Trading TRO SR RR style

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Fxtraveller
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Postby Fxtraveller » Wed May 27, 2009 11:51 am

Ok, M15 only, trade with H1 only, TRO SR RR only. EURUSD, GBPUSD, EUR/JPY only

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Postby Fxtraveller » Wed May 27, 2009 11:57 am

TRADE N#10; +5 pips

2009.05.27 @ 13:18
EUR/JPY breakout, SELL at 132.62, TP at 132.57. Entered 2 pips late.
Attachments
eurusd break 27052009 missed.gif
Some trades on some pairs are better than the other. Look at the beautiful EURUSD drop happend at the same time, it would have been a quicker and more profitable trade.
eurusd break 27052009 missed.gif (18.28 KiB) Viewed 1448 times

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Postby Fxtraveller » Wed May 27, 2009 12:39 pm

TRADES N#11 and 12 and 13; -13, -19, -17 = -49 pips !!!

EURJPY failed to reverse, made new low, entered breakout, price reversed back up and so breakout failed.
Same for EURUSD, break out by 2 pips and reverse.

This isnt trading, this is the bank draining me.
I control my emotions, I enter where appropriate, I use M15 as TRO reccomends, I trade with H1, I follow the rules, I trade during volatile hours of London and NY sessions

but i STILL lose money !

TRO, I need advice, please! badly... ((

1) It might be my risk reward - I grab 5-7 pips, but my SL is always 10-20 pips.... this is unacceptable i guess..

2) I got no idea regarding you saying- if price makes new high low when you are in a reversal trade, you say WAIT.... how much ? often price goes further to infinity and beyond.... and its important to keep SL tight.... so I keep my SL 1-2 pips below S/R....
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eurjpy reverse fail.gif
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Fxtraveller
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Postby Fxtraveller » Wed May 27, 2009 12:46 pm

TRO,
very important question:
see the last M15 bullish candle? It opened just above the go long. After waiting for the breakout candle to close and the new candle to open- WOULD YOU enter LONG AS SOON AS IT OPENED? would you wait for it to develop or BUY because it is already above the Go LOng trigger?


Any other advice regarding using TRO SR RR would be grately appreciated. thank you.
FxT.
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MightyOne
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Postby MightyOne » Wed May 27, 2009 1:27 pm

Maybe it only works when I use it...

Entirely possible :lol:

I wait for price to move 50% of the correction distance below the lows and then trade a RET of the breaking candle and up to the next 2 lower lows.

In the picture there would be a 3, but price never broke lower a 3rd time:

Image

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Postby Fxtraveller » Wed May 27, 2009 1:49 pm

Mighty One..... to tell you the truth, I havent understood much. Could you please explain it a bit more, imagine you are speaking to a 5 year old :oops:

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MightyOne
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Postby MightyOne » Wed May 27, 2009 5:44 pm

I don't teach kindergarten...

The people who grow the most are the ones who look at my chart as if they had marked it themselves and ask what those markings mean to them.

Image

Fxtraveller wrote:Mighty One..... to tell you the truth, I havent understood much. Could you please explain it a bit more, imagine you are speaking to a 5 year old :oops:

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TheRumpledOne
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Postby TheRumpledOne » Wed May 27, 2009 10:01 pm

very important question:
see the last M15 bullish candle? It opened just above the go long. After waiting for the breakout candle to close and the new candle to open- WOULD YOU enter LONG AS SOON AS IT OPENED? would you wait for it to develop or BUY because it is already above the Go LOng trigger?


Remember what H. Rearden said:

Now, 2 patterns of market behaviour happen on a regular basis:

1) the price breaks to new high's (or low's)

2) the price reverses from new high's (or low's)


If price is NOT making a new low then it must be reversing from the low.
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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noone22
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Postby noone22 » Wed May 27, 2009 11:56 pm

MightyOne wrote:I don't teach kindergarten...


OK
Could you give to kindergarden at least names of the
rectangular indicators you're using and URL(s) of the
thread, where they're discussed.

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MightyOne
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Postby MightyOne » Thu May 28, 2009 4:01 am

Sure...

The name of the indicator is "hand drawn rectangles" and you are on the site and are looking over the threads where they are discussed.

Maybe you could point me to where else they are discussed that predate my posts ;)

Measuring moves to get an idea for profit targets has been around for a while, but I have not heard of any one who discussed the concept of max advance that has returned to the low as a way to tell when price will not return to the low.

Many people are so stuck asking questions and waiting for a guru to tell them what they should think and how they should respond to this and that that they fail to listen to the only voice that matters:

THE MARKET


noone22 wrote:
MightyOne wrote:I don't teach kindergarten...


OK
Could you give to kindergarden at least names of the
rectangular indicators you're using and URL(s) of the
thread, where they're discussed.

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