2009.09.10 DRAIN THE BANKS - LIKE A RAT

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trueblueTEX
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Postby trueblueTEX » Tue Oct 12, 2010 3:09 pm

Just added 4.8 on the GU coming out of the rat zone. It fell right back in right after I closed!!

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tmanbone
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Postby tmanbone » Tue Oct 12, 2010 3:13 pm

Show me a screen shot of your chart H1, drag the y axis down where I can see all the TRO_TRADE_LINES_ohlc

Image
"The simplicity of the markets is it's greatest disguise"

T

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trueblueTEX
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Postby trueblueTEX » Tue Oct 12, 2010 3:20 pm

here it is. See how all the text is way to the left? I even reloaded the indi and it stayed there.
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tmanbone
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Postby tmanbone » Tue Oct 12, 2010 3:59 pm

Experiment with the shift label #, zoom out a bit, delete the sweet spots until you get the trade lines like you like. Don't show the dark blue 100pips below daily open shade, just the line, shade the daily atr (14), omit one atr line; change color to chart background color.

I believe LWP stands for Long Wick Pattern, an idea mentioned in these pdfs:http://www.forexfactory.com/showpost.php?p=2455696&postcount=29


Thanks Vincent.
"The simplicity of the markets is it's greatest disguise"



T

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trueblueTEX
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Postby trueblueTEX » Tue Oct 12, 2010 5:58 pm

Admittedly, I am really ignorant about what all atr means and what to look for, but, what is the meaning of the "14" and why is it useful in particular?

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trueblueTEX
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Postby trueblueTEX » Tue Oct 12, 2010 6:03 pm

Ok, I pissed away some pips and then went to lunch missing the opportunity to get 'em back!!!

I think you can see that I am guilty of taking the first red candle/green candle rat reversal that TRO told us on a similar chart, had at least 2 reasons to be left behind.

You can also see that after the bottom played out for a while (right AFTER my SL!!!) that it reversed!!!



So, I both jumped the gun and then left the range. I believe the name of the lesson is "PATIENCE".

Now, will I learn the lesson?

pika
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Postby pika » Wed Oct 13, 2010 10:44 am

trueblueTEX wrote:Ok, I pissed away some pips and then went to lunch missing the opportunity to get 'em back!!!

I think you can see that I am guilty of taking the first red candle/green candle rat reversal that TRO told us on a similar chart, had at least 2 reasons to be left behind.

You can also see that after the bottom played out for a while (right AFTER my SL!!!) that it reversed!!!



So, I both jumped the gun and then left the range. I believe the name of the lesson is "PATIENCE".

Now, will I learn the lesson?


Usually I won't take the trade at the first instance of a reversal bar from the top/bottom of the rat zone, as I find most of the time the market will test that zone again. That's when I will watch for the price action and take the trade if the market is unwilling to break higher/lower. In fact, more often than not, the market will give you at least 3 chances to trade in the zone. I set the criteria to enter when the price is 10 or less pips from the zone's boundary so that if I'm stopped out within 10 pips, I know the rat zone has not reach the daily high/low yet. Wait for the next rat zone and then do the same.

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trueblueTEX
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Postby trueblueTEX » Wed Oct 13, 2010 2:21 pm

I'm beginning to think that I should wait for Green Rat setups and then take Red Rat trades :lol:

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trueblueTEX
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Postby trueblueTEX » Wed Oct 13, 2010 3:56 pm

Ok,

so I lost 9.6 (which prompted me to write the previous note) and then proceeded to gain 10.7. I really should have been stopped out on the second trade because price went more than 10 pips against me, but my SL includes spread so it was about 12.x.


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skivers
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Postby skivers » Wed Oct 13, 2010 4:46 pm

Hi Tex - thanks for posting - you are not alone in making a few mistakes - it's all part of learning I suppose.

I got stopped out first thing this morning on a GBPUSD and clawed my way back with several one pip trades and then the following EURUSD trades. when I was stopped again on the last one.

I look at the daily trend first then try to catch the top of any retracement to the upside of the channel.

I notice on this currency pair the best time to enter is when there is a bit of 'space' around the entry signal - unlike my last trade (and first trade), where the hour candle had changed and I failed to check it, also the candles are packed side by side (no space).

I think the best signals also have a nice pinbar reversal signal - I should be a lot more picky in my trades.

Just my take on it and I am probably wrong, but it's the only way to learn.




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