2009.09.10 DRAIN THE BANKS - LIKE A RAT
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- Makamilman
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Last edited by Makamilman on Mon Jun 28, 2010 8:07 pm, edited 1 time in total.
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- Makamilman
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Deleted duplicate message.
Last edited by Makamilman on Mon Jun 28, 2010 8:07 pm, edited 1 time in total.
- Makamilman
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TRO,
I'm struggling with order entry and quickly moving stop loss. I was using FXDD but they would not allow order placement close to open position. I opened a demo account with MB as you suggested and downloaded Navigator as well to place orders.
Problem is switching back and forth from Navigator to the chart window so I can see what?s going on.
How do you set your system up? Do you use multiple screens, switch back and forth or ???.
I see the setups and all the pips and I want to drain some. I just got to get down the quick order entry and quick movements of the stop loss settings.
Any guidance and/or screen shots would be appreciated.
I'm struggling with order entry and quickly moving stop loss. I was using FXDD but they would not allow order placement close to open position. I opened a demo account with MB as you suggested and downloaded Navigator as well to place orders.
Problem is switching back and forth from Navigator to the chart window so I can see what?s going on.
How do you set your system up? Do you use multiple screens, switch back and forth or ???.
I see the setups and all the pips and I want to drain some. I just got to get down the quick order entry and quick movements of the stop loss settings.
Any guidance and/or screen shots would be appreciated.
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Can you help me?
Ive taken a few trades today, but ended up at a loss. Can you tell me if Im doing it right? I've been trying the Rat Reversal method
Re: Can you help me?
skateitsgreat wrote:Ive taken a few trades today, but ended up at a loss. Can you tell me if Im doing it right? I've been trying the Rat Reversal method
Skateisgreat,
first off are you a green rat or a red rat?
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.
Cosmoe1
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someone asked if i am doing great.. no i'm not. i pretty much gave up rat trading after about 10 weeks of losses. i stopped posting charts earlier since they always looked the same anyway (like skateitsgreat's chart above, by the way). obviously i'm doing something wrong, but i don't know what. if i try to let trades "some room" they hit my sl. if i take profit early, those trades never make up for my losers.
i've tried to stick to zline trades for now, but without much luck either. i think, i'll post some zline attempts in lukx thread later this week.
i've tried to stick to zline trades for now, but without much luck either. i think, i'll post some zline attempts in lukx thread later this week.
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Re: Can you help me?
Skateisgreat,
first off are you a green rat or a red rat?
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.
Cosmoe1
Thank you for responding
1) Choosing to be either red or green would have halved my losses, from now on I'm a green rat.
However if I was a green rat I'd have lost overall today as well. I think my problem lies deeper than picking a side to be on.
2) If Rat Reversals work best in the 20 pips within the daily high and low, Ill try that tommorow. What frightens me is that you said they work all over the chart, am I doing them wrong?
AT +5 pips, I will close half my posistion, and move my stop to breakeven.
At +10 pips, I will enter a trailing stop of 4 or 5 pips.
At +15, I will cancel the trailing stop and enter a hard stop at +10.
Then I will move the hard stop up if price moves up.
At +25, I may move the hard stop up to +25 or to a price ending in 0 or 9.
Sometimes, I may exit 1/2 of my position at +20 to lock in a 1% gain.
The idea is to be CONSISTENT. You'll miss out sometimes, but you only need ONE big run and you are done for the day.
Remember, the daily goal is 2% or more and DO NOT OVER TRADE.
Cosmoe1
At +10 pips, I will enter a trailing stop of 4 or 5 pips.
At +15, I will cancel the trailing stop and enter a hard stop at +10.
Then I will move the hard stop up if price moves up.
At +25, I may move the hard stop up to +25 or to a price ending in 0 or 9.
Sometimes, I may exit 1/2 of my position at +20 to lock in a 1% gain.
The idea is to be CONSISTENT. You'll miss out sometimes, but you only need ONE big run and you are done for the day.
Remember, the daily goal is 2% or more and DO NOT OVER TRADE.
Cosmoe1
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