NEVER LOSE AGAIN!! TheRumpledOne

[TheRumpledOne]

This is the bar that I was looking at that would have been profitable for both long and short.

Bunny

p.s I'm sorry I havn't worked out how to upload tinypic yet, I hope the chart is big enough.

Uploading to tinypic is simple. Just browse your disk and click on the file to upload and then click on the UPLOAD button. Then copy the "IMG Code for Forums & Message Boards" and paste it in your post.

But looking at the chart, it looks like you can SEE what to do and when to do it.

Good job, Bunny!

 

[TheRumpledOne]

Funny thing about PRICE, sometimes it comes back to where it started... LOOK AT THE NY OPEN PRICE and the PINK DOTTED LINE at that level...LOL!

 

[bunnygirl]

Thnx TRO I'll try to upload it from tinypic this time.

I've added that trendline I mentioned earlier so it can be seen why you needed to be nimble on the long trade. It should have been a quick scalp. I hope this helps UKtradergirl

Bunny

doh, try again Bunny

I've uploaded it to tinypic, but when I try to paste into manage attachements "upload file from a url" it's saying invalid file?

this is the file

ok I get it now, I just had to paste the file into the text here and it appears like magic!!

 

[TheRumpledOne]

When you learn to SEE PRICE ACTION, you won't even have to draw the line.

Nice work!!

P.S. You also would have ignored H1 candle color and gone with price flow (short) at 12725 instead of waiting for 12700. But let's not get too far ahead of the rest of the class...LOL!

 

[UKtradergirl]

When you learn to SEE PRICE ACTION, you won't even have to draw the line.

Nice work!!

P.S. You also would have ignored H1 candle color and gone with price flow (short) at 12725 instead of waiting for 12700. But let's not get too far ahead of the rest of the class...LOL!

So now you are saying she should have gone short when the candle was actually still green? Is it now "see GREEN go SHORT take PROFIT" as well as the previous version?

Now you're having a laugh.

 

[bunnygirl]

Now you're having a laugh.

Comments like that are not helping this thread to progress.

Bunny

 

[UKtradergirl]

Comments like that are not helping this thread to progress.

Bunny

Thanks for the contribution, bunny

Anyway, i think they do help- as my previous post is once again seeking to clarify yet another glitch i have spotted in the 'rules'.

TRO makes a big thing of this being simple for anyone to follow- infact, simpler for people who have no knowledge already. Well, i'm assuming i have no other knowledge when i ask these questions- and they are very legitimate questions, based on the topic under discussion.

I re-state my prior question: So now you are saying she should have gone short when the candle was actually still green? Is it now "see GREEN go SHORT take PROFIT" as well as the previous version?

 

[bunnygirl]

Thanks for the contribution, bunny

Anyway, i think they do help- as my previous post is once again seeking to clarify yet another glitch i have spotted in the 'rules'.

TRO makes a big thing of this being simple for anyone to follow- infact, simpler for people who have no knowledge already. Well, i'm assuming i have no other knowledge when i ask these questions- and they are very legitimate questions, based on the topic under discussion.

I re-state my prior question: So now you are saying she should have gone short when the candle was actually still green? Is it now "see GREEN go SHORT take PROFIT" as well as the previous version?

TRO is not advising anyone to do that, his reply was the answer to my question about what could be done when a specific scenario is playing out i.e the clean bounce off that hourly trendline...if it's too advanced for you at the moment I would advise sticking to see GREEN go LONG, see RED go SHORT. TRO was merely pointing out an early entry to a trade that even if you had let it drop to the next line so that the candle had been RED it would still have been profitable.

Bunny

 

[Gumping]

First TRO Trade:

See a candle opening at 1.2598

Green candle at 1.2600

GO LONG at 1.2603 (2 pip spread +1)

See 8 pips profit (out 1.2611)

Price action went against on 5 min - would have whipped me out if I'd just moved stop to B/E - I only planned a scalp on my first trade, so it was just lucky really. Next time, I might try to split the position in two and let half of it run.

Thanks for the pips

 

[Gumping]

I posted that before 'catching up' since I logged off yesterday. Post updated to include image file!

P.S. Bunnygirl - I hope you realise I was just joking in my last post about TRO being you.... I'm not the most solemn of forum-goers..........

 

[bunnygirl]

I posted that before 'catching up' since I logged off yesterday. Post updated to include image file!

nice trade GUMP!

P.S. Bunnygirl - I hope you realise I was just joking in my last post about TRO being you.... I'm not the most solemn of forum-goers..........

no problem GUMP, I just wanted to hit that rumour on the head.


Bunny

 

[zupcon]

I re-state my prior question: So now you are saying she should have gone short when the candle was actually still green? Is it now "see GREEN go SHORT take PROFIT" as well as the previous version?

I suppose the main problem is that there's no "system" as such, just an entry trigger. I think your critisism is quite reasonable, when the only fixed rule in the system is subject to what really amounts to arbitary modification. I'm not critisising bunny's trade, the bounce from the trendline was an obvious play, but it was a different trade set up altogether, and the attempt to spin that as a modified "psychological level" trade is stretching credability a tad too far. I'm pretty sure I could find dozens of TRO's psychological level trades where price smashes through a variety of support and resistance levels, trendlines etc. So unless an additional rule is included to specify which S/R zones should be ignored, and which should be faded, then we're back to trading a discretionary system.

You'll notice that on any thread where TRO's systems are traded systematically (by which I mean traded mechanically in accordance with clear rules for entering and exiting the trade), they basically fail (check out the buy line thread as an example).

That doesnt mean that the idea's dont have merit, but they do need the application of discretion.

Lets watch how this next one plays out on EURUSD, either short 1.2600 or long 1.2625

 

[bunnygirl]

If this hour closes up on eur/usd it will be the 3rd green candle in a row. The next hour should be interesting if it is.

Bunny

 

[Gumping]

If this hour closes up on eur/usd it will be the 3rd green candle in a row. The next hour should be interesting if it is.

Bunny

As an addition to this comment, I have the 5 min up next to the 1H - interesting to watch the green/red count playing out on this TF.

 

[bunnygirl]

As an addition to this comment, I have the 5 min up next to the 1H - interesting to watch the green/red count playing out on this TF.

That's a great observation Gump. It could be possible to use the 5 min chart to filter out unprofitable trades? i.e don't take the trade if you already have 3 bars on 5 mins in the same direction when it hits your entry? I suppose it depends on if it scares you more to take an unprofitable trade or to miss a possible profitable trade.

Or maybe to use as a possible exit strategy..i.e take some profit if you've managed to hold for 3 x 5min bars in a row?

Just my thoughts....

Bunny

 

[bunnygirl]

the new hour opened at 1.2616 and we have 3 green bars in a row....what happens next?

Bunny

 

[Gumping]

the new hour opened at 1.2616 and we have 3 green bars in a row....what happens next?

Bunny

We're in!

LONG

 

[Gumping]

We're in!

LONG

We're out!

In at 1.2627, out at 1.2635 for another 8 pips.

 

[bunnygirl]

We're in!

LONG

A nice clean break too! Is it a coincidence that the preceeding 5 min bar was red? Something to keep an eye on I think.

Bunny

 

[Gumping]

See on the 5 min how 1.2625 (Red line) was holding as resistance - the breakout is still giving pips as we speak....I only scalped once again

I was trying to type this out when it 'popped'