2009.09.10 DRAIN THE BANKS - LIKE A RAT

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tacoman
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Swimming like a rat

Postby tacoman » Tue Nov 23, 2010 5:17 pm

Okay, lesson learnt, so to avoid Yale I need more focus on the combination of TRO2010_MP_HLC_PIPS and TRO2010_MP_DW before I even look open a currency chart?
:oops:

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MightyOne
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Postby MightyOne » Tue Nov 23, 2010 6:13 pm

When candles are making shallow cuts into new lows and retreating or when price is ranging is the time in which I consider a long Rat Trade.

I already have a system for when red rats are swarming in like locusts...
it is called GET SHORT! :wink:

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TheRumpledOne
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Re: Swimming like a rat

Postby TheRumpledOne » Tue Nov 23, 2010 6:36 pm

tacoman wrote:Okay, lesson learnt, so to avoid Yale I need more focus on the combination of TRO2010_MP_HLC_PIPS and TRO2010_MP_DW before I even look open a currency chart?
:oops:


That would be a start.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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MightyOne
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Postby MightyOne » Tue Nov 23, 2010 6:50 pm

Possible Solution:

Double the TF when cuts are deep.

End the red candle at the first green candle.

http://i54.tinypic.com/fx6mjb.gif

http://i55.tinypic.com/11uypv4.gif

You can see that Tacoman's entry would not have been triggered.

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forexbob
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Postby forexbob » Tue Nov 23, 2010 7:45 pm

ajaymein wrote:
TheRumpledOne wrote:Notepad.


:lol: :smt043 :smt044 :lol: :smt043 :smt044 :lol: :smt043 :smt044 :lol: :smt043 :smt044 :lol: :smt043 :smt044 :lol: :smt043 :smt044

OKAY I'm done laughing...LOL


well he is (just like me) from the generation who started with a 3270 tube with only a blinking cursor, so notepad is a tremendous improvement (besides its free)

although i moved on to ultraedit LOL
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MAXiMUS_
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Postby MAXiMUS_ » Tue Nov 23, 2010 8:49 pm

Hiya MO, Good to see you here.

ZL tread was great and I hope maybe you can describe your way for exits?

TRO used to repeat constantly how to determine entry but about exit just mentioned once as he wrote while ago.
For guy who talked about taking just 3 pips...
3 pips TP is unacceptable if you know that RAT rev entries 2 of 3 are succesfull so 2 entries profit 6 pips 1 sl loss 10 pips. You can trade like this on demo account but in real trading this cannot be seriously taken.
"It is stupid to fight a battle that you cannot win, and you cannot win unless you have properly planned for it". - Sun Tzu, The Art of War

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TheRumpledOne
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Postby TheRumpledOne » Tue Nov 23, 2010 10:51 pm

I started BEFORE there were tubes. I keypunched cards.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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TheRumpledOne
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Postby TheRumpledOne » Wed Nov 24, 2010 2:28 am

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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MightyOne
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Postby MightyOne » Wed Nov 24, 2010 5:45 am

MAXiMUS_ wrote:Hiya MO, Good to see you here.

ZL tread was great and I hope maybe you can describe your way for exits?

TRO used to repeat constantly how to determine entry but about exit just mentioned once as he wrote while ago.
For guy who talked about taking just 3 pips...
3 pips TP is unacceptable if you know that RAT rev entries 2 of 3 are succesfull so 2 entries profit 6 pips 1 sl loss 10 pips. You can trade like this on demo account but in real trading this cannot be seriously taken.


Most traders are weak when it comes to exits...

there are three things that I definitely do not believe in:

1. Price "stalling"

2. stops

3. moving stops.

There is so much cowardice out there that a bit of courage will do anyone a lot of good.

This is what I recommend:

Always take the greatest amount of profit offered to you.

If you were at +3.7 pips and are now sitting at 2.7 pips then set a limit order for 3.7 pips.

If your greatest profit was 12 pips then set an order for 12 pips.

If you saw +20, you didn't want to take it, and price spikes to +37 and drops 10 pips then set an order for +37 pips.

The reason I say this is that most of the time you will exit too early as there is only 1 highest high and 1 lowest low.
Just because price retraced and you are scared that you are going to give everything back that does not mean that your top and bottom picking skills have magically sharpened.

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paupau
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Postby paupau » Wed Nov 24, 2010 6:43 am

Can anyone tell me why I shouldn't have taken this trade?
Image

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