Iron Butterfly Model with stops only win 50% of the time and win big!


#20

Drew,

Here is the offset information:

As far as how late in the day to set these up it really depends on the day because of there is a lot of news you can set them up pretty late like at 9 or ten but if there is no news there is no real implied volatility and the only other way to get the IV is with a lot of time between your strike time and exp so looking for them later when there is no news you will never find them you may however may be able to do these on the 20 min ones that DM has been teaching or some other shorter term one, my reason for doing the longer term ones is i dont have alot of time right now to trade all day and some days i dont feel like sitting in front of my computer all day LAZY;) also I like the idea of making money while I sleep! or golf or fish:cool:


#21

excellent video. I will definitely try to implement this.


#22

Could you tell me how you get the magnet levels on your charts. Thank you very much on sharing this strategy and the videos.


#23

Magnet Video


#24

thank you very much


#25

If anyone wants to see proof that stops are effective AND should be used when doing IBFS see this post for my weekly results - http://apexinvesting.net/forum/butterflies-218/creekcourses-iron-butter-weekly-results-tracking-2607.html#.VKP6hPldW0I


#26

This is fantastic, but if you could monitor the trade say for instance in the morning I set my cell alarm for 2 or 3pm for a 4:15 exp. I’m at work and login mobile then I could just close it for even more profit potential? :cool: I just checked on my smartphone and I’m able to access the scanner and it seems to work ok, however the red help buttons will be irritating unless you have a tablet or huge phone. Thanks, Robert


#27

Daytrade,

Im not sure I understand what you are asking but I will make some suggestions and have some questions:

What is you reason for doing the IBF over that time period? is it because of one of my videos or because your schedule, its fine, you can trade it, I do all the time but if you have time say from like 6pm to 11pm there is a much better opportunity there like on USDCAD - USDCHF - GBPUSD if you want to learn more about it let me know. If you look at my results most of my recent trades have been on these pairs.

If you are doing IBF’s w/stops you don’t want to be logging into mobile as you will kill all your stops because when you go log in mobile the Nadex you have open on you desk top will log off and therefore terminate your stops.

Get teamviewer and remotely control your computer.

Best, -atrader2


#28

It was because I just watched your video, but after further review of your posts I see your doing shorter times and during the day, I was thinking of doing some before i went to sleep like the 11pm to 7am ones? Yes i forgot about that logging me off! Thanks!


#29

Robert,

I have done that 11-7 trade on USDCAD and USDCHF and its ok but you run a risk on that trade and that is you will be sleeping when it triggers and you wont get a stop on unless you somehow have a notification that can wake you up so you can get a stop on, if you don’t get the stop on you run the risk of having the price go past your strikes and not returning and I have had it happen and that’s too big of a loss so I would avoid this period of trading unless you will be getting stops on.

If you can get the 6pm 3am trades going there’s less volatility at this time versus the 11-7 and you will be awake for a good portion of it so you can get stops on if the legs trigger, now I will say on the 11-7 if you get both sides on before you go to sleep then by all mean do it and get the stops on but I don’t like setting the triggers, like i said i have tested this and some worked out but I also go burned too and you want to keep those losses small!

If you are going to be doing the USDCAD 11-7 or the USDCHF 11- 7 your gonna want at least 60 pip spread 30 up 30 down!!


#30

Thanks so much!!!


#31

atrader2,

I am NEW to IBF’s and I watched Darrell’s intro video on the Binary Essentials menu (Binary Butterfly Course - seemed a bit old) and also your short video on page one of this thread. I am interested for a couple of reasons…not sure any are valid, hoping you could help me with that.

I work 815-5pm CST so I basically dont have time to trade til about 6-10PM CST. I have been testing and playing with the TC3Tick Trend Catcher system and it works great…if theres enough volume at night, like around medium news etc. But I am finding there are many nights where bars are taking WAY over 3 minutes to form and a clean trend trade is not available on the 5min bins A/U or the U/J.

Questions:

  1. With my trading hours…would IBF’s work for me and also work on the 5 mins bins? Can I use this strategy on them or does it not work well on 5 mins bins? If not, then what do you suggest I do when there are quiet nights with no movement?

  2. In your video, what template are you using? Or are you not using a template? Also I didnt see your followup video on the outcomes of that trade. Did I just miss it? Also, if IBF’s dont work with 5 mins bins, could you help me with doing setups at that time that expire ITM the next day on the instruments you trade or something along those lines? Also, I dont have any experience with any other instruments other than the 5 min bins (the four pairs). Ive never traded indices before and dont know how they work or what news I need to watch for etc. All my experience is in forex and forex news.

If anything you suggest requires the Elite membership, it wont work for me whereas I am on the Essentials plan.

Sorry for the insane amount of questions…just wanting another “club in the bag” as Darrell says it when I have flat markets at night (6-10pm CST) to be able to make money on.

Thanks, Justin217


#32

[quote=justin217]atrader2,

I am NEW to IBF’s and I watched Darrell’s intro video on the Binary Essentials menu (Binary Butterfly Course - seemed a bit old) and also your short video on page one of this thread. I am interested for a couple of reasons…not sure any are valid, hoping you could help me with that.

I work 815-5pm CST so I basically dont have time to trade til about 6-10PM CST. I have been testing and playing with the TC3Tick Trend Catcher system and it works great…if theres enough volume at night, like around medium news etc. But I am finding there are many nights where bars are taking WAY over 3 minutes to form and a clean trend trade is not available on the 5min bins A/U or the U/J.

Questions:

  1. With my trading hours…would IBF’s work for me and also work on the 5 mins bins? Can I use this strategy on them or does it not work well on 5 mins bins? If not, then what do you suggest I do when there are quiet nights with no movement?

  2. In your video, what template are you using? Or are you not using a template? Also I didnt see your followup video on the outcomes of that trade. Did I just miss it? Also, if IBF’s dont work with 5 mins bins, could you help me with doing setups at that time that expire ITM the next day on the instruments you trade or something along those lines? Also, I dont have any experience with any other instruments other than the 5 min bins (the four pairs). Ive never traded indices before and dont know how they work or what news I need to watch for etc. All my experience is in forex and forex news.

If anything you suggest requires the Elite membership, it wont work for me whereas I am on the Essentials plan.

Sorry for the insane amount of questions…just wanting another “club in the bag” as Darrell says it when I have flat markets at night (6-10pm CST) to be able to make money on.

Thanks, Justin217[/quote]

Justin,

With your trading schedule BF’s could work for you. As far as on the 5 minutes. Well thats a whole nother bag of worms. I find that the strikes arent wide enough to make it a comfortable trade for me to do on the 5’s. Or the pricing is never correct. But you are welco e to try it out.

You can do BF’s on any Instrument that is range bound. I trade them on Forex pairs all the time. Just look through this sub forum and you can see all kinds of examples. Creek and I have posted plenty of examples. The best thing to do is jump in the pit and start trying to find some of these setups yourself. Post a marked up chart of what you found and ask questions. Get feedback.

Grim


#33

Ok I am at a bit of a loss here. Grim/atrader2, could either of you show me what template i need to be using or chart setups and parameters? I see you examples of trades to take on instruments but I dont see anything re how to setup these charts from scratch. Thanks.


#34

Watch this “http://apexinvesting.net/forum/traders-helping-traders-tht-356/tht-nadex-iron-butterflies-rich-12-13-2014-a-2588.html#.VP4QmfnF_ts” video. atrader2 goes into those things.


#35

Are you also doin g iron. Butterflies on 2h ex,piration tim.e on. Forex, pair in evening. I am looking for the fin e details of rules (Entry time, b est expiration, time , etc…) Darell v ideo is not explicit on this topic


#36

I have same feelings as Justin. There is a big gap for a new comer not familair with apex tool environment. Even if a watch the suggested videos, it is still hard to implement the exact Rich protocol.

Lets do a better job at defining the rules:

EXPECTED RANGE: What are the guideline here? what is too narrow spread? what is the lower limit of an acceptable wide range?

MAGNET LEVELS? How do we set this levels? Do we set it manually (subjective)?

DEVIATION LEVEL: I am not sure where the deviation level should be compared to expected range in an ideal world and also waht would be not acceptable and acceptable?

I appreciate your time and efforts

Drzed


#37

Apex does not teach the “atrader2” protocol. So that is why the gap exist in training. You are free to search top right the magnifying glass atrader2 and butterfly to see what all content he may have provided.

This post is nearly a year old that your replying to Justin on and it is not made by Apex so why you would expect us to have a course on it when its not a course we make is a bit confusing? You should not expect us to make a course step by step on every idea someone post in the forum?

We actually teach you to focus on Iron Condors. I have done a number of videos on these. You will rarely see me teach on butterflies as Condors are so much better.

Expected range is an indicator it shows how far the market is expected to move

Magnet levels - go to study style volume and there are webinars on how to learn to do magnets. I teach you this skill.

Deviation level would be more important when its near a range or on a daily basis

If you want a step by step learn the izone sharp shooter system: https://forum.apexinvesting.com/t/izone-sharpshooter-set-up-and-rules/4415


#38

When you choose something that’s close to expiry, your strikes are way too close. I don’t even like the 2-hour contracts for iron butterflies. It’s too easy to get stopped out on both sides. I’m doing my demo trades on the NQ. I can usually get strikes about 56 or more pips apart (75/25). If you get stopped out on one, the odds are very slim for you to get stopped out on the other side.


#39

My Iron Butterflies are on daily contracts, so I can get super wide strikes. I want to make sure that if I get stopped out on one side, I’m still in profit when the other side expires. That’s the plan. :slight_smile: