2009.04.15 DRAIN THE BANKS - REV 006

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manchild
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Postby manchild » Wed May 20, 2009 3:26 am

TRO, i apologize for disrupting the flow, but I was just trying to get some information. I will delete my 2 previous posts that were aimed at noone22. Thing is that during my trading prior to this post I only used sup/res & Fibs, and therefore have never used mt4 nor mql code. Also, I am far from a programmer. I am trying to upload the codes onto mt4 using MetaEditor, but to no avail. I am getting stuck after I click to add a custom indicator and it ask me for the "parameters". I am not sure how to load them onto the small space provided (it doesn't appear that copy and pasting the code will work). If someone could give me a tip on how to do so, w/o insulting me, then I would greatly appreciate it. I am sure that I have a lot to learn on this forum, but I also know quite a bit about trading and may be able to contribute to this forum as well. Thanks in advance to anyone who can help me out.

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manchild
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Postby manchild » Wed May 20, 2009 4:53 am

figured it out...thanks...

Demonyca_ro
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Postby Demonyca_ro » Wed May 20, 2009 9:40 am

Hi,
I just wanted to ask a question re the below chart
Image

I had the trigger at 148.65 on GBP/JPY and I was waiting for the M15 candle with the 1 sema on it to close but the following candle opened above the trigger, went back down and then proceeded to rise. I didn't enter because the candle was black. The chart now shows that I should have entered because price went up...

My question is should I always enter even in such a situation?

Oh, and one more question. When you trade breakouts what trigger do you use to enter? Horizontal lines or the trigger that would otherwise signal the reverse trade?
Thanks a lot.
Anne

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TheRumpledOne
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Postby TheRumpledOne » Wed May 20, 2009 4:44 pm

If you can SEE that price did NOT make a lower low and it going UP, then you can enter at the long trigger.

Breakouts - enter at resistance + 1 pip or support - 1 pip.

Remember.. this is trading... ANYTHING CAN HAPPEN!
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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noone22
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Postby noone22 » Thu May 21, 2009 12:30 am

TheRumpledOne wrote:If you can SEE that price did NOT make a lower low and it going UP, then you can enter at the long trigger


Why one cannot enter long,
when price did make a lower low
and is going up?

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TheRumpledOne
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Postby TheRumpledOne » Thu May 21, 2009 3:47 am

It is against the rules to trade a reversal on a breakout candle.

That is a HIGH RISK TRADE.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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noone22
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Postby noone22 » Thu May 21, 2009 12:38 pm

TheRumpledOne wrote:It is against the rules to trade a reversal on a breakout candle


It was I, who was desperately asking you 4 times about
the rules for DTB system.
In your rules posted
http://kreslik.com/forums/viewtopic.php ... c&start=10
(and other places)
there is no abovementioned rule.
Where I could see full set of rules, please?

Aslo, why this candle is called breakout candle,
in my understanding - it is actually reversal candle
(lower low and price is going up)?

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TheRumpledOne
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Postby TheRumpledOne » Thu May 21, 2009 3:38 pm

noone22:

This is TRADING - THERE ARE NO RULES!!

You make your own rules. The indicator has the rules built it. Just do what it tells you to do. Most of the time, it will say "WAIT". That's because that is the best thing to do - wait for the best possible time to enter. If you only get one entry signal per session, but it is profitable, is that a problem?

When a candle make a new support or resistance level, that's a breakout candle. Trading the reversal during that candle is usually hazardous to your portfolio.

Most traders, especially me, have itchy trigger fingers and we want to get in there and take some pips. But it is usually detrimental to trade reversals on breakout candles. That's why the indicator does NOT say "OK TO BUY or SELL" on reversal candles.

You, and most traders, have been fooled into thinking there must be rules for these systems. And when there are NOT rules, you demand rules.

But you have to understand PRICE DOESN'T CARE ABOUT RULES!

1) The reason you enter a trade DOES NOT MATTER

2) Once you enter a trade, all that matters is PRICE.

3) TP and SL must make sense or you will lose in the long run.

TRADING IS A NUMBERS GAME.

What you hope for is to have a system that has a STATISTICAL EDGE, that you can exploit repeatedly. If you have one, then all you have to do is execute flawlessly. There is nothing to think about. You will win some and lose some. So long as you stick to your exits, especially SL, then you'll win. Otherwise, you lose.

Read my DRAIN THE BANKS - CASINO STYLE thread. Perhaps, that will help.
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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noone22
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Postby noone22 » Thu May 21, 2009 11:49 pm

TRO
Thank you!
I know, where to look and what to learn now.

And I admit, that I do know a little
(but want to know lot more) -
this is the main reason for my dummy questions.

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TheRumpledOne
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Postby TheRumpledOne » Fri May 22, 2009 12:34 am

Please feel free to ask questions.

All we ask is that you make an effort to find the answer BEFORE you ask your question. HINT: google search.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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