2009.09.10 DRAIN THE BANKS - LIKE A RAT

[ElRolfo]

The gray dots on the candles are at 20 pips above the daily low and 20 pips below the daily high. Easy for a "rat" to see when price has retraced off the daily high/low by more than 20 pips.

When starts/ends Your day?

Have You already compared results when You let
the day start at personal different times?

(extreme examples: day start at London open or
when US news are on the way)

[paupau]

Yesterday's trade.
Any comments would be appreciated

Weekly & H1 are green
Price within 20 pips of daily low

[TheRumpledOne]

1) Price within 20 pips of the daily low (ClLo < 20): This is OPPORTUNITY

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PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.

[TheRumpledOne]

The gray dots on the candles are at 20 pips above the daily low and 20 pips below the daily high. Easy for a "rat" to see when price has retraced off the daily high/low by more than 20 pips.

When starts/ends Your day?

Have You already compared results when You let
the day start at personal different times?

(extreme examples: day start at London open or
when US news are on the way)

The broker's D1 candle... keep it simple!

[TheRumpledOne]

Yesterday's trade.
Any comments would be appreciated

Weekly & H1 are green
Price within 20 pips of daily low

Looks like you could have made 3 pips. Price was moving slow, so take the pips fast.

[TheRumpledOne]

Homework for the weekend:

Q) What clue does the frequency distribution for the weekly candle wicks give you?

[TheRumpledOne]

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The important part is to enter WITHIN 20 pips of the daily low. The RAT REVERSAL is only one entry method.

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PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.

[slingblade]

The broker's D1 candle... keep it simple!

Hi TRO,
Since you've mentioned this it allows me to ask:
Is it really so relative? Honest question.
Your broker is MBT yet you seem to primarily chart off of Alpari. MBT uses NY time and Alpari uses GMT, isn't that correct? Would it not make a difference for plotting rat zones and daily BuyZone trades? Also, since MBT has MT4 may I ask why you have chosen to chart from Alpari? I know you have mentioned having redundant feeds.(EDIT: I just looked and see now that the last few screenshots are using FXDD feed. Never mind the Alpari comment.)

Unrelated: Do you like using MBT's Desktop Pro software for entering/managing trades? Seems like their TTO feature would be useful for the BuyZone strategy.

Ignore the parts you want.

Erik

[TheRumpledOne]

Is what so relative?

Yes, it would make a difference FROM WHERE YOU ARE (THE OBSERVER). But if you ALWAYS use the same broker to chart, then your statistics and performance will be relative to you.

However...

If the price is making a daily low on the NY time but not on the GMT time, then the NY trader may be in the trade while the GMT trader is waiting.

[TheRumpledOne]

I use the NAVIGATOR to trade.