2009.09.10 DRAIN THE BANKS - LIKE A RAT

[rob_deniro]

TRO,

Regarding Limit orders: to place a Buy Limit, price already has to be ABOVE the Buy Limit price you put in.

So do you do the following:
1) red candle closes
2) green candle closes
3) wait till price is above high of Green candle and put in a Buy Limit so that when price falls back down to that level the Buy is activated

Is that what you do?

I am struggling with this too

[TheRumpledOne]

Price within 20 pips of the daily low - that is OPPORTUNITY

Current price - current daily low is less than 20.

ClLo <= 20

[tmanbone]

Could be a fave.

EDIT 8:25 est



Taking pictures and dreaming. Off to work.

[TheRumpledOne]

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The important part is to enter WITHIN 20 pips of the daily low. The RAT REVERSAL is only one entry method.

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"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."

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PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.

[TheRumpledOne]

KEEP IT SIMPLE, STUPID

Hah!!

you're talkin' to me!!!



Let me look over your graph and figure out what it is.

I AM going to get this figured out, Avery!! Like I told tmanbone in a PM, I just wish we could get a film crew to film "A Day in the TRADING Life of Avery Horton, Jr."!!!!

I would pay big bucks for that video!!!!!!!!

You would be bored to tears watching.

I get up and walking into my office.

I look at the gauge and post it on the forums.

I pick a pair to trade and wait.

The wait could be a while.

I follow the rules:


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.

7) If the rules do not mention it, then it is of no concern.

Then I post the chart on the forums.

There is NOTHING SPECIAL THAT I DO. The sooner you realize that, the sooner you start making money.

[TheRumpledOne]

Well, I can see that as soon as price broke the weekly open it dropped like a stone?

But there must be much more here

You sound exactly like a YALE STUDENT.

[tmanbone]

KEEP IT SIMPLE, STUPID

Skivers,

If you're a red rat you would have to think inversely of the green rat. Daily low (1) within 7 pips of the daily open - atr (2) = opportunity in the above chart.

[TheRumpledOne]

WHO SAYS YOU CAN'T DO THIS ON LONGER TIME FRAMES?

PRICE IS THE SAME ON ALL CHARTS!!

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The important part is to enter WITHIN 20 pips of the daily low. The RAT REVERSAL is only one entry method.

=============================================

"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."

=============================================

[trueblueTEX]

There is NOTHING SPECIAL THAT I DO......

Except make money



I'm going to go out on a limb, here, and ask some penetrating questions:


How do you avoid the trade that is a "fake out" and ends up going straight to SL?

How many trades do you find yourself taking, in a day?

Do you find yourself going into a hole and then having to make up for it? (That's how I "overtraded" the other day.)

Do you keep at it until you get at least 10 pips per day?

Once a trade is into ANY amount of profit, do exit that trade BEFORE it goes negative? or will you let it drop close to SL or even hit SL?

[trueblueTEX]

Ok, 7.4 on the EU. Should I have closed it when I did or should I have waited it out some more?