No.
Price either hits my stop for a loss or I make a profit.
Price could come within 1 pip of my stop and reverse for 100 pips.
NO ONE KNOWS WHAT WILL HAPPEN NEXT.
2009.09.10 DRAIN THE BANKS - LIKE A RAT
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- TheRumpledOne
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- trueblueTEX
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Number of candles?
TheRumpledOne wrote:
RESULTS.
Hey TRO,
would you have NOT taken this Green Rat trade if there had been ONLY 2 red candles before the first green? Are 3 red candles in a row a requirement?
Thanks
Tex
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Re: Number of candles?
trueblueTEX wrote:TheRumpledOne wrote:
RESULTS.
Hey TRO,
would you have NOT taken this Green Rat trade if there had been ONLY 2 red candles before the first green? Are 3 red candles in a row a requirement?
Thanks
Tex
1) price within 20 pips of the daily low - that is OPPORTUNITY
2) red candle closes
3) green candle closes - note the high price of the green candle.
4) enter long at the green candle's high price
5) STOP LOSS IS 10 PIPS
6) Take whatever profit you can.
GREEN RAT REVERSAL - LONG ENTRY CRITERIA:
1) RED CANDLE CLOSES
2) GREEN CANDLE CLOSES
3) PRICE TOUCHES HIGH OF PREVIOUS GREEN CANDLE - ENTER LONG.
STOP LOSS IS ALWAYS 10 PIPS.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
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- trueblueTEX
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3 Losses and 1 Win
Here's a pic from last night's Asian. The first 3 were losses for 10pips each and the 4th was a win of 10 pips.
Is there anything I missed that would have or should have kept me out of any of the first 3 trades or did I play them correctly the Green Rat Way?
Thanks
Tex
Is there anything I missed that would have or should have kept me out of any of the first 3 trades or did I play them correctly the Green Rat Way?
Thanks
Tex
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1) price within 20 pips of the daily low - that is OPPORTUNITY
2) red candle closes
3) green candle closes - note the high price of the green candle.
4) enter long at the green candle's high price
5) STOP LOSS IS 10 PIPS
6) Take whatever profit you can.
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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Re: 3 Losses and 1 Win
trueblueTEX wrote:Here's a pic from last night's Asian. The first 3 were losses for 10pips each and the 4th was a win of 10 pips.
Is there anything I missed that would have or should have kept me out of any of the first 3 trades or did I play them correctly the Green Rat Way?
Thanks
Tex
1) It appears you let (small) winners turn into losers. All of the trades should have been winners.
2) What color was the H1 candle when you entered?
----------------------------------------------------------------------------
1) price within 20 pips of the daily low - that is OPPORTUNITY
2) red candle closes
3) green candle closes - note the high price of the green candle.
4) enter long at the green candle's high price
5) STOP LOSS IS 10 PIPS
6) Take whatever profit you can.
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.
Please do NOT PM me with trading or coding questions, post them in a thread.
- TheRumpledOne
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RESULTS.
"The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
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quark wrote:Avery
I have a simple question. I use bracket orders OSO/OCO. Have you figured out a consistent method of staying in the trade longer without using fixed targets/stop loses.
I am not asking for trade secrets. A simple yes/no would be a perfect response. If you are inclined to give any hints or point in 1 or more directions thanks.
quark
Been thinking about this...
Once you are up 2 or 3 pips, you can move your stop to breakeven or +1 pip.
You may get wiggled out more times than not but you only need one nice run to make your day. This will keep you out of drawdown or losses.
If price is NOT going your way, then price is going against you.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!
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- trueblueTEX
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Re: 3 Losses and 1 Win
TheRumpledOne wrote:trueblueTEX wrote:Here's a pic from last night's Asian. The first 3 were losses for 10pips each and the 4th was a win of 10 pips.
Is there anything I missed that would have or should have kept me out of any of the first 3 trades or did I play them correctly the Green Rat Way?
Thanks
Tex
1) It appears you let (small) winners turn into losers. All of the trades should have been winners.
2) What color was the H1 candle when you entered?
----------------------------------------------------------------------------
1) price within 20 pips of the daily low - that is OPPORTUNITY
2) red candle closes
3) green candle closes - note the high price of the green candle.
4) enter long at the green candle's high price
5) STOP LOSS IS 10 PIPS
6) Take whatever profit you can.
Hey TRO thanks for the quick response.
I should have been able to take a few pips on the first loss but let it stop out once it turned against me.
The second one shot up FAST and fell just as FAST so I didn't have time to punch out (I have a close script) before it went against me.
The third loss just went against me from the start.
In each case I let it run to SL because "you don't know what will happen next". At least that's what I've heard, somehwere
I know that on the Fourth trade, H1 was green (at least when I TP'ed).
I believe that H1 was probably red for the others but it was building the Daily Low.
I see in the chart you posted after mine, that H1 was red on it, looking at the Candle Color Meter.
Thanks,
Tex
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