2009.09.10 DRAIN THE BANKS - LIKE A RAT

[PipGalore]

[quote="PipGalore"]Hello everyone.

I've been reading this forum for awhile now and im all confused because i've been reading too many interesting stuff here.

Anyway, can someone please explain to me the difference between Drain the bank - Like a Rat and Drain the Bank - Rev 9?

i've downloaded and saw both the template and im still confused. Sorry.[/quote]

Please anyone (:?

[TheRumpledOne]

Different entry triggers.

[PipGalore]

To to clear out some of my doubts ..
for the rev9, i enter long when the price touches the indigo trigger?


for rat trade. when price makes new lows or is around 20 pip of the low, and wait for the red candle to close. then green candle to close. then enter long at the previous green's high?

Isnt the 2 system the same in the sense that it is both a reversal trade i.e you go long when the price is making new low/20pip from low/hit indigo?

and what is the purpose of the 3 level semafor in the drain the bank -like a rat template?

lastly, there's some term which i dont really understand. It's in the range_gauge indicator;

ret%,wick%,tail%,avg(24)

btw, i hope you bear with me cus im new to the forex market.

[TheRumpledOne]

"what is the purpose of the 3 level semafor in the drain the bank -like a rat template?"

It is just an indicator to alert you when to start looking for price to reverse. But price will most likely move in the same direction for a while before reversing.

ret% - retrace percentage... 0 at the bottom of the range, 100 at the top, 50 in the middle

wick% - how much of the candle range is in the wick

tail% - how much of the candle range is in the tail

avg(24) - average range of the last 24 bars.

[TheRumpledOne]

1) price within 20 pips of the daily low - that is OPPORTUNITY

[TheRumpledOne]

RESULTS.

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.


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.

[Lekwid]

RESULTS.

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.


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.

what are the exact indicators and or template that your using in this picture? No matter what i do with your Indicators my chart never looks like yours

[TheRumpledOne]

RESULTS.

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.


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.

what are the exact indicators and or template that your using in this picture? No matter what i do with your Indicators my chart never looks like yours

I attached the template. You can look inside to see the indicators.

[TheRumpledOne]

1) price within 20 pips of the daily low - that is OPPORTUNITY

[TheRumpledOne]

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."