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.