Quoting TakisdDislikedI have a friend using his mentoring, and is apparently in loss last 2 months...Controlled, but still not good for a currency nerdIgnored
Just my two cents worth....
5 Tricks of Trend Trading, by Rob Booker 25 replies
Rob Booker 16 replies
Rob Booker 23 replies
Mr Spock. on Trading, by Rob Booker 2 replies
Quoting TakisdDislikedI have a friend using his mentoring, and is apparently in loss last 2 months...Controlled, but still not good for a currency nerdIgnored
Quoting philmcgrewDislikedRob,
Can you update us on how your NFP system performed today and how we would manage the position for the rest of the month?Ignored
Quoting robbookerDislikedFirst of all, the 'system' is preliminary (which is why I wanted to reward someone to be able to share improvements -- and to restate what I've been saying -- the developer of the improvements owns the improvements, gets the money, and shares the basics with everyone, but might sell the advanced version or something like that). So my thoughts about this so far are based on a lot of research, but I am still not comfortable that it is all the way done.Ignored
Quoting robbookerDislikedSecond, based on what I have completed, here are my thoughts:
1. Today's move lower starts us thinking about short trades. But before I'm willing to say I'm confident about a short trade, I'll need to see the GBP/USD flatten out (which it will often do after a big NFP day of moving) over the next 12-24 trading hours. We're specifically looking for a traditional flag-type pattern for those of you who like price patterns and are familiar with S/R.
2. If the pair, after that 12-24 hour consolidation period, breaks through the obvious consolidiation lower, then it triggers a short trade with a stop back as far as 1.9450 or even higher (I'll update with exact numbers as this plays out in the next couple of days). The profit target? 300 pips has been an average so far, but I'd be willing to trail the move with a 75 pip stop and see if there is more to be had. I'd want to at least protect 150-200 pips. .Ignored
Quoting robbookerDisliked3. With all that said, the alternate version of trading the report that I have, which is described (basically) in the ebook, would have taken a short trade at 1.9303 this morning, at the close of the first 15 min candle after the report. The pair fell as low as approximately 1.9270. Traders who trade that system have the option of taking 30-40 pips and getting out and staying out, or keeping a wide stop as described above and holding on for those 300-500 pips. I haven't finished enough research to say that holding for the huge move is going to work out, but the data is looking pretty good so far.Ignored
Quoting robbookerDislikedOnce again, it's important for me to emphasize that I did the NFP research to spark interest in longer term trading from the report, and de-emphasize shorter term trading that has become more and more risky over the past 24 months.
So to wrap up that point, I did not write the ebook or do the research to present a complete system that is going to produce a trade every month -- but rather to encourage and reward longer term, more patient analysis. That said, I did have some preliminary conclusions and am happy to share how it all plays out here and in my blog simulanteously.Ignored
Quoting robbookerDislikedMy secondary goal was to take any interest that is sparked in longer term trading and encourage people to build their own systems using the data that I provided. Whether they enter the contest or not is not as big of a deal. But for those that do enter the contest, I'm hoping to give them money, they get the credit, and they can launch a site or provide an email address where people can contact them to get details -- I am not planning on posting, owning, selling, or even teaching that system. I'll direct interested people to the place where they can get the basics on the system that won.Ignored