2009.09.10 DRAIN THE BANKS - LIKE A RAT

[TheRumpledOne]

RESULT

[TheRumpledOne]

RESULT

[TheRumpledOne]

OPPORTUNITY...

[jaysen]

Here's my rat reversal trade attempt.


Here's what i have to look out:

Range of entire day so far = 108 (D1 Range Gauge <Range>)
Low of day so far = 1.4028 (D1 Range Gauge <Low>)
Current price action = Within 20 pips of low range
Range of past 24 days = 133.55 (D1 Range Gauge Avg(24))

Rationale for entry :
1. Daily Range is nearing Avg(24) - Possible setup for reversal or it could still trend lower
2. Based on TRO's statistics, price have a certain probability of re-bouncing from the daily low/high

Trade Entry :
Entry at 1.40428 - Potential profit at first high (first circle)
Price moved downwards and tried to retest low
Didn't make a new low
Price moved up
Entry at 1.40469
Price was slow and ranged for the new few candles
Exited at 1.40461 and 1.40476 for a little profit
Price exploded thereafter

Need to work on my profit taking strategy and psychology. Any tips anyone?

Thanks to TRO for coming up with this system!

[MightyOne]

Here's my rat reversal trade attempt.


Here's what i have to look out:

Range of entire day so far = 108 (D1 Range Gauge <Range>)
Low of day so far = 1.4028 (D1 Range Gauge <Low>)
Current price action = Within 20 pips of low range
Range of past 24 days = 133.55 (D1 Range Gauge Avg(24))

Rationale for entry :
1. Daily Range is nearing Avg(24) - Possible setup for reversal or it could still trend lower
2. Based on TRO's statistics, price have a certain probability of re-bouncing from the daily low/high

Trade Entry :
Entry at 1.40428 - Potential profit at first high (first circle)
Price moved downwards and tried to retest low
Didn't make a new low
Price moved up
Entry at 1.40469
Price was slow and ranged for the new few candles
Exited at 1.40461 and 1.40476 for a little profit
Price exploded thereafter

Need to work on my profit taking strategy and psychology. Any tips anyone?

Thanks to TRO for coming up with this system!

This is how I currently look at the Rat Trade:

[MightyOne]

See what i mean:

[TheRumpledOne]

What does BB mean on your chart, MightOne?

[MightyOne]

What does BB mean on your chart, MightOne?

Bullish/Bearish

or

Bearish/Bullish

aka

Rat Trade Setup

[IN-XS]

Loving those pics MightyOne! Thanks for the help with all these explanations. And I wanna say a big thank you to you too Tro.

[adaseb]