Richard Hill Forex Net Trap

given that its a holiday in the US today, does anyone have any views on whether to trade today..

I will cos I'm an addict

My cigarette packet theory for this morning is that as the US is on Holiday more people will buy GBP so it will rise like a shining star... but then I havent logged in and looked at whats going on yet.. so maybe it'll sink without a trace....
 
I'm staying out today.

It's a bank holiday in the US anyway and so there's hardly any trading volume today.

It might pick up a bit at 8am when the FTSE opens but I'd rather protect my bank on quiet days like this.
 
Morning,
By the book this is a sell , but this is a consolidation range and I'm going to wait and see ,
looking for signs of a breakout. Good luck to all those braver than me.
 
Denman said:
Ditto- though it doesnt seem to be moving much?
Click to expand...

Not sure about today being USA BH but as it's so far away now placed the sell will see it it drops.

INT safety indicator screams no INT today, MINT only. Decided to sit an instant trade out to see if it's correct, it has been on back test.

M
 
goldfinger777 said:
I'm staying out today.

It's a bank holiday in the US anyway and so there's hardly any trading volume today.

It might pick up a bit at 8am when the FTSE opens but I'd rather protect my bank on quiet days like this.
Click to expand...

Agree, its a weak signal anyway and then the US holiday, RH will probably be calling
it a no trade although no one can be sure after the other Friday.
 
mark120169 said:
INT safety indicator screams no INT today, MINT only. Decided to sit an instant trade out to see if it's correct, it has been on back test.

M
Click to expand...

The INT safety indicator only applies if the MA Spread is 1. MA Spread today is 3. Technically it's an INT trading day today (assuming that it's an "official" NT trade day, which due to the US holiday (Independence Day yesterday) it may not be).
 
The chart at TradeFair is showing this as a weak buy (spread of 1)
Normally they are similar to the IG chart, so for that reason I have stayed out today.
Better safe than sorry....
 
Wagtail said:
No trade today.
Click to expand...

No trade for me as I use alpari charts where it's flat. There will be the biggest difference in in the MA between brokers on a monday morning depending on when your broker opens on a Sunday night. Ig starts at 9pm, alpari at 11pm. So RH will have it as a sell, I'm sure, off his IG charts, but as the first 2 hours on a Sunday are traded so lightly, I prefer my alpari charts, where it is a clear no trade. (Guaranteed to be a +50 now I'm not taking it!)
 
goldfinger777 said:
The INT safety indicator only applies if the MA Spread is 1. MA Spread today is 3. Technically it's an INT trading day today (assuming that it's an "official" NT trade day, which due to the US holiday (Independence Day yesterday) it may not be).
Click to expand...

No I mean a proper indicator I have developed that uses the previous days CAM signals in a excel spreadsheet, not the MA under 1 rule.

It is based around distance from L3 / L4 S&R levels. Today for INT on a sell order S3 & S4 levels both showing negative for INT trade which is exactly what happened on the 17th & 18th of May when NT did not trigger but INT would have said good trade and dragged you straight to a loss.

Could be an interesting tool if it's correct.

M
 
mark120169 said:
No I mean a proper indicator I have developed that uses the previous days CAM signals in a excel spreadsheet, not the MA under 1 rule.

It is based around distance from L3 / L4 S&R levels. Today for INT on a sell order S3 & S4 levels both showing negative for INT trade which is exactly what happened on the 17th & 18th of May when NT did not trigger but INT would have said good trade and dragged you straight to a loss.

Could be an interesting tool if it's correct.

M
Click to expand...

HI Mark,

just out of interest, whats the formula you used?

I have
R1 = ((H-L) * 1.1)/12+C
R2 = ((H-L)*1.1)/6+C
R3 = ((H-L)*1.1)/4+C
R4 = ((H-L)*1.1)/2+C

S1 = C-((H-L)*1.1)/12
S2 = C-((H-L)*1.1)/6
S3 = C-((H-L)*1.1)/4
S4 = C-((H-L)*1.1)/2

but I have seen others

HL5 = (hi/lo)*close
HL4 = ( ((hi/lo)+0.83)/1.83 ) *close
HL3 = ( ((hi/lo)+2.66)/3.66 ) *close
LL5 = close - (HL5-close)
LL4 = close - (HL4-close)
LL3 = close - (HL3-close)

(apologies to everyone else for the non NT related stuff)
 
gbdru2 said:
HI Mark,

just out of interest, whats the formula you used?

I have
R1 = ((H-L) * 1.1)/12+C
R2 = ((H-L)*1.1)/6+C
R3 = ((H-L)*1.1)/4+C
R4 = ((H-L)*1.1)/2+C

S1 = C-((H-L)*1.1)/12
S2 = C-((H-L)*1.1)/6
S3 = C-((H-L)*1.1)/4
S4 = C-((H-L)*1.1)/2

but I have seen others

HL5 = (hi/lo)*close
HL4 = ( ((hi/lo)+0.83)/1.83 ) *close
HL3 = ( ((hi/lo)+2.66)/3.66 ) *close
LL5 = close - (HL5-close)
LL4 = close - (HL4-close)
LL3 = close - (HL3-close)

(apologies to everyone else for the non NT related stuff)
Click to expand...

LOL. :LOL: I didn't even know what CAM's or pivot points where until 2 weeks ago, you forget this is just my 8th week trading Forex or Spreadbetting!

I used this tool MikesDirect posted the week before last, just bookmark it so you can use it. As suggested by Mike I use the previous days High, Low and Close, so today I used Fridays figures.

http://www.earnforex.com/pivot-points-calculator

M
 
mark120169 said:
No I mean a proper indicator I have developed that uses the previous days CAM signals in a excel spreadsheet, not the MA under 1 rule.

It is based around distance from L3 / L4 S&R levels. Today for INT on a sell order S3 & S4 levels both showing negative for INT trade which is exactly what happened on the 17th & 18th of May when NT did not trigger but INT would have said good trade and dragged you straight to a loss.

Could be an interesting tool if it's correct.

M
Click to expand...

Well it worked well for INT , said not to trade it and it was right, as the market obviously bounced off CAM S3 level and got nowhere near CAM S4 level. It did advise a MINT should be ok as the MINT target was 15 pips above S4 but the closest it would have got to banking was +7.7 pips, almost, but not enough. MINT would have ended up about a 2 pip loss, maybe slight profit or break even depending on where @ 8.30 -8.31 you closed the trade.

Interesting. Will keep trialing it daily.

M
 
mark120169 said:
LOL. :LOL: I didn't even know what CAM's or pivot points where until 2 weeks ago, you forget this is just my 8th week trading Forex or Spreadbetting!

I used this tool MikesDirect posted the week before last, just bookmark it so you can use it. As suggested by Mike I use the previous days High, Low and Close, so today I used Fridays figures.

http://www.earnforex.com/pivot-points-calculator

M
Click to expand...

Mon-Fri oops
 
Last edited:
Today is a holiday in the US and stockmarkets are closed so expect very little volume. Even the European Indices are very quiet.
 
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