boyfx,
Can you explain how exactly do you make 30 pips per day with GJ?
I just find it much easier to get 30pips from GBP/JPY, like seriously how hard is it to get 30pips from GJ a day LOL. So hope you have been doing good.
Hey Bzltop,
I’ve always been one for the KISS (keep it simple stupid) approach. I use one indicator, the MACD Histogram with filter. I use it on the 1hr 4hr and daily charts. Seeing this thread is about expanding the Daisy Chain i may start a thread and put it out there for the babypips critics LOL. Nah really i may do it and see if it can be improved. Till then i don’t really want to crash the Daisy Chain party lol.
And to try and keep it on the thread topic, the Daisy Chain was starting to become why to over complicated, toooo much crap to look at! Three bars this, rsi over that, macd over there, BS Bernanke saying that, who cares what all these F@!K WITS say, i define my risk so they will either help me to quicker profit or stop me out, simple!! And not to mention changing the Daisy Chain’s undies everyday, i know it’s good to be aware if things need changing but…F!@K ME! LMFAO
Anyway i might start the thread sometime soon and put it up for the slaughter… HA!!!
Boyfx;)
Hi ReaperKK,
Thought I’d give you a visual analysis on that trade you made on 8-18-09. Below is a chart on the EURJPY based on Central time so just subtract an hour from your 9:41 EST entry which is depicted with a red vertical line. The vertical green line is your 10:11 exit. This chart shows various time frames from the H1 to the M1. As you can see on this chart all of the time frames are showing a downward trend till 9:53. It is very important to look at the trend of the PA and not just the PA direction at a particular time. Also you must consider where the PA is going to reverse. The fact that the basket was moving in the same direction is not a valid reason to make a trade. I�ve added a Bollinger Band set at 12 to show you a line of resistance. As you can see the PA broke through this line of support at 9:00 EST telling you the downward move maybe bottoming out. Going short at 9:41 was just plain suicidal as everything shows an ending downtrend and a trend reversal about to take place.
In my opinion the indicators you’re using are next to worthless in determining exits and entries and at best can only be used for continuation of trend determination after you’ve entered a trade. The stochastic indicator is probably the best one but if it is set wrong which I think is the case here then it is junk as well. Understand that any MA cross such as the MACD cross is always late and the fact it crosses back and forth and gives false readings all the time makes it worthless. If this is all you are using for trade entry and exits then a lot of money is being left on the table but the truth is you need to look more at the charts and less on the indicators.
Again looking at the chart, you might ask yourself why �selling short� would be a wise decision regardless of the indicators. This is a trade which I can assure you the odds are against you winning on a consistent basis. You could have actually made a better decision without a single indicator and this is why I preach to look at the chart and not the indicators. Once you see a good setup on the chart then viewing a good indicator is advantageous to make the best entry but prior to that keep your attention on the chart.
The question about why you’re even looking at the H1 is still a valid point as posted in “Analyzing the Trade”. If you going to stay on the M1 and enter and exit on the M1 then the main trend you need to look at is the M1. Always trade the trend of the time frame you are trading. Looking at the M5, M15 or even the M30 is all you need for trend. The fact you are not trading using support and resistance is handcuffing you or anybody else using that chart. The only thing on that chart that tells you trend direction is the price action itself. By adding the Bols-12 to the H1 you then have a reason to look at the H1.
Your chart tells you nothing about the price action reaching a top or bottom which would tell you a reverse is about to take place. I liken this to driving across the US without a map. Where are you going and how far are you going to go. How do you know when a trade is at the end of the line? If 150 pips is your answer then I suggest you rethink the logic of this kind of thinking? Magic numbers do not exist.
Would you drive down a road you�ve never traveled at a 100 miles per hour only to top a hill and see a tee junction dead ahead with a precipitous cliff on the other side? I did this one time in my youth and I will never forget it. I managed to slow down enough to make the turn on two wheels and live to tell about it.LOL. My girl friend was not happy with me that day as she saw her whole life fly by in a few seconds. She really got upset with little mistakes like that.LOL.
Please understand that none of us can know what we don�t know. We are all learning everyday of our lives. Because I may know a little more then you about trading doesn�t make me any better or any smarter and I�m not implying that it does. I�m trying to steer you in the right direction as well as the followers of this thread. You may be making a little money now but anybody using this chart is never going to reach their trading potential if they believe this is the way to trade. Any Professional trader would have a good laugh and say newbie trader.
The first time I downloaded this chart from Danny it was obvious to me he was a newbie trader and not the Professional he was trying to get people to believe. The fact he literally jumped into a trade based on what he thought was the news was the other reason. The PA will always finish its move to support or resistance before any news has any effect on the PA�s direction. I mentioned this in a live trading session with Danny after he jumped in way too early and his reaction told me he was clueless. He ended up 200 pips down before the PA reversed. To me it was just plain ludicrous to do this but I already knew he wasn�t too bright.
The only reason the PA moves in one direction or another is that the big money players want it to move in that direction. The retail trade has very little effect on the markets direction. News only tells you it will reverse at support or resistance and not blow right through it before reversing. News also affects the speed of the move after the reverse has taken place giving a very sharp up or down making a lot of pips in a very short time. After any news that produces a sharp and fast move a sharper retrace can be expected but sometimes this doesn�t happen for days.
None of these things I�m telling you is hard to learn and is simply things that all professional traders worth their salt have already learned. Thank you again for posting your trades as these are always very good ways to learn. Please don�t take anything personal as I�m not attacking you personally and my only desire is to get you to understand.
Please feel free to ask questions and I will try to explain it further.
Trade well and prosper,
Johnny
REAPERKK_08-18-09-2.bmp (954 KB)
Hi phil838,
Because it is you that is asking the question I have put this together.
This was a newbie and scam artist passing himself off as a professional trader.
I read two posts by onecent and then the whole thing went blank that morning. I still had a whole page of post to read. I never traded with this fool and sent dozens of messages and emails warning the newbies but most just jumped in and lost their ass. I guess you can�t save all the fools as this type is destined to lose one way or another.
I turned on my computer at 8:30 and brought up my charts and commented to my wife that I bet things got really ugly on Danny’s 4:30 advanced session and I bet they all lost their ass. I had posted on Danny’s thread at around 3:00 am about the bad stops and the fact the group would never protect anybody from hitting their 300 pip stops.
Danny blew a gasket sometime after the advanced session and posted on his thread that it was another bad session as the market was difficult to read right now. He stated I was not helping anybody with my rants about the bad entries and stop loss part of the system. He stated he asked me for my indicators and that I just ignored him. That was only partially true as he wanted my whole system and tried to entice me with my own live session and we’d split the profit. All I had to do was send him my system. Yea right, like I was born yesterday. I did just ignore his emails. He was a scam artist.
Another trader �one cent�from Colorado posted the “coup de grace” as he wrote Danny did not have an investment company and less than a year ago was scamming people on YouTube with an internet marketing scam. He inadvertently let traders see his account number on the screen on one of the live sessions which turned out to be a demo account.
He was living in a cheap hotel with his wife, four kids, and two dogs as he was evicted from a rental house for being behind on his last two months rent. He had been arrested and put in jail not too long ago for failing to appear in court. It appears that everything he said was a pack of lies and just a newbie trader who stole this method from the internet but still could not trade to save his life.
The complaints started to swamp BabyPips.com and I’m sure they started their own investigation and the next thing you know it was shut down before I could read the last page of posts. Darn, just when it was getting interesting.LOL.
Danny obviously picked this up on the internet and stole ideas and called them his own. He obviously has done these scams many times before and will continue to do them until he slips up and he’s put behind bars. It�s too bad that so many people are out there are trying to lose their money. I tried to warn them with posts and emails but some got downright nasty.
I finally started to give up trying to warn the newbies and then Danny blocked me from communication on the live sessions. He got very irritated that I was giving him very little information. I laughed when I read his statement on his �system� on his web site that it took him 10 years to develop. It only took him 10 minutes to steal it and probably another 10 minutes to read about the basket.
The template that Danny ended up changing was from Cobra on the Forex Factory. Cobra threatened Danny with a law suit and he ended up having to change it as he knew any law suit would have uncovered his scam. He told the group he was changing it because of my complaints on the trade entry point which again was a lie. When I saw he was using the RSI and set at a crazy ass backwards setting it was just one more nail in his coffin. This is not a good indicator for forex charts and is used mostly for stocks. He said he was a fundamentalist but the truth is he was quoting word for word from an analyst on Learning Forex.com and his little speeches were not even his own words.
He also passes himself off as the Pip Doctor from St. Louis and uses this on his website to show the validity of his system. He has a whole circle of lies and has a forex signal business as well for $97 a month. He couldn�t signal an old lady to cross the street without her getting run over. The way Danny is, it would not surprise me if he is an addicted compulsive gambler and hence his lack of funds even though he must have made a little money with his scams.
The videos by �Angrymaker� on uTube.com shows Danny and I ask you does he look like your typical investment banker? Look at the video �Rising Dawn Marketing Things to Know� I especially like this one. You can find these by doing a search on uTube.com.
On the next thread started by �onecent�, Northernfx stated that he had just paid Danny $975 for mentoring service when he got a call from Danny saying he needed $500 sent to him right away because his car (2003 Ford Focus I believe) had broken down on the interstate. Now a red flag went up for Northenfx because he just talked to Danny the day before and he said he was a multi-millionaire and was paying $75,000 a month for information services, so why would he be stupid enough to now call me saying he needed $500 sent by Western Union to fix a piece of junk car?
These were all bits and pieces from old emails and posts right after the thread was shut down. Now you know the rest of the story. Good Day. LOL:)
Have a good week,
Johnny
Hey Phil,
To keep a long story short, Danny was trying to be someone he is not and got found out. There were alot of red flags which i ignored. He is a liar and took me and jawpip for a ride, he just comes up with a million diffrent ways to get what ever amount of money he can from people. He asked a number of people to lend him money because he lost his wallet and need some cash to get him through the weekend, as far as i know there were two that gave him money and last i spoke to one of them he still hasnt got it back yet. He tried to get another guy to invest 10k along with him, and when the guy asked for more info on the investment he dropped the whole thing. That guy actully rang me from Canada to tell me about the things he and another guy found out. Things like he got evicted from the last place he was renting, and he would lie about where he was, he would say he was at home and we tracked his IP address to find he was like 1000miles away from were he said he was, don’t know why he would do that but it just shows he is a liar.
He is always coming up with something new, trading pools, selling his ultiscalp system which he was giving for free and so on, he said he was going to send a check for the work i had done for him and of course the excuses started to dribble out his ass as to why he could’nt send it, my account is frozen blah blah blah.
There is even a forum with a thread all about how much of a con he is, that was to do with marketing or some sh!t like that. Here is a link to Danny’s youtube video for marketing that he claimed was not him at first and later on admitted it was him : YouTube - angrymaker’s Channel
I would recomend that if anyone deals with him to be very carefull when it comes to giving Danny money.
I could go on and on, but i’m over it with a capital O!!! and to tell you the truth i’m glad i did meet Danny cause he reminded me that trading does not need to be that complicated. It was a new expirence and thats what life is about for me, trying new things!!
DO NOT TRUST DANNY WALL, and Danny just in case you still find your way on here, i would like to give you the middle finger n say F@!K YOU:D and would love to meet you some day even if just for 30 seconds, thats all i would need! So if your in OZ sometime call in and say hi, you have my address;)
Can’t stand liars!!!
Boyfx;)
hahahahha i was hoping you would answer phil question. I didnt think you were going to, i knew you would explain it soo much better the me.
Why not leave the history behind us and try to make a good strategy in the present and in the future would love to hear more from boyfx and jonny and also all others that have something to chare about this or other strategies 
best regards
Hey Johnny,
Thanks for the response and the analysis, I’m going to re-read it all over again.
Personally just a quick note, I’ve moved away from the Basket style of trading, I’m a last year engineering student and really I don’t have time that the basket involved me looking for trades, that and with money management it was easier just to bring home 30-40 pips a day using simple things like support and resistance lines on gbp/jpy.
You are absolutly correct, thats the last time i’ll be talking about that sh!t. Live in the present and look forward to the future. I will start a thread with a strategy that i think could be the holy grail… hahahahah nah just joking, but it’s not bad and could prob be made even better.
Boyfx;)
Hey guys,
I started that thread it’s called Keeping it simple with 30pips a day. Check it out i would really like some feedback and see if we can’t better it.
Boyfx;)
P.S
I’m not trying to hijack the thread:D
i traded the daisychain before to with some succes both on demo and live and i never lost any shirts, maybe it was because i never attended any of dannys sessions due to my workschedule ( spelled right ? )
but while waiting for the chain to correlate i would trade the GPY/JPY on a 5 min. tf. with a slow stochastic which i used to help with entrys for the chain
which was how i was trading before the daysichain and after some time the chain was traded less and less
what im trying to say is that i moved on from the chain because it is just so much easyer to trade one pair at the time and its funny to see that im not the only daisychainer who found that out
but heres what my post is really about
i was wondering if any of the advanced members of danny trading room would tell us what exactly they did in the advanced room and do you still do whatever it was you were doing in the advanced room ? as i remember they were talking about 600 pips a day
have a nice day
Hi alpha156,
The sad truth is there was little truth at any level on that thread. The advanced members were just more newbies getting suckered into the Danny�s a G_D belief. Your calling them advanced is a misnomer as they were really the ones whose newbieness showed through the most. You just can�t get from newbie to advanced trader by paying another newbie some cash every month. Duh!
Basically their run of sevens ran out and they were shooting snake eyes which shot the crap out of their bank accounts. Their 600 pips were normally a pipe dream but sometimes made so I here by doubling down on their bet and then doubling again, moving out their stops, and praying to the Forex G_ds not to eat their lunch which is what eventually happened of course.
I�m a believer in praying but G_D doesn�t like gambling so you�re just wasting your prayers. I�m also a believer in moving your stops but just not in that direction. I also believe in some situations where pyramiding the trade can be a good thing but not the way they did it.
Learning the fundamentals could have been a good thing but misreading by the Chief nut was detrimental to ones financial health and could be likened more to funnymentals. Reading the fundamentals might have been better if done from the Sunday Funny Paper and at least there might have been some laughter as you lost your money.
Now this all worked for a little while before the proverbial crap hit the fan. It was just a matter of time before the blind squirrel died of starvation although it is said that a blind squirrel finds a nut sometimes. The nut (Danny) these newbies found was rotten to the core and eating it made them all sick with lighter bank accounts.
I hear Danny is still in business stealing newbies hard earned money. I�m sure he�s found some new suckers needing help emptying their wallets. You know the saying �There�s a sucker born every minute� and with the current population explosion is really every micro second.
If all they wanted was a title �Advanced Trader� I would have sent them for a one time fee of $500 a nice professional looking document under glass with a gold frame they could hang on the wall for all to see. They would still have most of their money safely in the bank.
If gambling is truly their game then any one of hundreds of casinos will teach you for free. They even give you free drinks and maybe dinner and a hotel room if you are a big spender.
Danny said his bank account had been frozen and it is one thing which could be the truth due to all the newbies who lost their ass. I certainly would have complained to the authorities. I�m sure the IRS would go after this fool. If they had an idea he was making money and not paying taxes they would have frozen his bank account.
Trade well and prosper,
Johnny