2009.09.10 DRAIN THE BANKS - LIKE A RAT

[TheRumpledOne]

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?

Who says I avoid it? Losing is part of trading.


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


One to five.



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


Sometimes.

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

Sometimes.

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?

Yes. I follow my exit play book.

[TheRumpledOne]

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

I have a FREE www.paltalk.com chatroom called the two percent club. We can chat there.

1) Run PalTalk
2) click on ALL ROOMS
3) click on BUSINESS & FINANCE
4) click on Day Traders
5) click on TWO PERCENT CLUB


If you have trouble finding it, just pm me, therumpledone, from PalTalk and I will invite you in.

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

You have TOO MUCH ON YOUR CHART.

Either use RAT indicators or DYN S/R indicators. NOT BOTH!!

[tmanbone]

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

This is good. Pay close attention to TRO's detail. Follow the rules. Persist. Don't give in. Don't let simplicity confuse. Do even think about trying to beat the rat. It can't be done on a consistant basis. Keep turning left.

TRO,

Do you adjust your MM around a 20 pip per day (average) goal? Thanks,

[skivers]

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.

Thanks for this tmanbone. It's really appreciated

The fact you mentioned the atr means something - -i.e. This might be a good place to look for a reversal. - I hope I read this right

I had three good 10 pip days and then a double SL yesterday because the price kept pushing higher (I am a red rat). so this definitely gives me something to think about.


Thanks again from this YALE Student

[skivers]

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



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

And yet this Yale student has gone through this whole forum and found this thought provoking post.

The first 2 green rat reversals were losing

Do you see a reason not to enter those trades?

Hints: There are at least 2 reasons. Use your eyes to see - do not think about it.
entries.

I have that image file open on my pc and am looking. because I reckon this clue is important to my edge somehow. I have some ideas - but I will probably confirm my Yale application if I mention them

BTW- I know I should not expect to have this handed to me on a plate - I know I should put in the work before the light is switched on between my ears

[tmanbone]

Thanks for this tmanbone. It's really appreciated

The fact you mentioned the atr means something - -i.e. This might be a good place to look for a reversal. - I hope I read this right

I had three good 10 pip days and then a double SL yesterday because the price kept pushing higher (I am a red rat). so this definitely gives me something to think about.


Thanks again from this YALE Student

Yes. Good place to start grubbing.

[trueblueTEX]

...
I have a FREE www.paltalk.com chatroom called the two percent club. We can chat there.
...

Are you in there during your trading time?
If not, what's the best time to catch you in there?

Thanks
Tex

[trueblueTEX]

Skivers,

can you post a link to the page where that graph of TRO's can be found?

Thanks
Tex

[skivers]

Skivers,

can you post a link to the page where that graph of TRO's can be found?

Thanks
Tex

Sorry Man.

I wished I had made a record of the pages now.

What I had done was to cut and past ANYTHING I felt important into a word file. Yeh, definitely YALE material

[trueblueTEX]

TRO,



http://kreslik.com/forums/userpix/12257_why_not_1.jpg

The first 2 green rat reversals were losing

Do you see a reason not to enter those trades?

Hints: There are at least 2 reasons. Use your eyes to see - do not think about it.
entries.

Here are my attemps:
1) There were 7 red candles before the first green one.
2) Both green candles following the red candles were IB's.
3) The bodies of both green candles were about 85% to 90% the size of the bodies of the preceding red candles.
4) Entry point is well above the middle of the 20 pip zone; greater chance of getting stopped out.

Am I warm?