2009.09.10 DRAIN THE BANKS - LIKE A RAT

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TheRumpledOne
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Postby TheRumpledOne » Wed Nov 24, 2010 6:00 pm

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Some days are better than others...LOL!
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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DodgeV83
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Postby DodgeV83 » Wed Nov 24, 2010 7:01 pm

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


It looks like that trade was at 6:00GMT, meaning the daily range was about 20 pips. That isn't enough separation! You are both in the Red Rat zone and the Green Rat zone :shock:

Other than that it looks good, you can't win them all.

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MAXiMUS_
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Postby MAXiMUS_ » Wed Nov 24, 2010 8:21 pm

Thanks MO,

You are right about exits. Most people concentrate on entries... But they losing because they don't know when close the trade... And take the profit :)

I used to trade PA with BO entering after retest :) good strategy and very simple :)
"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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paupau
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Postby paupau » Wed Nov 24, 2010 11:20 pm

Thanks for all the replies.
I've checked the trade again, and it was my own mistake.
I took the trade too fast without checking all colors of H1, D1, W1.
And as DodgeV83 said, it's not enough separation, it was just about to happen.

These are my trading rules:
1 Price within 20 pips of the daily low - that is OPPORTUNITY 
2 Red candle closes 
3 Green candle closes - note the high price of the green candle. 
4 Enter long at the green candle's high price (+ spread)
5 STOP LOSS IS 10 PIPS (Including Spread)
6 Take whatever profit you can. 
7 If the rules do not mention it, then it is of no concern
8 Maximum Risk = 2% of Account Balance
9 ONE trade per H1 candle. This restriction will cause you to choose carefully

I'll have to add the rules to watch the color of H1, D1 & W1.
I normally check the H1 color, sometimes for D1 & only occassionally for W1.
The reason is because if when W1 is red, I almost can't do any trades for the week.
And the last previous trades have been ok, so I think I got carried away without looking any other TF.

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Postby Naynay » Thu Nov 25, 2010 5:58 am

20 pips scalped on demo....
even though the trend was down


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Postby tacoman » Thu Nov 25, 2010 8:14 am


+7 on the turn of the hour, any comments welcome to assist my learning. Thanks.

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TheRumpledOne
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Postby TheRumpledOne » Thu Nov 25, 2010 1:55 pm

Naynay wrote:20 pips scalped on demo....
even though the trend was down



THERE IS NO TREND!

TREND EXISTS ONLY IN THE MIND OF THE TRADER.

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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genlogins
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Postby genlogins » Thu Nov 25, 2010 1:58 pm

Naynay wrote:20 pips scalped on demo....
even though the trend was down




Hi Naynay,

I had 20 pips on the real, but with 1 trade, it took a long time but I did.

Check the Never Loose Again Thread.

http://kreslik.com/forums/viewtopic.php ... &start=180

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Postby jaysen » Fri Nov 26, 2010 8:22 am

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


Hey paupau, with the benefit of 20/20 hindsight, your entry happened to be just where a turn was taking place.

But then, anything could have happened. :roll:

Image

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Postby Naynay » Fri Nov 26, 2010 8:24 am

Trading counter-trend luck ran out when I entered up when the rat zones were crossed.

Lesson learnt:- either don't trade when rat zones are crossed, or stick to trading in the direction of the daily trend if a signal appears.

At least, that would have been the right play today on the Euro.


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