Isn't the hourly, weekly, and daily bias short?
I think we've covered this already. I also think TRO will have to cut and paste stuff again. :p
2009.09.10 DRAIN THE BANKS - LIKE A RAT
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- TheRumpledOne
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Price within 20 pips of the daily low (ClLo <= 20) - that is OPPORTUNITY
Current price - current daily low is less than 20 pips.
<-------------------------------------------------------------------->
ALL YOU NEED TO KNOW ABOUT TRADING
* Price either goes up or down.
* No one knows what will happen next.
* Keep losses small and let winners run.
* POSITION SIZE = RISK / STOP LOSS
* The reason you entered has no bearing on the outcome of your trade.
* You can control the size of your loss (skill) but you can't control the size of your win (luck).
* You need to know when to pick up your chips and cash them in.
Expectancy = (Probability of Win * Average Win) - (Probability of Loss * Average Loss)
You can not control the probabilities of wining or losing.
You can not control your average win size.
The only part of the equation of the equation that you can control is your average loss size.
<-------------------------------------------------------------------->
PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
Please do NOT PM me with trading or coding questions, post them in a thread.
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- TheRumpledOne
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paupau wrote:Can anyone tell me why I shouldn't have taken this trade?
What color was H1, D1 and W1 at entry time?
Just because the trade was a "loser" doesn't mean you should not have taken it!!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
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Rat Swimming
Okay, think I got it right today at least (demoing)
Following W1,D1 and H1
Entry wasn't brilliant but got some pips.
Rob
Following W1,D1 and H1
Entry wasn't brilliant but got some pips.
Rob
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- TheRumpledOne
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========================= ====================
The important part is to enter WITHIN 20 pips of the daily low. The RAT REVERSAL is only one entry method.
<-------------------------------------------------------------------->
Choose Your Advice Carefully
Since your mind is your most valuable asset and your most valuable lever, you need to be careful what you put in it. Sometimes it is even more difficult to get rid of thoughts and ideas that are already in your mind than it is to learn something new - Pg 119 WHY WE WANT YOU TO BE RICH
F - Follow
O - One
C - Course
U - Until
S - Successful
- Pg 110 WHY WE WANT YOU TO BE RICH
If the rat is beating you, you are the reason why.
<-------------------------------------------------------------------->
"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."
=============================================
PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
Please do NOT PM me with trading or coding questions, post them in a thread.
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- TheRumpledOne
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Thanks MO,
You are right about exits. Most people concentrate on entries... But they losing because they don't know when close the trade... And take the profit
I used to trade PA with BO entering after retest good strategy and very simple
You are right about exits. Most people concentrate on entries... But they losing because they don't know when close the trade... And take the profit
I used to trade PA with BO entering after retest good strategy and very simple
"It is stupid to fight a battle that you cannot win, and you cannot win unless you have properly planned for it". - Sun Tzu, The Art of War
- paupau
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Thanks for all the replies.
I've checked the trade again, and it was my own mistake.
I took the trade too fast without checking all colors of H1, D1, W1.
And as DodgeV83 said, it's not enough separation, it was just about to happen.
These are my trading rules:
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 (+ spread)
5 STOP LOSS IS 10 PIPS (Including Spread)
6 Take whatever profit you can.
7 If the rules do not mention it, then it is of no concern
8 Maximum Risk = 2% of Account Balance
9 ONE trade per H1 candle. This restriction will cause you to choose carefully
I'll have to add the rules to watch the color of H1, D1 & W1.
I normally check the H1 color, sometimes for D1 & only occassionally for W1.
The reason is because if when W1 is red, I almost can't do any trades for the week.
And the last previous trades have been ok, so I think I got carried away without looking any other TF.
I've checked the trade again, and it was my own mistake.
I took the trade too fast without checking all colors of H1, D1, W1.
And as DodgeV83 said, it's not enough separation, it was just about to happen.
These are my trading rules:
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 (+ spread)
5 STOP LOSS IS 10 PIPS (Including Spread)
6 Take whatever profit you can.
7 If the rules do not mention it, then it is of no concern
8 Maximum Risk = 2% of Account Balance
9 ONE trade per H1 candle. This restriction will cause you to choose carefully
I'll have to add the rules to watch the color of H1, D1 & W1.
I normally check the H1 color, sometimes for D1 & only occassionally for W1.
The reason is because if when W1 is red, I almost can't do any trades for the week.
And the last previous trades have been ok, so I think I got carried away without looking any other TF.
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