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TheRumpledOne

Never Lose Again!! TheRumpledOne

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I just want to clarify...

 

0.6400 was the entry at which time one takes profit a few pips later (not to get greedy since it's scalping as you said before).

0.6425 and 0.6450 were not entries because the ship had sailed.

 

Why the second screen shot with price above 0.6450 if one was already out a few pips above 0.6400 and no entry was taken at 0.6425 on the same H1 bar?

 

TO SHOW WHAT HAPPENED AFTER THE ENTRY

 

Also, by your rules you should wait for at least three red H1 bars before taking a reversal so one wouldn't have even taken an entry at 0.6400 right?

 

YES AND NO. YES, YOU WAIT FOR 3 RED OR 3 GREEN BARS IN A ROW TO TAKE THE REVERSE TRADE. BUT, NO, THESE ARE NOT REVERSE TRADES. THEY ARE PSYCHOLOGICAL ENTRIES. YOU ARE MIXING 2 DIFFERENT METHODS.

 

Please correct me if anything above is incorrect.

 

How do you gauge when to take profit?

 

WHEN PRICE STALLS, I USUALLY EXIT PART OR ALL OF THE POSITION.

 

What is the average amount?

 

AVERAGE EXIT PROFIT? I USUALLY WILL EXIT 50% OF THE TRADE IN THE 5 - 10 PIP RANGE. THEN LET IT RUN AND EXIT AT BREAK EVEN OR ABOVE 10 PIPS.

 

 

How do you gauge your stop?

 

STOPS ARE NATURAL. IF I AM LONG AND THE CANDLE TURNS RED AND HOLDS RED, EXIT. IF THE PRICE CROSSES A LINE IN THE OPPOSITE DIRECTION, THAT IS THE WORSE CASE STOP EXIT OTHERWISE YOU ARE NOT TRADING IN THE DIRECTION OF THE CANDLE COLOR.

 

What is the average amount?

 

RISK SHOULD BE DETERMINED BY A PERCENTAGE OF YOUR PORTFOLIO. THEN YOU DETERMINE YOUR LOT SIZE ACCORDINGLY. THEN YOU DETERMINE YOU SL. OR YOU CAN DETERMINE YOUR SL AND THEN DETERMINE YOUR NUMBER OF LOTS TO TRADE.

 

In my opinion, in order to be taken seriously with their strategy, one must answer these questions. Entries are only one peice of the puzzle. I'm looking forward to your responses (in all seriousness).

 

......................................................

 

I wrote the TRO DRAGON MONEY MANAGEMENT indicator that does this for you in REAL TIME. You can see it in the chart on the bottom right hand side. And by the way, I posted the TRO DRAGON MONEY MANAGEMENT indicator for FREE so you don't have to pay anything for it. Just search the net and you'll find it. I won't post it here because, I don't want to have to update it in more than one location. I hope you'll understand.

 

Thank you for your post.

Edited by TheRumpledOne

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Thank you for clearing some of that up. I just want to verify that the 0.6400 would have been the only entry and at the most the 0.6425 and 0.6450 areas would have been potential stop areas if you still had some of the position on.

 

YES AND NO. YES, YOU WAIT FOR 3 RED OR 3 GREEN BARS IN A ROW TO TAKE THE REVERSE TRADE. BUT, NO, THESE ARE NOT REVERSE TRADES. THEY ARE PSYCHOLOGICAL ENTRIES. YOU ARE MIXING 2 DIFFERENT METHODS.
It would be helpful if you could explain a little more about the difference between the two and how they are determined in your strategy.

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Thank you for clearing some of that up. I just want to verify that the 0.6400 would have been the only entry and at the most the 0.6425 and 0.6450 areas would have been potential stop areas if you still had some of the position on.

 

It would be helpful if you could explain a little more about the difference between the two and how they are determined in your strategy.

 

1) PSYCHOLOGICAL TRADES are entered when the current price ends in 00, 25, 50 or 75. You want to enter in the direction price is moving at the first opportunity. If price is xx23, xx24, then you enter at xx25, you do NOT wait for xx50 to enter.

 

2) REVERSE TRADES are entered AFTER you have 3 like colored H1 candles in a row. On the 4th candle, you look for the opposite color and enter in that direction.

 

Does that help?

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1) PSYCHOLOGICAL TRADES are entered when the current price ends in 00, 25, 50 or 75. You want to enter in the direction price is moving at the first opportunity. If price is xx23, xx24, then you enter at xx25, you do NOT wait for xx50 to enter.

 

2) REVERSE TRADES are entered AFTER you have 3 like colored H1 candles in a row. On the 4th candle, you look for the opposite color and enter in that direction.

 

Does that help?

I gotcha. So reversals have nothing to do with the lines (00, 25, 50, 75). They are just trades taken when you have three like colored H1 candles in a row and you get an opposite one. Thanks for the clarification.

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I see you are showing/using MetaTrader. Do you have the same Indicators developed for TradeStation?

 

No. I do not the same indicators for TradeStation.

 

TradeStation does NOT have the same graphics capabilities.

 

But I do have some TradeStation indicators.

Edited by TheRumpledOne

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I am showing you a method that is HIGHLY PROFITABLE.

 

I am showing you in REAL TIME as best I can.

 

Real time would be a trade posted in the chatroom at the time of execution. Many traders here visit the chatroom and actually make those kind of trades public. They also post their stop so everybody knows when the trade turns against them. I think nobody would mind if you can show us a series of real time trades in the same way the rest of us do.

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How do you gauge when to take profit?

 

WHEN PRICE STALLS, I USUALLY EXIT PART OR ALL OF THE POSITION.

 

How do you define 'stalls'? Price does not have to move all the time, sometimes it goes sideways or stays at the same level for seconds, minutes, hours (depending on what timeframe you are observing). So long how does price need to 'stall' before you scale out or exit?

 

How do you gauge your stop?

 

STOPS ARE NATURAL. IF I AM LONG AND THE CANDLE TURNS RED AND HOLDS RED, EXIT. IF THE PRICE CROSSES A LINE IN THE OPPOSITE DIRECTION, THAT IS THE WORSE CASE STOP EXIT OTHERWISE YOU ARE NOT TRADING IN THE DIRECTION OF THE CANDLE COLOR.

 

Is there a difference between 'natural' and 'gut feeling'? Candles turn red and green all the time and they change colours while they are forming. A small green upbar followed by a big red downbar on the 5 minute will show as a red bar with a wick on the 15min. How about doji's?

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Real time would be a trade posted in the chatroom at the time of execution. Many traders here visit the chatroom and actually make those kind of trades public. They also post their stop so everybody knows when the trade turns against them. I think nobody would mind if you can show us a series of real time trades in the same way the rest of us do.

 

My FREE PalTalk chat room, the TWO PERCENT CLUB, is usually open when the FOREX market is open. Feel free to stop by.

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How do you define 'stalls'? Price does not have to move all the time, sometimes it goes sideways or stays at the same level for seconds, minutes, hours (depending on what timeframe you are observing). So long how does price need to 'stall' before you scale out or exit?

 

 

 

Is there a difference between 'natural' and 'gut feeling'? Candles turn red and green all the time and they change colours while they are forming. A small green upbar followed by a big red downbar on the 5 minute will show as a red bar with a wick on the 15min. How about doji's?

 

STALL: TO STOP MOVING. If price STALLS and I have a profit, I exit part or all of the position. I DO NOT KNOW what will happen next. Price could move against me in the blink of an eye.

 

 

When I say NATURAL, I mean the stops are built into the system/method/strategy. If the method says "NEVER TRADE AGAINST THE H1 CANDLE COLOR" and I am LONG and the H1 candle turns RED, then the method is telling me to STOP OUT. It has NOTHING AT ALL to do with "gut feeling".

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