2009.09.10 DRAIN THE BANKS - LIKE A RAT

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2trade
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drain the banks like a rat

Postby 2trade » Thu Oct 14, 2010 12:55 am

I have learnt an expensive lesson in trading, I trade the rat reversals but i see that that nice big green bar and then become an yale student and think no this is not it or over analyse it when i should be clicking a buy wait and find out i was right and see so many good trades go by and then get into a rotten trade just to lose. so advice it is dont try to be an yale student learn to click. to build my confidence i now trade smaller which has helped me with gettting into the right trade hope this helps. the winners have help me psychologically that has soooooooooooo much to do with your trading.

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skivers
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Postby skivers » Thu Oct 14, 2010 10:16 am

eudamonia wrote:Skivers - those are awesome entries. 3 out of 4 of those were brilliant pullbacks in a downtrend (on that timeframe). I wanted to take those trades (but was asleep). So why didn't you take more than 1 or 2 pips out of those first 3 trades? Scale out if you have to but you can't eat like a bird and s**t like an elephant. The last trade could have been entered sooner IMO and thus been more of a scratch. But the real failure here was not making the most of your obvious winners. Trade #2 was worth a solid 20-30 pips of anyone's money. This is the trade that could have brought home the bacon.



Thanks for the feedback eudamonia - It's really appreciated

And I fear you are spot on in your analysis. Here is today's trades which shows the same problem ( the first was 7 pips followed by 2pips - its so near to ten I will stop trading now)

The second trade might not look like a pure rat trade but the market order was placed under the first red that was followed by all those lows - so I thought it might break really nicely under there. If only I could have sat on my hands another five minutes. -and you are proved right for the second time today :-)

eudamonia wrote: Scale out if you have to but you can't eat like a bird and s**t like an elephant..


Man, I cracked up laughing at that :D

Tomorrow I will set up a window to close half the trade where I feel the trade has stalled and let the other half do its bit.


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eudamonia
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Postby eudamonia » Thu Oct 14, 2010 6:14 pm

Skivers,

Well at least you know what to work on. Your entries are solid. I actually had similar entry points this morning.

I use the Euro Futures volume profile to identify previous value areas and hence S/R. You probably don't need anything that fancy (but it looks damn sexy on my screen). The major support that held several times this morning was around 14060-70. Seemed like a great target.

I had comparable entries to yours and ended up scaling out at +20, +30 (my 75 target) on the first trade and +10, +12 on the second. So averaged +25 on the first sequence and +11 on the second. Never took more than about two pips worth of heat.
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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skivers
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Postby skivers » Sat Oct 16, 2010 11:48 am

eudamonia wrote:Skivers,

Well at least you know what to work on. Your entries are solid. I actually had similar entry points this morning.

I use the Euro Futures volume profile to identify previous value areas and hence S/R. You probably don't need anything that fancy (but it looks damn sexy on my screen). The major support that held several times this morning was around 14060-70. Seemed like a great target.

I had comparable entries to yours and ended up scaling out at +20, +30 (my 75 target) on the first trade and +10, +12 on the second. So averaged +25 on the first sequence and +11 on the second. Never took more than about two pips worth of heat.


Thanks again eudamonia. I hope its not just luck!



When I get in a trade, all I have looked for is to grab a couple of pips or so before it reverses on me. - On the other hand you seem to have a real target- you know where you expect price to be heading.

I have Googled ' Futures volume profile' but have found nothing solid so far.

I should explain to you why I consistently get out of a trade when I feel a reverse is on the cards

I have spent over a year learning a scalping technique very similar to what TRO knows as 'Purple Patch' (I noticed he built an indicator on another thread. However, this technique relies on a 'gut feel', that I, personally, have found difficult to master).

This 'get out of a trade quick' reaction is almost hard wired into me at the moment and works very well for that other technique.

What I should try to remember is, if I am waiting patiently for the pullback I should really expect price to at least return to the previous low - if not a 'lower' low.

What I really like about this whole RAT approach is it relies on reading some common sense repeating price action and the simple entry signals they generate.

I like its simplicity

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Postby jlpk007 » Sun Oct 17, 2010 11:33 am

Do you guys trade with 5min chart for reversal method?

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TygerKrane
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Postby TygerKrane » Sun Oct 17, 2010 12:42 pm

jlpk007 wrote:Do you guys trade with 5min chart for reversal method?

:!: !LOL! :!:
:smt067 :smt068 :smt070


Image {jlpk007 slapping me for being a smartass}
...yes they do.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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bredin
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Postby bredin » Sun Oct 17, 2010 1:02 pm

jlpk007 wrote:Do you guys trade with 5min chart for reversal method?


Well, you know... start at M5 work up to H4... look to close in a few weeks or months ;)

G.
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TygerKrane
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Postby TygerKrane » Sun Oct 17, 2010 1:45 pm

bredin wrote:
jlpk007 wrote:Do you guys trade with 5min chart for reversal method?


Well, you know... start at M5 work up to H4... look to close in a few weeks or months ;)

G.

Great explanation Bredz :wink: :lol:
But a Picture is Worth a 1000 Words...
especially if it is one of your own pics! :o :shock:

http://kreslik.com/forums/viewtopic.php?p=45730#45730
http://kreslik.com/forums/viewtopic.php?p=45733#45733
http://kreslik.com/forums/viewtopic.php?p=45736#45736

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby pika » Sun Oct 17, 2010 2:04 pm

jlpk007 wrote:Do you guys trade with 5min chart for reversal method?

I believe the rat reversal method can be applied to any time frame in principle. However, you need to adjust the stop loss and lot size to fit with the time frame of the chart that you are trading in such that the risk level is consistent for each trade, e.g. 1% to 2%. This is important because with a stop loss of 10 pips, it is suited for a 5min chart. If your entry is based on a longer time frame candle, you must allow a higher stop loss and an inversely lower lot size to maintain the same risk level. One way to determine this is by looking at the ATR. e.g. if the ATR of a 1H chart is 3x that of a 5min chart, then adjust your stop loss 3x from 10 to 30 pips and reduce the lot size by 1/3 if you are following the method based on 1H chart. Watch out for the price action too.

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genlogins
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I scalp M1

Postby genlogins » Sun Oct 17, 2010 9:52 pm

Hi Skivers,

I know what you feel about the fast profit trigger finger, it happenned to my last trade.

I could get out with at leat $100, but too fast. But I already did $150 in 1 candle of M1.

Now I am concentrating again in getting back at the Real Account not the Demo.

G
Attachments
retrace.gif
I was in demo Shame on me. And when you have a fast candle, never get in, wait until the next candle, because after a fast raise in price there is normally a retracement. If next candle start retracing in the biginning, then enter with a big lot.
retrace.gif (59.38 KiB) Viewed 1431 times

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