Richard Hill's News Night Trader System

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c0py

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Has anyone tried this yet? What are your thought's on the system?

I haven't had a chance to use Net Trap yet so if this new system is any good I may jump straight to buying this instead...

Apparently its been in beta test since September, here is a brief description I found on it:

The News Night Trader System by Richard Hill is a forex trading system trading the EURUSD on daily charts. You check a few charts between 10pm and 11pm GMT on trading days and if there is a trade to be placed you can do so by following a few simple steps.
Click to expand...
 
c0py said:
Has anyone tried this yet? What are your thought's on the system?

I haven't had a chance to use Net Trap yet so if this new system is any good I may jump straight to buying this instead...

Apparently its been in beta test since September, here is a brief description I found on it:
Click to expand...


Has Net Trap failed so he is now flogging this? £247 for a manual and 6 months email support.........unbelievable!
 
Maybe this is just a bracket trade waiting for a range break-out but I fail to see the significance of Forex price between 10 and 11pm GMT.
 
Price at this time is typically trading in a fairly narrow range. Any 'breakouts' will be on relatively low volume, and thus likely to revert...hence, Boomerang.

There is a method somewhere. I'll see if I can dig it out.
 
Based on the generally valid assumption of EURUSD not moving too much between end of US and beginning of Asian sessions.

Using the Open of the 17:00 EST (22:00 GMT) you place two orders.

Place a BUY 15 pips lower and a SELL 15 pips higher (account for spread). Place stops 15 pips away on each. Target is that same 17:00 (EST) Open price.

If no trade triggers in 2 hours (Asian session just starting warm up) cancel both orders.

If one order triggers, cancel the other.

EURUSD is relatively easy to shift on low volume during this period and any 'move' is more likely to revert than not. A move of 30 pips during this period (thus taking your stop) is considered less likely.
 
Thanks TB. I was assuming price between 10 and 11 would indictate the move the following (London) session. Please excuse me for being obtuse.

I love stuff like the Boomerang trade and must try this.
 
On the other hand, when the Frankfurt boys get going (08:00 CET) it often, though not always, will give you a reasonable shot at fading the pre-eurozone open trading direction - if any.
 
It's just launched at 11:00 am today - only to readers of my Forex Round Up and existing users of Forex Net Trap at this stage. By the way it's a completely different approach to Net Trap.
 
breakthrough40 said:
It's just launched at 11:00 am today - only to readers of my Forex Round Up and existing users of Forex Net Trap at this stage. By the way it's a completely different approach to Net Trap.
Click to expand...

:LOL::LOL::LOL::LOL: Nice ironic post man..respect...:cool:
 
If it is The Boomerang Tade (summarised very well by Tony-TheBrambe) it can also be sourced in Ed Ponsi's Forex Patterns and Probabilities book on pages 201-205.

Mick
 
mik1973 said:
If it is The Boomerang Tade (summarised very well by Tony-TheBrambe) it can also be sourced in Ed Ponsi's Forex Patterns and Probabilities book on pages 201-205.

Mick
Click to expand...

"Boomerang".......That reminds me :LOL:



 
thanks for this info although are you sure this is what his manual describes only i was reading on another forum that he sets very large stop limits for this method which is quite different to what you are describing in this post:)
 
markand said:
thanks for this info although are you sure this is what his manual describes only i was reading on another forum that he sets very large stop limits for this method which is quite different to what you are describing in this post:)
Click to expand...

It would appear (from reading elsewhere) that the method is indeed different, there's mention of a 280 point stop loss, swing trading and trades potentially being open for days at a time.

Further info from anyone would be appreciated.

Going back to Boomerang, a quick Google found this link (didn't notice until I'd read through that it was by Ed Ponsi).

http://www.nasdaq.com/investing/forex/how-to-fade-false-breakouts.aspx

TheBramble's post is a good concise summary of it.
 
thanks for reply.surely no-one would be interested in a stop loss of that size!! yet this comes highly recommended by those at www.moremoneyreview.com in fact it is the authors favorite for the year!
 
markand said:
surely no-one would be interested in a stop loss of that size!!
Click to expand...

I must admit I've always wondered what sort of stop losses people implement when they're holding positions for days or weeks at a time (rather than day trading).
 
markand said:
thanks for reply.surely no-one would be interested in a stop loss of that size!! yet this comes highly recommended by those at www.moremoneyreview.com in fact it is the authors favorite for the year!
Click to expand...

I think you'll find that there is a link between moremoneyreview and Agora who is marketing this system, so its no surprise that they are recommending it as system of the year. Ive just bought it and the manual arrived last night (took about 10 days from payment to arrive). Looks very simple to execute but big stop loss, as has been mentioned, which I'm a bit anxious about.

SC
 
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