Consistent Forex Trades

I am looking at Consistent Forex Trades from Roger Elliot, a forex service that costs £99 per month + vat (thanks Mark, I have an email from Roger that he is looking in to this issue further). First of all what this isn’t is a signal service, but more on that in a moment, nor is it a trade copying service.

My first impressions are extremely positive. I like the complete lack of hype and hyperbole, and Rogers very open statements of what it is he is offering. There is plenty of information to read and plenty of help available from Roger. I am quite excited as this looks a very interesting and promising service.

There are 13 different instruments {8 forex and 5 equities} Roger supplies weekly price reaction trading levels of interest for, one set per instrument because the levels that are calculated are the strongest available for the week ahead so there no need for back-up levels, he only issues the levels that have the most likelihood of a reaction within the trading week.

There are three different methods of trading the same advised levels: set and forget, pull back and direction.

Set and forget

This is the least popular method based on Rogers levels. Here, once a week before the market opens (normally a Sunday for the UK) you set up pending orders based on the advised entry-level, stop loss and target. At 1 PM on a Friday afternoon you cancel any pending orders that have not become activated. Trades that are ‘live’ are left open to either reach their target or get stopped out. From first impressions the stops are quite wide, averaging 100 pips, as level calculations are based on the much safer, reliable and consistent weekly fundamental, technical and market analysis. So it’s a good level away from day trading and scalping etc.

Because set and forget is mechanical and, barring small differences in prices across the different brokers, and therefore the trades that I take and their results should be the same for you and me. So whilst set and forget is the least popular it is the easiest for me in terms of reporting.

However, there are two types of set and forget! One is exactly as the term implies; set your trades on Sunday, cancel on Friday if not activated, leave open to run its course if ‘live’, rinse and repeat. The second uses Rogers Twitter service and clients updates page which can suggest changes to the trades as the hours progress; for example Roger may suggest that you might want to consider moving a stop to reduce risk or to lock in some profits.

Therefore I will report on both managed and unmanaged set and forget trades.

Pull backs

By far the most popular way of using Rogers levels is pull back trades because they potentially offer the greatest risk to reward ratio and greatest chance of success, my trial of this service will discover if this is the case or not. However you do need some basic experience in trading Forex and/or equities. Rogers’s levels are based on weekly movements calculated from data and analysis from larger time frames plus multi technical and market analysis.

My initial look at how to use these levels suggest to me that knowing how to trade price action when one of the pullback reaction levels is reached is a successful skill required in order to trade pull backs. Therefore because my strategy is fairly unique to me, even though it is based on solid rules, it is unlikely that you will get exactly the same trades that I will because Roger clearly states that it’s important you trade your way. The 4hr chart works hand-in hand with trading weekly levels but it appears he has as many that use the 4hr as does the 1hr so a reaction on a 4hr chart and your entry is going to be different to a reaction on a 1hr chart and the entry.

Roger emphasises on many occasions the importance of developing a simple and clear chart strategy in conjunction with his trading levels to identify a ‘reaction’, the key to this whole method is to identify a ‘reaction’ at the pullback level. There are many helpful and explanatory screenshots available to peruse. Even so, as pullbacks are probably the best way to use Rogers levels I will report on these trades as well to give at least some indication of what is possible.

Direction

Direction trades are to some extent very simple. As the market opens, for me this is 10 PM Sunday, you place a trade based on Rogers advised direction providing certain criteria are met. These criteria are spelled out on the website and again there are PDFs and screenshots to help you on your way. The skill required for direction trades is to determine a sensible stop loss and here again will be a source of divergence between the results I report and the results you may achieve. However I do feel it is important to cover these trades as well so that a fully rounded opinion on the service can be formed at the end of the trial. It is expected that we will have only a handful of direction trades during the reporting period. There is one popular method of trading direction, I’ll call it the ‘+30’ method that can be used for trading the forex direction trades only and screenshots are on the site explaining this.

As usual for me, I will report once per week sometime after markets close on Friday and markets opening on Sunday evening. I will be using the Cash Master standard £10 per Pip as a basis for the report but also I will look at reporting using a more realistic bank and approach to risk. I use a Spread Betting broker.

I do want to give myself a little time to get to grips with the levels and to form my trading plan. I am a wee bit wary about jumping in but I am also aware that I need to get the blog started. So with the expectation that I will make a few mistakes along the way, in other words entering a trade before the reaction is known, I will look to get started this coming Monday the 25^th. Where I report a trade that is obviously an error on my part I will comment on this in my weekly report.

Finally, Roger has pointed out to me, it is displayed on several pages on the website and he mentions it often during his daily updates that it’s so important for you ‘the trader’ to begin the journey of trust once you take a 28 day trial. The whole philosophy behind the service to an extent is for you to not have to be concerned, stressed, confused or even be bothered with having to work out where the strongest, most accurate, reliable and consistent forex and equity weekly price reaction trading levels are going to be within the next 5 trading days. This is what Roger does so that you can get on with the business of trading from a clear chart. I shall keep you updated on progress……or not.

You can try Consistent Forex Trades here:

https://www.cash-master.com/ConsistentForexTrades.php