Got stopped out on the NickB scalp line at 158.95 last night. I put my limit at 158.90 to account for 5 pip buffer and since this was a short trade I did not put any buffer for spread (just like Phil does). Oanda hit the limit, the low of the market was 158.90 (ouch, what a coincidence), so it caught my limit to the pip and and immediately reversed and never moved even 1 pip into profit…headed straight for the SL at 159.40.
So I have 2 live trades with this method so far. My results are -2R for the month, but I missed one trade that would have been a winner (only traded it on demo). So, had I taken the 1 winning trade in my live account, by my calculations there have been 3 trades total this month, 1 winner and 2 losers for total return of -1R so far. I will keep trading the lines and reporting my results, thoughts etc.
Also, did want to ask if anyone NOT using Oanda had their trade triggered. There are a lot of things that I love about Oanda, but I am a little concerned that many times the candle sticks and OHLC bars don’t reflect that my order should have been hit but the MIN/MAX shows that they grabbed my stop or limit at the exact turning point of the market (to the pip). I will keep watching and see what happens.
My pending order was set with a 6 pip buffer plus 4 pips for spread, last nights trade was not triggered but this mornings has, Are you allowing enough for spread? anyway todays trade not looking too good at the moment
Ya, I was just looking at that. Appears that even if folks did not get in when I did, that this second attempt moved through the entry cleanly and back up to hit the SL again.
In regards to the price on this second attempt, on Oanda anyways, it only went as high as .41, so everyone’s entry should have been hit regardless of your buffer/spread calculation or which brokers you are using, but if your buffer/spread calculation was just slightly different or if your broker’s data was just slightly different, you might still be in this trade.
can anyone help me with gbp/jpy as soon as this red candle moved down the scalp line i put on my trade profit limit was 70 pips which is 158.20 and stoploss limit ws 159.20 which is 50 pips but even market moved down for a while but then itmoved up and hit stopp loss of 50 pips i do not know when to get on trade and if i didnt not get on a right trade? can anyone tell me why it happened today on gbp/jpy 4hrs chart was that a valid scalp n when to get on trade ?what is the confirmation even the momentum was down so i went on it thankyou all for your time to read my msg
hi imran, just read up a little bit where i and others are talking about the trade today (the 158.95 scalp line) and I think that your questions will all be answered as this is being discussed (I discussed my entry and sl in detail). I think everyone got stopped out on this trade today. Good trading.
NickB is a millionaire… or at least he claims to be.
I have no reason to doubt him. The 75 seat inetcommunicator.net chatroom on his site costs him $524.99 dollars per month, and I’ve personally witnessed it being open to public for free for almost 2 years now. He has to have a pretty good amount of money to spend over $12,000 on a chatroom.
Hi all! I’ve heard a lot of good things about the NickB method but certainly what I’ve heard about it ‘tailing off’ seems to confirm itself in members’ comments. Does anyone happen to know of a V2 of the system that Nick was rumoured to release?
Ya, but his video course costs $97 or $197 I think. I bought it and it didn’t impress me. Not picking, just saying the free e-book was enough. So, he is selling something.
Where does he claim he’s a millionaire? And does he claim to be a millionaire from trading to that status? Or previously wealthy.
Just curious because last I read he claims the account he trades off of is around 100k. Which, ya he could be a millionaire only an idiot would keep his whole wad in his trading account after it’s compounded to a certain degree.
I don’t think a V2 is really needed. It’s true the method stopped working around June because of the ranging market conditions, but I’m confident that when the markets start trending again the system will work just as well as it used too.
I lost a good bit of money trading the NickB method in June-July (before I stopped trading it), but my losses were nowhere near as large as my gains during the previous years.
I was in Nick’s chatroom today. Mentioned earlier in this thread I went looking for it and at around 8:00GMT - 11:00GMT I was in the chatroom.
Mind you I’m in EST time so it was 4:00am local time; nonetheless it is worth it. A lot of people (70+ at one point) join in for the ‘London Open’ I beleive is the time he does the analysis? Correct me if I’m wrong my times are out of wack.
Though it’s only the GBP/JPY pair he trades, on slow days like today (due to Japan bankers holiday) there was a bit of analysis on other pairs. I’m glad I checked it out, it’s really helpful having a live chatroom to discuss ideas on good/bad trades.
Yes Phil, I heard June/ July was pretty much tough for everyone. I must admit I’m a newbie, and realise now how much there is in front of me to learn, study - and forever more. I guess I’ve made the decision to one day make a living out of it so have come to terms from a realistic point of view that it ain’t gonna happen for a loooooooong time yet - still on demo and there I shall remain… for now.
I was wondering though, after having read many threads and methods - are there any ‘bread & butter’ strategies that bring in the money for running costs? the 50 pips a month (average of course) methods that everyone knows about maybe…? Only asking as I find it hard not to be cynical when so many people have ‘it’ - I’m bored with indicators and studying candle formations for example, but would like to read a bit of everything, even the hyped up systems as there’s always a nugget in there somewhere that can help you create your own. People like TRO provide amazing tools.
I’m working on my, ahem, crystal ball:rolleyes:
P.S. Eh, just realised what I wrote - may be a bit unclear (very tired, long day) -
what I MEANT to say below is that I’m ‘bored’ with indicators, NOT candle formations etc (studying the latter as I write this!)
I beleive Nick’s method relies on momentum, that’s why the S/R lines and such are drawn off the 4H charts. Momentum in a sense is like the trend (unless I’ve been misreading things- still new :$) and thus going with the trend or waiting for that trend to reverse is how he trades.
