What "wick" are you talking about??
TRADING IS SIMPLE ... (TheRumpledOne)
- Thread starter TheRumpledOne
- Start date
What "wick" are you talking about??
Damn, the very chart I was going to refer to on page 26 has been removed!! I seem to recall that there might have been 4 or 5 pips in your illustration on that chart.
See if I can describe iit in words.
<20 from low.
A green popped up. For argument sake closed 46. Was high as 48 (wick=2). Next 5 minute bar eventually got to 48 (2 pip 'wick').
Would that signal a BUY?
If not, what is the minimum number of pips ,from high to close of previous bar ,would create a prompt to buy?
Edit: My mistake, not page 26. It was a different forum,fxfisherman,entry #19, page 2. Under the title "Drain the Banks"
The important part is to enter WITHIN 20 pips of the daily low. The RAT REVERSAL is only one entry method.
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PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.
NOT AT ALL!!
The LONG ENTRY is within 20 pips of the current daily low, NOT the current daily high!!
Once again....
The important part is to enter WITHIN 20 pips of the daily low. The RAT REVERSAL is only one entry method.
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PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.
He posted an exit strategy a good deal more detailed than that earlier in the thread. It is there, go and look.
Ok . Poor reference on my part.
So getting back to my written example where current price <20 pips of current daily low.
If there is a green that closed ,say 46 but the high was 48 in that 5 minute bar.Is the prompt for a BUY at 48 on the next bar.That being 2 pips above the closing price?
If not, what is the minimum number of pips to cover you would accept to create the trade on the next 5 minute bar?
exit strategy in quotes below.