Hey Guys,
What a crazy week. I hope everybody made pips on G/Y I had 3 winners and 1 loser I explain them all in the video below. Comment on this post and let me know how you did.
Podcast: Play in new window | Download
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210 pips – 30 pips This Weeks Trades
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{ 24 comments… read them below or add one }
Nick, I had these scalp lines on my chart, why because I read your ebook and watched your course… this is a site which teaches… not spoon feeds which is what makes it so great
cheers keep up the good work
Nice Vid.
Nick, I know it is write somewhere, but what times do you trade during?
Cheers
Hi Nick,
I also had these scalp lines on my chart but didn’t take them all since they were too close to each other. In the past you preffered not to take the upper one even if they were more than 40 pips a part as in the case of the 2 first scalp lines. What is your rule of thumb? I took the 147.18 and 146.65 because it was more than 50 pips a part from the next level.
Second and I’m sure I know the answer but just to make sure, do you always trade till 17:00 London time even so it’s ovelapping with NY session? I do, but just to make sure as I said.
Thanks
Forgot to mention that I use your old 50 pips target that’s is why I’m looking for only more than 50 pips between two scalp levels.
Hi Nick,
enjoyed the video and learning some serious knowledge here.Keep up with the good work many thanks.
regards
JB
It was an awesome week for sure. I do have difficulty believing that you are sharing so much for free! The information is clear, usable and “profitable”. Thank you for your generosity.
I can’t watch this right now or else I’ll be reminded of how I got out of the GBP short early and missed out on about 150 pips.
I have to say Nick had already prepared us for this scalp breaks.Its so unlucky most of us missed out because of not actively watching the pair & the luck of having alerts,preferably sms mobile alerts.
GFT broker is probably the solution but lot of initial investment is required.With $200 investment on GFT equivalent to only 20 pips,doesn’t sound sense to a newbie. Nick its it possible to get this service on forex4noobs & charge monthly or annual subscription.Am sure this site traffic will hit record high.
Up 300 pips this week & up another 250 pips last week!!! You freaking genius you!! That’s over 100% ROI in 2 weeks!!
Thanks Nick,
and………….what kind of people dare tell you to update the analysis every single day?? Come on guys, Nick has already done too much for us, give him a break and be thankful for the FREE e-book and the FREE weekly analysis……….the rest learn yourself. Oh, dear …do not be cheeky.
If your interested in monetizing the site you could have people subscribe to the additional signals that occur during the week. Then instead of being called lazy and having unreasonable demands made on you, you can turn around and call them a bunch of cheap bastards. I love your stuff Nick, just understand in this world there are takers and you can never give enough to them. Best thing to give them is the boot to the bum. I missed the psych leve which also had two bounces. Note to self mark the psyh level in color. Thanks again for the unique hands on learning you provide.
yep, im with you nick, got out with 230 pips profit :)
hope everyone took advantage of all those pips yesterday, first day of trading made about 180 pips!!! thanx nick
I have a question for you Nick.
As far as i know from reading on your site you blew a couple of accounts before ‘making it’ with your third account. I believe you now trade a very large account after trading it for a few years.
As far as i can see for anyone starting with less than 5k you would have to trade quite aggressively in order to have a chance at building a large account in that time period.
I doubt you risked 1% on each trade in the beginning… Is that correct?
Thanks
hey Nick,
a couple of things ….
1. people shouldnt trade if they dont have common sense – if you were to update your “weekly” analysis daily then would it not in fact be a “daily” analysis?
2. nice trades, I myself had a bit of an experimental week so my pip count wasnt great but I still scraped out 200 pips or so.
3. the trading session times aside, why would you enter another short after a 200+ pip move? Admittedly I dont pay close attention to GBP/JPY but EUR/JPY rarely goes that far without a bounce at an S/R level.
Cheers,
PS
Hi As usual great information, unfortunately im trading a demo account again after blowing my live account with some bad mistakes and unlucky trades, but hey its a learning curve!!!..
One person did say something interesting above, that you might want to concider, and that was the msg alerts, might be a good spinner for you to host something like that and charge for it to send mobile texts, for learner traders like us to take you up on your offer!!!….. got to be worth looking in to.
Thanks again, hopefully new account in the new year.!!
Hi Nick,
Just wonder about the trades you entered from the video. As far i know your Scalp line target is 80pips. From the video, i saw that the 1st Scalp line quite near to the 2nd Scalp line(about +/- 40 pips apart). You entered and took around 80pips profit. My question is when the candle broke the 2nd Scalp line, you enter another trade or you entered it after closed the 1st trade?
Well overall that were great trades for this week.
Thanks!
Nick you are so funny while talking “in that special” way on the video :D but I really don’t blame you; if I was in your place I was going to pull my hair I guess.
In fact, the lines were so visible and whom ever have read the e-book will be able to detect them!!
Thanks again for the great stuff, keep it up.
Cheers,
Strategy for exiting unprofitable trades: instead of setting a stop loss set an alarm at your stop loss. When stop loss is trigered set a limit order to sell at entry point or below entry point to close trade at break even or a small profit.
Looking at the entry of your last short that resulted in -30 pips you could’ve closed it at break even with a limit order since the price later retraced below your entry point compensating for the spread cost of your entry point.
Just my opinion. Great week on GBP/JPY either way.
Twitter: forex4noobs
January 25, 2010 at 2:24 am
@Desmond:
I entered a separate trade when the second scalp line was triggered. I treated each scalp line as a separate trade. I should note that this is not exactly the best way to trade as any scalp line can act as an area of support + resistance. However, if you monitor closely and keep an eye out for reversals from the next scalp line you can trade them.
Twitter: forex4noobs
January 25, 2010 at 2:27 am
@Juicyt:
I trade London and Asian session I do not trade the NY session. However, I have learned this needs some clarification as some people got confused. The NY session obviously starts towards the end of the London session. I trade the whole London session including the part that lapses into the NY session. However as soon as London closes I do not open a new trade.
Twitter: forex4noobs
January 25, 2010 at 2:31 am
@Robshan:
To be honest man I just hadn’t taken proper trades for so long (since November) that I got carried away. I know I shouldn’t have since I am a full time traders. However, at the end of the day I am only human so I messed up. I let myself get carried away on the high of catching an awesome streak.
Everybody screws up sometimes.
Twitter: forex4noobs
January 25, 2010 at 2:35 am
@Ran:
Yes I trade until 17:00 and I agree in the past I use to shy away from lines that are too closely packed together. However, with 80 pip stops its not worth doing that. Imaging you had a line every 60 pips for a 1000 pip range up and down. That means you could take the whole month off since GY is likely not to move 1000 pips.
My trading is evolving so yeh some of the former stuff is definitely out the window. However if a line is within 20-30 pips of another I would just pick the lowest for a short or the highest for a long.
Twitter: forex4noobs
January 25, 2010 at 2:36 am
@Max:
No I risked more when I started but officially I started trading my method (The NickB method) with $40k in my account. So my risk per trades was always about 2%-3%