2009.09.10 DRAIN THE BANKS - LIKE A RAT
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- TheRumpledOne
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- TheRumpledOne
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- TheRumpledOne
- rank: 10000+ posts
- Posts: 15570
- Joined: Sun May 14, 2006 9:31 pm
- Reputation: 3036
- Location: Oregon
- Real name: Avery T. Horton, Jr.
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Rat Reversal Trade
Here's my rat reversal trade attempt.
Here's what i have to look out:
Range of entire day so far = 108 (D1 Range Gauge <Range>)
Low of day so far = 1.4028 (D1 Range Gauge <Low>)
Current price action = Within 20 pips of low range
Range of past 24 days = 133.55 (D1 Range Gauge Avg(24))
Rationale for entry :
1. Daily Range is nearing Avg(24) - Possible setup for reversal or it could still trend lower
2. Based on TRO's statistics, price have a certain probability of re-bouncing from the daily low/high
Trade Entry :
Entry at 1.40428 - Potential profit at first high (first circle)
Price moved downwards and tried to retest low
Didn't make a new low
Price moved up
Entry at 1.40469
Price was slow and ranged for the new few candles
Exited at 1.40461 and 1.40476 for a little profit
Price exploded thereafter
Need to work on my profit taking strategy and psychology. Any tips anyone?
Thanks to TRO for coming up with this system!
Re: Rat Reversal Trade
jaysen wrote:
Here's my rat reversal trade attempt.
Here's what i have to look out:
Range of entire day so far = 108 (D1 Range Gauge <Range>)
Low of day so far = 1.4028 (D1 Range Gauge <Low>)
Current price action = Within 20 pips of low range
Range of past 24 days = 133.55 (D1 Range Gauge Avg(24))
Rationale for entry :
1. Daily Range is nearing Avg(24) - Possible setup for reversal or it could still trend lower
2. Based on TRO's statistics, price have a certain probability of re-bouncing from the daily low/high
Trade Entry :
Entry at 1.40428 - Potential profit at first high (first circle)
Price moved downwards and tried to retest low
Didn't make a new low
Price moved up
Entry at 1.40469
Price was slow and ranged for the new few candles
Exited at 1.40461 and 1.40476 for a little profit
Price exploded thereafter
Need to work on my profit taking strategy and psychology. Any tips anyone?
Thanks to TRO for coming up with this system!
This is how I currently look at the Rat Trade:
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- TheRumpledOne
- rank: 10000+ posts
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- Joined: Sun May 14, 2006 9:31 pm
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