DRAIN THE BANKS!! TheRumpledOne - page 44
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Sorry, can someone clarify if my understanding is correct?1. When price hit new high2. Next candle is a reversal red candle and which is less than 20pips3. We wait for next candle and if its a green candle..3. we enter a buy trade at the high of the above green candle4. Grab 5 pips and leave
No!!
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.
7) If the rules do not mention it, then it is of no concern.
"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."
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.
7) If the rules do not mention it, then it is of no concern.
"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."
Red rats getting some...
What is the name of the OPPORTUNITY indicator. I have downloaded 30+ of your indicators and none of them are the OPPORTUNITY indicator. I'll google it, I guess I just need the name of it. Thanks!
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.
7) If the rules do not mention it, then it is of no concern.
"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."
What is the name of the OPPORTUNITY indicator. I have downloaded 30+ of your indicators and none of them are the OPPORTUNITY indicator. I'll google it, I guess I just need the name of it. Thanks!
TRO2010_MP_HLC_PIPS is the name of the indicator.
"Now, 2 patterns of market behavior 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)
They happen regardless of time frame (with the obvious limitations explained above)
They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist." - H. Rearden
sorry but what do you mean by price is within 20pips of daily low?
"Look, for example, at this elegant little experiment. A rat was put in a T-shaped maze with a few morsels of food placed on either the far right or left side of the enclosure. The placement of the food is randomly determined, but the dice is rigged: over the long run, the food was placed on the left side sixty per cent of the time. How did the rat respond? It quickly realized that the left side was more rewarding. As a result, it always went to the left, which resulted in a sixty percent success rate. The rat didn't strive for perfection. It didn't search for a Unified Theory of the T-shaped maze, or try to decipher the disorder. Instead, it accepted the inherent uncertainty of the reward and learned to settle for the best possible alternative.
The experiment was then repeated with Yale undergraduates. Unlike the rat, their swollen brains stubbornly searched for the elusive pattern that determined the placement of the reward. They made predictions and then tried to learn from their prediction errors. The problem was that there was nothing to predict: the randomness was real. Because the students refused to settle for a 60 percent success rate, they ended up with a 52 percent success rate. Although most of the students were convinced they were making progress towards identifying the underlying algorithm, they were actually being outsmarted by a rat."
P64 HOW WE DECIDE (italics added)
=============================================
"Now, 2 patterns of market behavior 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)
They happen regardless of time frame (with the obvious limitations explained above)
They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist." - H. Rearden
=============================================
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.
7) If the rules do not mention it, then it is of no concern.
sorry but what do you mean by price is within 20pips of daily low?
If the current (today's) daily low is 1.5000 then your best long entry is between 1.5000 and 1.5020. That would be within 20 pips of the daily low.