hello guys,
Can anyone tell me was it good to Short there?
2009.09.10 DRAIN THE BANKS - LIKE A RAT
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Very unprofitable day today. 3 red rat trades in the red rat zone. +4 potential pips on 1 trade, the other 2 never went green, took -30 for -6%. Ouch. Red rat zone during London open has not been kind the last couple weeks.
[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-06-30.png[/left]
[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-06-30.png[/left]
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I managed to rally back to slightly positive for the day. Took this one in the green rat zone for 31 pips, 2/3's of the pips were as price was making a new daily low. This setup has been the most profitable for me. Strong move down, 1-3 green bars of weak bounce followed by a red bar and entry. Time to get ready for work.
[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-06-30-cable.png[/left]
[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-06-30-cable.png[/left]
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Re: We all lose sometimes
cosmoe1 wrote:
Here is a trade I lost on tonite.
But what you can see is, price was still within 20 pips of the low.
So I went long again and more than made up for what I lost in the first trade.
So as you can see sometimes you just have to stick with it.
If you trade more than 3 times in a row on the same pair when the price is within 20 pips of the low, and lose all 3 times you are doing something wrong, or the price is just making new lows, and there is nothing you can do but wait for the next good set up.
Cosmoe1
Cosmoe1, I am also a green rat. Is there any specific reason why you (and in fact, most of people who post rat trades here) trade on 5m and not 15m?
tfg
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Re: We all lose sometimes
tfg wrote:
Cosmoe1, I am also a green rat. Is there any specific reason why you (and in fact, most of people who post rat trades here) trade on 5m and not 15m?
tfg
I think this is becuase Tro has shown Rat trades on the 5 minute period.
Question is why do you trade off 15m and not 5m like the rest and the majority of Tro's charts?
Good luck.
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Re: We all lose sometimes
maestro007 wrote:tfg wrote:
Cosmoe1, I am also a green rat. Is there any specific reason why you (and in fact, most of people who post rat trades here) trade on 5m and not 15m?
tfg
I think this is becuase Tro has shown Rat trades on the 5 minute period.
Question is why do you trade off 15m and not 5m like the rest and the majority of Tro's charts?
Good luck.
Thanks, maestro007. The reason is that I also trade outside the "within 20 pips of daily low". Using 5m seems to generate too many unprofitable triggers (that result in loss) for that purpose.
However, I am always open to learn and change.
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I think that if trading out of the daily top/bottom using 15 mins is not the best filter in my opinion.
I am having have had similar problems to you and others regarding taking rat trades.
Conclusion I have come to, is that it is my emotions that get the better of me once I am in the trade.
I can look at a historic chart and see all the good and bad trades I could have been in and generally would have been profitable if I was able to let profits run.
However once I start trading live, everything goes to pot, and I start throwing money away chasing the market. This week I have had a VERY good idea where the market was heading and from what points... However instead of banking 200+ pips, I have banked -20+ pips. lol.
My point is that it is emotions and over trading that is more then likely causing you problems with your rat trades. As it is for me.
What colour rat are you by the way?
Mae
I am having have had similar problems to you and others regarding taking rat trades.
Conclusion I have come to, is that it is my emotions that get the better of me once I am in the trade.
I can look at a historic chart and see all the good and bad trades I could have been in and generally would have been profitable if I was able to let profits run.
However once I start trading live, everything goes to pot, and I start throwing money away chasing the market. This week I have had a VERY good idea where the market was heading and from what points... However instead of banking 200+ pips, I have banked -20+ pips. lol.
My point is that it is emotions and over trading that is more then likely causing you problems with your rat trades. As it is for me.
What colour rat are you by the way?
Mae
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