DRAIN THE BANKS!! TheRumpledOne - page 90
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TRO thank you for such a simple and elegant system. It is not my desire to complicate your system, but would like to make sure i understand the basics.
For reference, the first post (and subsequent) in this thread contain the following:
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.
Would the following examples be a true representation of your system?
Bullish market turn = if a bull or bear hourly candle makes a new low for the day and is eventually followed by a bull candle within 20 pips of the daily low, note the high of the bull candle and enter at that high
Bearish market turn = if a bull or bear hourly candle makes a new high for the day and is eventually followed by a bear candle within 20 pips of the daily high, note the low of the bear candle and enter at that low
in either case, set the stop loss at 10 points and take whatever profit you can
Using the hourly chart is just an example, your system does not specify a specific time frame, so other charts could be used. Also, the 20 pip rule does not indicate that the next candle be the trigger for the turn, bull or bear, so the key is being within the 20 pips. Other than the 10 point stop loss, it is up to the trader to determine when to take the profit. Also, while some indicators are mentioned, your system does not seem to call for their use.
Is this this a fair 'example' of your system?
Thanks
How do i get this system
DRAIN THE BANKS - LIKE A RAT!
search the name therumpledone in google you will find it. therumpledone post all his indicator/system on that forum.
and it has paid or free indicators.
A must read!! THINKING FAST AND SLOW by Daniel Kahneman
TRADING - THINKING FAST AND SLOW - YouTube
THINKING FAST AND SLOW - Another must read book...
TRADING - EXPERTS ARE INFERIOR TO ALGORITHMS - YouTube
TRO thank you for such a simple and elegant system. It is not my desire to complicate your system, but would like to make sure i understand the basics.For reference, the first post (and subsequent) in this thread contain the following:1) price within 20 pips of the daily low - that is OPPORTUNITY2) red candle closes3) green candle closes - note the high price of the green candle.4) enter long at the green candle's high price5) STOP LOSS IS 10 PIPS6) Take whatever profit you can.Would the following examples be a true representation of your system?Bullish market turn = if a bull or bear hourly candle makes a new low for the day and is eventually followed by a bull candle within 20 pips of the daily low, note the high of the bull candle and enter at that highBearish market turn = if a bull or bear hourly candle makes a new high for the day and is eventually followed by a bear candle within 20 pips of the daily high, note the low of the bear candle and enter at that lowin either case, set the stop loss at 10 points and take whatever profit you canUsing the hourly chart is just an example, your system does not specify a specific time frame, so other charts could be used. Also, the 20 pip rule does not indicate that the next candle be the trigger for the turn, bull or bear, so the key is being within the 20 pips. Other than the 10 point stop loss, it is up to the trader to determine when to take the profit. Also, while some indicators are mentioned, your system does not seem to call for their use.Is this this a fair 'example' of your system?Thanks
It is close..
"your system does not specify a specific time frame, so other charts could be used." PRICE IS THE SAME ON ALL TIME FRAMES.
" so the key is being within the 20 pips." That's the essence along with trading in only one direction.
"it is up to the trader to determine when to take the profit." YES. I have suggested making an EXIT PLAY BOOK.
" Also, while some indicators are mentioned, your system does not seem to call for their use." Yes, that's correct. The indicators just help you SEE.
TRO thank you for such a simple and elegant system. It is not my desire to complicate your system, but would like to make sure i understand the basics.For reference, the first post (and subsequent) in this thread contain the following:1) price within 20 pips of the daily low - that is OPPORTUNITY2) red candle closes3) green candle closes - note the high price of the green candle.4) enter long at the green candle's high price5) STOP LOSS IS 10 PIPS6) Take whatever profit you can.Would the following examples be a true representation of your system?Bullish market turn = if a bull or bear hourly candle makes a new low for the day and is eventually followed by a bull candle within 20 pips of the daily low, note the high of the bull candle and enter at that highBearish market turn = if a bull or bear hourly candle makes a new high for the day and is eventually followed by a bear candle within 20 pips of the daily high, note the low of the bear candle and enter at that lowin either case, set the stop loss at 10 points and take whatever profit you canUsing the hourly chart is just an example, your system does not specify a specific time frame, so other charts could be used. Also, the 20 pip rule does not indicate that the next candle be the trigger for the turn, bull or bear, so the key is being within the 20 pips. Other than the 10 point stop loss, it is up to the trader to determine when to take the profit. Also, while some indicators are mentioned, your system does not seem to call for their use.Is this this a fair 'example' of your system?Thanks
search the name therumpledone in google you will find it. therumpledone post all his indicator/system on that forum.and it has paid or free indicators.
It has FREE INDICATORS and THANK YOU DONATIONAL INDICATORS.
Is is EASY TO SEE that PRICE IS THE SAME when you plot the HH/LL for all of the time frames and see that PRICE is in the same position relative to the HH/LL for each time frame no matter your chart time frame.
.. we all know they take a few pips to even 11 pips per trade before we breakeven so trading a longer trades is the only worthwhile trade to make.... look forward to your replies..
yes, longer trades is part of the strategy, also shop around for low spreads. have you looked at OANDA?
I read some of your posts but I could not get enough idea.. will try it again