skivers wrote:ajaymein wrote:skivers wrote:jlpk007 wrote:Got caught out twice.
Waited for price to be within 20pip of low, bought on high of previous green candle..both trades are loser..What did i not see here..
I want to be green rat
ps:Pardon my poor english
Nice screenshot to discuss - Thanks
The first two greens you took were asking for trouble as the price was not seen to be reversing.
I would have taken the trade at about 1.3668 after the confirming higher highs - that's the fourth candle from the right where it broke the original green high. ( the candles are also not wanting to retest the 10 pip sweet spot line - the are opening and closing above it)
Remember. TRO said to wait until two candles close before jumping in - that means a 10 minute wait after each low (unless price is leaving the Rat Zone).
Wait to see price is reversing.
Now I will wait to find out how wrong I am
I don't trade this method, but according to the rules, his 2 entries were perfect, and there is nothing wrong with them. He could have gotten out with a couple pips on the first one, but the 2nd was a dead loser. I'm sure on the 3rd entry, he would have gained back all of his losses, plus some.
Now if I were to trade this method, I would have taken the 3rd setup after a confirmation of higher lows and a momo green bar...but of course that would be thinking like a YALE student.
Rules are a guide - something to start with - To be successful you have to add your feel for the market.- a sixth sense that takes you beyond rigid rule observance.
As you have said the third set-up was tradable for the reason you stated. But I would still have waited
I completely agree with you, but with the RAT METHOD, a sixth sense makes you a YALE student. I think rule #7 says if it isn't in the rules, it is of no concern.
Of course, every post of TRO says the rat reversal is only ONE entry method, so making it your own could lead to a lot more green pips then a regular rat.