2009.09.10 DRAIN THE BANKS - LIKE A RAT

free & uncensored discussion arena for TheRumpledOne

Moderator: moderators

flex
rank: 50+ posts
rank: 50+ posts
Posts: 64
Joined: Sun Jan 03, 2010 12:57 am
Reputation: 0
Gender: Male

Postby flex » Fri Apr 30, 2010 2:32 pm

i need a new broker. alpari only lets me place limit and stop orders at least 4 pips away from the market. that makes rat trading a bit difficult. this also means i can only move the stoploss to 1 pip in profit when i'm already up 5 pips.
but since i'm demoing this is no real problem. i'll try mbtrading next week.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

flex
rank: 50+ posts
rank: 50+ posts
Posts: 64
Joined: Sun Jan 03, 2010 12:57 am
Reputation: 0
Gender: Male

Postby flex » Sat May 01, 2010 8:52 pm

tro, do you "use" any knowledge of support/resistance/zlines/mightyzones when you decide to exit a trade? i mean, do you look at candles prior to your entry point?

flex
rank: 50+ posts
rank: 50+ posts
Posts: 64
Joined: Sun Jan 03, 2010 12:57 am
Reputation: 0
Gender: Male

Postby flex » Mon May 03, 2010 2:37 pm

Image

looks better, but... i get "wiggled" out a lot! and the commissions using mbt turned the small profit into overall loss.

advice?

User avatar
TheRumpledOne
rank: 10000+ posts
rank: 10000+ posts
Posts: 11405
Joined: Sun May 14, 2006 9:31 pm
Reputation: 45
Location: Oregon
Real name: Avery T. Horton, Jr.
Gender: None specified
Contact:

Postby TheRumpledOne » Mon May 03, 2010 2:37 pm

Image

DRAIN THE BANKS - LIKE A RAT

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."


GREEN RAT REVERSAL - LONG ENTRY CRITERIA: 1) RED CANDLE CLOSES 2) GREEN CANDLE CLOSES 3) PRICE TOUCHES HIGH OF PREVIOUS GREEN CANDLE - ENTER LONG. STOP LOSS IS ALWAYS 10 PIPS.


RED RAT REVERSAL - SHORT ENTRY CRITERIA: 1) GREEN CANDLE CLOSES 2) RED CANDLE CLOSES 3) PRICE TOUCHES LOW OF PREVIOUS RED CANDLE - ENTER SHORT. STOP LOSS IS ALWAYS 10 PIPS.
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.

User avatar
TheRumpledOne
rank: 10000+ posts
rank: 10000+ posts
Posts: 11405
Joined: Sun May 14, 2006 9:31 pm
Reputation: 45
Location: Oregon
Real name: Avery T. Horton, Jr.
Gender: None specified
Contact:

Postby TheRumpledOne » Mon May 03, 2010 2:44 pm

flex wrote:tro, do you "use" any knowledge of support/resistance/zlines/mightyzones when you decide to exit a trade? i mean, do you look at candles prior to your entry point?


NO. Yale Students do those things.
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.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
TheRumpledOne
rank: 10000+ posts
rank: 10000+ posts
Posts: 11405
Joined: Sun May 14, 2006 9:31 pm
Reputation: 45
Location: Oregon
Real name: Avery T. Horton, Jr.
Gender: None specified
Contact:

Postby TheRumpledOne » Mon May 03, 2010 8:51 pm

Image

RESULTS.
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.

User avatar
TheRumpledOne
rank: 10000+ posts
rank: 10000+ posts
Posts: 11405
Joined: Sun May 14, 2006 9:31 pm
Reputation: 45
Location: Oregon
Real name: Avery T. Horton, Jr.
Gender: None specified
Contact:

Postby TheRumpledOne » Mon May 03, 2010 8:55 pm

flex wrote:Image

looks better, but... i get "wiggled" out a lot! and the commissions using mbt turned the small profit into overall loss.

advice?


1) Looks like you are OVERTRADING.

2) Looks like you are JUMPY. That last trade would have made you a pile of pips.

Remember, sooner or later, price is going to reverse for a bunch of pips.
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.

flex
rank: 50+ posts
rank: 50+ posts
Posts: 64
Joined: Sun Jan 03, 2010 12:57 am
Reputation: 0
Gender: Male

Postby flex » Mon May 03, 2010 9:30 pm

thanks for your reply. the showorders indi shows the ask price on the entries. the entries are exactly by the book (your rules). at the high of the previous bull candle when there was a bear candle before that. and when price is max 20 pips from the low of the day.
i followed your advice about setting take profit to order open price plus 1 pip as soon as the order reaches 2 or 3 pips of profit. this is why i get wiggled out.

are you taking new trades when you have a trade open and there is another signal?

User avatar
TheRumpledOne
rank: 10000+ posts
rank: 10000+ posts
Posts: 11405
Joined: Sun May 14, 2006 9:31 pm
Reputation: 45
Location: Oregon
Real name: Avery T. Horton, Jr.
Gender: None specified
Contact:

Postby TheRumpledOne » Mon May 03, 2010 10:56 pm

That advice was for those who are having problems letting winners turn into losers.

Usually, no new trades if a trade is open.
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.

Coles
rank: <50 posts
rank: <50 posts
Posts: 4
Joined: Sun Jan 27, 2008 7:01 pm
Reputation: 0
Location: Maryland
Gender: Male

Postby Coles » Tue May 04, 2010 4:10 am



What's the name of this indicator and where can I find it?
Thanks.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


Return to “TheRumpledOne”