2009.03.17 TRO - NEVER LOSE AGAIN!!

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BlowFish
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Postby BlowFish » Thu Mar 19, 2009 8:58 am

TheRumpledOne wrote:Price moved against me, so I entered a second time.

Price moved against me again, so I entered a third time.

Price moved my way and I exited with a profit.


I have to warn people against this unless they know exactly what they are doing. Exactly what they are doing, particularly in determining position size to achieve an acceptable RoR (risk of ruin). Doubling down, averaging down...whatever you want to call it needs a much larger account (or much smaller trade size) than more traditional approaches to money management. Having said that I rather like these sorts of approach providing it is an extremely high probability set up.

Having got the warning out of the way might I ask if the third position goes against you do you stop out?

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TheRumpledOne
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Postby TheRumpledOne » Thu Mar 19, 2009 2:21 pm

Perhaps, you missed this:



6) What's the STOP LOSS? The stop loss is your maximum allowed loss per trade based on your money management.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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TheRumpledOne
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Postby TheRumpledOne » Thu Mar 19, 2009 2:25 pm

Why not on M5 charts and why it is suicide?
It's more or less clear, why not to scalp on M1, but
M5 was extensively used previously.

=============================

Because the triggers crossed on M1 and M5.

The long trigger was above the short trigger.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby BlowFish » Thu Mar 19, 2009 2:57 pm

Perhaps, you missed this:

Indeed I did.

Do you limit the number of 'swings' you take to 3 or do you add more providing your account size and risk tolerance allows it?

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Postby TheRumpledOne » Thu Mar 19, 2009 3:36 pm

4) Only ONE TRADE PER M15 CANDLE. If price goes against you, just wait.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby BlowFish » Thu Mar 19, 2009 4:10 pm

Ahh gotcha, that makes much more sense ....probablly something else I missed <blush>.

Thanks.

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Postby vladv » Thu Mar 19, 2009 4:25 pm

I think because of the increased market noise on smaller than 30-15 minutes charts.....

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Postby TheRumpledOne » Thu Mar 19, 2009 8:43 pm

NOISE?

Is a 1 tick chart noise? If you think so, you're wrong!

A 1 tick chart is the ONLY real chart. Every other chart is conceptual.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby PTG » Fri Mar 20, 2009 1:15 am

3) When price touches the trigger you enter. DON'T THINK, JUST ACT!

Enter which direction ?

What is "price moved against me" ?

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Postby pierre23 » Fri Mar 20, 2009 1:29 am

If you see a 1, 2 or 3 with the semafor at the BOTTOM of a candle on the H1 chart, switch to your 15min and enter LONG at the lower trigger line (light blue dotted line). Vise versa for a short trade - you see a 1/2/3 ABOVE a candle on the H1, on 15min enter short at the upper trigger line (purple dotted line).

"price moved against me" eg. I have a long position and price is going against me; it's moving downward.

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