2009.09.10 DRAIN THE BANKS - LIKE A RAT

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MightyOne
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Postby MightyOne » Thu Mar 11, 2010 7:08 pm

Pro Trader wrote:MightyOne where can I find that custom candle indicator?


It is called Blubbb_CustomCandle.mq4

http://kreslik.com/forums/viewtopic.php?t=1885&start=0

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Postby Pro Trader » Fri Mar 12, 2010 6:32 am

EU Long

W1 is up so only trade long

Price is within 20 pips of Daily Low

White rectangle shows previous support
Blue rectangle shows price breaking that support
Red candle close
Green candle close (above H1)
Long at high of green candle

Entry price is shown using TRO's Rat PLot indicator

Image

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Postby Pro Trader » Fri Mar 12, 2010 6:35 am

Thanks for that MO

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TheRumpledOne
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Postby TheRumpledOne » Fri Mar 12, 2010 12:09 pm

Image

OPPORTUNITY... ClLo < 20

Let's clear things up:

1) To trade like a RAT is to ALWAYS trade in ONE DIRECTION - either LONG or SHORT. Once you pick a "team", you can't switch.

2) The "within 20 pips of the daily high/low" is the BEST possible entry to get the maximum run BUT the RAT REVERSAL entry works ANYWHERE on the chart.

3) The TRAINING WHEELS only signals LONG trades ABOVE the weekly open and SHORT trades BELOW the weekly above. This bias keeps beginning traders, as well as experienced traders, out of trouble.
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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Postby TheRumpledOne » Fri Mar 12, 2010 1:07 pm

Image

RESULT.

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.

"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."
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby Brookmyre » Mon Mar 15, 2010 3:56 am

Hey Brendan

Its calculated from the open of the candle. So price could be lower than it was, but still up from the open of the current candle, making it green...if that makes sense... :)
I've learned from my mistakes and I'm sure I can repeat them exactly - Peter Cook

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Postby Pro Trader » Mon Mar 15, 2010 6:43 am

EU Long

W1 is up so only trade long

Price is within 20 pips of Daily Low

White rectangle shows previous support
Blue rectangle shows price breaking that support
Red candle close
Green candle close (above H1)
Long at high of green candle (shown by yellow line)

Took a few pips

Image

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Postby Pro Trader » Mon Mar 15, 2010 6:54 am

EJ Short

W1 is down so only trade short

Price is within 20 pips of Daily High

White rectangle shows previous resistance
Blue rectangle shows price breaking that resistance
Green candle close
Red candle close (below H1)
Short at low of red candle (shown by yellow line)

Took a few pips

Image

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TheRumpledOne
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Postby TheRumpledOne » Mon Mar 15, 2010 1:04 pm

Image

OPPORTUNITY... ClLo < 20

Let's clear things up:

1) To trade like a RAT is to ALWAYS trade in ONE DIRECTION - either LONG or SHORT. Once you pick a "team", you can't switch.

2) The "within 20 pips of the daily high/low" is the BEST possible entry to get the maximum run BUT the RAT REVERSAL entry works ANYWHERE on the chart.

3) The TRAINING WHEELS only signals LONG trades ABOVE the weekly open and SHORT trades BELOW the weekly above. This bias keeps beginning traders, as well as experienced traders, out of trouble.
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.

pp2
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Postby pp2 » Mon Mar 15, 2010 2:47 pm

Pro Trader wrote:EU Long

W1 is up so only trade long

Price is within 20 pips of Daily Low

White rectangle shows previous support
Blue rectangle shows price breaking that support
Red candle close
Green candle close (above H1)
Long at high of green candle

Entry price is shown using TRO's Rat PLot indicator

Image


Your recent charts are great Pro Trader.

Can I ask what you mean by 'Above/Below H1' in your musings?

Also, how many opportunities/pips you are getting using this method on a daily basis?

Thanks PP

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