2009.09.10 DRAIN THE BANKS - LIKE A RAT

[TheRumpledOne]

"The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."

[wkestler]

Somebody help me with this issue. I am using the TRO_RANGE_GAUGE for one pair but the Cl-Lo number is differente for each timeframe. For example when i set it on M5 the ClLo is 2 pips but for D1 is 25.

How it has to be set up for every timeframe? Thanks for your help.

[TheRumpledOne]

TRO_RANGE_GAUGE has an input myPeriod.

When myPeriod = 0, TRO_RANGE_GAUGE use the chart period.

If you want daily, then set myPeriod = 1440. There are 1440 minutes in a day.

[FXDownunder]

What helped me was to try to take 2 or 3 pips to begin with, then i could see that a 2% (10 total pips) gain could be grabbed in an hour or so. Then when I had this down I began to see when I could hold for more, based on PA alone.

Also I saw that 5 minutes can be a very long time

Cheers
G

I realize I still have over 100pages to read, but this particular comment stood out for me (among many others) as one point I was going to make myself.

Avery has mentioned many many a time to stick with one pair one direction. Although I am not yet praticing this methodology, in my own trading, and back to being relevant to the quote at hand, if you observe the charts long enough, you will very much begin to notice that certain pairs exhibit certain behaviors.

The newbie chases way too many pairs at once and fails to pick up on this very important factor to trading FX.

For simple break out strategies, have you noticed how the pound and cad take off with very few times of retesting the previous level within which they were contained.

Or just how erratic the cad is....it'll race one way like a bat out of he'll, and like a mad dog at the end of it's leashed, be pulled back the other way.

It is VERY well wortth your while to limit yourself to few pairs/strAtegies, and as Avery points put, trading direction.

This alone is a winning formula. Because under this much limitation, if you still can't pick up trading, then maybe trading isn't for you.

[TheRumpledOne]

1) Price within 20 pips of the daily low - that is OPPORTUNITY

[TheRumpledOne]

1) Price within 20 pips of the daily low - that is OPPORTUNITY

2) Red candle closes

3) Green candle closes - note the high price of the green candle.

4) Enter long at the green candle's high price

5) STOP LOSS IS 10 PIPS

6) Take whatever profit you can.

7) If the rules do not mention it, then it is of no concern.


"The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."

[TygerKrane]

Interesting:

http://www.forexfactory.com/showthread.php?t=245149

I've been reading that one, that's a great thread TRO

I think this is great too, you name was mentioned

http://www.traderslaboratory.com/forums ... -8296.html

starting to believe myself

From the first post of that thread, the BEST part is when he said

...But all of that aside - I think hes legit and is making serious money. I mean the guy got his group of disciples to meet in Monaco for the F1 grand prix this year....

[font=Andalus]"got his group of disciples"[/font]




TRO, you gave yourself the wrong avatar icon, should be more like this maybe:

[The_Snowman]

Yes, since some Broker asking 10-20pips away from current price to set Buystop/Sell stop Oder, if the current price nears rat trigger & we are forced to set Market Order------>most of the time will be a losing trade.


PS. Is there any Tools to set Pending Order inside Broker spread (10-20pips away from current price) ?

Thanks

there are some brokers out there (eg GoMarkets) that allow mt4 pending orders at any price.

For quick trades as this style can be, check this website out, I am using on demo for now and it is awesome.

1 click to place trade, take profit and stop loss at the same time - only way to go! .......... and every other way you can think of to control the trade; an absolute must for those that just cannot use their STOPS

http://myfx.com.au/


*** Now can someone please tell me how to navigate back to page 90 so I can continue reading from there? The links only show the first 3 and last 3 pages, CRIKEY !!

[The_Snowman]

What helped me was to try to take 2 or 3 pips to begin with[/B], then i could see that a 2% (10 total pips) gain could be grabbed in an hour or so. Then when I had this down I began to see when I could hold for more, based on PA alone.

Also I saw that 5 minutes can be a very long time

Cheers
G

I realize I still have over 100 pages to read, but this particular comment stood out for me (among many others) as one point I was going to make myself.

Avery has mentioned many many a time to stick with one pair one direction. Although I am not yet praticing this methodology, in my own trading, and back to being relevant to the quote at hand, if you observe the charts long enough, you will very much begin to notice that certain pairs exhibit certain behaviors.

The newbie chases way too many pairs at once and fails to pick up on this very important factor to trading FX.

For simple break out strategies, have you noticed how the pound and cad take off with very few times of retesting the previous level within which they were contained.

Or just how erratic the cad is....it'll race one way like a bat out of he'll, and like a mad dog at the end of it's leashed, be pulled back the other way.

It is VERY well wortth your while to limit yourself to few pairs/strAtegies, and as Avery points put, trading direction.

This alone is a winning formula. Because under this much limitation, if you still can't pick up trading, then maybe trading isn't for you.

---------------> and it is called "PUTTING" like making a short PUTT in golf. I have heard that Phil Mickelson will setup and actually make 100, 5 foot PUTTS in a row. This must give him tremendous confidence when under the gun during a tournament, no need to think about it, just make the PUTT.

And traders should do the same, make lots of quick trades, gain confidence, learn how the pair moves, take longer putts.

I found this great software, works on Metatrader, http://myfx.com.au/ allows setting of Stop Loss, Take Profit before clicking into the trade, awesome stuff and very handy in quick moving markets or for people having a hard to time actually triggering a stop.

[ForexChick]

I'm a green rat and these are my results for today: