2009.09.10 DRAIN THE BANKS - LIKE A RAT

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bettlebox
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Postby bettlebox » Sun Jul 31, 2011 7:08 am

Hi TRO,

What is confusing about your question TRO is very next post you say " reversals come in 2 shapes a "V" or "U".

Im trying to learn can you tell me what the 2 reasons are, or at least give me a hint please? I would be very grateful, its driving me nuts. :(

please answer TRO.

BB

TheRumpledOne wrote:Image

The first 2 green rat reversals were losing entries.

Do you see a reason not to enter those trades?

Hints: There are at least 2 reasons. Use your eyes to see - do not think about it.
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MightyOne
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Postby MightyOne » Sun Jul 31, 2011 5:30 pm

I think that he wants you to see the false support in the downtrend and then note that the first bull candle stopped at the last false support level. If you took the second Rat signal then you would be trading right on top of the same level, but if you take the third you would have enough space to take partial profits around that same level.

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TygerKrane
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Postby TygerKrane » Sun Jul 31, 2011 11:31 pm

I don't know MO, TRO tends to see things from a Rat's Eye point of view :P
I doubt he'd have as many concepts in his explanation...

I'm more likely to say that, for any of the different timeframes that we choose to view price from, one of the first signs that a 'downtrend' is 'over', is that price should first close above something.

"Price closing over 'Something'"???

Sounds like the kind of thing MightyOne is liable to say...LOL :lol:

**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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MightyOne
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Postby MightyOne » Mon Aug 01, 2011 1:12 am

Is price closing higher or lower than something?

Simple yet powerful question.

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bettlebox
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Postby bettlebox » Tue Aug 02, 2011 8:59 pm

Thank You MO :) i see it now.

MightyOne wrote:I think that he wants you to see the false support in the downtrend and then note that the first bull candle stopped at the last false support level. If you took the second Rat signal then you would be trading right on top of the same level, but if you take the third you would have enough space to take partial profits around that same level.
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TheRumpledOne
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Postby TheRumpledOne » Wed Aug 03, 2011 12:39 am

bettlebox:

Please explain it in your own words.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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bettlebox
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Postby bettlebox » Fri Aug 05, 2011 7:48 am

Thanks TRO and MO. Heres how i saw it.

Image
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TheRumpledOne
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Postby TheRumpledOne » Fri Aug 05, 2011 3:33 pm

Nice explanation. Thanks.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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wkestler
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Postby wkestler » Sun Aug 07, 2011 4:01 am

Hi TRO i have trading like a rat on the D1 frame but my question is which is a good SL to use. 10 pips or more? so far i`ve been using much more than 10 and profit is very good my i still have that concern.

Thanks for your advice

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bettlebox
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Postby bettlebox » Sun Aug 07, 2011 8:12 am

Hi K

I remember reading a post from the TheMightyOne he is/was trading from higher timeframe and gave a calculation for the ratio. You could come up with your own calculation?

Plus this what i would do and TRO said it many a time if you open position and your in profit after a period time (you must define how long that time period is) tighten up your stop loss.

Think about, if you entered a position, to go long, with a huge stoploss say 50 pips and after hour your up 25 pips. Were would price have to go to make you fearful of trade turning against you?

answer: The lower bottom extreme of that hourly candle. So why not tighten your stop loss up to couple pips below the candle.

I personally enter daily trades with 20 pip stoploss and soon as the hour candle closes im reducing my risk on average to 8 pips.

The way i see it is, if i picked my trade thats with flow of market then all i have to worry about is the wick of the next candle. That leads to next question.

Whats the average length of a wick in an hourly candle? between 10-19pips on eurusd as example. So if i use 20 pip stoploss i know im relatively safe. Its all about managing your trade and reducing your risk.

I know some guys here hedge positions but doesnt suit me but might something else to look into.

These are concepts you need to think about.

best wishes
BB

wkestler wrote:Hi TRO i have trading like a rat on the D1 frame but my question is which is a good SL to use. 10 pips or more? so far i`ve been using much more than 10 and profit is very good my i still have that concern.

Thanks for your advice
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