Richard Hill Forex Net Trap

pseudo straddle said:
Probably. Not sure if its suitable this early in a trade - the stop would be about 15190 ATM.

:confused:

PS the 3 ducks based on XXMA says good to go long!
Click to expand...

Just had a shower to think. Looking good still. Going to ammend SL from 93 to 95 for now.

95 was where the stoploss would have been Vanilla NT, so buy rights this 1%MM NT trade of my 2% MM TNT should be stopped out, but I run a slightly higher than 1% MM stop on my NT trade so was saved.

Psycolocially wise setting the stop to 95 for now is fine because I should have lost that already. So it it gets taken out in a few hours if not good rises so be it.

I would have been comfortable with the 2%MM VNT trade so lets see.

I also have tried to train myself over the last 8 weeks not to assign a £ value to pips, just look at pips as pips. This made it much easier to rise from £1 pip to £4 pip.

This side of the TNT is on £2 pip. I think trying to think a pips only as a loss is crucial long term otherwise I will struggle if I build up the pot to ever get above £10 pip, will pull trades early etc and fook up the system due to fear of losing £100 rather than 10 pips, even though it would still only be 2%MM.

M

edit. Big leg up so SL to 221 now which is BE.
 
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Stuck to strict NT today and thanks to IG 0.6 slippage on entry - my stop was 0.6 higher also... Just clipped the stop (dipped 0.2 below my stop) before rising... So -30 captured almost perfectly.... :mad: Shame I didn't hit the red instead of the blue!

0.6 made a big difference today....
 
mark120169 said:
3 ducks e-book link not working to URL, nothing there. Available anywhere else?

M
Click to expand...

Last time I looked into the three ducks system ,which does have good reputation, it was not free and as part of the fee included a one to one telephone training session with its author.It does however have a loyal following which must say something about it.
 
mark120169 said:
My view is do or die. 221 would be SL to BE but it has broken 242 now so how high could it go. Would be a shame to get stopped out for BE when INT lost 30 pips.

I have gone for 1 pip below low of two candles previous, so stop is set to 15193 now. will ammend each candle change.

Good stategy?

M
Click to expand...
Great - I am still hanging in. Just pulled SL by 5pip more.

Sounds sensible, though those two overnight spikes looked very dodgy - no business there to give a meaningful support when it was going back down there, so all reliance on new buyers coming in. To me, looked like an all-or-nothing within the 20pip band below the spike tops, the retracement either stops there and we go north again, or falling down.
 
Claviceps said:
Last time I looked into the three ducks system ,which does have good reputation, it was not free and as part of the fee included a one to one telephone training session with its author.It does however have a loyal following which must say something about it.
Click to expand...

The basic system is free, there is an optional 1 to 1 coaching session which is paid for. SystemsForTraders has a review of both.
 
Claviceps said:
Last time I looked into the three ducks system ,which does have good reputation, it was not free and as part of the fee included a one to one telephone training session with its author.It does however have a loyal following which must say something about it.
Click to expand...

The 1 to 1 is an option to further your trading using 3 ducks, the basic system is still free to my knowledge.
 
Tanguero said:
Great - I am still hanging in. Just pulled SL by 5pip more.

Sounds sensible, though those two overnight spikes looked very dodgy - no business there to give a meaningful support when it was going back down there, so all reliance on new buyers coming in. To me, looked like an all-or-nothing within the 20pip band below the spike tops, the retracement either stops there and we go north again, or falling down.
Click to expand...

SL to BE now @ 221. Alert set for 270 , if that hits again will adjust stop +10 then set alert for 280. If that hits I think 300 is the limit so will whack SL up to 260 then move up every 5 pips to 265, 270 etc until taken out for profit.

Worse case senario is that it drops to 221 now for BE and it means my TNT trade loss today is scaled down to only -15 pips @ £4 pip rather than the -30 it should have been if I stuck to rigid 1% mm both sides of the TNT.

M
 
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If you're trading above the minimum £1 per pip can you adjust your size through a deal ticket and effectively close off a portion of your trade at the currently advantageous price, in the way that you could sell off half your shares if you were trading equities? I suppose this would be the same as closing your current position and then opening a new position with a reduced stake?
 
Frustrating day for me -30 entered at market and went back to bed, checked back to see
my stop had just been touched at 7.53.
 
mark120169 said:
SL to BE now @ 221. Alert set for 270 , if that hits again will adjust stop +10 then set alert for 280. If that hits I think 300 is the limit so will whack SL up to 260 then move up every 5 pips to 265, 270 etc until taken out for profit.

Worse case senario is that it drops to 221 now for BE and it means my TNT trade loss today is scaled down to only -15 pips @ £4 pip rather than the -30 it should have been if I stuck to rigid 1% mm both sides of the TNT.

M
Click to expand...

All going to plan now :cheesy:

SL moved to 15231 (+10) and limit now set to 15296 (+75). Alert set for 15280 to up SL to 15260 if it reaches that high.

How you getting on Tang? Back to the day job build custom door frames for a customer! Day rate is £100 labour (cheap know, current market i'm affraid) @ £2 pip this trade is making me more than the day job!!

M
 
BigDunc said:
I suppose this would be the same as closing your current position and then opening a new position with a reduced stake?
Click to expand...

Except you would be paying the spread again - closing one side of the spread - opening the other... :D
 
mark120169 said:
All going to plan now :cheesy:

SL moved to 15231 (+10) and limit now set to 15296 (+75). Alert set for 15280 to up SL to 15260 if it reaches that high.

How you getting on Tang? Back to the day job build custom door frames for a customer! Day rate is £100 labour (cheap know, current market i'm affraid) @ £2 pip this trade is making me more than the day job!!

M
Click to expand...

Fooking hell. Can't even get to the garden, swig a slurp of tea and pick up a handsaw without the mobile IG beeping me again.

15280 and 15285 breached now in one go so stopmoved to 15266 (+45) and alert set for 15290.

Try again to cut some wood.

M
 
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