Drain The Banks - Manual/Newbies Question

[ShawnC]

Hi. Can someone help me with "Drain the Banks" I have uploaded ver. 7 and noticed when looking at the one hour chart when a semafor forms I should be looking at a 15 min chart. In doing so, I notice the long/short triggers usually change according to price. Is this because the candle bar hasn't closed yet?

Should I only take long/short trades based on the bias? I read the small set of instructions but I am still confused.

RumpledOne and fellow traders who use this can you help me out and give me some input please. Is there a PDF Manual for this?

Thanks!

Shawn[color=#] [/color] [font=Arial] [/font]

[TheRumpledOne]

Shawn:

The indicator gives you a trade message in the gauge on the right side of the chart.

Most of the time, it tells you to "WAIT".

If price is breaking out of support or resistance, it tells you that, and you trade with the price action.

If price is reversing and it is safe to reverse, the indicator tells you "OK TO BUY" or "OK TO SHORT".

[ShawnC]

Avery,

I didn't notice that before. All I saw was at the top with the long/short triggers. Of course, as price moved up/down "new" triggers were formed. I take it that is what "training wheels on" is for? When to "wait" "short/long?' I was doing this on a demo acct and made 5 pips on one trade and lost on the second as price moved away and made a new trigger. Also, should you only trade in the direction of the bias?

[TheRumpledOne]

Triggers are posted on the top left for people who don't like the gauge.

Yes, the triggers change as price makes new support/resistance levels.

Training wheels mode only gives the highest probability trading signals. You will wait a lot when this is on.

Yes, trading in the direction of the H1 bias is usually profitable. When H1 and D1 are the same, it's even more profitable. Trading against the bias is riskier than trading with the bias.