Ready and eager to learn!
Thanks Phil for your time and dedication.
Now I can follow the thread until I get to the “ahhhh I got it” moment.
Regards!
I record the last 5 day’s ranges. Take the average of those 5 days. You might think that 5 isn’t enough, but that’s because I want the average to favour the most [B]recent[/B] because who cares if 13 days ago there was a high volatility day? Do you think an event from 13 days ago should impact where my stops and targets are today?
Fit the nickb method? Is that God’s method? It should fit any method that wants an applicable measure of recent day’s ranges.
EDIT: That last bit there is NOT a shot at nickb, just the impression I get that you are idolizing his method. I personally trade a method that borrows parts from nickb’s method but it is largely my own, and because it is my own I can adapt it as I see fit which I believe gives me an edge over someone that is doing their best to copy someone else’s work (even if that someone else’s work is of high quality like Nick B’s)
NickB [I][B]is[/B][/I] God, you blasphemer!! 
Well when I’ve made my first million I’ll carve a statue in his honour, deal? 
Idolizing? That’s taking it a bit far. The reason I asked how he figured his average, is because I am learning HIS METHOD. If I start changing things or doing things wrong uknowingly, I’m not learning his method any more am I?
I’m trying to reproduce results simliar to his, if I start reinventing or changing his method a scant 8 trades into learning his method, then I’d have no one to blame but myself if it didn’t work right.
I’m sure what you are doing is working great for you. Honestly though, I couldn’t care less what your trading method is and or how you’ve, “changed it so you can adapt and thus have an advantage over someone following a proven method, because you made it up.” And really nobody asked.
I’m not trying to make my own method or reinvent his. Why would I do that, when nickB has an 80% win rate over a few years?
I asked how he figured the average because it is an important detail, he uses that for targets and alarms. One calculation does not fit all methods and produce similar results. If I want to learn his method correctly I have to know I’m using all the correct technical variables, so when I lose I can rule out technical entry/exit errors.
Small things done differently can have large effects.
Why would I try to fix something that isn’t broke?
P.S. if you have something against nickb maybe a nickb thread isn’t the place for you.
Phil, do you have a spreadsheet of the trades you have done (with profit/loss) that you are willing to share?
Thanks.
I do, but my spreadsheets are all in dollar amounts, not pips, so I really don’t want to post them. 
There’s a guy on Nick’s website named Metalhawk that has records of all his tradings using this system. My records are 95% identical to his. You can find his records here: 2008 2009.
Thanks Phil. Do you know if Metalhawk posts all his trades up on his blog and whether he only trades this strategy using GBP/JBY?
I just had an email about this thread on my method, I had no idea it existed!
Looks like my method is quite popular over here. If you guys have any questions feel free to ask.
@bzltop: Metalhawk trades my method on GBP/JPY and USD/CAD he keeps very accurate records. I personally do not keep a track record on the site (I know I should) but I am just too lazy to fill it in weekly.
I saw some a question on how I calculate the ADR.
[B]
Methods:[/B]
- Switch to the daily chart and figure out the range of each daily candle for the past 10 days. Add up the 10 daily ranges and divide by 10. This is a little tedious but if I am trading on my GFT platform its the only way.
You need MT4 for these other options:
2) I use a tool called The Ratogram built by a cool trader who calls himself Roadrat. I don’t have a link but if you google it you should find it.
- A daily range indicator for MT4 set to average out the past 200 days. I rather have 200 days worth of data to average with. however, this is only if I can get it. I certainly wont sit around calculating the 200 day average manually.
Great to see you Nick, I am currently trying your system out and have been reading your PDF book too. Looks very good
Nick mention another trader trading the USD/CAD, and I understand that this system is based on the GBP/JPY, but are there any other pairs that are commonly traded with this method?
Other than Metalhawk trading USD/CAD I don’t know of any other other traders doing it on other pairs, but there’s no reason you couldn’t. It should work on any pair, as long as you adjust the stoploss and profit levels accordingly.
Thanks. Maybe I’ll take a look at ADR on some other pairs just for kicks.
Hey Pukey,
I’m 2 for 2 on EUR/JPY scalp lines.
I just checked the ADR and it’s a little shorter than GBP/JPY. What’s you’re TP/SL?
I use to trade EUR/JPY with a 30 pip scalp target and a 50 pip S+R target. I stopped because I was scaling back my trading. It is a good pair though I’m not surprised lavaman is 2 for 2
Thanks Nick. You da man. Can’t wait for the Blitz!
I’ve been using a 50 pip stop and a 50 pip TP.
I’ve got 162.57 on my charts now. I know Nick liked it earlier because it was the yearly high, but I’m just now putting it on my charts because I didn’t like the small retracement distance earlier.
I used to give the yearly high some weight, but in my opinion the fact that we’re getting a new yearly high every week now has really lessened the effect of them.