I’ve been following the charts with his methods but looking at multiple systems makes it harder for me to make a trade on every one.
I dont know if you know about it but, I do follow Nick’s website and blog which has first hand trades that he makes with his system. There a live chatroom there too which I’ve joined when he was in doing some analysis so it’s worth a look if you want to see what he’s doing with it currently.
This thread seem to be dead. :eek:
Is someone still trading with this system? Because as time passed, many of traders -members- are now successful in forex:rolleyes:
So what about this method? Still making profits or failed as some others?
Thank you for your replies. Yes, I thought that the system must fail or the traders find their path if the thread ends, but was not sure what happened with this one.
I would like to invite you to the new thread(im working on it right now) “System reviews” in Newbie island section.
Thank you
Greetings:
I’m enjoying the parts of NickB’s method regarding trading reversals of a previous trend that had momentum. However, I’d like to get into learning more about the method. He uses constant and scalp lines. However, I’m having a difficult time really drawing the scalp lines and seeing them on the charts.
I was wondering if anyone might want to explain this in more detail and perhaps show some charts where you pick them out? I’ve read NickB’s ebook, but he shows scalp lines on charts with only 10 candles or so. I need help seeing the big picture and picking scalp lines out.
Thanks for helpin a noob out in advance!
MattW2009 is right about threads dying because of system hopping. A lot of people are looking for the Holy Grail, and when they find out a system isn’t it they move on. After years of success this method had a bad few months last year and most everyone bailed on it. Plus I went back to school and stopped posting on the forums on a regular basis. Since I was the one answering most of the questions here that helped it die off.
The method itself, in my opinion, is sound. Like Matt said, check out forex4noobs.com if you want current info on it. Everything you need to know is in this thread, but Nick has some updated stuff on his site that might be helpful.
Another great and informative thread!
Book marked.
Looks to me this method is is or like price analysis .
Shows that keeping things simple is best and rewarding.
System doesn’t work.
System doesnt work?? Lol
System works just fine,
Just to clear a few things up. The word ‘system’ indicates that the strategy is based on a strict set of rules. I do not trade a system. I trade a [B]method[/B]. A [B]method[/B] is adaptable and changes with the market.
My [B]method[/B] works fine. This is simply because my [B]method[/B] is a collection of price action based principles. If the [B]method[/B] is traded correctly it always makes a profit.
It is true that late 2009 to early 2010 my [B]method[/B] hit a bit of a rough patch. This was not because the price action principles stopped working. It was primarily related to the change in financial markets as caused by the fallout of the financial crisis. When something like this happens, I need to adapt my [B]method[/B] to fit current market conditions. However, at the time I was concentrating on non-Forex related business ventures so I did not have much time for trading or my blog.
In the second, third and fourth quarters of the year, my [B]method[/B] did very well. In fact, I have given myself a two and a half month holiday this year. I made so many pips that I am taking November 1st - January 14th off from trading and relaxing.
Check out my meetpips profile it shows all my trades from the 24th September to November 1. It would show more data, but I only started keeping records on Meetpips from September 24th.
If I get a chance I will come back to this thread and show you how well the method works in the new year. Otherwise feel free to follow me in Meetpips and see.
Hi, there!
I have read NickB Method old version. I have a few questions about. Can anybody help me with?
I didn’t understand a little bit Chapter 4: “Trading Line Breaks”. “…I also expect to see at the very least 6 candles, and a 100 pip move between breaks. If there is not 6 candles between the first and second break, or the break of the first did not move at least 150 pips from the line, I will not trade the second”. Well, it’s OK!
Exactly paragraph “Previous Breaks”. May be there is a mistake, or my poor English. I can’t understand about pips. 100 or 150? Better, if you will see at the picture for next: "Let’s imagine for a moment that the fourth break was only the second break. I still would not have traded it. Yes it did move 100 pips away, and there are at least 6 candles in-between breaks, but I would not have traded it because the 6 candles are too close to the line. I am looking for the candles to clear the line, stay around at least 100 pips away from it for at least 6 candles, and then come back."
Two last sentences! But as for my opinion 100 pips away any case will be too close to the line!
Sorry for my English. I’m not young Rissian man. I’m newcomer to Forex.
Thank you!
Can I submit this to the Best Forex System of the Month contest? I like it for its simplicity. If it wins, Robopip will backtest!
Hi phil838
I read only your first post (#1) and I want know if after 5 years what are the results (return)?
Now you trade only one pair like in 2009?
Thanks.
Luchian Valeriu/Romania
I’ve just read this and followed a few of the posts through before I went onto my charts to check it out. Probably, using the phrase ‘back testing’ is a little grand for what I did but it does seem to work.
Can it really be that simple?
As a pretty unsuccessful newbie so far, I shall certainly give this a go and see how it can fit in with my own trading plan
Phil
Thanks Phil,
I’ve just spent the last two hours reading Nick B’s method and find it is clearly written and succinctly stated.
I’m new to Forex trading … very,very new, … however, one thing that is very apparent is that we are not dealing with machines, but with human emotions and belief systems. Nick B simple points out the graphical outcomes of people’s reactions to events, speeches and historical price action. So, being able to ‘read’ the ‘signs’ directly from the chart, eliminates the need to watch what the indicators are reflecting. I guess indicators are just like watching a football game and then having the commentator tell you exactly what you have just seen … just incase you didn’t understand!!
It makes sense to me … and instead of people bemoaning that the PDF is 42 pages in length (well less if you ignore the chapter headers), I, and now doubt many others who want to become good traders, would welcome as much information as possible from those who have been around the ‘traps’ for a few years.
Best wishes,
Steve Holder,
New Zealand
Is there an updated version of the PDF, or the one on the first page still is the golden source?
I think Nick is using 8 hour charts now,you can check his website,I wont put a link as i’m not sure if that is frowned on.
Here is another old thread with a similar approach that you might like to read,though I think Phil838 has long gone now
http://forums.babypips.com/free-forex-trading-systems/25839-my-basic-chart-analysis-method.html
This is a real bare bones system. Just because there are no indicators doesn’t mean it’s good.
There is no exit strategy… I would add a 14 period ATR to determine market sentiment and use that for an exit strategy.
Also, maybe use Fibonacci lines for the prospective exit.
Hi Guys
I want to make sure of a few things quickly please if anyone would assist?
When I have a line and the 4hr candle closes above that line, when do i go long or short? Do I need to wait for the 2nd candle to close above or below the line also or if the first candle broke above or under can i open a trade then?
I have read the book even though only at glance.
And the guy looks professional for giving such a comprehensive tutorial like that for a free eBook strategy.
So is 70% successful rate using only simplified method of his like simple pending order and 50 tp or the full method of him like scalp line and other considerations like in his eBook ?