What do you think of this forex school JF lennon?

Beginner Questions
22

Attended Mr Wong’s JWT and Bootcamp.Mr Wong’s JWT was working fine until june 2012.After which I chose to attend his bootcamp in July thinking that the bootcamp is able to fine tune my trading skills.
After attending the bootcamp we are asked to join the BPT class and Advance Bootcamp which will cost and another 5k plus.
Due to my family and work commitments,I didn’t commit myself to the BPT Class and Advance Bootcamp.
The basic bootcamp I attended didn’t help me to improve either.
I went to backtest 2 years of data and to my surprise it was almost a 50/50 strategy.
I was sadden and dishearten.
I stop trading totally.
Lately I went to Mr Wong’s fanpage and saw the same handful of people posting TPs

Mr Wong always advocate “JFL LEAVES NO MEN BEHIND”
Basically these group of people are posting thank you for Mr Wong’s trade calls?
I wonder who these people are?Students or friends of Mr Wong?
Look through the lists of people thanking Mr Wong are the same handful of people and a few of them are staff of JF Lennon.
Mr Wong always say he has thousands of students but it is always that handful of people thanking him.
Those thank you posts are really shady.
Just my 2 cents worth.

23

Yes, it is true that the general success of any Forex trader is outlined only when we see his overall performance and not just his performance on a single account as that could be misleading :frowning:

24

In general I am not a big fan of forex schools. I do recommend newbies to take advantage of a free forex course in order to learn the basics. I know you usually get what you pay for, but there are some excellent sources where you can get it for free. Baby Pips is one of them, several brokers offer free courses so I would stick to the good free courses for newbies and not fall for any marketing tricks by forex schools, they are worthless.

25

Had tried to search the comment of their courses from a local forum named “Forexdna”, and found quite a number of the students are complaining the course is useless and overpriced…some has posted its strategies in this forum and the backtest result (see below)… heard student is paying min. $5000 to learn this, I have no idea how great is this simple stuffs and no idea if it would work in long run, as market is changing all the times

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Try out these strategies and you will see lose more than win (or at best 50% TP) since june 2012 till feb 2013.

2012 Monthly results

Jun 1%
Jul -7%
Aug -19%
Sep 15%
Oct -15%
Nov -10%
Dec 0%

2013 Monthly results

Jan 20%
Feb -30%

Total -40% returns from jun 2012 till feb 2013 with 5% risk per trade.

26

Hard to believe there are people who are willing to spend 5K to learn this simple strategy??? I don’t see any thing great of it? I feel the free educational course from babypips is far much better than this.
Strategy 1 is just a simple moving average startegy, I m sure it will suffer consecutive losses during the ranging period or false breakout!!!

2nd one is just a reversal strategy, and what makes the coach choose 30 pips??? I guess it is just pattern finding from the historical chart to make him chose 30 pips but it doesn’t mean it will work in the future , I don’t see any significant advantage of using RSI overbought/oversold, or Bollinger Band 2 to 3 deviation to trade reversal.

27

The strategy has been updated since quite some time ago. But it wasnt working as well. Go do your backtest and see if you believe that it works. Saving you some $5000. QuantQQ i’ll being using your format but updating the gradients, i hope you dont mind. :slight_smile:

YOU ARE WELCOME PEOPLE!!!

<Strategy 1>.

Timing on 10mins candlestick chart
indicators - SMA 10 red colour, SMA 60 yellow color

  1. it looks for crossing of the 2 sma lines. if red cuts towards above buy signal. if red cuts towards below is a sell signal.
  2. wait for the 2nd candle from the crossing of the sma lines to be fully formed.
  3. if buy, measure from the sma crossing to the high of the 2nd candle. if sell, measure from the sma crossing to the low of the 2nd candle.
  4. the measurement height must be between 20 to 40 pips to be a valid trade.
  5. once valid, wait for subsequent candles (3rd and beyond) to reach the high of the 2nd candle (to buy) or low of the 2nd candle (to sell). that is know as the entry price (EP)
  6. From the EP, set TP and SL, both at 30 pips from the EP. (Consistent the same for all students.)

if subsequent candles (ie.e 3rd candle onwards) do not reach the high (buy) or low (sell) of the 2nd candle, and moves away by more than 40 pips, the pending trade is cancelled.

<Second strategy is price acion based>

Timing on same 10mins chart
no indicators.

  1. the strategy waits for 7 to 10 consecutive candles of the same kind (bull or bear) with no doji. there must be an opposite colour candlestick before and after the 7 to 10 consecutive candles. again, these cannot be dojis.
  2. once we have 7 to 10 candles (called the flush, no dojis can be in the flush) of the same colour (bulls or bears), trade in the opposite direction.
    (eg. bull flush do a sell. bear flush do a buy)
  3. the flush height must be at least 50 pips or higher. (No maxmimum)
  4. Trade in the opposite direction of the flush. TP at 50% of the flush height. SL at 100% of the flush height.
28

Had tried to search the comment of their courses from a local forum named “Forexdna”, and found quite a number of the students are complaining the course is useless and overpriced…some has posted its strategies in this forum and the backtest result (see below)… heard student is paying min. $5000 to learn this, I have no idea how great is this simple stuffs and no idea if it would work in long run, as market is changing all the times

<Strategy 1>.

Timing on 15mins candlestick chart
indicators - SMA 8 red colour, SMA 40 yellow color

  1. it looks for crossing of the 2 sma lines. if red cuts towards above buy signal. if red cuts towards below is a sell signal.
  2. wait for the 2nd candle from the crossing of the sma lines to be fully formed.
  3. if buy, measure from the sma crossing to the high of the 5th candle. if sell, measure from the sma crossing to the low of the 2nd candle.
  4. the measurement height must be between 10 to 20 pips to be a valid trade.
  5. once valid, wait for subsequent candles (5th and beyond) to reach the high of the 4th candle (to buy) or low of the 4th candle (to sell). that is know as the entry price (EP)
  6. From the EP, set TP and SL, both at 20 pips from the EP. (Consistent the same for all students.)

if subsequent candles (ie.e 5th candle onwards) do not reach the high (buy) or low (sell) of the 4th candle, and moves away by more than 50 pips, the pending trade is cancelled.

<Second strategy is price acion based>

Timing on 15mins chart
no indicators.

  1. the strategy waits for 4 to 9 consecutive candles of the same kind (bull or bear) with no doji. there must be an opposite colour candlestick before and after the 4 to 9 consecutive candles. again, these cannot be dojis.
  2. once we have 4 to 9 candles (called the flush, no dojis can be in the flush) of the same colour (bulls or bears), trade in the opposite direction.
    (eg. bull flush do a sell. bear flush do a buy)
  3. the flush height must be at least 30 pips or higher. (No maxmimum)
  4. Trade in the opposite direction of the flush. TP at 80% of the flush height. SL at 100% of the flush height.

Try out these strategies and you will see lose more than win (or at best 50% TP) since june 2012 till feb 2013.

2012 Monthly results

Jun 1%
Jul -7%
Aug -19%
Sep 15%
Oct -15%
Nov -10%
Dec 0%

2013 Monthly results

Jan 20%
Feb -30%

Total -40% returns from jun 2012 till feb 2013 with 5% risk per trade.

29

Ehh… I also attended the JWT course from JF Lennon but how come my numbers difference from yours ah?
The SMA Red and Yellow lines are not 5 and 20 leh… he said 4 and 30 for my course. Then using those numbers backtest my results also different from you. hmm… funny sia.

The RF also he say got some funny rules to it one. At least 30 pips but once it is above 60 pips you have to look at 5 to 7 candlesticks instead, not 4 - 6… i guess if 5 candlesticks then is the same la hor ^^ haha. Then every 30 pips increment of the flush height you have to take 1 extra candlestick… so if it’s 90 pip flush but only 4 candlesticks then it’s not traded or something like that.

How come go same course got different things one hah? Which one correct? I attended my JWT last year July though…
Anybody can clarify?

30

JF Lennon first strategy is call the “JWT”

Chart timing - 15mins chart (candlestick)
Use indicators - SMA 24 (red colour), SMA 18 (yellow color)

  1. it looks for crossing of the 2 sma lines. if red cuts towards above buy signal. if red cuts towards below is a sell signal.
  2. wait for the 9th candle from the crossing of the sma lines to be fully formed.
  3. if buy, measure from the sma crossing to the high of the 9th candle. if sell, measure from the sma crossing to the low of the 9th candle.
  4. the measurement height must be between 5 to 20 pips to be a valid trade.
  5. once valid, wait for subsequent candles (9th candle and beyond) to reach the high of the 9th candle (to buy) or low of the 9th candle (to sell). that is know as the entry price (EP)
  6. From the EP, set TP and SL, both at 20 pips from the EP. (Consistent the same for all students.)

if subsequent candles (ie 9th candle onwards) do not reach the high (buy) or low (sell) of the 1st candle, and moves away by more than 50 pips, the pending trade is cancelled.

Second strategy is called the “royal flush” (RF).

Chart timing - 15mins chart (candlestick)
no us of indicators.

  1. the strategy waits for 14 to 15 consecutive candles of the same kind (bull or bear) with no doji. there must be an opposite colour candlestick before and after the 14 to 15 consecutive candles. again, these cannot be dojis.
  2. once there are 14 to 15 candles (called the flush, no dojis in the flush) of the same colour (bulls or bears), trade in the opposite direction.
    (eg. bull flush do a sell. bear flush do a buy)
  3. the flush height must be at least 50 pips or higher. (No maxmimum)
  4. Trade in the opposite direction of the flush. Do take profit at 80% of the flush height. Stop loss at 100% of the flush height.

Try out these strategies and you will see lose more than win (or at best 50% TP) since june 2012 till feb 2013.

31

JF Lennon must be doing some marketing gimmicks to lure public in with the fake strategies. Good marketing stunt for people to check out JF Lennon.

There won’t be anyone so silly to post strategies online, there must be a motive behind it. BE CAREFUL people, this might be some tricks up the sleeves.

32

I believe that these should be the most updated strategy:

JF Lennon first strategy is call the “JWT”

Chart timing - 5mins chart (candlestick)
Use indicators - SMA 50 (red colour), SMA 75 (yellow color)

  1. it looks for crossing of the 2 sma lines. if red cuts towards above buy signal. if red cuts towards below is a sell signal.
  2. wait for the 3rd candle from the crossing of the sma lines to be fully formed.
  3. Measure from the sma crossing to the close of the 3rd candle, regardless of buy or sell setup
  4. the measurement height must be between 15 to 25 pips to be a valid trade.
  5. once valid, make an immediate entry. that is know as the entry price (EP)
  6. From the EP, set TP and SL, both at 30 pips from the EP. (Consistent the same for all students.)

Second strategy is called the “royal flush” (RF).

Chart timing - 5mins chart (candlestick)
no use of indicators.

  1. the strategy waits for 2 to 8 consecutive candles of the same kind (bull or bear). Dojis are allowed. there must be an opposite colour candlestick before and after the 2 to 8 consecutive candles.
  2. once there are 2 to 8 candles (called the flush, no dojis in the flush) of the same colour (bulls or bears), trade in the opposite direction.
    (eg. bull flush do a sell. bear flush do a buy)
  3. the flush height must be between 34 pips to 147 pips.
  4. Trade in the opposite direction of the flush. Do take profit at 40% of the flush height. Stop loss at 20% of the flush height.
33

Nicholaslim, I also recently attended the JF Lennon class and your post is the correct strategy that they teach. Don’t know why so many people post different things. I think maybe got many versions. Maybe you from the same batch I am so we have the latest one. Have you started live liao? I am going open live account soon. Maybe we can become trading buddy.

The other people i think misinformed on the strategy. You can DM me, looks like you pay most attention in class.

So far i try on demo i make a lot leh. Even the Non Farm last week eat a lot of pips. Swee! Did you make also on the non-farm? There’s this other website i also try their strategy…make money also. Here i share the strategy to you(cause i think cannot post link here, if not kena kick) :

Time Frame 5min
Currency pairs: majors.

Setup:
Forex Indicators:
10 EMA, 50 EMA;
Bollinger Bands (20, 2);
Parabolic Sar (default);
MACD Histogram (9, 12, 26, Close, );
Relative Strength Index (14);
Slow Stochastic (5,3,3, Exponential).

trading the breakout is to enter a trade when the price
‘breaks out’ of a tight range, because often it tends to keep moving in the
same direction. We use our Bollinger Bands on our charts to spot this trading
opportunity.
In the above example, EUR/USD 5 min chart, notice how the Bollinger Bands
tighten and squeeze together. When this happens you know that there is a
Breakout coming. As soon as the exchange rate line (brown), breaks out of
the outside Bollinger Bands, it signals your entry buy/sell. In this case if you
bought EUR/USD at 1.1815 and Closed your position at 1.1840 , you could
have made a fast 25 pip profit.
Notice the confirming indicators: The exchange rate line (brown) is above
the EMA 10 (red), the middle BB line (green) and the EMA 50 blue. The
Parabolic SAR dots are on the bottom.
The MACD Histogram is above 0 signaling upward momentum. The RSI is
above 50 signaling upward momentum, and the Slow Stochastic blue line is
above the red line signaling bullish momentum.Here is an example of EUR/USD 5 minute breakout SELL. You could have sold the EUR/USD at 1.1440 and closed your position at 1.1390 for a 50 pip profit.
Notice the confirming indicators: The exchange rate line is below the EMA
10 (red), the middle BB line (green) and the EMA 50 blue. The Parabolic
SAR dots are on the top.
The MACD Histogram is below 0 signaling downward momentum. The RSI
is below 50 signaling downward momentum, and the Slow Stochastic blue
line is below the red line signaling bearish momentum.

Ok Nicholaslim, if you ready to become buddy in trading let me know. trading alone boring sometimes. DM me!

34

If you are able to come to this website, you have the access of one of the best FREE forex educational resources online already, no point to spend 5000K for a quick FX trading course or pay to join Bootcamp…You won’t be a successful trader in this way. You will only make the coach successful because you are paying a very expensive course fee to learn something which is almost available for free in this forum.

Also, if a course needs to update the strategy from batch to batch, what does this telling you??? It is not a reliable strategy, when those old batch of students traded with the old strategy and lose money, the coach goes to twist the parameters of the MA period Or whatever candle patterns (last month 5 candles … this month 6 candles… the how about next month? next next month?..etc ) , then doing a backtest (always after the fact) and claims the strategy is working again. But what if those studenst using the old one to trade and lose money? they looked silly of spending so much money to become a white mouse ? and when the new parameters that seems to work at backtest but may fail again anytime in the “future”. A broken clock is accurated twice a day, will you buy it???

Learn from babypips, test on demo , save the course fee to fund your live account.

35

tradingism, Let me tell you the truth, it doesn’t better of what is the MA period number he picks , trades will still kill by whipswap at different trading period. Same for the second trading strategy based on candlestick"

Just take a look of the USDJPY chart last night (9th May 2013, 20:00GMT) , it finally broke the “option barrier” @ price 100 , this is what capped the price stayed below 100 in the past 2 weeks .If you don’t know what is option barrier, just google it. If you drag 2 different moving lines on this USDJPY chart, so long the two MA period are not very different, you will realise MANY settings can capture this breakout in fact. No need to spend five thousand dollars to attend a forex course to realise this .

So, what is this telling us??? it is just highlighting to us, the moving average cross just captured this breakout by chance, and the real move is due to the reasons below

<There were a number of catalysts for the break above the elusive 100 level>

  1. Hawkish shift in Fed expectations following better US jobless claims
  2. Hawkish comments from Plosser added to expectations of Fed “tapering QE”
  3. Talk in market that Japanese were heavy buyers of US Treasury 30-year auction -> Sell Yen to exchnage of dollar to buy T-bill.
  4. Large USD/JPY stops order above 100.00 and 100.50 added to upward momentum.

There are many technical indicators or candle patterns can capture the price movement regardless of upward or downward movement, but none of them can tell if there is sufficient order flow to drive the price to move further to strike your TP, all this is by “luck” and “wish”. It is not a proven strategy for live trading, it is better check out how many percentage of total Ex-students can make money consistently

36

Yes, I agree. No successful trader will post his/her strategy online for other to view.

37

You two are absolutely right. Also no one will sell you a successful trading strategy at 5K through a course or bootcamp either!

It is not a good idea of listening to the school marketer to pay the expensive course fee by interest free credit card installment too. You are in fact loaning the full amount of the course fee from the bank in advance to pay to the school. The school will receive the full amount of the course from the bank immediately . In any event, either the school shut down or the coach runs away. You will have to return this loan to the bank no matter how. The bank willing to offer a free interest rate installment is simply because some debtors will not be able to pay back the installment or the min.payment on time by probability, at that time, the bank can charge this group of people a very high interest rate, say 24%.

39

Did anyone notice that the so called “royal flush” strategy looks like a monkey reading of Tom Demark ?

ie : waiting for a TD sequential 9 (exhaustation) then profit at 38.2

If it was so simple …

40

Thank You Bro,
this is a very useful info to help those naive dreamer !!!

41

So, after learning everything and moving forward, why not form a small independent trading club and sit together to trade?

42

anyone care to share with me the pass for the trading journal? i’m quite curious what’s inside. :8: