Richard Hill Forex Net Trap

[purepest]

purepest, what low do you see on the signal candle?
Mine was 1.4824 on Exness broker.
So, had kept an order to sell 2 pips lower at 1.4822.

Wow, thats quite a difference. On IG I saw it as 1.4819!

I also have a guarenteed stop on my account that is +/-3 points so that puts me way out. In fact, had I not had that this morning I would have made my 50 instead of losing another 30 for the 2nd day in a row.

The frustrating thing is, when I saw your post I thought I may have done something wrong and thought about getting out because I had 46 pips in my favour. Should have done with my instinct instead of trying to squeeze another 4 pips out the market

 

[Rugby Trader]

Curious about your entry point bomb... mine was at 1.4814

Now, I did the math then IG took another 3 down from that to reach that number. Am I doing something wrong? Unfortunately my position is still open

are you on a limited risk account?
if so they add another 3pips onto the price for your guaranteed stop which may be doing it.

I got + 50 this morning.

My entry level was 14838

 

[purepest]

are you on a limited risk account?
if so they add another 3pips onto the price for your guaranteed stop which may be doing it.

I got + 50 this morning.

My entry level was 14838

Yeah Rugby, I am that. I am going to call them shortly and change this. Hopefully that won't go against me too often.

I must admit, I am gutted about this morning but its only my 2nd day on the job so hopefully we will see another profit this week which would take me back to scratch.

Your entry level was quite high. How does that work or how did you get get that figure to work with?

I assume that people aren't using IG so is it platform based information? I take it that wouldn't matter though because surely the market still moves in the same direction with the same amount of pips?

Is IG not the best one to use? Should I be using another platform?

Sorry for all the questions but I want to iron out issues to help stop silly things happening like this morning

 

[peterf1966]

Up late this morning, so went in at about 6.45.

By then it had moved 10 points down from entry, so I set target at 40 points, and not 50.
So +40 hit, and a good thing I didn't try to get 50, cos of the sharp upturn just after.
There you go, this entry position is very important.

 

[Bolivian Admiral]

if you are on limited risk or normal account it should not make a difference of 80 pips. There is huge element of luck involved in this strategy.

 

[Rugby Trader]

Your entry level was quite high. How does that work or how did you get get that figure to work with?

I assume that people aren't using IG so is it platform based information? I take it that wouldn't matter though because surely the market still moves in the same direction with the same amount of pips?

Is IG not the best one to use? Should I be using another platform?

I got my level from the chart just before 6.30. I try to follow the system exactly, so i had the bid chart set up and rounded the low off on the 6.15 candle, took 2 pips off that and set my order to open.

What I do find however is that when you go back and look at the charts later, all the numbers, high, low, MA etc. have changed retrospectively, not by huge amounts, but they definitely aren’t the same. They do say the charts aren't exact though.

I use IG simply because that is what Richard recommends and that's what he uses for his entry levels and record keeping so you can compare your results with his when he sends out his weekly update.

RT

 

[peterf1966]

deleted duplicate post

 

[purepest]

I suppose its a good thing for the system that there were 50 points for the taking this morning. Just a pain in the butt that I missed it

 

[toshi]

Hi Toshi,

Are you still profiting with the system?

Regards
Vidda

Official April results are +139 pips (202 pips with a 2pips spread)

Vidda, I quote n15ksh saying here as I agree with what he said

#

I have tried many systems, and for the amount of work required this system has produced some good stats over a monthly base with only one month being a losing month. I have been trading this system for over 7 months now. But i agree it wasn’t as volatile as it is right now, and i haven’t seen as many stops being hit

I personally missed 50 pips signal and overslept bank holiday (20 pips). so not as good as it should be.

Now it is a very difficult market as everybody says. Every trade his a stop or target. I just remember when I close manually with an unexciting but nice 20 - 30 pips manually at 8:30 ...

Observation ; p

1) unexciting +30 pips equalises shocking -30 stop
2) Three devastating stop (-90) with Two Target (100) = still + 10 pips

NetTrap collects some nice points even I am not so happy (poor me)

Solution ; p

Check the monthly results only

Nice day. hope quiet calm early mornings come back soon

 

[peterf1966]

are you on a limited risk account?
if so they add another 3pips onto the price for your guaranteed stop which may be doing it.

I got + 50 this morning.

My entry level was 14838

Thats sounds high, I just checked IG the low of the 6.15 was 14819, my entry would have been 14817, if I had been up in time for it, that is. Instead I dived in direct sell at 14807, but still had 14767 as my target, which it got to, but quickly retraced not very long after. So I missed on +50 but got +40, which I cant complain about.

To repeat the entry position is very important, as is recharging your phone if you use it as an alarm!

On a few occaisons now, I have noticed the profit level has hit the high 40's - even got to 49 the other week, before retracing and stopping most of us out. Because I was at the screen that day, I had a play, and moved the stop up by 50 pips, so as it retraced I still made 20 pips, and not the -30.

I know this is not the system, but If I was at the screen and I had, say +46 pips, I'd be very tempted to close out then, the loss is potentially big, compared with the profit shortfall. Other than that I'm sticking with it. The Greek thing looks like its been sorted , and hopefully Clegg will S**t or get off the pot!:whistling

 

[Rugby Trader]

Thats sounds high, I just checked IG the low of the 6.15 was 14819, my entry would have been 14817, if I had been up in time for it, that is. Instead I dived in direct sell at 14807, but still had 14767 as my target, which it got to, but quickly retraced not very long after. So I missed on +50 but got +40, which I cant complain about.

To repeat the entry position is very important, as is recharging your phone if you use it as an alarm!

On a few occaisons now, I have noticed the profit level has hit the high 40's - even got to 49 the other week, before retracing and stopping most of us out. Because I was at the screen that day, I had a play, and moved the stop up by 50 pips, so as it retraced I still made 20 pips, and not the -30.

I know this is not the system, but If I was at the screen and I had, say +46 pips, I'd be very tempted to close out then, the loss is potentially big, compared with the profit shortfall. Other than that I'm sticking with it. The Greek thing looks like its been sorted , and hopefully Clegg will S**t or get off the pot!:whistling

i've just gone back and looked on the chart and you're right there's a big discrepancy there between how i read it and what i should have done. I can't figure out what I did though.

oh well, i was lucky and got the +50.

 

[pseudo straddle]

I got my level from the chart just before 6.30. I try to follow the system exactly, so i had the bid chart set up and rounded the low off on the 6.15 candle, took 2 pips off that and set my order to open.

What I do find however is that when you go back and look at the charts later, all the numbers, high, low, MA etc. have changed retrospectively, not by huge amounts, but they definitely aren’t the same. They do say the charts aren't exact though.

I use IG simply because that is what Richard recommends and that's what he uses for his entry levels and record keeping so you can compare your results with his when he sends out his weekly update.

RT

RT, when you say 6:15 candle - do you mean the candle that starts at 6:15 and finishes at 6:30? In which case I cannot see how you can set up your trade before the candle finishes - unless you are trying to second guess the market. My O,H,L,C figures are -

14834
14845
14819
14838

So 2 pts below the low is 14817 - very confused!!!

PS: Posts crossed with Rugby Traders!!!

 

[peterf1966]

i've just gone back and looked on the chart and you're right there's a big discrepancy there between how i read it and what i should have done. I can't figure out what I did though.

oh well, i was lucky and got the +50.

Nowt wrong with some luck every ow and again, which is what Friday morning was for me really.

 

[Rugby Trader]

RT, when you say 6:15 candle - do you mean the candle that starts at 6:15 and finishes at 6:30? In which case I cannot see how you can set up your trade before the candle finishes - unless you are trying to second guess the market. My O,H,L,C figures are -

So 2 pts below the low is 14817 - very confused!!!

I'm confused too Pseudo, I'm not sure what I did.
Whatever I did was wrong but it just happened to give me the right result.

 

[pseudo straddle]

I think its got to do with the time of day - 6;30 in the evening would be more amenable!

 

[pseudo straddle]

Perhaps there is a tweak here - when the signal candle is in the wrong direction - try to get in near the close - to grab some extra pips if the trade comes good.

:idea:

 

[n15ksh]

When you sell, use the bid price and when you buy, you use the ask price which includes the spread. There is no spread when you sell but you will have to pay it at the end of the trade, when you buy back at the ask price.

Hope this clarifies it for you

By the way...I'm a sore loser - when it comes to money anyway! I haven't traded for a couple of weeks now - having withdrawals...! But this game is all about patience, if you don't have that you won't last very long... I won't be trading until this country's politics are back on track :whistling

TH

technohouse - Thanks, however this is why i believe Richard recommends you add 5 pips to the high of the candle for open position if the signal is buy to cover the spread?

 

[piphead]

I didn't wake up!!!!!!!!
AAAAAAAAAAAAAAAAAAAARRRRRRRRRRRRRRRRRGGGGGGGGGGGGGGGGHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!1

 

[purepest]

I didn't wake up!!!!!!!!
AAAAAAAAAAAAAAAAAAAARRRRRRRRRRRRRRRRRGGGGGGGGGGGGGGGGHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!1

Ah well... you did better than me. I woke up and got it wrong with my limited account functionality

 

[n15ksh]

Ah well... you did better than me. I woke up and got it wrong with my limited account functionality

you live and learn believe me. but long run it will be worth it