines, especially to the points where different lines cross.

I also watch closely what's going on on the tick chart. When I suspect that something is brewing up that is ready to blow up second to second in my direction, I often jump on it and then see how it develops.

 

[Tanguero]

Anyone else is waiting for an opportunity to go short?

 

[paulhayes57]

Anyone else is waiting for an opportunity to go short?

morning guys yep im looking to go short sangs dont fancy the nt long waht5 u think dubs ?

 

[Tanguero]

Short 15621 SL 15.

 

[JRJ]

Short 15621 SL 15.

Doing nicely! Where do you fix your exit point? I an guessing the 15621 was the R3, now past R2, where do you aim for?

 

[Tanguero]

Ruthless stop riding right down to strong support @ 15602. I wonder whether it will carry on below.

 

[JRJ]

Ruthless stop riding right down to strong support @ 15602. I wonder whether it will carry on below.

Watch for 7.10 or just before when there is often another strong move - and 7.20. Cant tell which way!

 

[Tanguero]

Watch for 7.10 or just before when there is often another strong move - and 7.20. Cant tell which way!

I think it might well be. It's clearly stopriding, so the question is what stops are being hunted for. NT is a typical prey model here, so it should be another 20 pips.

 

[JRJ]

How boring....very indecisive....

 

[Dubai]

GU needs to close above 1.5625 for it go to fresh highs imo. 1.5550 should provide strong support along with 1.5570.

 

[Dubai]

EU pings off 1.3041 and bounces perfectly and GU still can't pass 1.5625! Utterly mental.

 

[Tanguero]

Hell. I may need to requalify into scalpers.

 

[Dubai]

Closed above 1.5625 on 15min but quickly reversed on the next candle, i'd consider a long if it drops to 1.5610 or so.

 

[Dubai]

Closed above 1.5625 on 15min but quickly reversed on the next candle, i'd consider a long if it drops to 1.5610 or so.

Bada bing, +30! Job done.

 

[stevepatt]

I've been looking at the forex markets for the last 18 months or so but never actually dipped my toes until now. I've been bouncing around from one method to another, using different indicators looking for some sort of pattern in the markets that of course doesn't exist.
The one thing I have found, from at least three different sources, is the use of price action along with support and resistance using the bigger time frames 1hr minimum usually the 4hr and daily charts. The reason for using the higher time frames is that the signals they throw up tend to be more accurate and all your looking for is pure price action as it happens to enter and not using indicators that lag the market. Trading the higher time frames means less screen time and keeps you from over trading the risk reward ratio can be much better as well.
I'm interested to hear from other traders out there and what they have found in their trading education?

 

[Tanguero]

I've been looking at the forex markets for the last 18 months or so but never actually dipped my toes until now. I've been bouncing around from one method to another, using different indicators looking for some sort of pattern in the markets that of course doesn't exist.
The one thing I have found, from at least three different sources, is the use of price action along with support and resistance using the bigger time frames 1hr minimum usually the 4hr and daily charts. The reason for using the higher time frames is that the signals they throw up tend to be more accurate and all your looking for is pure price action as it happens to enter and not using indicators that lag the market. Trading the higher time frames means less screen time and keeps you from over trading the risk reward ratio can be much better as well.
I'm interested to hear from other traders out there and what they have found in their trading education?

Sounds good. I am relatively new to 15min and higher timeframes so tend to pay less attention to /put trust in what's on there. Quite often (as it happened today), the price action on tick, 1min and 3min takes all my attention, my positions first go into about 1:1 R/R and then reverse in earnest. On the other hand, when they align well with higher TFs, they show their true might in smashing RRs! Overall, it's making the game extremely tough psychologically. I reckon it's better to start the other way, first get used to larger TFs and then if happy try going lower.

 

[Tanguero]

I remember somebody mentioned that 10 years' data is available for MQL4; can somebody direct me where to get it?

 

[Dubai]

You have to request the history within MT4, Tang.

Press F2 and go from there.

 

[Tanguero]

You have to request the history within MT4, Tang.

Press F2 and go from there.

Thanks Dubai, will try it tonight.

 

[Soloquan]

using different indicators looking for some sort of pattern in the markets that of course doesn't exist.

Who says? A trend is a pattern

The one thing I have found, from at least three different sources, is the use of price action along with support and resistance using the bigger time frames 1hr minimum usually the 4hr and daily charts. The reason for using the higher time frames is that the signals they throw up tend to be more accurate and all your looking for is pure price action as it happens to enter and not using indicators that lag the market.

Wouldn't say the signals are more accurate, just that there's less of them, you can still use indicators on large time frames. You say use pure PA to enter the market, you still need entry criteria, why would you enter when you do? Based on what?

Trading the higher time frames means less screen time and keeps you from over trading the risk reward ratio can be much better as well.
I'm interested to hear from other traders out there and what they have found in their trading education?

Trading lower T/F all you're trading is noise. Scalping is the quickest way to go bust. Some are good, those that do it have generally been trading for a years and have amazing MM and understand the emotions that are involved when trading.

The larger T/F you can eek out better RR, not be a screen zombie, and have better MM. I tried intraday, I made a bit, lost a bit, made a bit etc... As soon as I decided to swing trade my trading came on in leaps and bounds.