Drain The Bank - Questions

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oldmangeezer
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Drain The Bank - Questions

Postby oldmangeezer » Mon May 04, 2009 10:48 am

TRO,

First of all thank you for Drain The Bank.

I am new trading Forex and currently demo trading.

Have a couple questions using Drain The Bank:

1. I have noticed when price penetrates major support and resistance (3 semafor) the "3" also moves. When do we actually trade the reversal when we see this occur?

2. It also seems when the market is very active you need to be quick to pull the trigger on a trade. What would you recommend or what do you do when you are preparing for a trade?

3. My last question is what do you see are the most common mistakes traders make who use "Drain The Bank"?

Maybe this would be a good thread for stupid questions like mine. LOL

Thanks again

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TheRumpledOne
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Postby TheRumpledOne » Mon May 04, 2009 11:05 pm

1) If the "3" moves, you wait for that M15 candle to close. Do Not trade on a reversal candle. The indicator tells you when it is OK to Trade.

2) You are either quick or dead.

3) They don't follow the rules is #1. #2 is over trading.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby Humble » Mon May 04, 2009 11:08 pm

Good questions.

Trading Semafors is tricky cos they move on ya. I think they form too soon and would like to see them form at the same time as fractals or the barrys s & r. If you put the fractal indicator on the same chart and only use the semafor when a fractal has also formed, you will save a lot of early signals.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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TheRumpledOne
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Postby TheRumpledOne » Tue May 05, 2009 12:24 am

Humble:

It's not the semafors, it is YOU!

When a semafor forms, look for a BREAKOUT BEFORE looking for a REVERSAL... IT IS THAT SIMPLE.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Humble
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Postby Humble » Tue May 05, 2009 11:10 pm

Ok - thanks.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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