2009.09.10 DRAIN THE BANKS - LIKE A RAT

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Soondoock
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Postby Soondoock » Wed Jun 30, 2010 6:19 am

hello guys,
Can anyone tell me was it good to Short there?

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tommydq
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Postby tommydq » Wed Jun 30, 2010 8:28 am

Very unprofitable day today. 3 red rat trades in the red rat zone. +4 potential pips on 1 trade, the other 2 never went green, took -30 for -6%. Ouch. Red rat zone during London open has not been kind the last couple weeks.

[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-06-30.png[/left]

tommydq
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Postby tommydq » Wed Jun 30, 2010 9:25 am

I managed to rally back to slightly positive for the day. Took this one in the green rat zone for 31 pips, 2/3's of the pips were as price was making a new daily low. This setup has been the most profitable for me. Strong move down, 1-3 green bars of weak bounce followed by a red bar and entry. Time to get ready for work.

[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-06-30-cable.png[/left]

tfg
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Re: We all lose sometimes

Postby tfg » Wed Jun 30, 2010 10:27 am

cosmoe1 wrote:
Here is a trade I lost on tonite.
But what you can see is, price was still within 20 pips of the low.
So I went long again and more than made up for what I lost in the first trade.
So as you can see sometimes you just have to stick with it.
If you trade more than 3 times in a row on the same pair when the price is within 20 pips of the low, and lose all 3 times you are doing something wrong, or the price is just making new lows, and there is nothing you can do but wait for the next good set up.

Cosmoe1


Cosmoe1, I am also a green rat. Is there any specific reason why you (and in fact, most of people who post rat trades here) trade on 5m and not 15m?

tfg

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ForexChick
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Postby ForexChick » Wed Jun 30, 2010 11:37 am

Hi TRO,

Quick question:

If your order has been triggered (green rat with a 10-pip stop loss), but the next candle did not go into your direction but still has not triggered your S/L, do you hold the trade or close it?

Thanks,
FC

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maestro007
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Re: We all lose sometimes

Postby maestro007 » Wed Jun 30, 2010 11:46 am

tfg wrote:
Cosmoe1, I am also a green rat. Is there any specific reason why you (and in fact, most of people who post rat trades here) trade on 5m and not 15m?

tfg


I think this is becuase Tro has shown Rat trades on the 5 minute period.

Question is why do you trade off 15m and not 5m like the rest and the majority of Tro's charts?

Good luck.

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TheRumpledOne
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Postby TheRumpledOne » Wed Jun 30, 2010 12:32 pm

Image

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

tfg
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Re: We all lose sometimes

Postby tfg » Wed Jun 30, 2010 12:41 pm

maestro007 wrote:
tfg wrote:
Cosmoe1, I am also a green rat. Is there any specific reason why you (and in fact, most of people who post rat trades here) trade on 5m and not 15m?

tfg


I think this is becuase Tro has shown Rat trades on the 5 minute period.

Question is why do you trade off 15m and not 5m like the rest and the majority of Tro's charts?

Good luck.


Thanks, maestro007. The reason is that I also trade outside the "within 20 pips of daily low". Using 5m seems to generate too many unprofitable triggers (that result in loss) for that purpose.

However, I am always open to learn and change.

maestro007
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Postby maestro007 » Wed Jun 30, 2010 1:21 pm

I think that if trading out of the daily top/bottom using 15 mins is not the best filter in my opinion.

I am having have had similar problems to you and others regarding taking rat trades.

Conclusion I have come to, is that it is my emotions that get the better of me once I am in the trade.

I can look at a historic chart and see all the good and bad trades I could have been in and generally would have been profitable if I was able to let profits run.

However once I start trading live, everything goes to pot, and I start throwing money away chasing the market. This week I have had a VERY good idea where the market was heading and from what points... However instead of banking 200+ pips, I have banked -20+ pips. lol.

My point is that it is emotions and over trading that is more then likely causing you problems with your rat trades. As it is for me.

What colour rat are you by the way?

Mae

cosmoe1
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Postby cosmoe1 » Wed Jun 30, 2010 1:30 pm

with the 5 minute chart you have more possible setups in any given hour than on a 15 minute chart is all.

cos

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