2009.09.10 DRAIN THE BANKS - LIKE A RAT

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TheRumpledOne
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Postby TheRumpledOne » Thu May 06, 2010 1:20 pm

prohlfer wrote:So, if you are a green rat, you wait for the second green candle to make a new high, then set the limit order to the high of the previous green candle?


if you are a green rat, you wait for the second green candle to make a new high,

NO!!!



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

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TheRumpledOne
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Postby TheRumpledOne » Thu May 06, 2010 1:21 pm

Image

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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TheRumpledOne
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Postby TheRumpledOne » Thu May 06, 2010 1:35 pm

Image

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



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flex
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Postby flex » Thu May 06, 2010 5:43 pm

today i even caught one of the bigger runs on the eu thanks to my new "exit play book". thanks, tro. ;-)
but i also had two losers. one was strange, i was forced to use a market order, the order filled totally off quote, but in my favor and since the stoploss was correct, i only lost 6.3 pips.
to avoid all the losers i should have traded with w1 color, i guess... but that would have meant no trading at all this week!

i'll post the screenshots later.

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TygerKrane
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Postby TygerKrane » Thu May 06, 2010 5:55 pm

flex,
Trading with W1 color is no guarantee of eliminating all your losers. It might make the odds play more in your favor, but no method is 100% perfect.

Once you place your order...[highlight=yellow]NO ONE KNOWS WHAT WILL HAPPEN NEXT[/highlight]

Remember the rat in the T-shaped maze...and you don't need 100% accuracy to be profitable in forex.

-Krane

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby flex » Thu May 06, 2010 6:21 pm

i know that. i am currently afraid of one thing: with the entry rules so clearly defined and my exit play book which now defines also rules for exiting, i have created a "system" which is totally mechanical now... and i know that no mechanical system is profitable in the long run...

flex
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Postby flex » Thu May 06, 2010 8:46 pm

this is one of the losers (the other looks the same and i think there was nothing i could have done to prevent them, especially on a day like this; but i thought, i post the picture anyway.. maybe it will help someone)

Image

this was the big winner from today

Image

flex
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Postby flex » Fri May 07, 2010 6:42 pm

two trades, two winners today. let's see what the next weeks bring.
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TheRumpledOne
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Postby TheRumpledOne » Fri May 07, 2010 7:52 pm

flex... what is your daily goal in pips?


Looks like you gave back 10 pips on that +6.6 pip trade.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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flex
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Postby flex » Fri May 07, 2010 9:31 pm

yes, i gave back some pips. but look at the 30 pips trade from yesterday. the second bar in the trade made a new high, then came back and reduced the profit by 50%. that was still ok for me and it proved right. i did the same today, but price came back even further and hit my sl.

i don't have a goal besides "6) Take whatever profit you can." ;)

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