Hiya
When replying to a thread there is a little icon with a mountain and a sun when hovered over it says “insert image”… click that and put the URL in the popup box.
-P
I know this icon but how do I give an URL address starting with HTTP when the chart is saved as a image doc…
Thank you for the tip… I signed up to photobucket.com and could post the images now… Tried one now… Thank you for the tip.
Everyone else get stopped out on the 157.70 long as well?
That was a loss for me, too.
Cody
Them’s the breaks…
I got stopped out as well, eh well, nature of the beast I guess.
Wow, just finished reading the entire thread over several days, off and on. What a great learning experience, and special thanks to Phil and NickB for taking the time to help us to learn this method.
I will admit that I am a bit disappointed to get to the end of this and to find that the winning ratio of 65-70% has not come back into play yet. I am going to check out the blogs by NickB and MetalHawk and see what else I can learn and see if anyone has any additional ideas about this losing streak. The most interesting thing for me is that nothing seems to have worked over the past 2 months, including this method…but I things will return to normal soon.
“Everyone else get stopped out on the 157.70 long as well?” This move came after USD unemployment claims. Why were you guys even trading it?
Well, that trade was a Dr. Zoidburg moment…
“What am I gonna do?” -Fry
"We’ve got to get the emperor out of your body before they kill you." -Amy
"Relax, Fry, I’ll simply spin you in a high-speed centrifuge separating
out the denser fluid of his highness." -Dr. Zoidburg
"Won’t that crush my bones?" -Fry
"Oh, right, right, with the bones. I always forget about the bones." -Dr. Zoidburg
I guess you would’f had to been there.
Wait, didn’t the US Unemployment Claims report come out on 8:30EST?
What news came out around 9:00EST?
Touchet!
That being said, honestly this has been the most consistent method I’ve been using the last few months.
Even WITH the losing streak, I find it to be much more predictable & realistic than most methods available. It behaves well, if that makes any sense, even when it loses.
The daily charts show how crazy these recent times are. Frankly I’m worried for LESS volatility to come. 
Luckily, I am still there though I don’t know how long… I entered little late into this trade entered at 157.75 on FXCM
“Wait, didn’t the US Unemployment Claims report come out on 8:30EST?” Yes it did, and the scalpline was broke with the next 15 min candle. A good rule is to wait 30 minutes to an hour after big news comes out before trading.
Hey guys i just started trading this system. how long has the losing streak been?
“Incidentally it has been suggested by a member who has traded this for quite some time that news just as often helps the trade as loses it.” It could sure, when major news comes out it can go either way, why gamble though? I never trade any currency when theres big USD news or when theres big news for a currency i want to trade. It becomes gambling in my opinion.
I too lost this trade initially but then noticed that i did not place my stops and take profits properly - i am now going to adjust for the spread as well
but i noticed that it did reach the TP target of 50 pips after it came close to 99% of what my SL should have been… -_-"
I read how nick’s method is to put a 50 pip stop loss and take profit at +50 pips. So I believe that would be a 1:1 win ratio. I thought it was better to go with 4:1 or 5:1 or more. Why do you think the 1:1 works?
This is from NickBs Ebook, its free to download.
Risk Reward Ratio
When people first start trading the Forex markets they are inundated with information from self proclaimed trading gurus. If you have been around Forex4Noobs for a while you probably know I believe 90% of these trading gurus are failed traders and 99% of what they is usless. Theyll tell you whatever sounds good so they can get into your pockets. One of the most consistently told lies is that your stops should always be half of your take profit. Whenever I hear this I have to laugh, it is just so completley ridiculous, if you actually think about it for a moment it makes little sense. If you are planning to lose 50% of your trades your then yes it makes sense and yes your stop loss should be 1/2 your take profit. I don�t know about you but I certinaly do not plan to lost 50% of my trades I plan to win 80% and statistically I do.
Look at a pair like GBP/JPY which moves 280 pips per day on average. Who in their right mind would hold a 35 pip stop on this pair? I know that routinely on my trades GBP/JPY moves 40 or more pips against me before going in my direction. If I had my stop loss at 35 pips I would lose a lot more of my
trades. In fact had I listened to these trading gurus who say your stop must be half your take profit I would probably not be a trader today. So if that little lie is planted somewhere in your head get rid of it now because it is not going to help you.
Calculating Stops
My stops are the same as my take profits. So on GBP/JPY with a 70 pip TP I have a 70 pip SL on S+R
line trades. On scalps with a 50 pip TP I have a 50 pip SL.
Thanks Matt for the clear explanation.
I have a question on ADR, must i install the ADR indicator on the chart in order to read what is the ADR for the currency pair? Is there any other way to get the info?
Thanks:)