RULES OF THUMB

[TheRumpledOne]

[align=center]RULES OF THUMB[/align]






REMEMBER, THIS IS SCALPING, DO NOT BE GREEDY!!


ALWAYS TRADE WITH H1 CANDLE COLOR


TRADING WITH D1 CANDLE COLOR IS SAFER THAN TRADING AGAINST


ONLY ENTER REVERSAL TRADES ON BAR 4 OR MORE OF A RUN


ONLY ENTER BREAK TRADES ON BAR 2 OF A RUN WHEN PRICE IS AT
THE HIGHEST HIGH OR LOWEST LOW OF THE PREVIOUS 3 BARS


ALWAYS CHECK THE NEWS EVERY HOUR BEFORE TRADING


The people over on BabyPips seem to be LOST!!

Will someone please help them find their way.

These are RULES OF THUMB or "guidelines".

It is NOT a system.

The Buy Zone, Buzzard Reversal and Psychological trades are ALL trades at HORIZONTAL LINES.

Even the long and short trigger lines plotted by TRO_SupResHHLL and TRO_SR_RR are HORIZONTAL LINES.

What is so confusing about going LONG at a HORIZONTAL LINE if the H1 candle is green or going SHORT at a HORIZONTAL LINE if the H1 candle is red?

I just don't know how something so simple can be so misunderstood.

[khalid]

If people could bring themselves to understand such simple things, more of them would be making money!

Khalid

[pineapples]

Interestingly, the only times I have lost my whole trading account are when trying to anticipate a market reversal. The market can look ripe for a reversal, 6 or 7 volatile bars of the same colour in a row...of course it will reverse...unless you are extremely disciplined about stopping yourself out it's easy to lose your whole account when the market KEEPS GOING. The more the price moves against you the more likely you perceive a reversal to happen...the trap is set, and you're the prey.
TRO's original advice was spot on...ALWAYS trade in the direction price is moving.

[TheRumpledOne]

ALWAYS TRADE WITH H1 CANDLE COLOR

TRADING WITH D1 CANDLE COLOR IS SAFER THAN TRADING AGAINST

This prevents you from getting WIPED OUT.

[prochargedmopar]

I've started trading 3 days ago after coming across forex a couple weeks ago and reading about it daily.
So far.
-1
-7 did not know how to exit using mt4 and accidentally entered a short. lost on both. Doh.
+2
+2
+5
-20
+7
+1
total -11
I went straight to a live account $1 per pip as I feel the learning curve will be much faster.

After some more studying tonight I will have a couple questions for you about your indicator settings. Can't quite get a couple set right. I have read your "never lose again" thread on fxfisherman twice. I will read it again tonight and right down my trading plan. I broke some rules on the -20 but learned some lessons. It's fun to be in a trade while internally sitting back watching my emotions and actions during the event. lots of fun.
Thanks for all the information you have given. After my first +fifty pips I'll be donating.
Pro

[prochargedmopar]

After looking back at my trades I see that all but one were counter trend. Assumptions on a turn around without having the support to back it up. All against the H1 candle. Lucky I'm not further in the hole. I re-read "NLA" last night and have been sitting here for 1.5hrs watching various charts. The TRO MPMM Candle color will come in handy for setups when I can get it. I'm currently using MM Candle color, Sweet spots Gold set to 20, TRO SupResHHLL, SP range, and tro my notes.

OUCH, While I was typing GBP/USD touched upper resistance and then fell 48pips in 20 min. Most of that in the last 2. That would have been a daymaker!!!!!

Thanks again.
Pro

[TheRumpledOne]

"I went straight to a live account $1 per pip as I feel the learning curve will be much faster. "

Can you do $0.10 per pip?

Learning doesn't have to be expensive.

[TheRumpledOne]

"-1
-7 did not know how to exit using mt4 and accidentally entered a short. lost on both. Doh.
+2
+2
+5
-20
+7
+1
total -11 "

Take away the -20 and you are + 9!!

That should tell you something.

[prochargedmopar]

The smallest it will let me buy is .1 of a lot. (10k)
Yesterday before bed after studying all night at work I took a trade with the H1 and D1 both on my side. It ended up going down to -20 but stalled. I could tell from the M1 chart that price was going back up.
I tried to close out at +9 but MT4 popped up a box that said "request a re-quote?" It then dropped to -8 before I was eventually able to close at +3 pips.

Is this because I waited to long with my finger on the trigger "close trade button"?? About 20min. Up until this point I have been able to open and close trades at the exact price shown.
Needless to say, I had to work for those 3 pips.

Career stats= -8
Any Ideas on the glitch?
Thanks
Pro

[pablo101]

[align=center]RULES OF THUMB[/align]

What is so confusing about going LONG at a HORIZONTAL LINE if the H1 candle is green or going SHORT at a HORIZONTAL LINE if the H1 candle is red?

I just don't know how something so simple can be so misunderstood.

My reason for the confusion? I want FLOORED by how simple as the idea of trading with the price flow as it is. Why do humans make things so complicated? Another idea for me to ponder on.

Thanks TRO for putting me in my place. I just shudder to think of the time and money wasted looking at indicators. No more squiggly lines for me!